Copay wallet review

Copay wallet review

Copay
Intuitive Ease of use,  High Privacy,  User Private Keys Stored

Copay is an open-source mobile app wallet platform that offers support for Bitcoin transactions and Bitcoin Cash (currently in beta). Copay is backed by BitPay, one of the most reputable Bitcoin payment processors. This wallet has high security standards, control of the private keys being handed to the end-user. Copay is one of the few wallets out there that also works with Windows phones.

Users have the option of creating shared wallets, import wallets or join other shared wallets within this app. Also, Copay developed a partnership with Coinbase and Glidera, giving the user access their exchange but not all services are available in all countries. Users can also buy Amazon Gift Cards through this app.

Company / organization behind the wallets

Copay is developed and maintained by BitPay (largest Bitcoin payment processor) and was founded in 2011 by Stephen Pair and Tony Gallipi. The company operates from Atlanta, Georgia and serves more than 60,000 merchants worldwide. Recently there have been news allegations over Trezor ending the BitPay integration over what the CTO describes as "playing games" with its API. Also, there have been controversies regarding BitPay's vision for SegWit2x.

Crypto Currencies Support

Language Support

  • Chinese
  • Dutch
  • English
  • French
  • German
  • Italian
  • Japanese
  • Polish
  • Portuguese
  • Russian
  • Spanish

Supported Systems

  • Windows
  • OSX
  • Linux
  • Android
  • iOS
  • Windows Phone
  • Chrome Extension

Partners and integrated software

  • Coinbase (33 countries)
  • Glidera (US-only)

Copay uses BIP32 Hierarchical-Deterministic (HD) address generation, allowing users to create multiple wallets and in-wallet back-ups. Copay also supports cold storage options like Ledger or Trezor, but only through the Chrome App. Ledger support is only available on multi-signature wallets. Copay depends on Bitcore Wallet Service (BWS) for Blockchain information, networking and synchronization.

Summary:

Security
Low
2 Factor Authentication
No
Multi-Signature
Yes
Private Keys Stored On
User
Storage Type
The default is hot storage but there is an option to set up cold storage
Transactions Validation
SPV or Lightweight client
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

Copay is an open-source app with a minimalist design, being very easy and intuitive to use even for a novice cryptocurrency user. The integration with external services like Coinbase or Glidera works very smoothly, carrying out a transaction or scanning a QR code is very simple.

Summary:

Copay is a strong and secure wallet solution for trading and paying with Bitcoin, mostly due to the fact that the users are in control of their private keys and Copay having multiple layers of wallet security. Although this wallet has an overall positive feedback among the Bitcoin community, some users complain about high transaction fees.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Simple
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Buy coins using credit card
  • Withdrawal funds to bank account
  • Withdrawal funds through a third party (Paypal)
  • Buy Amazon Giftcards

Users have the option of creating shared wallets, import wallets or join other shared wallets within this app. Also, Copay developed a partnership with Coinbase and Glidera, giving the user access their exchange but not all services are available in all countries. Users can also buy Amazon Gift Cards through this app.

The wallet platform has developed a partnership with a 3rd party and integrated the 3rd party services into their software

Help and
support:

  • FAQ section
  • Email
  • GitHub

Most common
customer complaint:

high transaction fees