WestWallet: an overview of a multi-currency wallet for storing, transferring and p2p-exchanging cryptocurrencies. Personal experience with the wallet and review

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WestWallet is a multicurrency crypto wallet that provides the ability to store, transfer and p2p-exchange popular cryptocurrencies: Bitcoin, Bitcoin Gold, Bitcoin Cash, BSV, Ethereum, Ethereum Classic, Stellar, Dogecoin, Ripple, Zcash, Dash, Litecoin, Monero, Binance Coin, NEO , TRON, EOS, Tether. Official website: westwallet.info.

At the moment the service is used by 4600+ users, 740+ sites. More than 30,000 transactions are carried out per day. Particular attention is paid to API integrations with 24/7 withdrawal options.

Key features of WestWallet multicurrency cryptocurrency wallet:

✅  Support for 18 cryptocurrencies with a planned expansion to 50.

✅  Low fees when transferring funds from WestWallet to crypto wallets of other users.

✅  Transfers between WestWallet crypto wallets within the system – no commission and no need to wait for network confirmations.

✅  Account security is ensured by two-factor authentication for entry and financial transactions.

✅  The wallet is fully integrated with the Telegram messenger. Using the bot, you can send and receive funds, track the balance and history of transactions.

✅  Support for the Segwit Bech32 standard, which accelerates BTC transactions.

✅  Possibility of p2p exchange of cryptocurrencies between WestWallet users.

✅  Integration of API to the site, thanks to which you can automatically accept or send payments.

✅  Ability to switch to WestWallet Pro tariff service, convenient for commercial and corporate users. It implies a fixed payment of commissions once a month, regardless of the volume of transactions.

Basic information

NameWestWallet
Official sitewestwallet.info
Serviceswallet, p2p exchange
Typedeterministic wallet
Year of foundation2019
Country of registrationEstonia
Registration addressHarju maakond, Tallinn, Lasnamäe linnaosa, Punane tn 68-170, 13619
Company nameOÜ WestGroup Inc.
License number14767403
Russian language supportYes
Working with fiat moneyNo
CryptocurrenciesBitcoin, Bitcoin Gold, Bitcoin Cash, BSV, Ethereum, Ethereum Classic, Stellar, Dogecoin, Ripple, Zcash, Dash, Litecoin, Monero, Binance Coin, NEO, TRON, EOS, Tether
Transaction feesNo commission for on-net transfers between WestWallet crypto wallets.Prior to adding the first API key, the commission when sending via the web interface of the WestWallet crypto wallet will include only the network commission. After installing the API key, the commission is 0.25%, when activating the WestWallet Pro subscription, a fixed monthly fee is applied.
Deposit commissionNo
Minimum depositIndividually for different cryptocurrencies. For Bitcoin 0.0005 BTC
Minimum withdrawalIndividually for different cryptocurrencies. For Bitcoin 0.0005 BTC
VerificationNo
SecurityTwo-factor authentication, PIN, seed
Mobile appNot yet, planned for Android and iOS
Telegram bothttps://t.me/WestWalletBot
Contactsinfo@westwallet.info,
Social networkhttps://vk.com/westwallet, https://www.facebook.com/WestWallet.info, https://twitter.com/WalletWest, https://t.me/westwalle_info

Registration

In the header of the WestWallet website, click the “Register” button.

Fill in the required fields: e-mail, password, password repeat. Accept the terms of the user agreement and solve the captcha. Then click “Register”.

Go to your mail, find the letter from WestWallet and confirm your email address by following the link from it (check your spam folder sometimes emails get there). After that, you can log in to your account by binding the session to the IP or not.

When you log in, the system will ask for a two-factor authentication code, you will find it in another email. When you log in, the system will ask for a two-factor authentication code, you will find it in another email.

More importantly, you will be given a mnemonic phrase (seed phrase) of 12 random words. Write these words down somewhere in a safe place, they will be required to restore access to your account if you forget your password or lose access to mail. Confirm with a tick that you have recorded or memorized the mnemonic phrase.

After clicking “Continue” you will need to enter the memorized phrase. Do this and click “Continue” again.

The next step is to create a pin code. You can come up with it at your discretion, or you can skip this stage altogether if you do not want the wallet to be blocked after 15 minutes of inactivity and request a pin code. After clicking “Save” or “Skip” you will be taken to your personal account.

Using a wallet

The main page of your WestWallet personal account (“Dashboard”) contains the following information:

✅   Information about the total value of your portfolio in USD, presented in the form of a chart for the day / week / month / year.

✅   History of the last incoming and outgoing transactions.

✅   Information about the amount of funds in each of the cryptocurrency accounts.

This page is for informational purposes only. Other sections of the site allow you to manage your account.

Deposit and withdrawal of funds

From the “Wallets” section, you can send and receive money to any available account. Let’s try to do this.

Replenishment

To replenish your wallet, select the desired cryptocurrency and click the “Get” button.

Copy the address that appears on the page (you can also scan the QR code through the application of another wallet).

Then go to the external cryptocurrency wallet you are using, such as Blockchain. Click the “Submit” button there.

In the window that opens, specify the copied address, the desired amount for replenishment and the commission. It is recommended to choose a “priority” commission from the drop-down list so that the transaction goes through as quickly as possible. Click “Continue”, check the entered data and click “Submit” if everything is correct.

In the WestWallet wallet, you will immediately see the incoming transaction. It is still being processed. For Bitcoin, 3 confirmations of miners are required for it to be recognized as valid.

You can track the number of confirmations in the Blockchain wallet (by clicking on the blue icon, you will be taken to detailed information)

Or directly on the WestWallet website.

The waiting time depends on the current network load. In our case, the process took 30 minutes. The commission for the deposit is not charged, the account receives the same amount as was sent.

Withdrawal

Now let’s look at the process of withdrawing cryptocurrency from the WestWallet wallet. Click on the “Send” button in the “Wallets” section.

In the window that opens, paste the recipient’s wallet address. Enter the amount (you can click “Set maximum”). If you wish, write a comment on the translation and click “Continue”.

A confirmation code will be sent to your email. Paste it in and click Submit.

An outgoing transaction appeared in history. Within a short time, the cryptocurrency will be credited to the recipient’s account.

Addresses

This section of WestWallet contains information about your addresses to which you can send cryptocurrency. The first is automatically given to you when you are about to fund your account with a specific currency. You can create a new one at any time using the corresponding button. For greater confidentiality, it is recommended to create new addresses, and not always use the same one. The wallet is deterministic, so all old and new addresses are linked.

P2P exchange

This section is still under development, you cannot create buy or sell orders. But, apparently, the functionality will be similar to other p2p exchanges:

✅  The user creates an advertisement for the purchase / sale of cryptocurrency, indicating at his discretion the rate, maximum and minimum transaction limits.

✅  Another user views the available offers, selects the most suitable one and responds to it.

✅  Until the completion of the transaction, the crypt is blocked on the escrow account, from where the seller can “release” it only after the buyer transfers funds to the required details.

✅  In case of unfair fulfillment of obligations by the seller or the buyer, you can contact the abrité, which will resolve the dispute.

p2p exchangers are good in that you can choose the most suitable rate, even if it differs from the market one, and in the enhanced security of transactions due to the complete decentralization of the exchange.

Settings

In WestWallet settings you can do the following:

✅  View your e-mail.

✅  View the status of your Pro account subscription and subscribe if necessary.

✅  Change time zone and language.

✅  Enable two-factor authentication (2FA).

✅  Change PIN.

✅  Make a list of allowed IPs to login.

✅  Configure e-mail notifications.

✅  Add API Keys.

WestWallet Pro

WestWallet Pro is an improved account that allows you to use your wallet without worrying about saving on fees. If a subscription is made, then the user does not pay 0.25% of the service commission fees, but gives only the network commission.

The cost of a subscription is quite high, it makes no sense for a common man to buy it. But institutional investors or large companies can find it convenient and profitable.

A 1-month subscription will cost $ 700, but it is more economical to buy it immediately for 3, 6 or 12 months. Payment for a WestWallet PRO subscription can only be made from a BTC account in the WestWallet wallet.

Advantages and disadvantages

Pros: ✅

✅  A large selection of cryptocurrencies, which will continue to expand over time. You can leave a request to add your own coin.

✅  The presence of a p2p exchanger.

✅  High level of security – the account is protected by 2FA, PIN-code, password, you can use a seed phrase to restore access.

✅  Low fees for withdrawals; commission-free input.

✅  No commission for transfers between WestWallet wallets.

✅  There is a cross-chain policy allowing the return of a cryptocurrency mistakenly sent to an address designed to accept another cryptocurrency (cross-deposit). Refunds are made within 30 days and only with those currencies that are supported by the service.

✅  Telegram bot, fully repeating the functionality of the wallet.

✅  There are APIs and modules for content management systems (CMS).

✅  Subscription to WestWallet PRO is a big plus, as it is designed for corporate clients.

✅  A clear logical interface.

✅  European company registration.

Cons: ❌

❌  There is no mobile app yet, but one is planned for Android and iOS.

❌  Also, there is no help or FAQ section yet. You can address problems through the feedback form on the site.

Conclusion

WestWallet is a versatile multi-currency crypto wallet that is quite functional and looks reliable. In practice, we checked the operations of depositing and withdrawing cryptocurrency and made sure that it happens quickly and cheaply. Company owners can use it to organize payment in online stores, and an ordinary user can find a convenient and reliable storage for cryptocurrency assets. A multi-level security system ensures the safety of coins, and a simple interface without unnecessary details will not cause any difficulties even for a beginner.

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