CryptoWallet Review – Should You Board The Crypto Card Hype Train?

There are countless apps that advertise attractive options like crypto staking, exchanging and safe storing. In the following CryptoWallet review, we analyze the capabilities of this alleged revolutionary app. 

The company goes as far as to call it “crypto neo-bank”. Is it really such an innovative and refreshing solution for allocating and safekeeping your crypto assets? Read on to find out.

Estonian Regulation: Does it Suffice?

CW Lab Ltd exists in the collective Estonian database of regulated entities. The firm has existed since 2020, but as evident from the MTR register, their license as a Virtual currency service was approved in May, 2023.

While all of the aforementioned stands, it is crucial to mention the fact that countless dubious crypto providers choose Estonia and other countries like Lithuania to establish their crypto business. They can flaunt their licenses while still engaging in questionable activities. 

The reason for that is in the loose regulatory standards that rule those areas. Until more lax regulatory conditions in less developed EU countries get stricter and more thorough, we’d recommend you choose a better regulated crypto portal. 

In the meantime, if you consider you need more trading education, you could perhaps consider Investment Mastery learning courses.

Trading Utilities and Costs

The website mentions a variety of services, making the offer seem quite attractive as a whole. Newly joined customers can download the app right after creating their CryptoWallet login. 

As soon as the KYC is completed, all of the features are immediately accessible with more than 800 digital currencies to buy and sell. Major coins advertised are BTC, ETH, LTC, XRP, SOL, DOT, DOGE, LUNA, NEO and others. Costs are described as “transparent with no hidden fees”. Alas, except the transaction fee of 1.05% – 0.8% none other CryptoWallet fees are mentioned.

Wallet

The CryptoWallet platform is, at the time being, only available for Android devices. It is available for direct download from Google Play for free.

The number of clients who made a CryptoWallet download suspiciously small, at 1k+. Currently rated at 4.6 stars out of 88 reviews by the store visitors, the app sports a high rating. Naturally, nothing is to be taken at face-value considering a low general number of downloads and reviews. 

Cards

Wallet owners are eligible for another feature, so far only provided by several major exchange sites like Binance and a few others. CryptoWallet cards allow users to spend assets directly from the wallet with alleged lowest transaction fees. 

Moreover, clients are encouraged to use this feature by 3% cashback on purchases and up to 3% staking rewards for converting EUR to $SPEND deposited on the card.

$SPEND

The numerous allegations that the company’s own $SPEND token is “coming soon” to CoinMarketCap never materialized. The token itself is based on the Solana blockchain.

Still, the token is being sold on the website for a price starting from $0.04. Whether there’s some wholesale discount for whales, or if the price is going to rise as the dilution pool runs dry remains to be seen.

Currently, the only information remotely connected to $SPEND is from the GeckoTerminal, which values the current token price at $0.0000001926. The entire pool of tokens is thus valued at no more than $183.26 for over 9 million currently in circulation.

Online Reputation Looks Fishy

Seeing the majority of CryptoWallet reviews on sites like Reddit, you’d be thinking that this is probably the best crypto exchange out there!

After all, it does have an overwhelmingly positive rating on TrustPilot and ProductHunt, with many comments reinforcing this idea of an impeccable service. However, you should know that shady companies like Alpha Spread are known to artificially inflate their online ratings.

The clients who are critical of the company make some serious accusations, though. They claim that the company froze their accounts the very instant they deposited cryptos to the wallet!

Low Volume Information Coverage

For a company as successful as they claim to be, the firm is rather reluctant to disclose their trading volume information.

For instance, the exchange only appears in a form of promotional articles on CoinMarketCap, with no actual listing on the site. Other similar platforms, including CoinGecko and CoinPaprika, never even heard of the company.

Employing Suspicious Strategies

This firm is trying to capitalize on a new fad – the launch of a CryptoWallet app and debit card. This emergent technology, however, is currently difficult to implement. Only the industry giants like MasterCard and Binance are up to the task, and it doesn’t seem like CryptoWallet bank will be a thing any time soon.

That doesn’t prevent the firm from bombarding people on social networks with their “cutting edge” solution. They can be found on nearly all social networks – Facebook, Instagram, Threads, X, Pinterest, YouTube, LinkedIn, CrunchBase, Medium…

The company will play by the book until their wallet receives a deposit. Immediately afterwards, they freeze the client assets and block the accounts. The clients are left stranded, with no customer support to pay any attention to their pleas!

Flaunting Extreme Airdrops

Another part of the ruse comes in the form of various airdrops. The company generously offers up to a million of their $SPEND tokens to “lucky winners” through multiple airdrops on various platforms, including YouTube.

These crypto giveaways are used to encourage people to invest with the platform, something that ultimately leads to assets being frozen by the company.

Don’t Waste Your Time – Try Prop Trading!

With the vast number of users complaining about their frozen funds and inaccessible assets, we have solid reason to doubt the honesty and genuineness of the service.

While you’re looking for better and safer options for lucrative trading, you can try out our prop trading firm that offers a funded program with up to $180.000 available for the most talented traders. Start cashing in your trading skills without risking your own capital!

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