Is it still worth trusting the services of Xapo?

passwordnow

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Quote from: micky123 on November 06, 2017, 06:53:29 AM

Quote from: passwordnow on November 06, 2017, 04:10:44 AM

Quote from: micky123 on November 05, 2017, 10:57:33 PM

I feel they are quite ok, those using Xapo got their BCC and BTG on the days of the fork, iirc... i had a very small amount in there, mostly faucet dust but i didnt have any issues getting my BCC and BTG. I sold the BCC on their platform at a lower rate from the market and got it converted to BTC, they still haven't given me an option to sell BTG though. I am planning to move some bitcoin into their wallet to get my segwit2x coin without too much hassle. Getting my BCC from blockhain.info was a literal nightmare, even though they provide the priv keys to their users.

They are quite okay for me before though they are still good I just don't like them is they didn't adjust their fees so that's why I'm not going to use them anymore. Good for those people that has their bitcoin on xapo while the forks are happening. Do they have an announcement already about Segwit2x? I want to get some free coin without importing the private keys of my bitcoin I find it quite hassle for me though it's not that really.

Haha, join the club! Grin

I know its quite easy to export keys but its a pain to move the BTC around to ensure no replay attacks happen! I think they have already announced their policy:

https://blog.xapo.com/about-the-bitcoin-segwit2x-update/

I won't join the club anymore since there is no more Segwit2x that is about to come. I understand that xapo is quite a good service and I consider to transfer some of my bitcoin there for an easy claim after the hard fork. But there's a lot of recent news came out this night and it's all about this https://beat.10ztalk.com/2017/11/08/breaking-news-segwit2x-fork-cancelled/

micky123

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Quote from: passwordnow on November 06, 2017, 04:10:44 AM

Quote from: micky123 on November 05, 2017, 10:57:33 PM

I feel they are quite ok, those using Xapo got their BCC and BTG on the days of the fork, iirc... i had a very small amount in there, mostly faucet dust but i didnt have any issues getting my BCC and BTG. I sold the BCC on their platform at a lower rate from the market and got it converted to BTC, they still haven't given me an option to sell BTG though. I am planning to move some bitcoin into their wallet to get my segwit2x coin without too much hassle. Getting my BCC from blockhain.info was a literal nightmare, even though they provide the priv keys to their users.

They are quite okay for me before though they are still good I just don't like them is they didn't adjust their fees so that's why I'm not going to use them anymore. Good for those people that has their bitcoin on xapo while the forks are happening. Do they have an announcement already about Segwit2x? I want to get some free coin without importing the private keys of my bitcoin I find it quite hassle for me though it's not that really.

Haha, join the club! Grin

I know its quite easy to export keys but its a pain to move the BTC around to ensure no replay attacks happen! I think they have already announced their policy:

https://blog.xapo.com/about-the-bitcoin-segwit2x-update/

passwordnow

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Quote from: micky123 on November 05, 2017, 10:57:33 PM

I feel they are quite ok, those using Xapo got their BCC and BTG on the days of the fork, iirc... i had a very small amount in there, mostly faucet dust but i didnt have any issues getting my BCC and BTG. I sold the BCC on their platform at a lower rate from the market and got it converted to BTC, they still haven't given me an option to sell BTG though. I am planning to move some bitcoin into their wallet to get my segwit2x coin without too much hassle. Getting my BCC from blockhain.info was a literal nightmare, even though they provide the priv keys to their users.

They are quite okay for me before though they are still good I just don't like them is they didn't adjust their fees so that's why I'm not going to use them anymore. Good for those people that has their bitcoin on xapo while the forks are happening. Do they have an announcement already about Segwit2x? I want to get some free coin without importing the private keys of my bitcoin I find it quite hassle for me though it's not that really.

micky123

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I feel they are quite ok, those using Xapo got their BCC and BTG on the days of the fork, iirc... i had a very small amount in there, mostly faucet dust but i didnt have any issues getting my BCC and BTG. I sold the BCC on their platform at a lower rate from the market and got it converted to BTC, they still haven't given me an option to sell BTG though. I am planning to move some bitcoin into their wallet to get my segwit2x coin without too much hassle. Getting my BCC from blockhain.info was a literal nightmare, even though they provide the priv keys to their users.

Yuuto

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Quote from: angaper on August 29, 2017, 06:24:17 PM

I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.

But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.

That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?

Xapo without the free transactions is pretty much pointless in my opinion. Right now xapo actually charges more transaction fee than the recommended tx fee which is quite strange. Pretty much a complete reversal of policy.

I mean if you have a verified account with Xapo then you can use it to buy and sell bitcoin. Also they have fiat accounts that can be used to store your btc in fiat temporarily without verification, but apart from that there is really no other good points about them.

Their vault service is pretty much useless as well. If you are after security you wouldn't use some third party site. Just create a paper wallet or use a hardware wallet.

hello_good_sir

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Quote from: angaper on August 29, 2017, 06:24:17 PM

I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.

But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.

That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?

Xapo lost a huge attraction when they started charging ridiculously high transaction fees. I understand that the bitcoin network fee were high but they started to charge much more than that, and that totally defeats the point of using xapo as a micropayments wallet.

I think that the only attraction right now is if you have neteller and you want to convert them into btc, then xapo is probably still the best place to go to. Apart from that though, basically every other service is better.

Their customer support is alright, but not the best.

Bitcoinsummoner

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Base on my own experience their support are worst they never reply except for the reply about the faq but not solve my issue..
If you really want to safe of your coins and if you are holding lots of bitcoin better to use other wallet which is you can handle your private keys..
Because its important to have private keys that you can recover it in other wallet..

harizen

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Quote from: angaper on August 29, 2017, 06:24:17 PM

I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.

But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.

That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?

As far as my own experienced is the basis, Im happy to continue dealing with XAPO exchange. Im not new to bitcoin anymore and knows the risk of using online wallets but unlike many other web wallets around, there are some good things that I encountered in Xapo and one of those is their ability to handle customer concern. It's not like that I have to wait for many days but I get a response in no time compare to other exchanges (especially trading platforms) that eats almost over a couple of weeks.

About the fees, then I found it high since bitcoin price is increasing but furthermore it's all about the congestion in bitcoin network so not just XAPO but every web exchanges also have some "high" fees above our what we used to be in the past.

If ever they will turned to fraud? Then up to them. This is the risk when using online exchanges as we don't know what will happened next.

MAbtc

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Quote from: iv4n on August 31, 2017, 08:22:45 AM

I use xapo, xapo wallet is safe to use, its hear for year, they expanded their business long time ago.

Same with plenty of other services. BTC-e was running smoothly for six years and then boom, the money was gone. Now users are hoping for some resolution to recover some funds. Perhaps Xapo's services are less likely to see them targeted for money laundering conspiracies, but they are a centralized (trusted) service just the same. If they get hacked, the coins are gone.

Quote from: erikalui on August 31, 2017, 11:47:12 AM

even though one doesn't own the private key, if I need to use any online wallet, I would prefer xapo as any issue is resolved by their support team unlike blockchain/coinbase that never reply.

Blockchain is superior in that you control the private keys, though. Even if their service is down or compromised, you can import your seed into another wallet that you control. Not so with Xapo and Coinbase.

erikalui

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Quote from: illyiller on August 30, 2017, 05:22:42 PM

Quote from: erikalui on August 30, 2017, 12:33:53 PM

The fees are a big issue but besides that, they are safe to hold small amounts of BTC below 0.5. More than that amount should be only saved on offline wallets like trezor or ledger. No online account is good enough. Anyways these days every exchange is charging a fee of 0.002 and hence ultimately we have to pay high fees for most transactions to get confirmations soon. Paying below 400 sats/byte is not even recommended for transactions if you cannot wait for hours.

Their fees aren't really out-of-line, especially considering the way many of their users use the wallet (to collect many low-value inputs). The real problem is that users should control their own keys. A good lite wallet with good dynamic fee calculation where you control your own keys is Electrum.

Not many users collect dust bits in their wallet and especially after they started taking the fee from users, the number of small transactions has reduced as people have to pay a fee bigger than the amount they are sending. even though one doesn't own the private key, if I need to use any online wallet, I would prefer xapo as any issue is resolved by their support team unlike blockchain/coinbase that never reply. I prefer only electrum, trezor or ledger when it comes to owning a bitcoin wallet.

iv4n

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I use xapo, xapo wallet is safe to use, its hear for year, they expanded their business long time ago. Its not problem in trusting them, its problem in their fees. Couple times I said here how their fees is ridiculously high, and just because of that I plan to change that wallet. It was very good for daily use, with no fees, its OK they have a fee but 3 mBTC fee is definitely too much for me.

TrumpD

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Xapo demands for all sorts of identity verification info, I don't use it and will advice to steer clear. The coins in "your" wallet are not yours as you don't control the private keys.

boyptc

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Quote from: winspiral on August 30, 2017, 12:38:31 PM

I use now Xapo only for sending satoshi to Xapo members...It's interesting for small amount.

I guess most of the wallets when transferring to the same provider they won't require any fee. But try to send smaller amounts to not xapo wallets and for sure you will be having an headache with it, why? The fee is much higher than the amount you are about to send.

illyiller

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Quote from: erikalui on August 30, 2017, 12:33:53 PM

The fees are a big issue but besides that, they are safe to hold small amounts of BTC below 0.5. More than that amount should be only saved on offline wallets like trezor or ledger. No online account is good enough. Anyways these days every exchange is charging a fee of 0.002 and hence ultimately we have to pay high fees for most transactions to get confirmations soon. Paying below 400 sats/byte is not even recommended for transactions if you cannot wait for hours.

Their fees aren't really out-of-line, especially considering the way many of their users use the wallet (to collect many low-value inputs). The real problem is that users should control their own keys. A good lite wallet with good dynamic fee calculation where you control your own keys is Electrum.

Quote from: winspiral on August 30, 2017, 12:38:31 PM

I use now Xapo for sending satoshi to Xapo members...It's interesting for small amount.

Yes, this is a legitimate case. Coinbase is the same -- free transfers between Coinbase accounts. But since Xapo controls the private keys (same as Coinbase), I wouldn't risk holding much in their wallet.

winspiral

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I use now Xapo only for sending satoshi to Xapo members...It's interesting for small amount.

erikalui

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It's a 3rd party wallet and till now it's operating fine and even though users are facing issues with their support, they solve the problems pretty soon unlike coinbase that gives you no second chance. Also, they verify the account making it more secure compared to blockchain which has your private keys but protection is only through 2FA. The fees are a big issue but besides that, they are safe to hold small amounts of BTC below 0.5. More than that amount should be only saved on offline wallets like trezor or ledger. No online account is good enough. Anyways these days every exchange is charging a fee of 0.002 and hence ultimately we have to pay high fees for most transactions to get confirmations soon. Paying below 400 sats/byte is not even recommended for transactions if you cannot wait for hours.

sunsilk

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I understand your concern with xapo as I was introduced to that web wallet too.

But since I dont want to pay higher fees, I stopped using them for awhile.

Xapo is trusted and worth for it but to use them with the current fees it's a different issue for me.

Tipstar

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I too was an initial user of XAPO but stopped them due to their fees and limitations.
What I've realized after using a bunch of online is that, if you don't have the private keys, you are not the real owner.

jhenfelipe

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I stopped using Xapo for a while now, honestly it is because of the fee as well. It is just that it's not my main wallet and it will cost too much to send especially when you have small amount because you only get the coins from faucets. I did not encounter any problem with security and I still trust the service, though yes you don't control the private keys and can't get bitcoin cash.

If you are using their debit card as others have mentioned or it is your main wallet, I think it is still okay, but if it is not like in my case and you will use it for faucets only, you'd rather use your main wallet & faucets that are sending directly to wallet or through micropayment sites.

batang_bitcoin

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This should be on the service discussion or web wallets section. Well I find it not worth anymore to use their services. We have the same beginning in terms of claiming satoshi's I have my own xapo wallet too because it was advised by the tutorials. And now the fees are very high and I started to condemned them when the announced fees, their fee is unjustifiable for me unlike blockchain.info.

xaxistech

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Xapo is a good wallet and it has a nice design too. The only thing that i dont like about that site is that they have ridiculous fees. I have a friend who uses wallet because he has the debit card, but he told me that when he wanna send btc to another wallet xapo charges him 0.002 fees per transaction. That is ridiculous, almost $10 per payment.
A lot of people are stoping using xapo because of that.

illyiller

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Quote from: angaper on August 29, 2017, 06:24:17 PM

I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.

Ah, the same reason i used Inputs.io back in 2013. I guess that was before your time, but it was a hard lesson about using a wallet where you control the private keys vs. a web wallet where you don't. I, too, was using my Inputs.io wallet to collect lots of small transactions to avoid paying so much in fees. Then Inputs.io was hacked for 4100 BTC, and that was the end of that chapter. Undecided

Switch to a wallet where you control the keys. At the very least, use blockchain.info instead (which comes with its own security risks). Core, Armory and Electrum are all very good choices.

LTU_btc

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I'm in same boat as you. I also used Xapo to receive payments from faucets.
It's right that in past Xapo had more advantages. But then they started to charge fees for receiving small transaction. Later Xapo started to charge miners fees from their users. I had part of my btc on Xapo, but I left Xapo. I moved all my btc from Xapo before hard fork. Now I don't see any reasons to use Xapo wallet.
Their debit card is more expensive than other Bitcoin debit cards. Only their small advantage is free Xapo to Xapo transactions.

Rahar02

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No, it's not worth anymore as you have mentioned the reasons.
Unless for newbies who trying to earn bitcoin through faucets which connected to xapo or has been suggested to use only xapo wallet. Consider high fees compare to other wallets that offer low fees such as blockchain, breadwallet, or electrum, it's not suitable for newbies to get decent amount from faucets.
But, high fees problem could be solved by segwit right now, I am not sure whether xapo has launched an update that support segwit or not. The most important thing is private keys, as most exchanges hold bitcoin private keys and nothing you can do about it. I prefer to use a wallet which has a feature to export the private keys just in case I need it.

Iranus

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At this point it's normal for even online wallets to offer access to your private keys at some point and less trust in their services. Services such as Green Address, BitGo and Blockchain.info offer you at least some access to your private keys.

The only wallets that shouldn't do this are exchanges and wallets which try to interact with fiat in other ways (such as Xapo's debit card). However, these things should be opt-in features which are distinct from the wallet service which they should be providing.

As for faucets, I suspect that they acted similarly to a "faucet cache" in that sense - receiving larger transfers of BTC at once from the faucet, and then adding the tiny amounts to users' accounts from the money they had already received from the faucet.

In that sense they would still be acting the same with faucets today as they were before, and they have become no less trustworthy. The only difference is that the BTC transaction fees are now too high for them to cover on their own while still having a profitable business model.

exstasie

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Quote from: angaper on August 29, 2017, 06:24:17 PM

I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.

But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.

That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?

If you use the debit card, then maybe it's worth it. Personally, I don't see any reason to do that; I am a long term holder and don't have any interest using my BTC for day-to-day purchases.

I'd ditch them for a more user-friendly wallet (like Electrum) where you control your own private keys. Not being able to collect your BCH showcases why you should always control your private keys. If you don't, it's not your money, and you can't complain.

Anyway, I tried out Xapo a couple years ago and immediately trashed it. Never liked the UI. There are much better options now.

maeusi

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At the moment I only see the advantages of xapo in its debit card. It is just easy to fill it with bitcoin and pay with bitcoin.
I think, the services were to get customers for their services. So if I would need a debit card that could be filled up with bitcoin, I probably would choose xapo. Xapo can't anymore offer free transfers, because fees are so high at the moment.

angaper

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I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.

But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.

That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?

Topic: Is it still worth trusting the services of Xapo? (Read 993 times)