When investing in cryptocurrency, you need to not only choose the right project, but also take care of the safety of the acquired assets. Leaving coins on the trading platform’s deposit is not worth it, it is better to store tokens in your own crypto wallet. There are many programs for storing and transactions of virtual money, one of them is Bitgo. The wallet is little known among users of the CIS countries, but according to the developers, it is one of the most reliable services. So, or not, we will try to figure it out now.
What is a Bitgo wallet?
BitGo is not just another utility for working in the blockchain system, and a large company that has been developing cryptocurrency software for 6 years.
Her clients include large trading platforms such as:
- CME Group;
- SBI Holding.
BitGo’s goal is to fully integrate cryptocurrency currency into the global financial system. The firm is headquartered in California with customer service offices in London, Singapore, and Tokyo. In 2018, BitGo began accepting cryptocurrency deposits after receiving the appropriate permission from the US regulatory authorities. Bitgo was founded by leading experts in the field of cybersecurity and financial technology.
What currency can be stored?
BitGo wallet is multi-currency online storage of crypto coins.
At first, after the launch, only the Bitgo Bitcoin project was working. Then the company expanded the list of compatible altcoins and now you can place them in the Bitgo wallet:
- Bitcoin Cash;
- Bitcoin Gold.
In the spring of 2018, the program began supporting the ERC20 standard, as a result, the list expanded to 80 digital currencies. But, for ordinary users, this is of little use. All ERC20 tokens, including Ethereum, are available only to institutional investors.
Wallet registration and security settings
To create an account, log in to bitgo com and click the ” Sign up ” button.
For individuals, Bitgo wallet registration is quite simple. Indicate:
- E-mail address;
- Country of residence;
- Create and confirm a password.
It is necessary to immediately warn that the citizens of Russia and Ukraine, at the time of this writing, the service is not available. Then log in to the mail to verify your account.
To complete the security settings:
- Activate 2FA;
You are done, now you will be automatically redirected to the home page. The BitGo website menu consists of three tabs:
Operations are performed in the Wallets section, the Activity and Reports pages are designed to display account history and monthly reports. The new account does not yet have a BitGo wallet. Click ” Create New Wallet ” and select the desired token. For private accounts, the only quick install is available.
- Come up with a name for your Bitgo wallet;
- We specify the password to enter the repository.
It is recommended to come up with a separate password, but you can also use the one that was created during registration. Now you need to download the Bitgo backup key.
Print the key on paper and store it offline. You can open access to the program to several users by clicking Add Additional User. If this is not necessary, click Done. You can also regulate the level of access to the wallet for co-owners by giving them the right to:
- Full access.
- Outgoing transactions only.
- Balance view.
In the ” Policy ” tab, you can limit the amount and number of daily transfers of Bitgo. The limits apply to everyone who does not have administrator rights. Please note that in two days the established rules will be fixed and you will need to contact the support service to make changes.
How to use, payment setup guide
All BitGo wallets come with three keys.
- The first one is at the site administration.
- The second is owned by the client.
- The third is stored in the Key Recovery Service.
To make a Bitgo transfer, two signatures are required. In some cases, it is allowed for the owner of the wallet to use the Key Recovery Service key. The system necessarily monitors such transactions so that users do not suffer from intruders.
How to top up?
To top up your balance, you need to know the Bitgo wallet address.
- Open the main page.
- Select Wallets.
- Click on the name of the wallet or click Receive.
- Copy the public key.
BitGo provides the client with a dynamic address that changes after each incoming transaction. Thus, additional protection against hacking is created, nevertheless, the outdated public key remains relevant. Provide the address to the sender of the tokens or transfer to BitGo from the cryptocurrency exchange.
To withdraw money, click Send and fill out the sending form indicating the sending address and amount. Then click ” Submit ” and check the data in the window that opens. If everything is correct:
- Click Send again.
- Enter your wallet password and 2FA key.
- Confirm sending again.
To speed up the processing of the transaction, check the Send as Instant box, but keep in mind this service is paid. The standard Bitgo commission is 0.1% from each withdrawal of funds, an instant transfer will cost 0.25% of the amount. In addition, you pay the network fees, you will pay 1% for a Bitcoin Gold transaction.
Advantages and disadvantages of the platform
Let’s start with the positive aspects of the resource.
- High level of security.
- Application of multisignatures.
- Storage of major cryptocurrencies.
- Support for large deposits.
- Does not work in some countries, including the Russian Federation.
- There is no Russian language.
- Deposits in ETH, XPR, and ERC20 tokens are not available to individuals.
Bitgo is more focused on big business, respectable investors are provided with a deposit insurance service and a separate EtherLi web service for Ethereum-based tokens.
Account recovery and backup
A unique development of the Bitgo team, the Key Recovery Service technology allows you to restore your Bitgo wallet. Of course, it is better not to lose the keys to the vault where the money is, but anything can happen.
Possible problems, how to solve them
When creating a new account, after the user turns on two-factor, he will be able to download the KeyCard, which contains:
- User Key;
- Backup Key;
- BitGo Public Key;
- Encrypted Wallet Password.
You must save a paper version of the file. If you lose your password, you can use the KeyCard to restore access to your digital assets.
For obvious reasons, you can read Bitgo reviews only on foreign sites. For example, what business partners write about BitGo.