As an early Bitcoin adopter, i was probably one of the firs Xapo wallet users. Although, there were always lack of communication with Xapo, i never faced a major problem with them. Besides, i know the danger of wallets like Xapo, so i never kept so much coins in that account. It was mostly for my Xapo faucet income which were quite popular a few years ago.
My Xapo wallet account was verified years ago as i have provided necessary documents back then. About 10 days ago, i started to end up below page everytime i tried to access my account. Btw, continue links doesn´t work.
First, i thought there was a mistake as i did not provide any documents recently and my account was a full functioning wallet for years. So i have sent them below mail:
Then i have received the only message they have sent me about this issue. Guessing it is an automatic answer in spite there is a name under the mail, because she seems to think that i am asking for help to confirm my document:
You might imagine my frustration, i have sent several mails after that starting with a question "do you guys even read the mails before answering?". Still no answer! I have sent them one last mail 2 days ago warning them if they don´t respond within 24 hours, i will assume their business turning into a scam.
Why am i sharing this story?
I have always warned new Bitcoin users to be careful and not use wallets which they don´t have control of the private keys. The only reason i used this service was because i had some passive income from Xapo faucets(which barely exist today as most of them are gone). I always transferred my coins once they reached certain amount, so i never kept so much coins due to risks. It seems like time proved me right. These services are simply unreliable.
Why you should never use wallets like XAPO:
As you don´t have the private key of the wallet, you don´t actually own the coins. It is as if you give your money to a "stranger" to keep it for you. If they run away or die, it is gone. Such a big contradiction to use it considering why Bitcoin was found at the first place
Recently Xapo started to charge fee for incoming transactions. Yes! You read it correctly. If the transaction is from a non-Xapo wallet receiver pays fee as well as the sender. It must be the most idiotic thing ever in Bitcoin history.
They were one of the first to come up with Bitcoin debit card service. It was expensive as there were no competitors in the market, but today there is no adjustment to card and transaction fees in spite there are hundreds of companies providing the same service for less than half price.
ID requirement. Xapo wants to know everything before providing you even most basic services. Then again, completely against the Bitcoin soul.
If you need a Bitcoin wallet, use Electrum, blockchain or any other where you are the only one who own the private keys. If you have to use a service similar to Xapo(obviously don´t even get near Xapo) make sure to not transfer more than certain amount. Wirex is a good option if you need a Bitcoin debit card. Fast and one of the cheapest service. Stay safe!
