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Copay bitcoin wallet review – September 2017

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Copay is a secure bitcoin wallet that is backed by BitPay.

Developed by BitPay to secure BitPay’s funds, the developers of Copay designed the wallet to give users maximum control of their money. They added robust security features, convenience and transparency in an effort to make Copay an instant favorite among crypto enthusiasts.

Product Name Copay Wallet
Wallet Type Desktop Client, Mobile, Web
Supported Cryptocurrencies BTC, BCH

Pros

  • Multi-signature wallet
  • Supports multiple wallets on one app
  • Open source
  • Easy to use for beginners
  • Highly reputable wallet backed by leading bitcoin payment firm

Cons

  • Service relies on central verification, which may upset some bitcoin users
  • May be a difficult learning curve for beginners

This wallet isn’t currently available via the finder website right now. Please see our comparison of other crypto wallets for options to consider.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is Copay?

Copay is a hierarchical deterministic (HD) bitcoin wallet that was built to secure BitPay funds. It is a multi-signature wallet, which means that a single wallet can have more than one user. This makes it ideal for businesses where multiple signatures are needed to secure a transaction.

Copay is available on desktop, web and mobile interfaces, giving users multiple options for accessing their wallet.

Compatible with:

  • Web, desktop and mobile.
  • Available for Windows, Mac OS X, Linux. Android and iOS for mobile.

How much does it cost?

Like many other bitcoin wallets, Copay is free to use. Transaction fees apply for sending bitcoin. Costs are set by the blockchain community and based on transaction size.

Which currencies can I store?

Copay deals solely in bitcoin, but allows users to check prices in over 150 fiat currencies.

  • Bitcoin

How do I add currency to my wallet?

Copay users are ready to accept payments as soon as they add a wallet. This can be done by using the “create a new wallet” feature, which also gives you the option of opening a shared wallet among you and your peers.

Copay is ideal for users who don’t want to keep their funds with a third party. It’s compatible with multiple devices and operating platforms and offers a safe environment to secure all your bitcoin and fiat currencies

How do I make or receive payments with my Copay?

To receive funds into your Copay wallet, the sender must have your bitcoin address. Since this is an HD wallet, your bitcoin address changes automatically after every payment.

To make payments with Copay, simply identify your receiver’s bitcoin address and click “Send.” This can be done by writing down the address or scanning their QR code. Copay also allows you to add payees to your address book for easy access.

After verifying the address, users can specify the amount of money and payment type they wish to send. This includes making payments in bitcoin or fiat currency.

How secure is Copay?

As an HD wallet, Copay’s security is well-regarded. Copay is also one of the first bitcoin wallets to support the full Bitcoin Payment Protocol. This means that, when you send funds to a payment protocol-enabled merchant, Copay securely verifies that the payment has been sent to the right place.

Where can I get Copay?

Copay is available on various platforms, including Microsoft Windows, MAC OS X and Linux. Mobile versions are also available for Android and iPhone. It’s advisable to go to the Copay homepage for direct links to the latest Copay Bitcoin Wallet.

Copay wallet

Pros and cons

Pros

  • Multi-signature wallet
  • Supports multiple wallets on one app
  • Open source
  • Easy to use for beginners
  • Highly reputable wallet backed by leading bitcoin payment firm

Cons

  • Service relies on central verification, which may upset some bitcoin users
  • May be a difficult learning curve for beginners

Next Steps

If Copay’s features sound appealing, you can download the wallet app directly to your device in relatively short order. After download, go to the “Settings” tab to back up the wallet. It’s here that you’ll be asked to input your 12-word recovery phrase.

In a matter of minutes, you will be ready to add and use multiple wallets. This means it can be tailor-made to suit your specific needs.

Frequently asked questions

Image source: Copay Bitcoin Wallet

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4 Responses

  1. Default Gravatar
    ColinNovember 14, 2017

    If I give person A my wallet address for me to recieve payment from them and the address changes after i make a payment but before receipt from person A do I still recieve the payment
    ie. does my wallet remember old addresses of mine?

    • Staff
      HaroldNovember 15, 2017Staff

      Hi Colin,

      Thank you for your inquiry.

      Yes, because Copay is an HD (hierarchical deterministic) wallet, it generates a new address every time you receive funds as a way of maintaining better privacy.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    GregOctober 26, 2017

    Can I use Copay wallet in the coin exchange market for trading or purchasing other crypto coins?

    • Staff
      RenchOctober 26, 2017Staff

      Hi Greg,

      Thanks for your inquiry. Please note that we are not affiliated with Copay or any company we feature on our site and so we can only offer you general advice.

      I’m afraid Copay cannot be used in exchange market for buy, sell and exchange crypto.

      If you’d like to invest in a cryptocurrency such as bitcoin or Ether, is to register for and start using an online exchange specializing in your cryptocurrency of choice. You can have a look on this page and compare your options.

      Hope this helps.

      Cheers,
      Rench

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