Copay bitcoin wallet review – September 2017

Copay is a secure bitcoin wallet that is backed by one of the world’s premiere cryptocurrency payment systems, giving it instant credibility and brand appeal.

When it comes to brand appeal, very few bitcoin wallets can compete with Copay. Developed by BitPay to secure BitPay’s funds, Copay has quickly emerged as one of the leading wallet platforms on the market.

The developers of Copay designed the wallet to give users maximum control of their money. They added robust security features, convenience and transparency to make Copay an instant favorite among crypto enthusiasts.

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 & 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

Copay is an open source project, whereas the BitPay wallet app is officially supported by BitPay. The company says Copay will continue to be the primary “development head” for the BitPay wallet app.
Yes, users can still recover their wallet through the Copay recovery tool via GitHub. To do so, you’ll need your 12-word recovery phrase.
Moving your wallet from Copay to BitPay can be done easily. Simply go to the BitPay app and use the “Import Wallet” feature. Your 12-word Copay backup phrase will be needed.

This review of Copay should not be interpreted as a recommendation to invest. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Historic performance is no guarantee of future returns. Before investing you should obtain advice and decide whether the potential return outweighs the risks.

Image source: Copay Bitcoin Wallet

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.

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
      renchcruzOctober 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