The popularity of cryptocurrencies is growing every day. This is facilitated by events in the market. There are a lot of opportunities to pay and store Bitcoin and other cryptocurrencies, but they are not entirely simple. Many services don’t guarantee instantaneous withdrawal since the transactions confirmations require their entry in the blockchain. Not the easiest way to pay for a cup of coffee, how do you think?
Not all services that offer storage and use of Bitcoin can guarantee the security and anonymity of their customers. The issue of protection is now particularly relevant because even the largest exchanges are subject to regular hacking and fraud attacks. You don’t want to lose your Bitcoins, don’t you? But you want to conveniently store and use them, right? Then Vexel will be a great solution. Let's talk more about the pros and cons of the service
This article is created in collaboration with the service Vexel.
What is Vexel?
Let's start with the basics. Vexel is an anonymous digital asset management wallet that doesn’t require a cumbersome registration process. Its main feature is the absolute confidentiality of clients. With it, you can store, buy, sell, exchange and use Bitcoin without names and personal data. Pretty cool!
Another huge plus of Vexel is a high rate of exchange. Exchange operations with Bitcoins and other cryptocurrencies within the service occur without writing to the blockchain, and their implementation requires only one click. With all the ease of use, Vexel offers a good level of security, which is provided by a combination of 34 numbers, as well as the ability to connect two-factor authentication and a password.
The advantages of using and storing Bitcoin on Vexel
In its essence, Vexel combines several services at once:
Electronic wallet. Vexel allows you to conveniently and safely store Bitcoin and other cryptocurrencies in one place.
Cryptocurrency exchange. With the help of the service, you can track quotes changes in the market and make money on price fluctuations.
Exchange office. In order to exchange Bitcoin for fiat money or another crypto, you will need only 1 click. The procedure takes place instantly and isn’t recorded in the blockchain.
Payment service. Vexel allows paying with Bitcoin faster and easier than many similar services.
And all these services are provided as simple and clear as possible. The unique number and code — 34 numbers — at the same time is the account number, password and login in the system. This greatly simplifies the login procedure without compromising security.
Summarizing the intermediate result, we can highlight the main advantages of Vexel:
Anonymity. To work in the system does not require any personal data, except for the number and code of the vexel.
Security. 34 numbers are a guarantee of the safety of the assets on your wallet, and the possibility of connecting a password, email confirmation, and two-factor authentication minimize risks. In addition, all data is stored on distributed servers in an encrypted form.
Functionality. The service has no restrictions on working with Bitcoin and altcoins and allows you to perform absolutely any operation.
Rapidity. Using the functions of Vexel in most cases requires one click, which is incredibly convenient.
Transparency. Vexel doesn’t charge any hidden and additional fees or fees for using the service and converting Bitcoin (only fees of miners for maintaining the transaction to the blockchain).
What cryptocurrencies does Vexel support?
To date, there are only 4 cryptocurrencies on Vexel’s list: Bitcoin, Litecoin, Dash, Bitcoin Cash. Yes, at first glance, this isn’t much, but soon the developers promise to add support for Ethereum and Ripple, which isn’t bad.
In fact, the possibility of using Bitcoin and the three popular altcoins is enough to cover all the needs. By converting BTC to LTC, BHC or DASH, you can successfully play on the quotes, making a profit. The service offers its customers really good courses, which is a big plus. A good option would be the usual storage of the cryptocurrencies on the wallet because Bitcoin and the indicated altcoins show stability in the market.
In addition, each of the cryptocurrencies presented is used in different sectors of life, many partnership companies and provide special conditions for the use of their services and products. This info could be very useful too.
How to start using Vexel?
Creating your own wallet is incredibly easy. To do this, click the “Start” button on the main page. You will be redirected to Vexel’s creation page. The developers are working on a new cabinet, which is available by reference. Soon it will become the main one, therefore we will tell you about it. To create a wallet, you must click the "Create" button. In the line number of the Vexel appeared 34-number code. All that remains is pressing the “Start” button, and everything is ready! You will be transferred to the cabinet where you will see Vexel’s number and the amount of money on it (by default, 0 USD).
When you click the “Details” button, you can view detailed information about the wallet, increase the level of security and learn the QR-code.
Below are 4 buttons to perform all possible operations, they are:
With the need to replenish the wallet, you need to use the first button. After pressing it, a menu for selecting a cryptocurrency to replenish with will appear. Below is the address of the wallet and a QR-code to simplify the operation. Below you can see the number and balance of the vexel, as well as the exchange rate and the final amount that will go to the account in Bitcoins or another cryptocurrency.
The “Withdraw” button opens another menu. In it, you first need to choose the desired method, and there are 3 of them now: Bitcoin or altcoins from the list, a card or cash. Then you need to enter the desired amount of withdrawal and the address of the wallet to receive. The commission size is indicated. What is convenient is that the service itself doesn’t take any commission for its services, and this amount goes to miners for adding a transaction to the blockchain.
“Split” allows you to split your wallet into several parts. Everything is simple here, the slider allows you to select the number of bills created and the amount on them.
The last section is “Change”. It’s possible to replace the currency or cryptocurrency, as well as assign a new number and code for your vexel.
An alternative option to create a bill is “Buy with card”. Thus, you can immediately deposit money into the specified Bitcoin wallet and go to your personal cabinet immediately after confirming the transaction. And then everything is as described above. There is one more way to receive a vexel and it’s written on the site — buying from an agent with a positive balance in any currency.
For registered users (disabled while at the development stage) 2 more functions will be available in the future:
Open saved vexels. This is the same quick access to the office.
Restore your last session. The ability to continue working since the end of the last session.
In general, a personal account looks thoughtful and simple. You can easily figure everything out in a few minutes. For lovers of more restrained tones, a “Dark mode” is provided which can be turned on by clicking on a similar button in the top right angle of the cabinet. The session history is displayed at the bottom of the page.
In the old version of the "Cabinet" functionality will be similar, with only one difference in the visual design, so it makes no sense to describe it.
How does Vexel protect your Bitcoins?
Separately, it’s worthwhile to dwell on service security, since this is one of the most important components. Vexel stores client data on distributed servers in encrypted form and uses modern symmetric encryption algorithms. All network events are monitored around the clock using machine-learning and artificial intelligence technologies. We can't say how effective it is, but at least it sounds serious.
This is if we’re talking about the service security itself. To increase the security of your own wallet, it’s recommended to enable additional protection in the vexel’s settings. This can be a password or two-factor authentication using Google Authenticator. It seems to us that this is enough to ensure a good level of security.
Site navigation and ease of use
The Vexel site has very easy navigation, all the necessary buttons are visible. Detailed information about the project can be found in the “About” section, next to it is the “FAQ” button, which leads to the section with answers to frequently asked questions. In the answers section, there is more information than you need at first glance. The developers responsibly approached this block by providing comprehensive answers to any questions about the service’s work.
Clicking on the link in the “About” section, you can view the EU licenses for a cryptocurrency wallet and currency exchange, which also speaks in favour of the Vexel. Any questions can be solved through technical support, it’s also checked.
Another positive distinguishing feature is the presence of stable mobile applications. With their help, using service becomes much easier and more accessible. Applications are also licensed and constantly updated.
Another convenient way is Vexel’s Telegram Bot. It allows you to use all the functionality of the service: replenish the wallet, display Bitcoin, share bills and use other functions without installing the application or visiting the site.
Today, Vexel has become a real competitor for similar services. The company offers excellent functionality and a good level of security, which not everyone can boast. For now, the cryptocurrency pool is small, but in the near future, Ethereum and Ripple should join Bitcoin and the company, which is not bad.
Developers are actively working on a service, as an example, a new cabinet, which has become more simple and convenient to use. If management continues to actively move in the right direction, then the volume of financial transactions per day can easily pass the mark of $500 thousand in the near future. To summarize, Vexel is definitely worth your attention.