Is Xapo Bank Legit? A Detailed Review of Its Services
Xapo bank is a special bank that uses bitcoins. They give you your own account number and bitcoin address when you join. You can use it to pay for things instantly with small fees.
The bank started in 2012 by Federico Murrone and Wensceslao Casares. It is like a regular bank, but it also deals with bitcoins.
Xapo bank features:
- They give you money if you keep your dollars in their bank.
- They keep your money safe in a super-secure place in the Swiss Alps.
- You can buy bitcoins and stablecoins with your bank account.
- They help you 24/7.
- You get a special bank account with dollars and bitcoins.
- You get money back when you spend with your Xapo card.
- No fees when you use your card in other countries.
- You can use airport lounges when you travel.
- They give you free Wi-Fi.
- You can take out money from ATMs for free.
How Xapo bank works:
Xapo is a bank where you can use regular money and bitcoins in one place. You can buy, sell, and use bitcoins and stablecoins with your regular money account. You can send and get stablecoins using your Xapo bank account. You can change your regular money to bitcoins and back instantly.
Xapo bank does not give loans. Your money is always the same as what you put in. You can earn extra money with daily payouts. You can also make payments and take out money with your Xapo bank card. They also have someone to help you with your account.
How to join Xapo bank:
You can join Xapo if you are over 18 and not in the United States. You need a passport, proof of address, and money. It costs $150 every year, but you get a 3-month free trial.
To join, download the Xapo app on your phone and sign up. Give your name, address, and birthdate. Also, send a picture of your passport and proof of address. Xapo will check and tell you if you can join.
Pros And Cons Of Xapo
Before we take a closer look at the functionality of Xapo, let’s take a look at some of the pros and cons of this platform.
| Pros | Cons |
| ✅ Easy to Use | ❌ Data Can Be Slow/Inaccurate |
| ✅ Handy for Tracking Money | ❌ Recently Acquired By FTX |
| ✅ No Cost to Use |
Pros & Cons Of Xapo – Good and Not-So-Good Stuff
Let’s talk about Xapo and what’s good and not-so-good about it.
Good Stuff (Pros)
✅ Easy to Use: Xapo is simple to figure out, which is great if you’re new to this.
✅ Handy for Tracking Money: You can easily keep an eye on your money and how it’s doing.
✅ No Cost to Use: It’s free to use, which is awesome. Who doesn’t like free stuff?
Advantages of Xapo
Now, let’s look at the cool things about Xapo that people love:
- Visa Debit Cards Available: Xapo has this cool card that lets you take out money and pay for stuff. You even get some money back when you buy things. And you can use it in any country without extra charges!
- Easy for Beginners: If you’re just starting, Xapo is like a helpful friend. Even though signing up takes a bit, they guide you through it and make sure you understand everything. The app is easy, too!
- Lots of Ways to Pay: You can put money into your Xapo account in different ways – like using your bank, a card, or even other online money services. It’s like having choices!
- Super Safe Storage: Most of Xapo’s money is kept in a super secure place. They call it “deep cold storage.” It’s like a secret vault that’s not connected to the internet, so your money stays really safe. Only a small bit is kept in a “hot wallet” for quick access.
Not-So-Good Stuff (Cons of Xapo Bank)
❌ Debit Card Limits: The cool card is available only in some countries. If you don’t live in one of those, you can’t get it. Not fair, right?
❌ Only Bitcoin: Xapo only works with Bitcoin. You can’t store other types of money like Ethereum. If you want to deal with different kinds, this might not be your best choice.
❌ Takes a While to Start: Signing up for Xapo takes a bit of time, but they try to make it fun. You’ll also have to answer some security questions to keep your money safe.
❌ Not Open to Everyone: Xapo’s secret codes are not open for everyone to see or change. If you like playing with codes, you might be sad about this. But if you’re just here to use it, no worries!
So, there you have it – the pros and cons of Xapo Bank
Xapo Money Withdrawal
If you want to take out money from your Xapo account, you can use Xapo’s bank withdrawal or get your funds as bitcoin to your bitcoin wallet.
Xapo doesn’t charge for taking out money through wire transfers, but your local bank might ask for a fee. If your local bank charges a fee for putting money in through wire transfer, they will tell you how much when you send the money.
Xapo Money Deposit
To put money into your Xapo account, use wire transfer through your local bank. But right now, SWIFT is not available. Instead, you can deposit USDC, which instantly becomes USD 1:1. Xapo Bank also gives you a special Bitcoin address to get money.
Xapo Crypto Xapo does crypto banking. This means you can buy cryptocurrency with the Xapo app and earn interest on your bitcoin deposits.
How to Buy Bitcoin with Xapo
First, add money to your Xapo USD wallet. Then, use the US dollars to buy bitcoin in the Xapo app by following these steps:
- Pick Accounts
- Tap on bitcoin wallet
- Tap on Buy/Sell
- Choose how much USD you want to use to buy bitcoin
- You have 30 seconds to say okay before it gets canceled
- Confirm with your PIN
Xapo Wallet Overview
You can use the Xapo bitcoin wallet on the Xapo app or online. It works with Android and iOS. Right now, the Xapo wallet only works with bitcoin. It also lets you use Visa and Mastercard, making things easier.
For safety, the Xapo crypto wallet has Two-Factor Authentication (2FA). This means you need two checks to get into your wallet. You can also set up an alert to know when money leaves your wallet. Remember, Xapo wallet is like a bank holding your money.
Xapo Bank Fees
Xapo bank has some fees you need to know about. First, there’s a yearly fee of $150 for the premium banking service. When you open your account, you pay this fee upfront, and it covers your first year. After that, you get a 3-month free trial.
You can pay the fee in two ways: using US dollars (USD) or Bitcoin (BTC). If you choose Bitcoin, it needs to be the full $150 or the equivalent in Bitcoin. The fee will be automatically taken from your account each year.
Here’s a list of other fees you might come across:
- Keeping your account active: $150/year
- Sending money with Faster Payment System: 0.15 GBP
- Sending money with SEPA system: 0.15 EUR
- Sending money with SEPA Instant system: 0.20 EUR
- ACH Deposits and Withdrawals: 0.15 USD each
- Domestic FedWire Deposits: 5 USD
- Cash withdrawal (ATM) above 100 USD/month: 2% of withdrawal amount
- First replacement card in a year: 0 USD
- Additional replacement card in a year: 25 USD
- Emergency replacement card production: 100 USD
- Emergency cash access: 120 USD
- Closed card (cancellation by user): 25 USD
- Dispute fee: 45 USD
- First yearly airport lounge visit: 0 USD
- Subsequent yearly airport lounge visits: 32 USD
- Guest visit fee: 32 USD
- Cancellation fee (if lounge service used): 32 USD
- Internal Bitcoin transactions between Xapo accounts: No processing fees
- Outgoing transactions to external Bitcoin addresses: Standard fee displayed on confirmation screen
- Incoming Bitcoin transactions to Xapo Wallet (BTC 0.00000816 or less): BTC 0.00000544
- Lightning network payments: No fee
Xapo Supported Countries
Xapo Bank is available in over 100 countries around the world. If you see your country in the sign-up page drop-down menu, you can apply for an account. Xapo supports countries in Europe, Africa, Asia, and Latin America. Some of the countries include Germany, UK, Netherlands, Iceland, Canada, Singapore, Japan, Saudi Arabia, Hong Kong, UAE, Brazil, Bangladesh, India, South Africa, Kenya, Tanzania, Zambia, and more.
Is Xapo Bank Safe? Is Xapo Legit?
Yes, Xapo is a safe and legit bank. It has licenses and is regulated by the Gibraltar Financial Services Commission. Your deposits are protected up to €100,000 by the Gibraltar Deposit Guarantee Scheme. Xapo also has memberships with Mastercard and Visa.
They have a super secure vault in the Swiss Alps, protected by concrete and steel. Their servers are guarded and well-protected too. So, your money is in good hands with Xapo.
Looking for a different option instead of Xapo to store your cryptocurrency? Xapo is a secure wallet with a prepaid Visa debit card feature, but it may not be the best choice for beginners or those who prefer a hands-off approach to trading.
If you’re new to trading and want a simple way to start, or if you’re looking to earn money from cryptocurrency without spending a lot of time studying the market, you might be interested in copy trading.
Copy trading lets you invest in various cryptocurrencies, ForEx, and stocks without having to analyze graphs or follow trends. You can either choose to follow an experienced trader entirely, taking a hands-off approach, or watch their actions and make your own decisions. It’s a great way for beginners to start or to create passive income with minimal effort.
Frequently Asked Questions
Where Can I Get the Xapo Wallet?
You can download the Xapo Wallet app from the Google Play Store and the Apple AppStore. It’s also accessible through an internet browser and is compatible with Android and iOS.
Can I Buy Bitcoin on Xapo?
Yes, Xapo users can buy and sell Bitcoin directly through the app. Just click “Add money” and then “Buy more BTC.” You can use various payment methods like bank transfer, credit/debit cards, Bitcoin, and e-money transfer services such as Netteller and Skrill.
Do I Need a Wallet to Buy Bitcoin?
Yes, you’ll need a wallet to store your Bitcoin if you want to start buying. A wallet is an online app that holds your cryptocurrency. Make sure to choose a wallet with high-security levels to protect your digital assets from hackers.
