What is Xapo Wallet?

The early days of Bitcoin adoption were met with a need for more secure storage wallets. This lack led to the development of different crypto wallets in existence today. All the existing wallets, including custodial and non-custodial wallets, were created to help solve these problems.

Hot wallets are sometimes called custodial wallets managed by a third party, usually a crypto exchange. On the other hand, cold wallets are sometimes called non-custodial and are self-controlled by users. Xapo Wallet is one of the non-custodial wallets in use today, and we’ll look deep into it.

Xapo Wallet is a cold wallet launched in the later days of 2013 for storing, sending and receiving Bitcoins. The wallet was developed and owned by Wences Casares. Accordion to reports, Wences bought his first Bitcoin in 2011 and could not find a suitable wallet to store them. This led him to develop a personal vault where he held Bitcoins for himself and others.

Xapo has, however, developed into a fully digital bank. Its development from a wallet to a bank in 2016 was a natural progression as the company sought to offer its customers a wider range of services and products. Xapo Bank allows customers to store, send, receive, and spend Bitcoin and earn interest on their Bitcoin holdings. Xapo Bank also offers a debit card that can be used to spend Bitcoin anywhere Visa accepts.

Since its inception, Xapo has been one of the popular choices of crypto wallets. This is obviously due to its simple and easy to understand user-interface. The wallet is practically usable both for crypto gurus and newbies.

Also, Xapo Wallet supported only Bitcoin when this review was documented. You should check out other wallets if you consider using them for other altcoins. However, the wallet is available for mobile and desktop devices(Web wallet).

Getting Started with Xapo Wallet

Xapo Wallet is one of the most straightforward crypto wallets to set up. The wallet is available for mobile devices (Applications) and desktops (Web wallet). Setting up processes on mobile is quite different from the web wallet. Please follow the steps below;

Setting Up Xapo on Mobile

Before you are permitted to register with Xapo, you must fulfil a number of prerequisites. You must have a current passport, be above 18, and pay an annual cost of USD 150. However, before paying the required cost, you have the first three months to utilize the bank. If the aforementioned criteria are satisfied, follow the instructions below to install Xapo on your mobile device;

1. Download Xapo: The Xapo bank application is available for Android and Apple mobile operating systems. Log on to your respective device app store, search for “Xapo Bank”, and tap the download button to install it on your device.

2. Tap on the app to create an account.

3. Enter your first and second name, email address, and phone number.

4. Create a password and confirm it.

5. Verify your email address by entering the code in the email that Xapo sends you.

6. Verify your phone number by entering the code Xapo sends you via SMS.

7. Set up two-factor authentication (2FA) for added security.

8. Fund your wallet by buying Bitcoin or transferring Bitcoin from another wallet.

9. You can now start sending, receiving, and storing Bitcoin using your Xapo wallet

Setting Up Xapo on Desktop (Web Wallet)

Setting up Xapo on the desktop is quite different from the mobile version. The requirements to sign up are, however, the same. You must possess a valid passport, be over 18 years of age, and pay a USD 150 annual fee. It’s important to note that ID cards are not accepted for KYC. Follow the steps below to setup Xapo on your desktop;

At the end of the last step above, your account will be limited until you complete your KYC verification. Complete your KYC with the appropriate document to enjoy full access and benefit of your account.

Cryptocurrencies & Assets Supported by Xapo

Since its inception in 2013, Xapo has supported Bitcoin (BTC). However, Xapo has become a complete digital crypto bank, and other functionalities have been added. However, if you are seeking for a wallet you can use for other altcoins, you can look out for other crypto wallets.

Xapo Bank Keys and Security

Private keys are essential to wallets to the security of crypto wallets. If wallets users carelessly keep their private keys, they could be stolen and used to access their wallets, and they stand a chance of losing all their crypto assets. However, Xapo Bank does not use private keys. You can only access your Xapo account with your email address/phone number and password.

Other Xapo Bank Features

Xapo started as just a crypto wallet in 2013. Even if it still has the wallet function, other unique features have been introduced into the app. Some of these features include;

Crypto Send/Recieve: Sending and receiving cryptocurrencies is a fundamental feature of any crypto wallet, and Xapo is no exception. When it comes to the Xapo Bitcoin wallet, you can effortlessly send Bitcoin to any other compatible wallet and receive it from any sender.

One noteworthy benefit of using Xapo is that the service provides cryptocurrency transfers for no fees.

However, it’s crucial to note that you will still need to pay the regular network fee associated with processing the transaction on the Bitcoin network. Rest assured, Xapo simplifies the process of managing your Bitcoin transactions by providing a seamless and cost-effective experience for securely sending and receiving funds.

USD Bank Account: Xapo goes beyond being a crypto wallet and offers an additional convenient feature: a USD bank account. By providing its users with US bank account details, Xapo enables you to accept payments for goods and services and even receive your salary if you work and get paid in USD. This added functionality opens up a world of possibilities for users, allowing them to conduct financial transactions in US Dollars seamlessly.

With Xapo’s USD bank account, you can send and receive global payments in the currency of the United States. This means that whether you’re conducting business internationally or receiving funds from friends or family abroad, you can effortlessly transact in US Dollars without the hassle of currency conversions or additional fees.

One notable benefit of utilizing Xapo’s USD bank account is that it offers an attractive interest rate on your US Dollar deposits. As a member of Xapo, you can earn 4.1% annual interest on the funds you hold in your USD account. What’s more, this interest is paid out to you daily, ensuring that your money works for you and has the potential to grow over time.

Debit Card: Besides its other features, Xapo provides its users with the convenience of a debit card. This debit card comes in two forms: a virtual card that are used for online transactions and a physical metal card that you can carry in your wallet. With this card in hand, you gain access to a world of possibilities, as it is widely accepted on major ATMs across the globe.

Using your Xapo debit card, you can easily withdraw cash from ATMs or make purchases at various merchants, both online and offline. Whether travelling internationally or running errands in your local neighbourhood, you can rely on your Xapo debit card to facilitate seamless and hassle-free transactions.

When you purchase or withdraw cash using your Xapo debit card, the expenses incurred are automatically deducted from your combined USD and cryptocurrency balances in the Xapo Bank application.

Bitcoin Vault: Xapo takes the security and protection of its users’ cryptocurrencies to the next level with its Bitcoin Vault service. This innovative feature provides an additional layer of security, giving users peace of mind when storing their valuable digital assets.

The Bitcoin Vault offered by Xapo is a secure storage facility where users can keep their cryptocurrencies safe. It is a fortified fortress, shielding their digital wealth from potential online threats. By storing their assets in the Vault, users reduce the risk of unauthorized access and hacking attempts in the digital realm.

In addition to its robust security measures, the Xapo Bitcoin Vault offers an exciting opportunity for users to earn passively on their crypto savings. Users can benefit from daily interest payments on their holdings by storing their crypto in the Vault. 

Fast Payment System: Using the Fster Payment System, Xapo users can effortlessly send Pounds Sterling directly from their Xapo Bank US Dollar account to banks in the UK and participating overseas territories. This new feature provides a convenient and efficient way to transfer funds internationally, making it easier to manage your financial transactions across borders.

You can send Pounds Sterling to traditional banks and transfer funds to popular digital wallets such as Wise, Revolut, or exchanges. This expanded capability opens up a world of possibilities, allowing you to seamlessly interact with various financial platforms and cater to your specific needs when managing your funds.

Xapo has also integrated the Faster Payment System for deposits. You can now fund your account with Pounds Sterling, and the received funds will be instantly converted to US Dollars at competitive exchange rates.

Xapo Bank Usability and Support

The Xapo Bank app and website offer users a user-friendly experience, making it relatively easy to navigate and access the various features and services available. The website is well-designed and organized, with clear labels and an intuitive layout, allowing users to quickly find the information they need and carry out their desired actions.

However, signing up on Xapo is more challenging than other wallets. The website, however, needs a support section that will help users when they run into any issues.

The Xapo Bank app and website offer a user-friendly experience with intuitive navigation and well-labelled sections. While the signup process may require more effort due to the emphasis on security, this ensures the protection of user accounts and information.

Xapo Reputation and Popularity

Xapo has been growing in popularity since its inception in 2013. Its user base has been increasing geometrically. One major contributor to its growth is the simplicity of the app. Also, the app has successfully transitioned into a Bitcoin bank, helping users and businesses acquire Bitcoin effortlessly. Also, Xapo has maintained a good reputation and has never been involved in any controversy since its inception.


In conclusion, Xapo Bank offers a range of unique features that go beyond traditional wallet functionalities. Including a USD bank account and an attractive interest rate on deposits provides users with added convenience and the opportunity to make their money work for them. The availability of a debit card, both virtual and physical, further enhances the accessibility and usability of the platform, enabling seamless transactions at various merchants and ATMs worldwide.

Pros and Cons

Even though Xapo is a good example of a Go To app for a Bitcoin wallet, it has its own strengths and weaknesses. The table below contains its pros and cons;

Intuitive user-interfaceToo much personal details required
Secure crypto walletSupports only BTC
In-App crypto purchase
You can earn passive income
Prepaid debit card

Frequently asked questions

Xapo Wallet is a cold wallet launched in the later days of 2013 for storing, sending and receiving Bitcoins. The wallet was developed and owned by Wences Casares. Accordion to reports, Wences bought his first Bitcoin in 2011 and could not find a suitable wallet to store them. This led him to develop a personal vault where he held Bitcoins for himself and others.