Ellipal Alternative

First, let's dive into the concept of a crypto hardware wallet. A hardware wallet is an external device designed to securely store cryptocurrencies and their associated private keys (the equivalent of passwords). Essentially, it serves as a form of cold storage, as these hardware wallets remain entirely disconnected from the internet. Also, they operate independently, without reliance on any third-party intermediaries. This has led many members of the cryptocurrency community to consider hardware wallets as one of the most secure methods for storing cryptocurrencies.

The popularity of hardware wallets can be attributed to the FTX collapse. During this period, cryptocurrency users grew increasingly wary about storing their crypto on exchanges due to a lack of well-defined regulatory guidelines, obscure practices surrounding the protection of customer assets, and even unauthorised lending of these assets. These concerns resulted in a crisis of trust in exchanges, as shown by data revealing a five-year low in the quantity of coins held on these platforms.

While hardware wallets offer an interesting solution for offline cryptocurrency storage, it is essential to recognise that they are not the absolute safest method for securing your crypto. Moreover, they are certainly not the most user-friendly option. They are complex to use, can result in loss of funds in case of device loss or damage, and can imply unwanted transaction fees when managing your portfolio. You might then wonder whether a suitable Ellipal alternative can provide a more secure and convenient solution for storing your cryptocurrencies.

Enter Xapo Bank, the pioneering crypto-enabled bank that seamlessly combines the security of hardware wallets with the convenience of cryptocurrency exchanges. Xapo Bank empowers you to securely store your Bitcoin holdings while ensuring effortless accessibility from any location at any time. Furthermore, it offers a wide range of banking services, crypto-related features, and diverse financial opportunities.

With this context in mind, let's look at Ellipal vs Xapo Bank to determine the most fitting storage option for your cryptocurrency needs.

We have Ellipal, a company specialising in cryptocurrency hardware wallets, on one side of the spectrum. Ellipal's hardware wallets provide individuals with the means to securely store their cryptocurrencies offline, eliminating the need for reliance on trusted third parties.

On the opposing end, we have Xapo Bank. Xapo was first established in 2013 as one of the earliest pioneers in Bitcoin custody services. Over the course of a few years, Xapo transitioned seamlessly from being a Bitcoin wallet provider to evolving into a fully-fledged crypto-enabled bank. Today, Xapo empowers users to store their Bitcoin holdings conveniently within the Xapo Bank app. Moreover, users can access an array of banking and cryptocurrency services through the same app.

So, is Xapo Bank an attractive Ellipal alternative? Let’s check the table below.

We’ve compared some aspects of Ellipal vs Xapo Bank. Now, let’s look closer at Xapo Bank as an option to replace your hardware wallet.

1. Benefit from an easy storage option with enhanced security

First, Xapo Bank solves one major problem that Ellipal users can encounter: the risk of losing or getting their device or private key compromised. This could result in a permanent loss of your funds. And since you are the sole person responsible for your assets,  you will likely be unable to recover them. With a Xapo Bank account, you don’t have to worry about forgetting your private key, getting hacked or losing your device. You can easily recover access even if you lose your phone or access to your account. Plus, our support team is available to guide you through the process.

Additionally, Xapo Bank applies the same level of institutional-grade security as it did when it was Xapo, also dubbed the Fort Knox of Bitcoin back then. This means our purpose-built advanced security features and protocols protect your assets against theft and loss.

But what truly sets us apart is that we employ MPC technology to protect your assets. This means that the private key to your wallet is split in three. Therefore, no single person can have access to your wallet.

2. Enjoy a user-friendly app

Some people in the crypto industry say that hardware wallets are more secure. But in reality, they are also really inconvenient for accessing your funds quickly. At Xapo Bank, advanced security doesn’t mean you should sacrifice flexibility when accessing your Bitcoin. That is to say that you can access your funds anytime, no matter where you are.

For example, this is how you can manage your Bitcoin with flexibility right from the Xapo Bank app:Bitcoin account for your everyday transactionsSavings account to keep your funds separate and earn a yield on themBitcoin Vault to lock up your funds with enhanced procedures for withdrawals

3. Discover the bank made for Bitcoin owners

Xapo Bank offers more than just access to secure purpose-built Bitcoin custody or a custody device. It’s a fully licensed crypto-native bank that gives you rights and protection under Gibraltar’s laws and regulations.

On top of your regulated Bitcoin wallets, get access to regulated banking services such as global money transfers, as well as current and savings accounts for USD*. Regarding accessibility, you can open a Xapo Bank account from anywhere. This means you can easily benefit from a USD account even without being a US resident.

Moreover, Xapo Bank has a robust blockchain infrastructure allowing you to transact in Bitcoin via Lightning Network. Xapo Bank was the first bank ever to integrate Lightning Network payment rails. They allow low-cost Bitcoin payments, like for your daily purchases, at the speed of light. All it takes is just a few taps on the Xapo Bank app!

4. Enjoy financial variety

What if you could keep your Bitcoin safe and watch it grow at the same time? At Xapo Bank, you have various features at your fingertips that allow you to build a diversified portfolio, manage your assets and grow your wealth stress-free:

• Deposit Bitcoin and earn 0.9% interest annually*
• Exchange it to USD and earn 4.6% annual interest*
• Grow your Bitcoin with interest paid out daily in satoshis*
• Invest in the top U.S. stocks**
• Buy and sell Ethereum (ETH), Cardano (ADA), and Polygon (MATIC)***
• Earn up to 1% cash back on all your Xapo Bank car transactions (paid in satoshis)
• Convert different stablecoins and traditional fiat currencies to USD.

In short, if you want to do more with your Bitcoin holdings than just storing them, considering Xapo Bank as an Ellipal alternative might be interesting for you.

After looking at Ellipal vs Xapo Bank, here are some of the advantages of Xapo Bank:

• Access to liquidity instantly – Buy and sell Bitcoin anytime, anywhere. Avoid converting your BTC on exchanges while paying high transaction costs.
• Be flexible when managing your Bitcoin – No need to carry an external wallet to access your funds. Connect to your Xapo Bank account, transact anywhere, anytime and get rid of the risk of losing your physical wallet or private key.
• Earn yield on your holdings – Benefit from a 0.9% annual interest rate on Bitcoin deposits, up to 5 BTC*. Paid daily in satoshis, no minimal deposit, no lock-ins.
• Keep your assets safe – Store your Bitcoin in Xapo Bank’s MPC wallets, where your private keys are not owned by a single individual. Eliminate the risk of a hacker stealing your funds, and enjoy your peace of mind.
• Get guidance when you need it – Our experienced customer support team and dedicated account manager are available 24/7 to guide you and make the most of your money.

Without a doubt, Xapo Bank is the Ellipal alternative for robust Bitcoin security, enhanced flexibility and ease of use. Join the bank built for the Bitcoin era.

* The Annual Interest Rate offered on both USD and Bitcoin deposits is variable and may change at any time. Please see our Interest FAQs for more information. Interest on Bitcoin deposits will only be paid on balances of 5 BTC or less. For more information, visit our Help Centre. Interest on both USD and BTC is currently paid in Satoshis. We may instead choose to pay it in any other supported currency or currencies (fiat and/or crypto) from time to time.

**Capital at risk. This information is not investment advice. Security values can go up as well as down. Past performance is not indicative of future results.

***Capital at risk. This information is not investment advice. Crypto asset values can go up as well as down and you could lose all the money you invest. This is a high‑risk investment and you are not protected if it loses all or some of its value. Past performance is not indicative of future results.