BitcoinArmory Review – Key Pros And Cons Revealed

Generally, cold cryptocurrency wallets are exceptionally good due to the low risk of theft—at least online theft. Since this company was one of the first to offer such features, it was presenting us with a breakthrough in crypto safety.

However, it’s hard to compete with old technology in a fast-paced world. For instance,  you have Ledger and Trezor cold wallets that are far better at this point. To find out why, find out in this comprehensive BitcoinArmory review.

Who Is Behind BitcoinArmory?

BitcoinArmory is a US-based company registered as Armory Technologies Inc., which was incorporated in Maryland in 2011. The company’s primary offering was Bitcoin cold storage solutions, but that was not all. The company also offered multi-signature transaction support and enterprise consulting. 

Unfortunately, details about the respective individuals were not released. In any case, since the company offered cold crypto wallet services, the regulation was not required.

What Do Traders Say?

When it comes to BitcoinArmory reviews, it’s hard to find any. Generally, there are only a few topics on the Reddit platform revealing some details about this wallet. According to those, few users have experienced irregularities in transferring their Bitcoin to BitcoinArmory cold wallets. 

Since the company doesn’t offer much helpful support, traders are left on their own to find solutions. Fairly, that’s not something you want to hear about the company that should keep your funds safe. To learn about other options and features, check our Profitage and OWNR Wallet reviews.

Main Advantages Of BitcoinArmory Wallet

Since its foundation, the BitcoinArmory wallet has been fully transparent with its open-source code. This means anyone can review the code for any potential flaws or disadvantages. Furthermore, not all updates in the code are automatically updated. Therefore, users have full control over whether they will adhere to new updates or not. 

Another key detail is high anonymity. The compatibility with TOR and VPN providers made transactions almost impossible to trace. Even today, such features are a huge benefit to traders but not to regulatory authorities that have to make individuals comply with AML laws. 

Disadvantages Of BitcoinArmory Cold Storage Options

One of the huge flaws with this company is compatibility only with desktop devices. Sadly, mobile apps are not available, and that’s a huge obstacle for most users. That’s where companies like Ledger and Trezor are far ahead of BitcoinArmory. Another problem is the critical system requirements of 200GB storage space since you need to install Bitcoin Core and full blockchain.

Generally, traders don’t bother with such issues nowadays. Instead, they would simply opt for an all-in-one solution. In any case, after installation of all the necessary software, you still can’t use it immediately. Instead, you need to let the whole network sync, which may take quite a long time. Last but not least, there’s only one authentication step, while other cold wallet providers offer at least two-step authorizations. 

Is BitcoinArmory Hardware Wallet Available?

Many crypto wallet providers nowadays primarily offer hardware wallets. That’s also the case with previously mentioned competitors. 

However, with BitcoinArmory, that’s not the case. Instead, they offer cold storage on an offline computer that’s not connected to the internet. At least that limits the possibility of malware attacks. 

Supported Cryptocurrencies

We can’t expect much from this company with the missing BitcoinArmory app for mobile devices. Especially when you realize they only offer Bitcoin storage options. According to them, their mission is to build the foundation first. But in more than 10 years, they could build a lot more. This offer is quite poor compared to other cold wallet providers.

Is Customer Support Available?

Generally, nowadays, crypto exchanges offer a wide range of contact options. However, traders primarily opt for live chat features, Discord, and Telegram channels. Sadly, with this company, you have only e-mail for general inquiries. 

Therefore, if you have problems with BitcoinArmory download, setup, or anything else, you are on your own. The proof of that can be also found in the mentioned Reddit comments. 

Summary: Is It Worth It?

Overall, cold crypto wallets are very useful tools for all crypto fans. However, when the company relies on old technology, it’s questionable if it’s secure enough. That’s why traders opt for more reliable solutions. After all, if you download the app and proceed with the BitcoinArmory login procedure, you will realize yourself. 

Thus, to make it clear, we highly support all traders who prefer crypto trading, even though it always carries certain risks. But if you want to trade without the risk of losing your capital, prop trading is the right deal for you. 

What Is Prop Trading And How Does It Work?

Proprietary trading is a form where traders don’t invest their capital. Instead, they can get funded accounts with more than $100k in the virtual balance. One great example is Funded Trading Plus, a UK-based company. With more than 2000 positive reviews on Trustpilot, it’s steadily building the pool of traders. 

The whole point is to pass the evaluation phase in a virtual account. Once you pass the challenge, you become a funded trader, where the magic happens. But most importantly, you don’t have to deposit any money. 

With a profit split of up to 90% in your favor and with $200k in the balance, that’s quite a good deal. Most importantly, with Funded Trading Plus, you don’t have any limitations in terms of the tools you use. So, if you find an auto trader or AI tool that can help you, you are good to go. If you sign up with Funded Trading Plus today, you might even participate in giveaways and promotions. What are you waiting for?

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