Faucet Pay Wallet/ Exchange- Pros and Cons.

[Etini]

Faucet Pay is a popular micro crypto wallet and exchange. I have been using it for some time now and I want to examine its pros and cons.

Pros
1) Simple to register, onboard and start using. No KYC required.
2) Peer to Peer transfers of crypto with zero fees.
3) Fast withdrawal processing usually within 10 minutes of request.
4) Low fees: Their withdrawal fees are very low. Sometimes lower than 1 cent for some crypto.

Cons.
1) Security is not too strong as there is no authentication to approve transactions.
2) Limited Crypto swapping as it is subject to the receiving crypto they have in their inventory.
3) Some cryptos have high withdrawal threshold meaning that you can't withdraw very low amounts of some crypto.

What's your experience with faucet pay. Share so we can evaluate.

 

[niche]

The low fees are a major advantage for Faucet pay and registration is simple. They do not have some of the more popular new cryptos like Optimism and Shiba Inu. They also do not provide a crypto address so the users have to find a new provider every time there is a problem with the exchange. First I had Coinbase crypto addresses, then after coinbase closed I had Binance addresses, now I have to find another address provider.

 

[Suba]

Even though I have a Faucetpay account, currently the balance is empty because I am no longer actively claiming free crypto from faucet sites. As far as I know, Faucetpay also recommends that users enable Two-Factor Authentication (2FA). Faucetpay is intended as a micropayment, although there is a FEY staking feature, personally it is not very trustworthy, and users should also not store excessive crypto in Faucetpay. My experience was that ExpressCrypto had $60 worth of TRON being staked but suddenly they announced that the mircrowallet was seriously damaged and data was lost.

 

[Carson20t]

This is very true that we must not rely on a custodial wallet for holding our cryptocurrency assets because the private keys are held by a third party. In my opinion, having some funds lost in a staking program makes the wallet or exchanger owners duty-bound to compensate because it is for the employ more security features as opposed to you. After all, the staking program is contractual.

This is why we should ensure that before signing up on the wallet, we should have information on what is their policy regarding loss of funds on programs such as staking.