By using the Spot wallet, you have entire control over the bitcoins you purchase and store.
How it works
Spot is a non-custodial wallet, meaning we never have any sensitive information about your wallet. With your backup (using the cloud or manual) you can be sure you will always be able to spend your bitcoins, even if Spot ceased to exist one day!
What is the difference with other services like Coinbase?
Coinbase is an centralized exchange and not a wallet, meaning you have no control over your cryptocurrencies. If it gets hacked tomorrow you could lose part or totality of your funds. And if it ceases to exist, you will lose your funds.
Spot is not an exchange but a wallet. You can be sure you will always have access to your cryptocurrencies.
Our cloud backup system is a convenient way to never have to store a recovery phrase on a paper in a secure place. You will need to remember your PIN code which is used to encrypt your backup.
You can still perform a manual backup if you want to.