i forgot how many times I didn't use anime cover for my article thumbnail anymore

Pintu Wallet Honest Review: Indonesia's "Must-Have" Crypto Wallet

By papaPutra | itspapaputra | 1 Jun 2020

Back again with me 🤗 your crypto idiot.

Today I'll give my honest thoughts about this new crypto wallet from Indonesia, and look deep further on what this app can offer.

Is it worth your time? Is it secure? Let's just skip this intro and find out!

What is Pintu

PT Pintu Kemana Saja, a company behind this app offer you a practical and efficient application to store, send, and trade cryptocurrency assets through a smartphone.

It is can be used as a crypto wallet and exchange at the same time, pretty much like a mix of Coinbase wallet and its exchange.

At the time of writing, Pintu has been integrated with several blockchain networks such as Bitcoin, Ethereum, and Binance Chain.

How secure is Pintu

Pintu uses Curv.co technology to ensure the safety of their user's crypto assets.
The technology uses a multi-party computation (MPC) protocol to eliminate the possibility of private key theft.

It also means that you can't access your Private Key. 😂

While it's seems definitely fine for crypto newcomers, but in fact some of crypto users want their Private Key for uhh.. backup I guess?

You can use PIN, Password, and Fingerprint/FaceID to add security layers for your account. Accessing the app though any unauthorized devices will trigger OTP.

How legitimate is Pintu

In February 2020, it has been officially registered at BAPPEBTI.
BAPPEBTI is a government institution in Indonesia that authorized to regulate and supervise industries which engaged in blockchain crypto assets.

Yes, that one who block my favorite market monitoring site 😥 (and they still doing it 💢💢💢) Find out more on my previous post at: https://www.publish0x.com/itspapaputra/indonesia-blocks-investingcom11-xgddyqy

How to deposit on Pintu

In Pintu, deposit are free from fees! 😆😆😆 The only fees are from your Bank account. 😅

And it is quite interesting that your Rupiah balance and Rupiah Token are integrated into one on this wallet. That means you no longer need to convert between fiat Rupiah (IDR) and Rupiah Token (IDRT) for begin your crypto journey experience within the app.

To fill up IDRT on this wallet, you can deposit from any Indonesia banks.

The procedures itself could be found under your Virtual Account Number card within the app.

How to withdraw from Pintu

Pintu offers instant withdrawal to all banks in Indonesia, they claimed.

The truth is, it's not that instant- but fast enough than manual withdrawals. It mostly takes minutes to hours to complete your withdrawal transaction.

At the time of writing, it costs 4500 IDR and 0.5% of withdrawal amount to process. Way cheaper than Coinbase 👏👏👏 (Coinbase costs more than 1% for withdrawal, source: https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees.html)

Withdrawal below 50000000 IDR will be processed instantly to all supported Indonesia banks except BNI and BRI, these two banks could process instant withdrawal from 08:00 AM to 11:00 PM. (UTF+7)

Withdrawal more than 50000000 IDR is only instant to BCA, BNI, BRI, Mandiri, CIMB, and Danamon. Otherwise, withdrawal will be processed in 1-2 working days.

Transfer crypto assets on Pintu

There's no transaction fees for sending any crypto assets to Pintu wallet users.

These transaction fees are applied for sending to other wallets: (per June 2020)

IDRT = 2000 IDR
IDRTB = 500 IDR
BTC = 0.0005 BTC
ETH = 0.005 ETH
USDT = 0.5 USDT
BNB = 0.005 BNB

Exchange/Swap crypto assets on Pintu

What I met is just a usual swap trading experience. At the time of writing they doesn't offer trading with order book yet.

Pintu's trading pairs: (per June 2020)

IDRT/BTC
IDRT/ETH
IDRT/USDT
IDRT/BNB

Truly basic.
Oh, and you need at least 65000 IDR minimum to swap btw.

Several of Pintu's limitations

1. You need to complete KYC process to start using it

KYC is needed to start using your account. They need you to upload a picture of your government issued ID and a selfie of you holding your ID, real name, and phone number.

Make sure the pictures are clear and perfectly positioned!
Mine is instantly approved within minutes 🙂

2. Only support few mainstream tokens

I only had IDR 10000 on my wallet?!?!!!1!1!
Better than nothing I guess 😅

Hope they would offer more tokens later because they only support BTC, ETH, USDT, BNB, and IDRT at the time of writing.

Pros and Cons

To put it simply, is Pintu still worth for you to use? well, YES Absolutely.
If you have bank in Indonesia anyway... 😅

Pros:

Nice simple interface, Coinbase-ish 😅
Regulated 📝
Safe Wallet, thanks Curv 👋 (But you can't see the Private Key anymore 😂)
Transaction fees are way cheaper than Coinbase! 👏
Transfer cryptos to any Pintu wallet at no cost 💸
Quite fast withdrawal

Cons:

Due to its regulation, we need to complete KYC procedure 😔
Super few trading pairs 😓
No order book
BONUS👏CONS👏: At the time of writing there's no night mode, where's night mode I need night mode 🌙🙁

If you have any problems about the app or transactions, contact thru their telegram: https://t.me/pintuinternational - They have a pretty good assistance there.

Afterwords

Their trading pairs and supported cryptos aren't that plenty for now, so if you want to store or trade your crypto assets- better to use Atomic Wallet or something else with wider range of supported assets.

It has same use as Coinbase, a fiat-to-crypto bridge, but to exchange IDR fiat to crypto and vice versa.

I prefer Pintu than Coinbase as it more efficient and cheaper.
But- if you don't have Indonesia bank account, then just use Coinbase to transform your fiat to cryptos instead.

Oh, you're interested to try this app?
You can search "Pintu Wallet" on Play Store or App Store and download it by yourself, or click: https://bit.ly/pintu_kemana_saja