There are hundreds of cryptocurrency wallets available in the market, but only a few make the cut or become the preferred option of users. And, Freewallet falls under that category.
Freewallet supports over 150 cryptocurrencies and has a strong user base of more than 3 million active users. Its main aim is to reduce the technical barriers that hinder the mainstream adoption of cryptos and make it accessible to everyone.
But, all said, is it a suitable option for beginners, or does it meet the requirements of professional traders or how good is the user interface?
Let’s have an in-depth review of all the features and functionalities of Freewallet and assess its usefulness.
Freewallet is a custodial mobile and web-based crypto wallet founded by Alvin Hagg in Estonia in January 2016. It focuses on simplifying the crypto world and provides users easy access to the cryptosphere without the need to delve into the complex technical aspect of cryptocurrencies.
Initially introduced the Fantomcoin wallet to market before introducing Bitcoin, Ethereum, Monero wallets, and many more. Later in 2017, it launched its multi-currency wallet that is capable of holding 100+ wallets.
Currently, the platform features a multi-currency wallet, 30 individual wallets tailored to suit a specific coin, and a Freewallet Lite version (an HD-wallet).
The wallet is integrated with a built-in exchange, that enables the exchange of more than 100 different cryptocurrencies. It also has various security protocols in place to provide a safe and secure exchange environment.
Freewallet Wallet Types
As discussed above, the Freewallet ecosystem offers three types of wallets to its users.
Crypto Wallet: It is a mobile-based (Android and iOS) multi-currency wallet, which can be used to store, send, and receive 150+ cryptocurrencies. The wallet allows you to buy BTC, ETH, XRP, LTC, TRX, BCH, and BNB using a bank card. And, you can also make free transactions within the Freewallet ecosystem and in-app exchanges.
Coin-specific Crypto Wallet: Freewallet offers over 20+ coin specific crypto wallets, available on both Android and iOS mobile platform. The wallets are synced with the blockchain of the specific coin and are ready for all operations. Also, the wallets can be funded with any other cryptocurrency and exchanged via an in-app facility.
You can simply access the wallet by logging in using your Facebook id, email address, or phone number.
Freewallet Lite: It is a hierarchical deterministic wallet built for advanced users, The users have full control of their private key, thus ensuring 100% privacy and anonymity. It supports different sets of coins and can store BTC, ETH, and ERC-20 tokens.
The Lite version provides the highest level of security requiring PIN code, Touch ID, and 2-factor authentication. In case of loss of private keys, you can restore the wallet using a mnemonic phrase (recovery phrase).
Features of Freewallet
- Support Fiat Transactions
Allows buying cryptocurrency using credit/debit card, bank transfer on your Freewallet. Just choose the currency (USD or EUR), enter the sum, fill the cryptocurrency address, and your account will be updated with crypto balance.
- Track the Transaction
Freewallet offers real-time information on every transaction to its users. Just enter the request ID, you will know the status of your transaction right away.
- Built-in Exchange
Freewallet supports the exchange of 50+ cryptocurrencies through its inbuilt Changelly linked exchange. It helps to build a diversified portfolio, centralize your activities, save your time and resources.
Recently, Freewallet has launched off-chain exchange supporting the exchange of 54 coins and ERC-20 tokens with transaction execution time of 2-3 minutes. The service offers lower rates and enhanced anonymity.
- Mnemonic Convertor
Freewallet has a mnemonic convertor on its website, which helps to build a recovery phrase that requires a particular structure. You can generate a random mnemonic phrase, or you can make your own abiding the rules.
- Supported Countries
Freewallet services are available in 150 countries including 36 FATF member countries like the USA, UK, Germany, Russia, France, etc. The services are not available in China, Taiwan, Thailand, Jordan, Algeria, Cambodia, Ecuador, Nepal, Bangladesh, etc.
The transaction/exchange cost between users within the Freewallet ecosystem is free due to off-chain transaction technology. However, the user needs to pay the network fees.
While sending cryptos to a third-party wallet, the user is provided with four fee options with faster to cheaper alternatives. Based on priority, you can select the fee option.
For fiat to crypto transactions, Freewallet charges an 8% or a minimum of $11 per transaction.
The registration process is quick and easy. After the initial sign-up process through your email id, you need to create a 4-digit PIN to secure the account. Also, you need to verify your email account to complete the registration process.
For setting up enhanced security, go to the “Security” section to set-up 2-factor authentication and manually set the transaction limit for preferred coins.
Now, you can begin transacting with peace of mind and enjoy the benefits of the cryptocurrencies.
Now, let’s come to the main part, is Freewallet safe for users?
Freewallet has incorporated multiple security features, which makes it one of the safest wallet platforms. The user funds are stored in secure offline wallets having advanced security features. Its multi-currency wallet includes security features, such as:
- Touch ID login
- Two-factor authentication
- PIN code lock
- Email confirmation after each transaction
- Limits on daily/monthly transactions
There is another safety feature that is called Active Sessions Control. This feature lets Freewallet analyze the activity of the user’s accounts (IP address, device type, usage pattern) to detect any suspicious activity and take proactive steps to prevent any fraud.
For its coin-specific wallet type, it offers multi-level protection to users. It combines the best security practices with strong encryption technology to protect private keys and digital assets. Some of the security features include multi-sig confirmation for each transaction and other regular security features offered in other wallet types.
Freewallet takes its users very seriously and tries to offer the best and prompt services. The customer support team can respond to queries asked in English, Italian, French, Chinese, and many other widely spoken languages.
You can either report any issue to the Freewallet team through its live chat feature or submit a ticket. Apart from this, Freewallet has a very detailed page regarding the Freewallet services and FAQs of customers.
Freewallet is very quick in addressing customer queries. The average ticket response time is 30 minutes and the average time it takes to resolve an issue is 5 hours.
You can also contact the customer support team via Skype, Telegram, Messenger, and email.
Conclusion: Is Freewallet Safe?
Freewallet is a versatile wallet platform and brings in the much-needed simplicity without compromising on safety standards. The interface is quite intuitive and can be easily understood. Every process has been designed keeping users in mind that can be completed in just a few steps.
From novice to experienced traders in cryptocurrencies, Freewallet meets all their requirements and provides the much-needed flexibility to users. Let’s look at some of the benefits of the platform.
- Suitable for every type of investors
- Multi-currency wallet with support of over 150 cryptocurrencies
- In-built exchange facilitating free exchange within Freewallet ecosystem
- Fiat support
- Highly intuitive platform
- Multi-language and quick customer support
- Highly secure and safe operations
- Competitive fees
Freewallet is very safe and is a recommended wallet platform to securely store your cryptocurrencies for the long term in a simple way. Try it out !!