HomeLatest NewsFreewallet Review 2021 — Market leading custody wallet

Freewallet Review 2021 — Market leading custody wallet

Freewallet is a multicurrency custodial wallet that is offered on mobile and web platforms.  It provides cold storage security and supports over 500 crypto assets alongside multiple standalone wallets for the most popular digital currencies. For those looking for a perfect place to send, store and manage cryptocurrencies in one wallet, Freewallet is the answer. With support for Android, iOS, and web apps, Freewallet helps tackle any possible transaction issues with their customer support.

Freewallet offers fee-free transactions, balance top-up options with any cryptocurrency and support for all major credit cards and debit cards.

Customers can also restore access to their accounts thanks to Freewallet taking custody of customers’ private keys. This ensures that users’ funds are safe and there’s no risk of losing private keys, which can be a big problem for other types of wallets. The platform supports 13 languages and features a highly secured ecosystem with multi-signature confirmations for each transaction, followed by the provision of three-way security features, ensuring it is a reliable cryptocurrency wallet among the best available today.

History of Freewallet

Freewallet was launched in 2016 by an Estonian- based blockchain development team led by Alvin Hagg. To test the technology and the risk factors for users, Freewallet created FantomCoin as its first application on the market. After the success of the testing phase, the  Freewallet team has focused on creating multiple wallets for various cryptocurrencies.

Freewallet has gradually added single wallet offerings for Ethereum, Bitcoin, and Monero, gaining  instant popularity among Android users. In the same year as the Android offerings, similar wallets were approved for the iOS platform. Freewallet went on to release the web version of their multicurrency wallet app in 2017. Also, Freewallet became the first platform to create a dedicated wallet for Bitcoin Cash for Android and iOS. By 2018, Freewallet was recognised as the third most popular online wallet for Android. The Freewallet team’s journey advanced, and they went on to create multiple single wallets for other cryptocurrencies.  Freewallet also launched the first-ever TRON dedicated wallet for Android.

The Freewallet team focuses their efforts on developing a simplified crypto wallet that provides easy accessibility to coins and crypto assets without any hassle via  simple mobile applications. Currently, Freewallet supports 50+ coins and 400 tokens with standalone applications. Freewallet is also working on providing PR activities and support for more languages in the future. As of 2021, Freewallet has launched more than 20 wallets for iOS and Android The latest currencies added include BTCV and over 200 ERC-20 tokens.

Standout Freewallet Features

Multiple Currency Wallet Versions — The Freewallet ecosystem is composed of dedicated and multi currency digital wallets. The differentiating factor for the two offerings is that the dedicated wallets can host a single coin, whereas the multi currency wallets support hundreds of cryptocurrencies and tokens.

Feeless Transactions — Freewallet has no charges for transfering funds from one Freewallet account to another.

Cross-platform Support — Cross-platform support for wallets across Android, iOS, and online platforms.

Built-in Exchange — The built-in exchange allows  Freewallet users to exchange over 100+ cryptocurrencies on all platforms and at a competitive price. Freewallet has also introduced fast-exchange technology for 54 coins and ERC-20 tokens, with quicker transactions at lower rates and increased anonymity for each exchange.

Freewallet Security Solutions — Freewallet has added several security features so that users can manage their crypto transactions without any hassle or worry. Their primary security features are:

  • Password Protection and Biometrics: Users of Freewallet are offered PIN-based security options for their mobile app and web-based wallets. There is also an added security feature in the form of biometrics available for compatible devices for the wallet, and users can avail of this feature by activating the Touch ID biometric security system option in the wallet.
  • Two-Factor Authentication: For enhanced security, users are encouraged to activate the two-factor authentication feature in the wallet. To have this security feature, users must provide a password and a verification code sent via email and SMS. Also, users can generate a unique code with an authenticator app for each login or transaction and exchange.
  • Setting Transaction Limits: Users can choose to  set the daily/weekly/monthly transaction limits on their wallets. The feature is offered to ensure additional security and prevent users from losing much should they be subject to a cyber-attack.
  • Multi-Signature: Free wallet provides a multi-signature feature for individual transactions to provide additional authorisation before a transaction.
  • Cold Storage Wallet: As Freewallet is a custodial wallet, the user’s private keys and personal data are securely maintained by the Freewallet team. It is mentioned that the private keys are stored in cold storage that is capable of providing security measures that are similar to banking authorities.
  • Session Controls: Freewallet has a safety feature that enables users to track active sessions using the active session controls. This security measure ensures that users can detect any suspicious activity or unauthorized access and report it to the developer team. Additionally, users can use the mnemonic converter to build a recovery phase for restoring the account.

Pros and Cons of Freewallet

Pros

  • Free transactions within the Freewallet platform and users can calibrate the transaction fees for external transfers
  • Robust security measures
  • Easy installation of multiple crypto-based wallets for specific coins.
  • There is a provision for cold storage functionality
  • A wide range of cryptocurrencies is supported
  • Built-in exchange ensures all exchange-related functionalities are conducted within the platform at lower rates, allowing for fiat-crypto/crypto-to-crypto transactions

Cons

  • Central point of failure due to storage of private keys and customer data
  • Not considered a “regulated wallet”

How to Set Up Your Freewallet?

Step 1: Visit freewallet.org

Step 2: Click on Get Started

Step 3: Select the type of wallet you wish to create from the list of options available on the “Choose your Wallet” option.

Step 4: Download and install the Freewallet app on your mobile device.

Step 5: On launching the wallet, click on “Create New Wallet Tab.”

Step 6: Set a PIN code for the wallet to access the app dashboard.

Step 7: The settings are on the top-left corner of the interface.

Step 8: Click on Settings and set up the two-factor authentication and biometrics for added security and backup.

User Interface of Freewallet

The interface of the Freewallet app is easy to use with an interactive dashboard for navigation. All the functionalities — from information on pay-out and pay-in, market analytics for the cryptocurrency rates, and exchange information — are all easily accessible. Users can top-up their wallets and buy more than 40 crypto coins with a bank card and Apple Pay. The main interface provides information on total balance, settings, real-time rates for the digital currencies, and the list of available cryptocurrencies on the platform. With the recent update, there are more than 1,000 gift cards available for global stores in diff Finally, for additional help, users can submit a ticket, and the support team will reach out to them to help resolve their issues. Also, crucial information is available on the support center page for anything related to Freewallet and its services.

Community Engagement

Freewallet is among the most socially active service providers in the crypto space. With numerous trend reports, insights, and survey reports, Freewallet continuously engages with the followers on Twitter and Facebook. Besides, Freewallet is also available on major social platforms such as Reddit, Telegram, Medium, Naver, Zhihu, and Note. The Freewallet team provides regular solutions and answers to queries posted on Reddit and on their own blog.

Users can follow these accounts to gain analytical insights and understand the cryptocurrency market better.

Freewallet: In Summary

Within five years, Freewallet has gained prominence in the field of cryptocurrency. Freewallet is the perfect example of a one-stop crypto wallet suitable for users looking to store, buy and exchange multiple cryptocurrencies. The intuitive dashboard design ensures users have easy navigation on the platform, with crucial information displayed immediately. Freewallet has gained the trust of millions worldwide due to the offering of a feature-packed wallet that doesn’t compromise security. Although there are challenges for any new technology, Freewallet has faced its share of critics, but in the end, the company has continually looked to improve and provide the best features and security solutions to keep their users safe and satisfied at all times. Since its inception, the company has evolved into a powerhouse, which is evident from the ratings it has achieved on the Google Play store. The biggest concern from users and experts has been the holding of private keys, but users that are comfortable with the process will find Freewallet to be the most secured vehicle for their cryptocurrency trades.

Finally, in the relatively new cryptocurrency market, there is tremendous potential for wallet providers to explore and improve unexplored territories. With a constant aim of improving and offering something better, it is evident that Freewallet is rightly considered as one of the best crypto wallets for mobile platforms on the market.

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