Freewallet is an adaptable platform for wallets that offers much-needed simplicity without sacrificing security. The user interface is quite simple to understand. Every process has been created with users in mind and can be finished in a short amount of time. Freewallet satisfies all the needs of users and offers much-needed flexibility, whether they are inexperienced or seasoned cryptocurrency traders.
What Is Freewallet
Freewallet is a cryptocurrency wallet company that supports over 30 different currencies. It offers wallets for both one currency and several currencies. The wallet is a web-based application that can be accessed through a web interface and is available for iOS and Android devices. There are several single-currency wallets available, and there are also two multi-wallets: Crypto Wallet and Freewallet Lite. Coins can be freely transferred between Freewallet users. The capability of this wallet to be used to pay for mobile phone service is an additional noteworthy feature. The web version includes a built-in cryptocurrency exchange. Customers of Freewallet can use a credit card to purchase Bitcoin, Litecoin, and Ethereum. The wallet is offered in the following languages: English, Simplified Chinese, Spanish, Russian, French, German, and Italian.
Pros & Cons Of Freewallet
Pros:
- Manage multiple cryptocurrencies under one platform
- Built-in cryptocurrency exchange
- 2FA security and email confirmation for each transaction
- Each user’s coins are held in cold storage
- Easy access to your cryptocurrencies using a smartphone or a web browser
Cons:
- Security of cryptocurrency funds remain in the hands of Freewallet
- Unclear information on fees for using the platform’s services
- As it is an online wallet, it is less secure than alternatives such as hardware wallets
Just How Does Freewallet Operate?
Over 100 of the most well-liked cryptocurrencies have wallets available on Freewallet, which enables you to create multiple different cryptocurrency wallets within a single account. You can quickly switch between these wallets, and there is also the choice of an online multi-currency wallet. To maintain the security of a user’s cryptocurrency funds, the service provider stores them in cold storage (i.e., offline).
Through its partnership with Changelly, the platform offers an integrated cryptocurrency exchange in addition to its wallet services. This means that users don’t need to transfer their coins to another platform or access another trading platform in order to directly trade cryptocurrencies from their Freewallet. Without paying a transaction fee, a user can also send money to another Freewallet user.
Using a credit card or Mastercard is an option for purchasing cryptocurrency through Freewallet. You might want to think about purchasing cryptocurrency somewhere else and transferring it to your new wallet instead because the transaction costs for doing so are frequently quite high.
Types Of Wallets Available
1. Crypto Wallet.
A multi-currency wallet is available on both Android and iOS with this app. It has a web version as well. Over 30 different currencies can be kept together in one location thanks to Crypto Wallet. These coins include Bitcoin, Litecoin, Monero, Ether, Bitcoin Gold, Doge, Zcash, Stellar, and others.
For Crypto Wallet, there isn’t a backup option. In this instance, a user must get in touch with the support staff and provide specific details in order to recover this wallet. Users cannot access private keys, which the business stores. Coins can be sent freely between users of Crypto Wallets.
2. Freewallet Lite.
Another multi-currency wallet is this one. It is offered for iOS and Android, just like Crypto Wallet. One set of coins is supported in the Lite version. Users of Freewallet Lite can keep their ETH, BTC, and ERC20 tokens there.
The Lite version, in contrast to Crypto Wallet, requires a backup to be made in order to recover the wallet (recovering the wallet requires the use of a mnemonic phrase), users must store their private keys when using the wallet, and transactions between users of the Lite version are not free. This wallet doesn’t require registration, is completely anonymous, and is hierarchically deterministic. For each transaction, a fresh address is generated. A feature of the Lite version is the ability to balance in the desired fiat currency and real-time cryptocurrency charts.
3. wallets for just one currency.
Numerous wallets focused on a single currency are currently part of the Freewallet family. For Android and iOS, the majority of these wallets are accessible. These wallets require a login via email, Facebook, or a phone number.
Some of the currencies (like BTC, for example) can be purchased directly through the wallet app using a credit card. You can top up your phone’s balance using bitcoin. Transactions within the Freewallet network are free for single-currency wallets. Users can select one of the four fee plans when sending coins to external wallets (only applicable for Bitcoin). These wallets can be stocked with different cryptocurrencies that can be traded directly through the app’s user interface.
How To Use Freewallet: Setting The Security Measures
After creating the account and verifying the email address, this is the next advised step. There are many aspects of security that depend more on users than on the platform itself, and this should not be neglected.
Five security features are available for all wallets.
1. PIN: When discussing the creation of a Freewallet account, we already mentioned PIN. The PIN’s functionality is the same as that of PINs used with conventional bank cards.
2. The user can configure Touch ID so that it will ask for their fingerprint in order to access their account.
3. 2-factor authentication (2fa). Due to the additional security check it adds before the funds can be withdrawn, this protection measure is crucial. One must enter the one-time password (OTP), which is generated (updated) on the user’s device every 30 seconds, when the password and PIN are entered (which can be obtained by hackers from compromised emails or messages). Anyone who doesn’t have this device can’t access the user’s account to withdraw money.
4. Email Confirmation with Multiple Signatures (Multisig). It is impossible to withdraw money without email confirmation of the transaction when this protection measure is enabled. Freewallet allows you to enter up to 5 email addresses for the email confirmation, which will help make this step more efficient. Only after the withdrawal has been verified from every address is the transaction considered complete.
5. Choosing the Daily Maximum Amount of Withdrawals. This process is fairly simple. This restriction can be used to save some of the money in the emergency situation where the violator was able to withdraw some funds.
Users’ accounts may be at risk of theft if they choose not to bother turning on these security features. Hackers may obtain the user’s password and PIN through phishing websites (these are common in the cryptocurrency industry) or through dubious social media schemes (some criminals pose as the official pages of cryptocurrency platforms in order to steal users’ login information). The web wallet can be used to empty the user’s account with just their email address, password, and PIN number. To ensure the utmost security and safety of the wallet, Multisig, Touch ID, and two-factor authentication are crucial.
Is Freewallet Safe?
It is important to know a platform’s level of security before using it. Determining whether Freewallet is a reliable service is crucial because the cryptocurrency industry continues to attract a lot of scammers. Is the security level it offers adequate? What potential problems need to be considered?
The security features offered by Freewallet have already been mentioned above. Many of them can be turned on by the user. These security measures include a PIN code, two-factor authentication, Touch ID, multi-signature email confirmation, and finally limiting the number of transactions per day (this measure significantly reduces the likelihood of being hacked). If all of these features are turned on, it will be very difficult for violators to hack into the account and withdraw money. However, users who ignore security precautions put their money at risk. The protection measures put in place by the Freewallet team by default limit this risk.
Active Sessions Control is another security measure that depends on user interaction. This feature gives the user the chance to check if there was any suspicious activity connected to their account, obtain details about such actions (IP address of the violator, device type, etc.), and manage these connections remotely. A successful hack of the Freewallet cold storage has not yet been documented in any cases.
Is Freewallet A Scam?
There may be user testimonials that describe Freewallet as a scam. For example, there’s a warning in the Monero Reddit community “Freewallet is a scam, in case you didn’t know.” Although the warning page contains links to threads with purported evidence, those who read carefully won’t miss the allegations’ speculative nature. Furthermore, responses from Freewallet staff members outlining the causes of the inconvenience can be found in the thread with the most alarming posts. It doesn’t appear that anyone actually lost their coins; rather, some wallet users probably experienced some withdrawal delays. Two different links point to the same thread, which is mentioned twice. The remaining two threads are essentially identical. When it turns out that users cannot access private keys, an OP asks Redditors if Freewallet is reliable. Many users are following the motto “not your keys, not your coins”. The Freewallet team has already developed a Lite version for such users, which enables users to retain their private keys. Although it has been a while since these threads were started, the wallet is still active, and Monero is still listed among the coins supported by Freewallet.
Conclusion
If you want to store multiple cryptocurrencies online, Freewallet is a good option. This is primarily because of its special ability to eliminate obstacles associated with using multiple wallets and its ability to create wallets for more than 100 different cryptocurrencies. Without having to independently navigate multiple platforms, it makes it simple to manage a diversified cryptocurrency portfolio on one platform.
Freewallet has occasionally been the subject of controversy, most notably in 2017 when some users claimed that ETH was being taken out of their accounts without their consent. Despite this, the platform has managed to amass a sizable user base since its launch in 2016. Additionally, by offering robust security protocols, it has fostered a culture of trust among its clients.
Freewallet additionally enables users to use it as a one-stop shop for all things cryptocurrency by providing the services of an integrated cryptocurrency exchange, though they are not upfront about the fees they impose on users in return for this convenience.