Eidoo Wallet Review – Fees, Pros, Cons and Features

Eidoo wallet is a multi-currency wallet with a focus on versatility. It supports Bitcoin, Ethereum, ERC20 and ERC223 tokens. A Swiss company owned by Natale Ferrara founded it in 2017. Upon examining its features more closely, we have established that it is not the safest crypto wallet in the market. Therefore, we would not recommend it. If you would like to know why we are not recommending Eidoo wallet and how you can find the safest wallet for your cryptocurrencies, read more below.

What is Eidoo Wallet?

First things first, what is Eidoo wallet? Eidoo wallet is a multi-crypto wallet that supports Bitcoin, Ethereum, ERC20 and ERC223 tokens. Eidoo, which was formed in 2017, is a Swiss company whose founder is known as Natale Ferrara.

The wallet initially launched in the second quarter of 2018 as a Bitcoin only wallet. But in 2019, it expanded its offering to support more coins. It makes use of a single 12-word backup passphrase to secure user funds with the private key Eidoo wallet encrypted on-device. Additionally, it features exchange services for its users.

Eidoo wallet compatibility

Eidoo wallet is compatible with the following operating systems:

On Portable Devices:

• Android
• iOS

On PCs (Beta Version):

• Linux
• Windows
• OSX

What wallet type is Eidoo?

• Multi-currency
• Hierarchical Deterministic

What cryptocurrencies does the Eidoo wallet support?

What fees does Eidoo wallet have?

Eidoo wallet fees are limited to the network fees applicable to the blockchain of the crypto you transact in. Otherwise, the wallet does not charge its users any operating fees.

How to open your Eidoo Wallet account

Step 1: Download and install the application on your PC or mobile device

Step 2: Tap “Create New Wallet”

Step 3: Agree to the terms of service and then set a password for your wallet

Step 4: Write down the 12-word passphrase and store it in a secure place

Step 5: Enter the 12 words to back up your wallet

That is how to open a wallet on Eidoo.

How do I add cryptocurrencies to Eidoo Wallet?

Before you can start using the wallet, you need to know how to add currency to Eidoo wallet. Here’s how:

Step 1: Launch your app and find your Eidoo wallet address.

You can find the address by clicking on the QR code icon on the top right side of the screen.

Step 2: Copy the address and paste it onto another wallet in the recipient address box

Step 3: Enter the amount to transfer and hit “Send”

How to send payments on Eidoo wallet?

Here is all you need to know about how to send payments on Eidoo:

Step 1: Select the token you want to send from the list on your app

Step 2: Click “Transfer”

Step 3: Paste the receiving wallet address in the “To” box or scan their QR code

Step 4: Enter the amount you want to send

Step 5: If you want to adjust the priority of your transaction, tap “Advanced” and set the gas limit

Step 6: Hit “Send”

How do I receive payments on Eidoo wallet?

You can also receive payments on Eidoo wallet by completing the following steps:

Step 1: On your app, click on the QR code on the top right side of the screen and copy your wallet address

Step 2: Send the address to your counterparty and wait for the transaction to reflect in your account

How safe is Eidoo Wallet?

By virtue of a number of Eidoo safety measures, users can secure their funds with ease. Let us take a look at some of these measures:

HD Algorithm

Eidoo wallet is built on the basis of a Hierarchical Deterministic algorithm. Fundamentally, this means that the wallet generates a new address for every transaction. Though used Eidoo wallet addresses remain valid, it is advisable to make use of the new addresses it automatically generates.

This feature makes it difficult to track funds and transactions to your wallet address. As such, it offers a measure of privacy and security from malicious actors.

12-word Backup Passphrase

When you set up your wallet it automatically generates a 12-word seed phrase for backup. With this phrase, even if you lost your device or it got damaged, your funds remain secure. You can easily install the wallet on a new device and use the passphrase to regenerate the wallet. Doing so will restore your wallet and all funds.

Permanent Control of Private Keys in Users’ Hands

Eidoo does not retain custody of users’ private keys. How is this a security measure? In a situation where the company’s servers get hacked, attackers would not have access to user funds. This is because every user keeps their private keys on their device and not on company servers.

Though from the above safety provisions Eidoo appears to be safe, it is still not the safest wallet available. As mentioned at the onset, the wallet is not regulated. As such, it has not complied with the stringent requirements for user protection outlined by various regulators.

What makes eToro unique in this respect is the fact that wherever the platform offers it services, it seeks regulatory compliance. It is therefore currently regulated by at least four authorities in different jurisdictions. These include:

• Cyprus Securities and Exchange Commission (CySEC) Cyprus
• Financial Conduct Authority (FCA) UK
• Markets in Financial Instruments Directive (MiFID) Europe
• Financial Crimes Enforcement Network (FinCEN) US
• Australian Securities and Investments Commission (ASIC) Australia

Eidoo Wallet Pros and Cons

Let us now consider Eidoo wallet pros and cons:

Eidoo wallet vs. other wallets – how does it compare?

Eidoo wallet vs. eToro

• Versatility

eToro is definitely a reliable wallet compared to Eidoo. Eidoo is also not very easy to use as opposed to eToro, which has a user friendly interface and is particularly suitable for beginners. Other than that, eToro offers trading services as well as cryptocurrency storage services. It also has a copy trading option to help beginner traders.

• Safety

eToro is also known as a very safe platform to store cryptocurrencies on. It has never been attacked by hackers, and that is probably thanks to the security measures it has in place, such as the 2 factor authentication, encryption and so on.

Eidoo wallet vs. Atomic wallet

• Atomic Swaps

Both Eidoo and Atomic offer support for Atomic swaps. However, the two differ in that the former only supports swaps for ETH and ERC20 tokens. The latter supports swaps between Bitcoin, QTUM and Litecoin.

Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

• Accessibility

While Eidoo is a mobile and desktop wallet, Atomic is desktop-based. This limits access to its services, especially for users who are constantly on the go.

Eidoo wallet vs. Cryptonator

• Compatibility

Cryptonator beats Eidoo in terms of the number of platforms that support its wallet. It is accessible on desktop, mobile devices and on the web. Eidoo is only accessible on mobile with desktop use still in Beta version.

• Security

Cryptonator is a hot wallet, which makes it more vulnerable to attacks. Eidoo is comparatively more secure as it allows users to store their own private keys.

Conclusion

Based on the comparison, it is clear that eToro has distinct advantages over Eidoo as well as other wallets. In addition to its versatility, it is also the only wallet on the list that is regulated. This offers a measure of user protection that is absent on the other wallets.

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