Cryptocurrency wallets come and go, but only the best stand the test of time. Atomic wallet is one of the more recent additions to the game. And it seems set to stay, thanks to its robust features. It has embraced the technological aspects of crypto transactions, incorporating top-notch solutions that keep it ahead of the game. However, with the increase in cryptocurrency exchange and wallet hacks, is it your best choice? We’ve reviewed Atomic Wallet in detail and have found it not to be a good choice for storing your cryptocurrency safely. Take a look at our in-depth guide to find out why we have come to this conclusion, and find a recommended wallet instead.
What is Atomic Wallet?
Atomic wallet derives its name from a built-in mechanism in the wallet that facilitates atomic swaps. It is a desktop app that allows users full control over their crypto funds, as private keys and transactional data are stored on users’ PCs and not on the provider’s servers.
It was founded in 2017 by Konstantin Gladych, its current CEO and the co-founder and CEO of Changelly.com. Atomic wallet compatibility with Windows, Mac OS, Ubuntu, Fedora and Debian operating systems makes it easy to use on a variety of devices. It has the objective of combining simplicity and a wide range of features, allowing for easy access to all levels of users.
What wallet type is Atomic?
- Desktop wallet
- Cold storage
What cryptocurrencies does the Atomic wallet support?
Currently, Atomic wallet supports over 300 cryptocurrencies, including most major coins and all ERC-20 tokens. Here is the full list:
What fees does Atomic wallet have?
There are no Atomic wallet fees for downloading or using the app but some services attract fees at certain times. Here are some of them:
- Cryptocurrency purchases via credit card 7% commission+$10 minimum fee
- In-wallet currency trades (peer-to-peer) incur varying fees
- Trades conducted through Shapeshift are charged at prevailing rates
- Atomic swap fees are minimal and trades are conducted at prevailing market rates based on Coinmarketcap data
How to open your Atomic Wallet account
Trying to figure out how to open a wallet on Atomic wallet? Here is everything you need to know:
Step 1: Go to the official Atomic wallet website (https://atomicwallet.io/) and download your wallet and install it to your PC
Step 2: After installing your wallet, tap ‘Open Wallet’ and create a strong password to protect your account
Step 3: Once you set the password, the wallet will automatically generate a 12-word backup phrase (mnemonic phrase) and prompt you to make a copy. Create a copy and keep it securely. You can use this phrase anytime to restore your wallet in case your PC crashes or gets stolen.
Step 4: After copying the phrase, you Atomic wallet account is now ready to use. Note that every Atomic wallet address for your crypto coins will be automatically generated from the mnemonic seed phrase. If you lose the seed, you cannot recreate or recover the wallet in case of PC loss or failure.
How do I add cryptocurrencies to Atomic Wallet?
The next important step is figuring out how to add currency to Atomic wallet. No matter what crypto you have in mind, the procedure on how to transfer bitcoin to Atomic wallet or any other coin is the same. Follow these steps:
Step 1: Launch the Atomic wallet app
Step 2: Log in using your password and go to the list of coins that appears on the screen
Step 3: Next to each coin, there will be a section labelled as ‘your address.’ This section varies from one coin to the next. To send any type of coin to your Atomic wallet, simply copy the relevant address and send funds to it. You might have to wait anywhere from five to 30 minutes for the funds to reflect in your account.
How to send payments on Atomic wallet?
Now we know how to transfer Ethereum to Atomic wallet and how to transfer Ripple to Atomic wallet and every other coin on the list. Next, we take a look at how to send payments on Atomic wallet. The procedure is straightforward:
Step 1: Launch the Atomic Wallet App
Step 2: Choose the asset you want to send from the list of cryptocurrencies that appears on the screen
Step 3: When you click on the crypto coin, it will expand and prompt you to enter the details. Input the destination address and the amount of crypto you want to send.
Step 4: After confirming that the figures you have entered are correct, input your password for security purposes and hit ‘Send’
How do I receive payments on Atomic wallet?
Let us now examine how to receive payments on Atomic wallet. Use the following steps:
Step 1: Launch your Atomic wallet app
Step 2: Select the asset you want to receive into your wallet
Step 3: Click on the address under ‘Your Address’ column. This will automatically copy the address to clipboard
Step 4: Paste the address into the source wallet or send it to the person who wants to transfer funds into your wallet
Step 5: After confirming that the funds have been transferred, wait for five to 30 minutes and then check your account balance to confirm receipt.
How safe is Atomic Wallet?
Atomic wallet offers relatively high security features to keep your crypto funds safe. Let us take an in-depth look at the top Atomic wallet safety features:
Here are the security features that the wallet offers users:
Being a serverless solution, Atomic wallet does not require any registration process from its users. As such, it stores no sensitive personal information and does not rely on third parties to facilitate transactions on its behalf. This enhances the platform’s security.
🔒 Advanced Encryption
Additionally, all connections on the wallet run in encrypted mode and the all the data it transfers are also encrypted.
🔒Private Keys Stored on Device
Atomic gives its users full control over their private keys as it does not store them in its servers. Rather, the keys are stored on the user’s PC. In addition, every user gets a unique mnemonic seed phrase which controls access to the account. This is a second layer of protection that allows users full control over the wallet.
This combination of features keeps users’ funds safe on Atomic wallet. However, since the platform is unregulated, it cannot be said to be completely secure. eToro is a great example of a high-security wallet that combines top-of-the-range features with regulatory compliance. It has certification from both the FCA and CySEC, and is therefore a safer alternative to Atomic wallet.
Atomic Wallet Pros and Cons
✅HD algorithms and personal storage for private keys offer high security
✅Supports a wide range of crypto assets, with a list that is constantly growing
✅Mnemonic seed phrase allows users to recreate wallet in case of PC failure or theft
✅Atomic swap offers a viable alternative to crypto exchange
❌No mobile phone app yet
❌Supports atomic swaps for only three crypto pairs
❌Fee system is unclear
❌The wallet’s code is not open-source
❌Does not have multi-signature or 2FA security features
Atomic Wallet vs. other wallets – how does it compare?
In order to fully explore whether the Atomic wallet is the best wallet, we will undertake a comparison of its top features against those of three other popular crypto wallets.
Atomic Wallet dwarfs Cryptonator in as far as sheer cryptocurrency variety is concerned. It is more advanced, thanks to atomic swaps and trading options based on Changelly and ShapeShift. Cryptonator uses 2FA for security and Atomic wallet uses the mnemonic seed phrase as well as HD algorithms.
Coinomi is a highly popular crypto wallet and for good reason. It has a user-friendly interface and provides high security features. Being a mobile-based multi-currency wallet, it offers convenient access. Atomic wallet is desktop-based, and yet to venture out into the more popular mobile arena. Both wallets use seed phrases to provide wallet backups. While Atomic wallet beats Coinomi on the range of coins it supports, Coinomi is superior in its blend of privacy and security features.
From the three coins highlighted above, eToro is the obvious winner with the best combination of features. Not only does it offer cost-effective services and high security; but it also complies with regulatory requirements, making it the safest alternative here for crypto users.
You can download Atomic wallet directly from the official website. It is currently available for PCs with compatible versions for a majority of operating systems. Android and iOS versions are expected to launch in the near future.
One of the most practical solutions to a frozen wallet is recreating the wallet from the mnemonic seed phrase. To do this, simply reinstall the app on your PC and on the login page, select “Restore from Backup.” This will allow you to recover the app using your 12-word seed phrase. If it does not work, you may need to consult customer support services who typically reply within 24 hours.
To reset your Atomic wallet password, launch the app and go to Settings. Click on Security, enter the old password and then the new one twice. Once you are done, click the ‘Change Password’ tab at the bottom of the screen.
To find your private keys Atomic wallet, go to ‘Settings’ and tap ‘Private Keys.’ You will get a prompt to insert your password. Once you do that, you will see a list of private keys. Simply click in case you want to copy any of them.
Essentially, Atomic swaps change a cryptocurrency into another without the need for a third-party to facilitate the exchange. To carry out an atomic swap, a user simply puts up an anonymous notice outlining what you want. The system automatically matches suitable transaction parties and swaps coins. At the moment, Atomic wallet only offers atomic swaps for three pairs and plans to incorporate additional assets in future.
Whenever this happens, you might first want to check the status of your transaction on blockexplorer. To do this, copy the wallet address by clicking on the relevant coin in your app. Then open the blockexplorer for that particular coin and search for your transaction using the wallet address. If the transaction shows on blockexplorer, there could be connection problems causing a delay. In case it does not reflect at all, contact customer support.
To change your 12-word seed phrase, log out from your account or delete your Atomic wallet files. Create a new wallet and you will get a new 12-word phrase. Use the new backup phrase to create a new wallet and then save your funds in the new wallet.
To move your wallet to another computer, download the Atomic wallet app on the new device. When you start it, click on “Restore from Backup” once you get to the login screen. You will get a prompt to enter the 12-word mnemonic seed phrase. One you enter the phrase, the PC will automatically recreate your wallet. Always keep your seed phrase safe, as this is all a bad actor requires to create your account from scratch and access funds.
- 1 Is the Atomic Wallet Recommended?
- 2 What is Atomic Wallet?
- 3 What wallet type is Atomic?
- 4 What cryptocurrencies does the Atomic wallet support?
- 5 What fees does Atomic wallet have?
- 6 How to open your Atomic Wallet account
- 7 How do I add cryptocurrencies to Atomic Wallet?
- 8 How to send payments on Atomic wallet?
- 9 How do I receive payments on Atomic wallet?
- 10 How safe is Atomic Wallet?
- 11 Atomic Wallet Pros and Cons
- 12 Atomic Wallet vs. other wallets – how does it compare?
- 13 Conclusion
- 14 FAQs