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Bread Wallet Review 2020: Fees, Pros, Cons and Features

Launched in 2015, the Bread wallet user-friendly crypto wallet app that has over 2 million users in more than 170 countries.
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Author: Nica San Juan
Last Updated: 09 July 2020
Bread wallet is not our recommended wallet. Read on to find out which ones we believe are better.

Bread wallet is a user-friendly crypto wallet meant for mobile use. The app has a focus on user experience and has been dubbed one of the easiest wallets to use for beginners. But does it live up to the hype?

The Switzerland-based company launched the wallet in 2015 as a mobile app. It has a user base of over 2 million in more than 170 countries.

In this comprehensive Bread wallet review, we dove deep under the hood and find out that it is not the safest crypto wallet for you. Thus, we’re not recommending it.  If you’re interested in finding a safer service, read on.

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    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the Bread Wallet Recommended?

    ❌ Bread wallet is a good Bitcoin wallet with lots of positive features to its name, but we would not recommend it. One of its major weaknesses is the fact that the wallet is not regulated. There are very few crypto platforms that are regulated like eToro. These are the ones that can be said to be truly secure.

    If you still have doubts as to what the best service for storing your cryptos is, you can compare Bitcoin wallets here.

    What is Bread Wallet?

    What is Bread wallet? Bread wallet, which previously went by the name Breadwallet, is a product of Bread Company. The Switzerland-based company launched the wallet in 2015 as a mobile app.

    From its humble beginnings in Zurich, the wallet has grown to have a user base of over 2 million in more than 170 countries. The wallet has a keen focus on user privacy and does not require any personal information during setup.

    It sports a clear user interface and in some countries, even allows users to buy Bitcoin directly from the app. Users also get to choose how fast they want transactions to go through by setting their own transaction fees.

    Unlike a majority of wallets, Bread does not use a central server. Rather, it connects to Bitcoin and other blockchains directly.

    Bread Wallet Compatibility

    Bread wallet is compatible with:

    • Android
    • iOS

    What wallet type is Bread?

    • Software wallet
    • Mobile
    • Multi-currency

    What cryptocurrencies does the Bread wallet support?

    • Bitcoin
    • Ethereum
    • ERC-20 tokens
    • Bitcoin Cash
    • Bread Coin

    What fees does Bread wallet have?

    There are no Bread wallet fees charged for using the platform. However, users have to pay network fees for the crypto network they are using.

    How to open your Bread Wallet account

    Here is how to open a Bread wallet:

    Step 1: On your phone, go to the Google Play Store or Apple AppStore and download the Bread Wallet app

    Step 2: Click “Create New Wallet”

    Step 3: Set a 6-digit PIN code for your wallet

    Step 4: Use the PIN code to log in to your wallet and then write down the 12-word seed phrase that it automatically generates

    Your new wallet is now ready to use. Congratulations! That is how to open a wallet on Bread.

    How do I add cryptocurrencies to Bread Wallet?

    Next, we will find out how to add currency to Bread wallet:

    Step 1: One option for adding currency to Bread wallet is by buying directly from the app.

    To use this option, simply click on the “Buy” button, choose a payment method and make your purchase.

    In some regions, the app offers a convenient mapping system to help you find Bitcoin ATM’s or retailers in the area.

    Step 2: Alternatively, you can follow the procedure on how to transfer Bitcoin to Bread wallet

    You can also use this approach if you want to transfer Ethereum to Bread wallet from an exchange on another wallet. Since the app does not support Ripple, there is no tutorial on how to transfer Ripple to Bread wallet.

    Simply click on the “Receive” tab to view your Bread wallet address, copy it and send funds to it.

    How to send payments on Bread wallet?

    Here’s how to send payments on Bread:

    Step 1: Click on the “Send” tab on the wallet’s dashboard

    Step 2: Scan the destination address QR code or paste it in if you have copied it

    Key in the amount you want to send, which is viewable in both cryptocurrency and fiat money. Optionally, you can add a message in the Memo section of the page

    Step 3: Confirm transaction details and hit “Send”

    How do I receive payments on Bread wallet?

    To receive payments on Bread wallet, follow these steps:

    Step 1: Tap the “Receive” icon

    This will help you generate a crypto wallet address.

    Step 2: Copy that address and send it to your counterparty

    Wait for the funds to reflect in your account.

    How safe is Bread Wallet?

    Related image

    There are some Bread safety measures which the app has implemented to ensure security of user funds. Let us analyze them:

    Open Source Code

    The code used for Bread wallet is open source and publicly verifiable and auditable by third parties. Not only does this create transparency, but it also makes it easy for users to identify bugs in the system.

    Hierarchical Deterministic

    The wallet uses HD algorithms, creating a new wallet address for every transaction. It is therefore hard to track transactions to a specific user or wallet.

    Touch ID and Face Recognition

    Bread wallet offers the opportunity to enhance security by incorporating touch ID and facial recognition into the authentication process.

    Direct Communication with Blockchains

    Instead of using central servers, the wallet communicates directly with the various blockchains. As such, it is extra challenging for hackers to access or compromise user wallets.

    Clearly, Bread Wallet has a keen focus on user security as you can tell from the number of measures implemented. However, it cannot be said to be absolutely secure because it is unregulated.

    Bread Wallet Pros and Cons

    Take a look at the top Bread pros and cons:

    Pros:

    • Hierarchical deterministic wallet
    • Convenient access on mobile platforms
    • Does not require registration or signup during setup
    • Connects directly to various blockchain networks
    • Supports direct crypto purchases
    • One of the easiest to use wallets

    Cons:

    • Unregulated
    • Hot wallet therefore vulnerable to cyber attacks
    • Limited currency support
    • A bit slow to sync up to blockchains during setup
    • Does not support 2FA or multi-signatures
    • Limited functionality as a mobile-only wallet
    • No live chat support

    Bread Wallet vs. other wallets – how does it compare?

    eToro Commits To Better Future Growth with Delta AcquisitionBread wallet vs. eToro

    • Functionality

    When it comes to functionality, few wallets can compare to eToro. Bread wallet is versatile to some extent, supporting direct crypto purchases and storage. But eToro takes things a notch higher, offering exchange services as well as trading. Furthermore, there are different trading features and options to suit different levels of users.

    • Security

    As already mentioned in our eToro review it is one of the most secure wallets out there as it is regulated. It has to adhere to strict measures to protect user security. And this applies in all of the different jurisdictions where it operates as it is internationally regulated.

    ExodusBread wallet vs. Exodus

    • Versatility

    Due to its integration with ShapeShift, Exodus is more versatile than Bread wallet. Users can convert their currencies with ease on the platform. At the same time, Exodus supports hundreds of digital assets unlike Bread, whose variety is still limited. Notably too, Exodus is available both on desktop and on mobile platforms.

    • Ease of Use

    Both Bread and Exodus are SPV wallets which communicated directly with various blockchain networks. But Bread has a much easier to use interface and is more perfectly suited to beginners than Exodus.

    Bread wallet vs. Atomic wallet

    • Supported Coins

    Atomic wallet defines itself as the first universal wallet due to the sheer variety of coins that it supports, with more being added daily. In contrast, Bread was for a long time a Bitcoin only wallet and only recently added support for a handful of other coins.

    • Flexibility

    Atomic wallet is also a lot more flexible than Bread in a number of ways. First, it is compatible with a high number of desktop operating systems. In addition, it is available on both iOS and Android. It is also integrated with both Changelly and ShapeShift for currency conversions and offers Atomic Swaps for some coins.

    Conclusion

    All in all, though each of the above wallets has its strong points, eToro is the overall best performer. It offers a lot more versatility than the rest in all the things that really matter. Most importantly, it is an internationally regulated platform and is thus the most secure option.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download the Bread Wallet?

    You can download the iOS app from Apple AppStore and the Android app from Google PlayStore.

    My Bread wallet froze; what should I do?

    Your wallet could be freezing due to a software problem. Try updating the app to the latest version to see if the error is rectified. If it is not solved even after that, contact support.

    How do I reset my Bread password?

    One way to do this is to enter the wrong PIN multiple times and get the option of resetting the PIN using the recovery phrase. Before you try this method, make sure you have access to the 12-word recovery phrase first. But if you still remember the PIN, another way is to go to Menu>SecuritySettings>Update PIN then enter current PIN, then new PIN twice.

    Why did my wallet get an address change?

    Bread wallet is a hierarchical deterministic wallet. Thus, whenever you receive a payment on the existing wallet address, a new address is automatically generated. Using a different address for every transaction serves to enhance security and privacy.

    What happens if I lose my phone or it gets damaged?

    Using the 12-word seed phrase that you copied down during initialization, you should be able to restore your wallet and recover all funds on any other device.

    How can I convert a currency in the Bread wallet app?

    To exchange a supported currency in the app, tap Trade at the bottom of the main page. On the page that appears, select the currency you want to convert and the one you want to receive. Enter the amount you want to convert in the Pay With box. You will see the amount you will receive from the conversion below this. Confirm your trade by clicking Next and give the transaction time to complete. Note that it could take up to six hours.

    How should I use the Request an Amount option in my wallet?

    Using this feature, you can specify the amount of funds you would like to receive from another party. If you use this feature, the specified amount will automatically be included in the QR code. As such, when the other party scans the QR code, the amount they should transfer will automatically be populated. The sender will not have to enter the amount and this option will eliminate the possibility of sending the wrong figure.

    What is the Bread Wallet recovery key?

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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