FantomCoin Wallet Review 2021: Fees, Pros, Cons and Features

FantomCoin wallet is a mobile wallet from the Freewallet family of cryptocurrency wallets. In this FantomCoin wallet review, we will undertake an in-depth analysis of its features to find out if it is the safest crypto wallet out there.

What is FantomCoin Wallet?

What is FantomCoin wallet? As mentioned in the intro, FantomCoin wallet is one of about a dozen wallets in the Freewallet family. Freewallet has been in existence since 2016, after its launch in Tallin, Estonia. Though the company has kept its team profile private, the CEO, Alvin Hagg is well-known in the crypto sector.

At the time of launch, the team developed the FantomCoin wallet for purposes of software testing. The wallet features a built-in crypto exchange that supports 10+ coins letting you convert FCN into any supported currency. Furthermore, it comes already synced with the FantomCoin blockchain and thus will not require syncing. However, it retains a direct link to FCN block explorer, letting you view transaction details.

A user can receive funds in form of any supported altcoin and have it reflect in form of FantomCoins (FCN). Similarly, you can send FCN to any altcoin address that supports it and the receiver will get it in form of that altcoin. You can also view your balance in fiat currency.

It offers multiple language support including:

• English
• Chinese
• French
• German
• Russian
• Spanish

FantomCoin wallet compatibility

As a mobile wallet, FantomCoin wallet is compatible with Android.

What wallet type is FantomCoin?

• Mobile
• Android
• Cold storage

What cryptocurrencies does the FantomCoin wallet support?

FantomCoin (FCN) – you can top up your wallet using almost any cryptocurrency and receive FCN

What fees does FantomCoin wallet have?

FantomCoin wallet fees, like many others, are basically miner’s fees charged by cryptocurrency networks for transaction confirmations. Other than these, the wallet does not indicate any other fees.

How to open your FantomCoin Wallet account

Now to the best part, how to open FantomCoin wallet; the procedure is more or less the same for all Freewallet wallets. And the best part is that it takes less than a minute. Let’s get started:

Step 1: Download the FantomCoin wallet app. You can do this by going directly to Google Play Store and looking for the app.

But an easier way is to go to the Freewallet website (https://freewallet.org/fcn-wallet) and on the homepage, click “Get Android App” under FantomCoin wallet.

Step 2: Install the app on your device

Step 3: Register an account using your email address, Facebook or Google account details.

Step 4: Set a password for your wallet

Step 5: Verify your email address

And that is all you need to know on how to open a wallet on FantomCoin. At this point or at some future time, you can adjust your security settings to suit personal preferences. Select “Security” next the Dashboard icon to view available safety features and make your pick. It is advisable to enable two-factor authentication and set a four-digit PIN code as the most basic features.

We will discuss these and other safety features in greater detail below. For now, let’s move on to the next step.

How do I add cryptocurrencies to FantomCoin Wallet?

Next, we want to figure out how to add currency to FantomCoin wallet. Here is what you need to do:

Step 1:Buy cryptocurrency using your credit card. To do so, click on “Smart Pay In” on your app

Step 2: Keep in mind that the wallet lets you top up with any cryptocurrency.

Doing this requires that you generate a smart address by clicking on “Smart Addresses”

Step 3: Select the cryptocurrency you want to buy noting that the balance will appear in form of FCN

Step 4: Verify your transaction details and payment method then click “Buy” and wait to receive the coins in your wallet.

The procedure is the same whether you want to know how to transfer from your Bitcoin wallets to FantomCoin wallet, how to transfer Ethereum to FantomCoin wallet or how to transfer Ripple to FantomCoin wallet.

How to send payments on FantomCoin wallet?

Let us now learn how to send payments on FantomCoin:

Step 1: Launch your app and then tap the “+” sign and click “Send”

Step 2: From the coin icons that appear, select the one you want to send

Step 3: Paste the destination address in the “Wallet Address” box

Step 4: Check the address and confirmit

Step 5: Enter the amount you want to send and then click “Continue”

Step 6: All the details of the payment will appear on the screen.

If necessary, you can add a description in the “Add Comment” section. When you are done, tap “Withdraw”

Step 7: Check your email and confirm the transaction

How do I receive payments on FantomCoin wallet?

To receive payments on the wallet, follow these steps:

Step 1: Launch your FantomCoin app and click the “Receive” tab

Step 2: From the cryptocurrency icons that appear, select the one you want to receive.

Doing this will show your receiving FantomCoin wallet address as well as a QR code

Step 3: Copy this address by clicking on it or if the person sending you coins is with you physically, they can scan the QR code and send you payments

How safe is FantomCoin Wallet?

On the official site, the team behind FantomCoin wallet notes that 90% of crypto users do not remember their mnemonic phrases or backup their private keys. For these reasons, FantomCoin safety features do not require backing up your wallet or storing a mnemonic phrase. What does it entail? Let’s find out:

PIN Code

You can set a PIN code for your wallet, which will be required every time you want to log in. Additionally, any time the wallet remains idle for 10 minutes, you will require the PIN code to log back in.

Fingerprint Login

This is a slightly more advanced, optional feature. It spares you the hassle of entering the PIN code as it simply requires a swipe of your finger on a biometric scanner.

Cold Storage

FantomCoin offers offline storage for user funds which means that even if their servers were compromised, the funds would be out of harm’s way.

Optional Email Confirmation for Transactions

You can optionally set email confirmation for transaction. This option will send a verification code to your email, which you have to enter for a transaction to complete successfully.

Two-Factor Authentication

With this option, you get to use two levels of authentication during log in. The feature works with Google authenticator.

Account Freezing

One of the reasons the team gives for not requiring backup is the fact that if your phone gets stolen, you can freeze your account.

In spite of having all of the above safety measures in place, FantomCoin wallet is still since it is not regulated. Regulated platforms like eToro offer a much higher level of safety for its users. At present, eToro is regulated in:

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

FantomCoin Wallet Pros and Cons

There are a number of FantomCoin Pros and Cons to keep in mind before you decide if it’s the wallet for you:

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

Let us now consider how well FantomCoin wallet performs in comparison to other popular wallets:

FantomCoin wallet vs. eToro

• Mobile wallet

As we’ve mentioned previously, FantomCoin is only available on Android. If you have an iPhone, you will not be able to store cryptocurrencies on this wallet. That is why we suggest using eToro instead. You will be able to store it on your phone both if you have Android or iOS systems, or you can access your wallet online.

• Regulation

eToro is also a regulated platform whereas FantomCoin is not. Regulated platforms are also the most trustworthy platforms out there because they have to comply with a set of regulations imposed by regulatory agencies that work to ensure that the the interests of customers are protected. eToro is definitely a better option than FantomCoin.

FantomCoin wallet vs. Electrum

• Security Features

Though both wallets offer cold storage, Electrum is inherently more secure than FantomCoin for a number of reasons. First, it does not store users’ private keys and second, it offers a signature verification option. Moreover, it uses hierarchical deterministic algorithms.

• Setup and Use

Both wallets boast a relatively easy set up process and intuitive interface. FantomCoin however is much easier to use for newbies and faster to set up. But Electrum wins when it comes to fast execution times.

FantomCoin wallet vs. Hodly

• Reputation

Reputation holds significant weight in choosing a crypto wallet. Freewallet, the company behind FantomCoin has attracted a lot of negative sentiment on online forms. But IQ Options, the company behind Hodly is a reputable establishment and a regulated broker.

• Functionality

Both wallets offer crypto storage as well as exchange services. But Hodly also offers support for trading services, albeit at beginner levels. It also supports more cryptocurrencies and thus offers higher functionality.

Conclusion

eToro emerges as the safest and most highly versatile wallet in this comparison. The fact that it is regulated in multiple jurisdictions gives it an edge over the rest. It gives users confidence to use the platform with low potential for risk and legal recourse in case of the unexpected.

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