Freewallet Review – Fees, Pros, Cons and Features

Freewallet refers to a family of cryptocurrency wallets designed to support various coins on mobile devices. It is a platform that offers multiple wallets on mobile platforms to hold various digital assets. We have carefully analyzed the unique features of this wallet. and we have however found out that it is a safe cryptocurrency wallet. Therefore, we would not recommend it. If you are interested in finding out why we do not recommend it and how to find a safer option, read on.

What is Freewallet?

To get started, let us find out, what is Freewallet? Freewallet is a platform that offers multiple wallets on mobile platforms to hold various digital assets. It has been in existence since 2016 and its first product was a wallet known as FantomCoin. The company behind the project is based in Talinn, Estonia. Its interface is available in multiple languages including:

• English
• Simplified Chinese
• French
• Spanish
• German
• Russian
• Italian

Currently, it supports at least 25 different types of wallets with varying features and capabilities. In addition to individual wallets for almost all of the cryptocurrencies it supports, it also includes Freewallet Lite and Crypto Wallet, both of which support multiple coins. Each of the wallets operates in the same way so by the end of this guide, you will be in a position to use any of them.

Freewallet Compatibility

Freewallet is compatible with:

• Android
• iOS
• Online platforms

What wallet type is Freewallet?

• Web-based
• Mobile
• Multi-wallet
• Hierarchical Deterministic
• Multi-Signature

What cryptocurrencies does Freewallet support?

What fees does Freewallet have?

There are no Freewallet fees for sending or receiving coins between the platform’s users. But you will pay network fees for any other transaction.

How to open your Freewallet account

Here are the steps you should do to open your Freewallet:

Step 1: Open the official Freewallet website and under wallets, select the wallet you want to install.

It can be one of the single-currency or multi-currency wallets. Select the app you want to download. For illustration purposes, we will use the Bitcoin Account for Android

Step 2: Log in to your account using Facebook, Google or your mobile number

Step 3: Set a PIN code for your account

And that is how to open a wallet on Freewallet!

How do I add cryptocurrencies to Freewallet?

Next, let us find out how to add currency to Freewallet:

Step 1: Log in to your account and then tap “Smart Pay in”

Step 2: From the list that appears, select the currency you want to use to top up your wallet

That is how to transfer Bitcoin to Freewallet. It is also how to transfer Ethereum to Freewallet and how to transfer Ripple to Freewallet, or any other supported coin for that matter.

How to send payments on Freewallet?

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

Step 1: Log in to your app and tap the + button, then click “Send”

Step 2: Enter the details of the transaction, the recipient’s wallet address, amount and then click “Send”

Step 3: You will get a prompt to confirm the details and choose the network fee.

It is recommended that you use “Normal” fees. Click “Next” and then “Send”

How do I receive payments on Freewallet?

To receive payments on Freewallet:

Step 1: Log in to your account and tap the + button, then select “Receive”

Step 2: You will see your Freewallet address, which you can copy or share with your counterparty using one of the messaging options available on the app (Twitter, Facebook, email etc.)

How safe is Freewallet?

Take a look at some of the top Freewallet safety features:

PIN Code + Fingerprint Login

You can use a PIN code and fingerprint login to access your account, a combination that enhances security and mitigates the risk of unauthorized login attempts.

Cold Storage

Freewallet uses cold storage facilities for its user’s funds in secure offline vaults. Though the address displayed on the app is a hot wallet, it is only for receiving transactions. The wallet automatically transfers funds after every transaction into cold storage. Similarly, when you need funds for a transaction, they are transferred from cold storage. Simply put, the app on your device only shows your wallet balance and not actual funds.

Two-Factor Authentication (2FA)

On Freewallet, users have the option of enabling 2FA for login, outgoing transactions and export actions. What this means is that every time you perform any of the three actions, your wallet will prompt you to enter a unique code generated using the authenticator app of your choice.

Multisignature

You can also adjust the settings on your wallet to require multiple signatures (up to five) to authorize transactions. This comes in particularly handy if the wallet has multiple users.

Transactional Limits

Another security feature on the wallet is the possibility of setting weekly and monthly transactional limits. With this feature, in the unlikely event that someone accessed the wallet, the amount of damage they can do would be limited.

Active Sessions Control

It is possible to view active sessions on the wallet and information on devices or IP addresses used to log in to your wallet. As such, anytime you spot suspicious activity, you can immediately terminate all sessions.

It is clear from the above Freewallet safety features that the team behind the project takes security seriously. Unfortunately though, the wallet cannot be said to be absolutely safe due to the absence of one precaution – regulatory compliance.

As mentioned at the onset, there are few wallet service providers who comply with regulations, and one of these is eToro. eToro has made it a practice to meet the stringent regulatory demands of most of the jurisdictions where it operates. Currently, it has licensing from the following authorities:

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

Freewallet Pros and Cons

Freewallet vs. other wallets – how does it compare?

Freewallet vs. eToro

• Security

Freewallet is a good wallet overall, but it does not compare with eToro in terms of security. eToro in fact, is one of the safest wallets to store your cryptocurrencies on. It has never been involved in hacking scandals and it has adopted some of the safest and sophisticated security measures available.

• Versatility

eToro is also a very versatile platform compared to Freewallet. In fact, eToro also offers trading services, which means that you will be able to buy and also store your cryptocurrencies on your wallet through your trading account.

Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

Freewallet vs. Omni Wallet

• Functionality

In addition to offering cryptocurrency storage for multiple coins, Freewallet also offers exchange services. Omni, on the other hand, only supports Bitcoin and Omni tokens. But it supports the generation of user cryptocurrencies as well as Smart Properties on the BTC blockchain.

• Convenience

Omni is a purely web-based platform, only accessible online. But Freewallet is available both online and as a mobile app. Both are easy to set up and use.

Freewallet vs. Gatehub Wallet

• Ease of Use

GateHub requires a lengthy setup process including multiple levels of verification. Freewallet, on the other hand, has one of the simplest setup procedures ever. Users get to use other existing accounts to log in and verification is not mandatory.

• Private Key Storage

Both Freewallet and GateHub store their users’ private keys. However, the contrast lies in the manner of storage. On GateHub, the service provider stores private keys on a separate server from the one hosting the main platform. Freewallet is more safety-inclined as it takes the keys offline and stores them in cold storage vaults.

Conclusion

Overall, weighing the strengths of the above platforms against the weaknesses reveals that one of the best crypto wallets is eToro. Its compliance with authorities gives it a major competitive edge and offers matchless security.

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