Last Updated on
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:
- Simplified Chinese
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 is compatible with:
- Online platforms
What wallet type is Freewallet?
- Hierarchical Deterministic
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 wallet 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.
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 Coinbase. Coinbase 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?
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.
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.
- 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.
Overall, weighing the strengths of the above platforms against the weaknesses reveals that one of the best crypto wallets is Coinbase. Its compliance with authorities gives it a major competitive edge and offers matchless security.
You can download Freewallet from Google Play Store for Android or Apple AppStore for iOS. It is also possible to use the web version which requires no download.
If you have your backup phrase, you can delete the wallet app and then install it afresh. Use the backup phrase to import the wallet into the new app.
When setting up Freewallet, you will be required to create a PIN code. To change it, log in to your app and on the side bar, click “Change PIN.” Enter the current PIN and then the new one twice.
No. Your wallet does not store the private keys. If you want to backup or restore your wallet, you only need the mnemonic phrase.
Yes. You can view the phrase by going to the “Backup” sidebar where all of the 12 words are written down side by side.
If you do not have a copy of the 12-word backup phrase and had not imported the wallet to another device, access to your wallet is lost forever.
Delete the wallet app, install it anew and use your backup phrase to restore it by importing the old wallet to the new one. Create a new PIN code for your new wallet app and store it safely.
One reason could be that you have logged in with different credentials and accidentally created a new account whose balance is zero. If you have forgotten your credentials, contact the Freewallet support team.