Infinito Wallet Review: Fees, Pros, Cons and Features

Infinito wallet touts itself as the first multi-asset universal wallet, offering support for major cryptocurrencies, ERC-20, NEP-5, NEO and EOS tokens. In this Infinito wallet review, we will be taking an in-depth look at its features to determine if it is the safest wallet for digital asset storage.

What is the Infinito Wallet?

Infinity Blockchain Labs, a leading blockchain R&D firm, is the company behind Infinito wallet. It launched the wallet in 2017 with support for a limited range of crypto coins including Bitcoin, Ethereum, Bitcoin Cash and ERC20 tokens. Currently, it supports a majority of digital currencies in the market.

Though it is registered in the Isle of Man, its headquarters are in Ho Chi Minh City, Vietnam. The team behind it includes over 300 in-house developers as well as marketers, strategic planners and researchers. It is however not registered.

Infinito originally supported five languages including English, Chinese, Japanese, Vietnamese and Korean. But the team later announced the intention to support German, Thai, Italian, French, Hindi, Portuguese and Russian.

Infinito Wallet Compatibility

Infinito wallet works on:

• Android
• iOS

What wallet type is Infinito?

• Mobile
• Multi-asset universal wallet
• Hierarchical Deterministic (HD)

What cryptocurrencies does the Infinito wallet support?

What fees does Infinito wallet have?

There are no charges on Infinito wallet for crypto storage or transactions. However, carrying out crypto transactions attracts charges, which vary from one network to another. These fees go to network miners who have the task of confirming and validating transactions.

One of the most interesting features of Infinito wallet fees in relation to transaction processing is something known as price optimization. It lets you set convenient fees depending on how fast you want a transaction confirmed. The higher the fees you pay, the faster the confirmation.

How to open your Infinito Wallet account

Now that we have the basics, let us explore how to open Infinito wallet:

Step 1: The first step is to download the Infinito app from Google Play for Android users or Apple AppStore for iOS users.

Make sure that the app you download was created by Infinity Blockchain Labs Europe. Once you find it, tap “Install.”

Step 2: Once you have installed the app, select “Create New Wallet” and agree to the terms and conditions.

You can use the same step in future to restore a wallet by clicking on ‘Restore Your Wallet.”

Pick a name for the wallet and tap “Next.”

Step 3: Save your backup passphrase by tapping “Start Backup.”

Once this process is complete, you will see a 12-word passphrase which is also referred to as “seed.”

If you ever forget your password or lose your phone, you will need this passphrase to recover your wallet. For this reason, you need to keep it safe. The recommended option is to write it down and store the paper securely. Tap “Next.”

Step 4: Enter the passphrase by choosing the correct order of words

Step 5: Set up a strong password and then complete the process by tapping “Finish”

That is how to open a wallet on Infinito. On to the next step, we want to find out how to add currency to Infinito wallet.

How do I add cryptocurrencies to Infinito Wallet?

Before we explore how to add currency to Infinito wallet, first, we want to enable coins and tokens.

Step 1: Once you have completed the initial setup process, your wallet will automatically take you to the dashboard.

By default, the wallet enables four coins, Bitcoin, Ethereum, GAS and NEO. If you wish to enable more coins, tap (+)

Step 2: Depending on your needs, click the “Coins” or “Tokens” tab

Step 3: Tap the coins you want to enable and the wallet will automatically add them to the list. To complete the process, tap “Next”

Alternatively, you could search for new coins by clicking on the search icon at the top of your screen. Type in the token name or smart contract address of the token or coin in question and search

Another option is to scan the QR code of the token or coin you want and then tap “Add.”

If in the future you want to disable any coin, you will simply need to tap on the checked circle beside the coin.

Before adding crypto coins to your wallet, it is also important to add security features. The wallet includes password and fingerprint protection. To do this:

1. Tap menu to expand it and then select “Settings”
2. Select “Require password on Startup” and “Require Fingerprint on Startup” to activate both options
3. Now that the wallet is ready for use, it is time to add funds to your wallet and start using it.
4. Click “Receive”
5. Your Infinito wallet address will appear in the “My Address” box
6. Copy this address
7. Buy cryptocurrency on an exchange and enter the address into the sending form. Alternatively, if you already have cryptocurrency in another wallet, you can send it to the Infinito wallet, pasting the address into the Recipient’s details.

How to send payments on Infinito wallet?

Learning how to send payments on Infinito wallet is equally simple:

Step 1: Open your app and on the dashboard, select the cryptocurrency you want to send.

Before proceeding, you may want to check your balance under the “Activity” tab

Step 2: Tap “Send” on the top left side of the screen and then enter the recipient’s wallet address in the “Send To” box.

Enter the amount you want to send in the “Amount” box.

Step 3: Control the transaction fees by selecting “Premium” “Economy” or “Regular” services and then tap “Next.”

Confirm the details and hit “Send”

How do I receive payments on Infinito wallet?

Thanks to its intuitive interface, knowing how to receive payments on Infinito wallet is also easy:

Step 1: Find your Infinito wallet address by clicking on “Receive”

Step 2:  Copy the series of digits and letters that appear under “My Address”

Step 3: Send it to the person who wants to transfer cryptocurrency to your account

The following image summarizes everything you need to know about sending and receiving funds on Infinito wallet. Follow these steps whenever you want to know how to transfer Bitcoin to Infinito wallet, how to transfer Ethereum to Infinito wallet or how to transfer Ripple to Infinito wallet, or any other coin.

How safe is Infinito Wallet?

Here are the security features that the wallet offers users:

Hierarchical Deterministic Algorithms

As a HD wallet, Infinito allows you to create multiple wallets and private keys within your wallets. This feature makes it difficult for a malicious entity to track down transactions to your real-life identity.

Private Key Storage

Your private key Infinito wallet is not stored on the service provider’s servers. Rather, you get custody of your own private keys. This places the power in your hands to protect your own digital assets. And it means that even if the company’s security gets compromised, your funds will not be affected.

Passphrase

In addition to the password, the wallet also offers the opportunity to generate a 12-word passphrase. This is a seemingly random series of words that work together to grant you access to the wallet. They are especially useful in situations where you lose or damage your mobile device and need to recover and restore the wallet on a new device.

In such a case, all you need to do is download the wallet app and during installation, select the recovery option. That will prompt you to enter the passphrase and regain access to funds as well as recover your settings. It will also make it extremely difficult for anyone else to gain access to your account.

Touch ID

You also have the option of enabling fingerprint ID support for your Infinito wallet, a featue that further reinforces security when you need to access your wallet. As such, you can use a fingerprint scanner to verify your identity any time you want to transact.

It is noteworthy that the Infinito wallet team has gone beyond the obvious to facilitate user safety. Even with the above measures in place, however, it is still not the safest wallet out there. One feature that is still missing has to do with regulatory compliance. In December 2018, Infinito announced plans to collaborate with blockpass to create a compliant, KYC-enabled wallet.

Regulatory compliance is an important facet of cryptocurrency security. Though a majority of wallets have yet to embrace it, there are a few exceptions such as eToro. eToro offers a fully regulated crypto wallet, compliant with regulatory requirements in multiple jurisdictions.

Infinito Wallet Pros and Cons

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

In this section, we will take a look at how Infinito wallet compares to other popular crypto wallets in the market. Read on to find out:

Infinito wallet vs. eToro

eToro has made a reputation for its comprehensive package for crypto users. Let’s consider some of its features in comparison to Infinito:

• Social Trading

In addition to offering crypto storage facilities, eToro also supports crypto trading. In this respect, it offers varying options for its different levels of users. For instance, beginners have the option of learning from more established players by following them and copying trades. Thanks to this feature, it has become one of the most popular social trading platforms.

• Regulatory Compliance

This is by far one of the most outstanding advantages of eToro over Infinito. Infinito has plans of incorporating KYC. But eToro is way ahead in that it has already complied with regulators in a number of jurisdictions. These include the UK’s FCA, Europe’s MiFID and Cyprus’ CySEC. Any time it expands to a new jurisdiction, it seeks to comply with regulatory oversight so as to offer its users optimum security.

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.

• Easy Setup Process

The process for setting up Infinito wallet is rather lengthy. On the other hand, eToro makes use of a simple, intuitive process that anyone can follow.

Infinito wallet vs. Keepkey

Keepkey and Infinito are on completely different ends of the spectrum, one being a cold storage solution and the other, a hot wallet. Here are some other distinguishing features:

• Currency Support

Infinito is in its own league when it comes to multi-currency support. It supports a majority of cryptos, from major coins to ERC20s, EOS and NEP-5 tokens. Keepkey supports far fewer cryptos.

• Security Features

Keepkey is outstanding in as far as security features are concerned. It uses a PIN number for access, ciphering the keypad for every use. It also has a button for physical transaction confirmation. Infinito’s most alluring security feature is fingerprint authentication.

Infinito wallet vs. Atomic wallet

Just like Infinito, the Atomic wallet is a relatively new name in the crypto wallet market and both support a wide range of cryptocurrencies. How do the two compare? Let us consider some features that set them apart:

• Atomic Swap

One of the most outstanding features of Atomic wallet is its support of atomic swaps on select cryptocurrencies. By virtue of this feature, it is possible to carry out transactions free of charge. This is because it does not require a third party to facilitate transactions. Rather, it takes place on a peer-to-peer basis.

• Fees

Atomic wallet charges relatively high fees on certain services such as credit card crypto purchases. In contrast, Infinito does not charge any fees other than the standard blockchain transaction fees.

Conclusion

Overall, a look at the above three wallets in comparison to Infinito reveals that eToro is arguably one of the best wallets in the market. It has a remarkable combination of features, from trading and compliance to ease of use and multicurrency support among others. It is one of the few wallets in the markets that offer users a holistic experience. And considering the level of uncertainty associated with the cryptocurrency space, the fact that it is regulated is a top highlight.

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