{"id":225117,"date":"2021-02-08T11:48:20","date_gmt":"2021-02-08T16:48:20","guid":{"rendered":"http:\/\/insidebitcoins.com\/?page_id=225117"},"modified":"2024-10-22T16:54:15","modified_gmt":"2024-10-22T16:54:15","slug":"freewallet","status":"publish","type":"page","link":"https:\/\/insidebitcoins.com\/bitcoin-wallets\/freewallet","title":{"rendered":"Freewallet Review – Fees, Pros, Cons and Features"},"content":{"rendered":"
\n \n 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:<\/p>\n 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.<\/p>\n Freewallet is compatible with:<\/p>\n There are no Freewallet fees for sending or receiving coins between the platform\u2019s users. But you will pay network fees for any other transaction.<\/p>\n Here are the steps you should do to open your Freewallet:<\/p>\n 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<\/a> for Android<\/p>\n And that is how to open a wallet on Freewallet!<\/p>\n Next, let us find out how to add currency to Freewallet:<\/p>\n 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.<\/p>\n Here is all you need to know on how to send payments on Freewallet:<\/p>\n It is recommended that you use \u201cNormal\u201d fees. Click \u201cNext\u201d and then \u201cSend\u201d<\/p>\n To receive payments on Freewallet:<\/p>\n Take a look at some of the top Freewallet safety features:<\/p>\n 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.<\/p>\n Freewallet uses cold storage facilities for its user\u2019s 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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 \u2013 regulatory compliance.<\/p>\n 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:<\/p>\n 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.<\/p>\n 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.<\/p>\n Update – As of 2025, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.<\/em><\/p>\n In addition to offering cryptocurrency storage for multiple coins, Freewallet also offers exchange services. Omni, on the other hand, only supports Bitcoin and Omni<\/a> tokens. But it supports the generation of user cryptocurrencies as well as Smart Properties on the BTC blockchain.<\/p>\n 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.<\/p>\n<\/a>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.<\/strong> If you are interested in finding out why we do not recommend it and how to find a safer option, read on.<\/p>\n
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Is Freewallet Recommended?<\/h2>\n
After a thorough analysis of the features of Freewallet, we would not recommend it.<\/strong> In spite of the fact that it is a solid choice with high versatility, it is not a regulated wallet. The cryptocurrency industry is rife with illicit activities. Using unregulated platforms exposes you to a higher level of risk than when working with compliant ones. Though compliant wallet service providers in the space are few and far between, they are there nonetheless. A good example is the eToro wallet which offers crypto storage, trading and exchange services. It is regulated by multiple authorities in various countries. Check out the eToro review<\/a> here. <\/div><\/div>\n
What is Freewallet?<\/h2>\n
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Freewallet Compatibility<\/strong><\/h2>\n
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What wallet type is Freewallet?<\/h2>\n
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What cryptocurrencies does Freewallet support?<\/h2>\n
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What fees does Freewallet have?<\/h2>\n
How to open your Freewallet account<\/h2>\n
Step 1: Open the official Freewallet website and under wallets, select the wallet you want to install.<\/h3>\n
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Step 2: Log in to your account using Facebook, Google or your mobile number<\/h3>\n
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Step 3: Set a PIN code for your account<\/h3>\n
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How do I add cryptocurrencies to Freewallet?<\/h2>\n
Step 1: Log in to your account and then tap \u201cSmart Pay in\u201d<\/h3>\n
Step 2: From the list that appears, select the currency you want to use to top up your wallet<\/h3>\n
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How to send payments on Freewallet?<\/h2>\n
Step 1: Log in to your app and tap the + button, then click \u201cSend\u201d<\/h3>\n
Step 2: Enter the details of the transaction, the recipient\u2019s wallet address, amount and then click \u201cSend\u201d<\/h3>\n
Step 3: You will get a prompt to confirm the details and choose the network fee.<\/h3>\n
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How do I receive payments on Freewallet?<\/h2>\n
Step 1: Log in to your account and tap the + button, then select \u201cReceive\u201d<\/h3>\n
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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.)<\/h3>\n
How safe is Freewallet?<\/h2>\n
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PIN Code + Fingerprint Login<\/strong><\/h3>\n
Cold Storage<\/strong><\/h3>\n
Two-Factor Authentication (2FA)<\/strong><\/h3>\n
Multisignature<\/strong><\/h3>\n
Transactional Limits<\/strong><\/h3>\n
Active Sessions Control<\/strong><\/h3>\n
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Freewallet Pros and Cons<\/h2>\n
Pros<\/strong>:<\/h4>\n
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Cons<\/strong>:<\/h4>\n
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Freewallet vs. other wallets – how does it compare?<\/h2>\n
<\/a>Freewallet vs. eToro<\/h3>\n
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<\/a>Freewallet vs. Omni Wallet<\/h3>\n
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<\/a>Freewallet vs. Gatehub Wallet<\/h3>\n