Freewallet is a multi-currency wallet that tries to make it easier for users to store and manage their cryptocurrency both online and mobile.
Established in Tallinn, Estonia in 2016, the company pioneered the FantomCoin wallet, followed by Ethereum, Bitcoin and Monero mobile wallets.
Then, wallets were created that were designed to carry out transactions with only one currency. The gradual development of the company and its products has made it possible to achieve today’s impressive results. Now the team of specialists consists of 70 people dedicated to their work. They are working to improve the functionality of all wallets.
Freewallet was the very first mobile wallet to support Bitcoin Cash in 2017 and later had the same first difference in supporting Bitcoin Gold and Bitcoin Cash ABC.
Warning ⚠️: The Freewallet.io site is NOT affiliated with the Freewallet.org wallet in question!
The main goal of the company is to create applications that allow users to access popular cryptocurrencies. At the same time, the use of the products should not cause serious difficulties.
The Freewallet family has a wide variety, ranging from multi-currency cryptocurrency wallets to single-currency wallets for Ethereum, Monero, Litecoin, Dogecoin, Bitcoin, Bitcoin Cash ABC, TRON, Bitcoin Gold, and Tether. In total, the wallet supports 134 cryptocurrencies (the list is expanding).
Users can choose one of 13 languages that are used to provide information. Among them, Russian is available.
Security
Your private keys are held by third parties, but encrypted with your password…
Freewallet controls private keys and is responsible for their security.
The developers claim to employ advanced security protocols, including multi-signature transactions, transaction limits, and cold storage.
At the same time, users can activate two-factor authentication, confirmation using an email address, and set a pin code. Fingerprint support is available on mobile devices. At the same time, to minimize risks, you can set limits on transactions.
Additional security features of Freewallet include Active Sessions Control – analyzing user account activity to detect any suspicious activity, multiple signature confirmations, and a mnemonic generator that generates a recovery phrase that can be used to recover the account.
Freewallet recently released the “Lite” wallet, which is available for iOS and Android. It gives their users complete control over their private keys. When you set up a wallet, private keys will be generated and will remain on your device.
Anonymity
Freewallet does not require any identification documents to register and log into your account. However, in the event of any suspicious activity, the platform blocks the user’s access to their account.
In this case, the user needs to go through the KYC procedure in order to use their cryptocurrency funds stored in the Freewallet wallet.
You must enter the full name, date of birth, select the country where citizenship was obtained. Then send a scanned copy of your ID and a selfie with the document.
Support service
To solve any problems and get answers to questions related to the company’s products, you can contact the support service. To do this, you can use an email address, create a ticket and communicate via online chat. It is recommended that you use English for a prompt response.
Working with a wallet
Freewallet is available for Android and IOS mobile platforms, as well as a web version. Let’s consider working with a wallet using the web version as an example.
Unfortunately, the web version has not yet been translated into Russian.
Creating a wallet
- Go to the site freewallet.org and press the “Sign Up” button in the upper right corner;
- We enter an e-mail box, password and agree to the terms of use;
- Come up with and enter a PIN code to enter the wallet, consisting of 4 digits;
- A letter will be sent to the email box, we confirm the account;
- The wallet is ready to go;
- We recommend that you set up two-factor authentication right away.
Receiving
- Click the “Receive” button (Recieve) or immediately select the required cryptocurrency and click “Receive” in it;
- Copy the cryptocurrency address or QR code if you want to directly transfer cryptocurrency to yourself or buy using a third-party service;
- You can also use your User ID or personal web link if you want to receive a transfer from a Freewallet member;
Dispatch
- Click the “Send” button or select the required cryptocurrency and click “Send” in it;
- You can send cryptocurrency: to the address of the cryptocurrency wallet, by User ID and email, if the participant is registered in the freewallet system;
- Internal transactions between Freewallet users are free. When sending cryptocurrency to an external address, a commission is charged, the amount of which can be configured.
Exchange and purchase
The wallet opens up the ability to perform operations with fiat currencies. For this, the services of two service providers are used: Simplex and Moonpay. Credit or debit cards are used to send one of 20 fiat currencies to purchase one of 10 popular cryptocurrencies.
You can also easily change coins in your wallet without sending them to the exchange. All this is done through the built-in exchanger Changelly. More than 100 cryptocurrencies are available for exchange. Conversion of coins takes place right in the application, which will help you save time and resources.
Freewallet recently introduced a new off-chain exchange technology for 54 coins and ERC20 tokens, which features transaction times of just 2-3 minutes, slower speed and increased anonymity.
mobile version
The registration process does not differ from the web version. The mobile version has Russian.
It also offers the ability to use one of thirty wallets dedicated to just one cryptocurrency. The application takes up less space on a mobile device and is much more convenient to use.
Features of the
Mobile top-up Phone billing is a unique feature introduced by Freewallet. You can prepaid mobile top-ups with Bitcoin directly from your account. The service is supported by over 400 operators in 100 countries of the world.
Gift cards – You can purchase gift cards from over 100 popular stores with cryptocurrency.
Conclusion
Freewallet makes entering the world of cryptocurrencies as easy as creating an email account. Users can get started with the wallet in seconds.
The main disadvantage when using the Freewallet wallet is that the company stores your private keys, similar to how a cryptocurrency exchange stores your private keys. If you are happy with that, then the cold storage method used by Freewallet is very secure, but contrary to the ideology of cryptocurrencies.
In general, Freewallet can meet the needs of both novice and advanced crypto traders with a wide range of basic functions, a large number of coins and tokens, as well as unique additional services such as the ability to recharge a mobile number with Bitcoin.
