In this Freewallet review, we will evaluate the infamous crypto wallets based on criteria such as; features, fees, security, roadmap and much more…
With that said, let’s hop right into it!
What is Freewallet?
Freewallet is a web, iOS and Android supported digital currency wallet, built to store and manage multiple supported cryptocurrencies and also with a built-in exchange that was developed by Freewallet, a Tallinn, Estonia-based developer and can be accessed online at freewallet.org.
Freewallet is among the few in the family of wallets which started the mobile-first cryptocurrency wallets, with both built-in crypto exchange and cold storage.
Freewallet is for crypto users and traders. It was first released in January 2016 in Tallinn, Estonia. The Freewallet team first created a wallet they called “FantomCoin Wallet”, which they used to test their tech prowess, adaptability and standards, and also to help mitigate risk for the early birds.
After the test, the Freewallet team continued by creating a couple of wallets for popular cryptocurrencies, then launching single wallets for coins like Bitcoin, Monero, Litecoin, Dogecoin, Ethereum, etcetera. They also launched the Freewallet multicurrency wallet, the Freewallet Lite and the Freewallet Tokens wallet for Ethereum blockchain-based tokens.
Freewallet Development History:
As of early 2016, the Ethereum wallet by Freewallet was ranked number one on Google Play. Then in July 2016, Apple approved it’s Bitcoin, Monero and Ethereum wallets and published them on the iOS App Store. Freewallet has undergone a couple of upgrades and has recorded a lot of milestones and development successes.
Freewallet was the first wallet team to design a specific Bitcoin Cash (BCH) wallet for Android and iOS and a specific Bitcoin Gold (BTG) wallet for Android users. By the year 2017, the Freewallet team launched the web version of Freewallet’s multicurrency wallet App and by 2018, Freewallet’s wallets, in general, were ranked third in the category of “most popular online wallets” for Android.
Also, in 2018, the Freewallet team launched the first-ever specific TRON (TRX) wallet for Android immediately after TRON’s independent blockchain ecosystem migration was released. Same 2018, Freewallet registered an official white label project called “Multiwallet”.
At a time, Freewallet had a record of 23,583 Freewallet APK downloads on a monthly basis.
What’s included in Freewallet?
A Freewallet review should be able to start with what’s included;
The major extras included in the collection of Freewallet wallets is the presence of its built-in exchange, effective cold storage, a personalized page for deposits and it’s easy to familiarize feature, without having to make users worry themselves about various specific technical features and complex settings.
The Freewallet family has a wide range, starting from its multi-currency crypto wallet to its single currency wallets for Ethereum, Monero, Litecoin, Dogecoin, Bitcoin, Bitcoin Cash ABC, TRON, Bitcoin Gold, and also Tether.
The range of wallets hosted by Freewallet includes its web multi-currency wallet, it’s iOS and Android multi-currency Freewallet APK, 22 single currency wallets for Android and 8 single currency wallets for iOS.
The Freewallet’s multi-currency wallet supports over 30 digital currencies which can be stored, transferred and exchanged. It has Freewallet single currency wallets’ features and even more, which includes its highlights of currencies that are on the fast track as regards to growth at each particular moment, it also shows the user’s active wallets in ‘Favorites’.
Freewallet also has its Token wallet, specifically made for tokens built under the Ethereum blockchain ecosystem. It receives, stores and transfers Ethereum-based tokens. This Token wallet supports over 350 ERC20 tokens, and of course including Ethereum too. It is currently available for only Android users.
There is also the Freewallet Lite, built by the Freewallet team. This wallet obviously came after the various negative reviews about Freewallet being a custodial wallet housing it’s users’ private keys. This wallet ensures a new address is created for each transaction automatically, its total balance and transaction activity are all difficult to track. It is a hierarchical deterministic wallet that requires no registration, has total anonymity, client-controlled private key storage and 100% privacy. This development is one huge achievement made by the Freewallet team. The Freewallet Lite currently supports Bitcoin, Ethereum, and ERC20 tokens and is available for both Android and iOS mobile users.
As part of its development and upgrades, and of course to enable its support of additional popular coins with time, Freewallet has gone into various partnerships with different leading coins, crypto/digital projects and financial firms like Bankex, MinerGate, Digibyte, KIN, NUT, EOSDT and Decent Wallet, just to mention a few.
Freewallet Review: Features
Freewallet as a family has a couple of identifiable features amongst them which stands them out when compared with other wallets, they include;
Option to buy supported coins using a credit card.
- Prepaid phone can be topped up using bitcoin directly from Freewallet
- Presence of four different fee options while transferring Bitcoin and other coins
- Availability of 13 different language features, including English, German, French, Spanish, Russian, Italian and simplified Chinese
- Fee-free instant transactions between Freewallet users
Freewallet Review: Fees
It’s hard to find much fee information on Freewallet. On the face of it, everything is free to use. No signup fees, subscription or much spread on exchange rates.
Freewallet fees are as much as considerable. It comes with a default fee for each fee option depending on the urgency of the transfer which changes once the amount to be transferred is imputed. It has the Low, Normal, Fast, and Urgent fee option ranges.
The fee charged on each fee option range solely depends on the amount of transaction and the current network load. The default fee option actually stays on “Normal”.
The function of having to choose from different fee option ranges gives you the convenience to regulate the speed of your digital currency transaction yourself.
Is Freewallet safe?
One would answer yes. Freewallet has never had any negative security record. The team ensures the safety of the funds of users and has put various security features in place to enable that, which includes;
- Presence of PIN-code and Touch ID.
- Active 2factor authentication.
- Multisignature of transactions before confirmations.
- Cold storage for funds.
- Option to regularly review all logged-in sessions and terminate any unfamiliar ones.
- Presence of transaction limits on withdrawals, customizable by the user.
Is Freewallet the best crypto wallet?
Freewallet might not be ranked as the very best crypto wallet, but going by its features, history, and reviews, it stands out as an outstanding crypto wallet for crypto users and traders. Also, Freewallet is easy to install, set up and use, with very easy and user-friendly interfaces (as you can see below).
Alternatives to Freewallet:
A Freewallet review will be incomplete without giving a few alternatives to Freewallet based on their features, security base, and services provided. They include ESR wallet, Electrum, Blockchain wallet, Coinomi, Jaxx, Cryptonator, UnifyPay, GuardaWallet, and Monerujo.
You can always contact Freewallet’s support for more information about the team and it’s products including development updates, or check it’s the homepage for more information.
Freewallet Review Summary
Freewallet is an outstanding web and mobile (iOS and Android) multi-currency and single currency wallet, with cold storage and built-in crypto exchange, that is safe and easy to use.
- Exchange Fees
- Withdrawal Fees
- Coin Support
- Payment Options
- Ease of Use
- Worldwide acceptability
- 24/7 customer support available
- User-friendly interface
- Built-in crypto exchange support
- Fee-free transactions between Freewallet users
- Variety of wallet options, multi-currency and single currency
- It is unregulated
- Plenty of negative user reviews
- Web wallets are highly vulnerable to malicious attacks
- It is a custodial wallet – no access to private keys by users (except for users of Freewallet Lite).