Freewallet is an online cryptocurrency wallet that can be accessed both through a browser and a dedicated mobile app (which is available on Google play store and iPhone app store). Through the platform, you can hold more than 100 different cryptos, and also benefit from an in-built exchange to make trading your coins quick and easy.
Freewallet, originally a standalone by the name of Fantomcoin wallet, was formed in January 2016. At present, the service has over 3,000,000 users with more than 100,000 application downloads on the Google play store.
Pros & Cons
How does Freewallet work?
Freewallet allows you to set up a variety of different crypto wallets within one account, with wallets available for over 100 of the most popular cryptocurrencies. You can easily change between these wallets, and also have the option of a multi-currency wallet that can be accessed online. The service provider stores a user’s cryptocurrency funds in cold storage (i.e offline) to ensure their security.
In addition to its wallet services, the platform also provides an in-built cryptocurrency exchange through its partnership with Changelly. This means that users can directly trade cryptocurrencies on from their Freewallet without the need to access a different platform or transfer the coins elsewhere. A user can also send funds from one Freewallet user to another without any transaction fee.
In terms of buying cryptos, Freewallet enables its users to buy coins using a credit card or Mastercard. However, the transaction fees for doing so are often quite steep so you might want to consider buying crypto elsewhere and transferring it to your new wallet.
Which cryptocurrency wallets are supported?
Freewallet now provides wallets for over 100 cryptocurrencies. Some of the options available to users are:
- Bitcoin wallet
- Ethereum wallet
- Monero wallet
- Dash wallet
- Zcash wallet
- Doge wallet
- Lisk wallet
- Decent wallet
- NXT wallet
- Ardor wallet
- EOS wallet
- Tether wallet
- NEM wallet
- Bitcoin Cash wallet
- Neo wallet
- Bytecoin wallet
- Bitcoin Gold wallet
- Ripple wallet
- TRON wallet
- Litecoin wallet
- Stellar wallet
- IGNIS wallet
What devices is a Freewallet compatible with?
As an online service, it can be accessed through any browser on an internet-enabled device. In addition to this, Freewallet users can download the platform’s mobile app so they can manage their coins directly from their smartphones. This means you can use the wallet on any of the following devices:
- Desktop computers
- Android smartphones
As of January 2020, Freewallet is available and operates in more than 100 countries, including the UK and the USA. Moreover, the application is available in 13 different languages. Since the service basically requires an internet connection, it can be accessed from anywhere without any restrictions.
Freewallet’s customer support is only available online. You can enquire or submit a query by filling details on the typeform that is available on the platform’s website. The service provider also has a chatbot option for anyone visiting its website, and you can contact the team via email to lodge any complaints/ask questions.
Freewallet does not have the option of a live agent or any call-based support. Also, there is no indication on the time taken for answering the query post submission of the ticket.
Freewallet’s platform is simple and easy to use, both through a browser and on the mobile app. The user interface for navigating different control panels is straightforward and allows you to flick between your different crypto wallets easily – and the platform gives access to an impressive range of cryptocurrency wallets.
The process of signing up can be done using your Facebook account, Gmail, or mobile phone number. Alternatively, you can also directly signup by providing your email and setting a password. You will also be required to create a PIN after setting your password. Once you have verified your account, you will directly be taken to Freewallet’s dashboard.
Now you can send or receive any prominent cryptocurrencies. In a recent update, Freewallet have launched an additional app called Freewallet Lite; this enables you to store your private keys on your own device. In other words, control of your cryptocurrency fund remains in your hands instead of on the platform.
How does Freewallet keep my cryptocurrency safe?
Security is always the primary concern with a crypto wallet, and so Freewallet puts in place the following measures to keep your coins safe:
- Cold Storage. Freewallet stores cryptocurrency funds in cold storage. This means that the private keys of users are stored in an offline manner that is not susceptible to hacking.
- Multi-Signature Confirmation. Confirming any transaction requires multiple signature confirmation. Hence, every time a user makes a transaction, Freewallet would ask for email and 2FA code before approving it.
- Secure PIN code. At the time of setting up, Freewallet will prompt you to set up a 4-digit PIN code. If you remain inactive for more than a couple of minutes on a browser or each time you open the app, you will have to enter the 4 digit PIN. This ensures that even if your mobile device is lost, a hacker cannot get access to your funds.
- 2FA. The 2-Factor authentication renders additional security each time you withdraw funds or make a transaction. You will be required to enter an OTP or code from your mobile phone/email id in order to successfully pass the transaction.
- Limits per day/ per week. For additional security, a user can set specific limits to the funds that they can withdraw per day. This can be accessed from ‘Limits’ under the ‘Security tab’. For instance, if a user has set a limit of withdrawing 100 Monero coins, they will not be able to withdraw more funds within 24 hours.
Do I need to download any software?
It depends upon the device that you are using. In case of any OS on a laptop or computer, you do not need to download or install any software as you can access the platform via a browser. However, if you are using it from your mobile phone, you have to download the Freewallet application available on the app store.
Can I back up my Freewallet?
Since the funds are held by Freewallet in cold storage, there is no need or methods available to back up your cryptocurrency funds. In the case of Freewallet Lite app, wherein you remain in control of your private keys, you can restore the wallet using a mnemonic phrase.
Can I use it anonymously?
Signing up and logging in to your Freewallet account does not require any identification documents. However, in case of any suspicious activity, the platform blocks a user from accessing its account. In this case, the user needs to go through the KYC procedure in order to use its cryptocurrency funds stored on Freewallet’s website.
Are there any extra fees for using my Freewallet wallet?
The information offered by Freewallet’s website pertaining to fees seems vague. There are no subscription or signing up fees for using the wallet’s services. According to the service provider, it charges a percentage of the transaction each time you transfer any cryptocurrency. However, the website fails to mention specifics as to what percentage it levies.
For instance, according to its website, transaction fee on the bitcoin network differs according to the amount of BTC that you transfer. For example- Low = 0.0001, Normal = 0.0002, Fast = 0.0003 and Urgent = 0.0004. These appear to correlate with standard mining fees, but it is unclear if Freewallet also applies an additional charge or slightly worse exchange rates to generate profits for the business.
Are there limits to the amount of cryptocurrency I can deposit and withdraw?
There are no limits imposed by Freewallet pertaining to the amount that you can deposit or withdraw, but users are able to manually set limits for withdrawals under the security tab. You can choose to set daily or weekly limits depending on your requirements.
If you are holding a diversified portfolio of multiple cryptocurrencies, you may need to set multiple limits. For instance, you may set a withdrawal limit of 0.5 BTC and 1 ETH depending upon individual cryptocurrencies.
How much does a Freewallet cost?
The wallet can be accessed from the play store or web browser. There is no charge for downloading or signing up. However, you will need to pay a transaction fee while using its services to transfer and buy cryptocurrencies.
What extra features does the Freewallet have?
Top Up Phone
This is a unique feature that is introduced by Freewallet. You can recharge your prepaid mobile phone using Bitcoin straight from your account. The service is supported to over 400 operators in 100 countries.
Freewallet is a good choice of online platform for those who want to store multiple cryptocurrencies. This is mainly due to its unique capability of removing the barriers of using multiple wallets and having the capacity to set up wallets for over 100 different cryptos. It provides easy access to manage a diversified cryptocurrency portfolio on one platform without the need to individually navigate multiple platforms.
There has been some controversy attached to Freewallet in the past – most notably in 2017 when some users claimed ETH was being taken out of their accounts without them authorising it – but the platform has managed to build up a wide user base since launching in 2016. Moreover, by providing strong security protocols, it has created an environment of trust among its customers.
Additionally, offering the services of an in-built cryptocurrency exchange allows users to use Freewallet as a one-stop-shop for all things crypto – although they are not upfront about what fees it leverages on users in exchange for this convenience.
With the latest innovation of Freewallet Lite, Freewallet has taken steps to give users that want to control their own private keys the ability to do so – demonstrating a responsive attitude to consumer demand.
How to open an account with Freewallet
Setting up a Freewallet is a quick an easy process, with the user-friendly interface allowing you to set up a variety of cryptocurrency wallets once you have registered for an account. Here are the steps:
- Go to the web platform or download the Freewallet app. The first step is to head over to the official website or download the application of the Freewallet app depending upon your requirements.
- Sign up. Sign up using your Facebook account, Gmail, Mobile phone or email address. If you are an existing customer, you simply need to log in with your credentials.
- Choose a PIN code. You will now need to select a 4-digit PIN and confirm it. Please note that you will be required to enter this PIN each time you have been inactive on your web browser or open a Freewallet application on your smartphone.
- Verify your email. Freewallet will send an email with a verification line to the email address you’ve used to set up your account. You have to click this link before you can use your wallet.
- Start using your wallet(s). Now that you’re set up you just need to navigate to the various crypto wallets available to you on the list provided on the site/app. This will give you access to the wallet address for each coin that you can use to transfer coins into the wallet, and display a QR code which can be used to transfer coins elsewhere.
- Explore other options. You can access other features in your account, such as setting up daily/weekly limits, buying crypto using its in-built exchange, or sending funds to another user.