Freewallet – Secure Mobile Cryptocurrency Wallet Stores Bitcoins?
Freewallet is a free, open-source cryptocurrency wallet for iOS and Android devices. Find out how Freewallet works today in our review.
What Is Freewallet?
Freewallet, found online at Freewallet.org, is a Tallinn, Estonia-based developer that offers mobile cryptocurrency wallets for iOS and Android devices. The company’s mobile wallets are designed to hold bitcoin, Ethereum, Monero, Lisk, and Dogecoin. At the end of July 2017, Freewallet became one of the first major mobile wallets announcing support for Bitcoin Cash.
The company was founded in January 2016. Freewallet’s first product, FantomCoin, was designed to test the technology. The company later launched Ethereum wallets, bitcoin wallets, and Monero wallets on the Google Play Store.
Freewallet’s varisou wallets have often reached the #1 position for their respective currencies on the Google Play Store.
One of the unique things about Freewallet is that the company retains control of each customer’s private keys. They keep the majority of users’ funds in cold storage – similar to how an exchange would keep your funds.
However, if you’re the type of user who likes to retain control of your private keys, then Freewallet may not be your ideal choice. Obviously, you’re free to transfer your private keys and coins from Freewallet to another wallet at any time.
Freewallet offers a number of different products for all types of currencies. Available currencies include:
- Bitcoin Wallet (iOS and Android)
- Ethereum Wallet (iOS and Android)
- Monero Wallet (iOS and Android)
- Dash Wallet (Android)
- ZCash Wallet (Android)
- Doge Wallet (iOS and Android)
- Steem Wallet (iOS and Android)
- Lisk Wallet (iOS and Android)
- Decent Wallet (Android)
- NXT Wallet (Android)
- Ardor Wallet (Android)
- FantomCoin Wallet (Android)
- Bitcoin Cash Wallet (Android)
- Bancor Wallet (Android)
- DigitalNote Wallet (Android)
- Bytecoin Wallet (Android)
- Tether Wallet (Android)
Obviously, all of the above wallets work in the same basic way. They let you hold each respective currency in a mobile-based interface. You can access your currency, view your account balance, withdraw or deposit money, or transfer money to another wallet. The apps tend to be well-designed and secure. Here are some of the key features across all Freewallet builds:
The majority of all assets are stored in an offline vault to secure your funds against any malicious activity. Freewallet does this because they claim that 90% of users don’t backup their private keys or remember their mnemonic phrases. Again, Freewallet is unique among mobile wallets for keeping its users’ funds in cold storage, because most other mobile wallets don’t retain control of your private keys.
Backup Not Required:
If you lose your device, you don’t have to restore it from a backup. You can freeze your account or access it from any Android or iOS device.
Users can secure their wallet to additional levels using security codes or by verifying their email/phone number.
Payment & Exchange Services:
Freewallet offers smart transactions. You can transfer money between currencies. View Freewallet’s current rates on their website.
If you’ve never purchased coins in your life, then Freewallet lets you easily buy coins for the first time. You can buy currencies like Bitcoin with a card, for example. Freewallet has a nifty interface where you choose how much you pay, then view the amount you can receive in bitcoin.
Overall, the Freewallet apps are easy to use and come with a user-friendly interface. The apps are easy to appreciate whether you’re a beginner or advanced cryptocurrency user.
Freewallet is a team of Estonia-based developers who have created a large number of wallets across the cryptocurrency industry. The company’s easy-to-use wallets let users access cryptocurrencies regardless of their technical skills or experience.
Most of Freewallet’s products have reached the #1 position on Google at some point. When you search for wallets capable of handling each respective currency, you can find Freewallet on the list.
In July 2017, Freewallet made headlines for “losing” over 21,000 ETH, worth over $8.3 million. However, the “loss” was later found to be a normal transaction between a Freewallet user. The internet lost its minds over the issue before Freewallet founder Alvin Hagg eventually responded and stated that all systems were normal, all user assets were safe, and there was no reason to worry. Nevertheless, it’s natural for users to be nervous – considering Freewallet maintains access to their private keys.
Later that month, Freewallet made headlines for a more positive note when they released one of the first Bitcoin Cash wallets.
Freewallet is a collection of over a dozen cryptocurrency wallets. In July 2017, the company made headlines for launching one of the first dedicated Bitcoin Cash (BCH) wallets. The wallet was launched on July 29. At the time of launch, the developers didn’t even know if the currency would officially exist.
Ultimately, Freewallet is one of the best-known wallets in the cryptocurrency space today. However, there’s one big catch with Freewallet: the company maintains control of your private keys, similar to how your coins are held at an exchange. As opposed to certain other wallets, you don’t have full ownership of your private keys when they’re held in Freewallet (although you can obviously transfer your coins at any time).
This can be a good or bad thing, depending on your approach to security. Some people like it when others are in charge of their security, while others prefer to hold onto their own private keys and be responsible for their own security.
In any case, you can learn more about the popular lineup of wallet apps online today at Freewallet.org.