BRD Review: Full Wallet Analysis
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Simply put, a cryptocurrency wallet is either a software program, or a device, or an online wallet intergraded in a certain website or even a paper that can be used to securely store, send and receive digital currencies such as Bitcoin. Typically, wallets are essential for anyone who wishes to interact with cryptocurrencies either by buying, selling or trading them. Unlike conventional wallets which store currency in its physical form, cryptocurrency wallets store digital currencies by simply storing the user’s public and private keys. These keys are vital when transferring ownership of cryptocurrencies since they enable the user to either send or receive crypto coins from other users. In addition to this, wallets also interface with various blockchains and hence enable users to monitor their cryptocurrency balances.
There are two basic categories of wallets – hot storage wallets aka software, online wallets, and cold storage wallets e.g hardware wallets. Software wallets can be further subdivided into the desktop, mobile and online wallets. Each of these wallets employ varying degrees of security protocols to ensure safe and secure storage of user coins.
What is BRD Wallet?
BRD App is a free mobile digital wallet that can be used for sending, receiving or making payments with Bitcoins/Ether. BRD’s mobile application is available for both iOS and Android devices. It uses a streamlined and highly intuitive design which makes the processes of creating an account, logging in and transacting Bitcoins/Ether fast and straightforward. The BRD company was co-founded in 2014 by three people – Aaron Lasher, Aaron Voisine, and Adam Traidman, BRD App company is currently headquartered in Zurich, Switzerland.
BRD App is a standalone client, which means they don’t own servers that are used when sending or receiving Bitcoins/Ether. Instead, it connects directly to the network which makes it a fully decentralized mobile wallet. Users are, therefore, in full control of their funds at all times, and their funds can be accessed whenever they wish. The private keys are controlled and seen only by the given user and even the company itself does not have an access or a chance to see a user’s balances and transaction history. In 2016, BRD App added purchase capabilities to their mobile application hence enabling users to purchase Bitcoins using cash at various locations throughout America. BRD App later added Bitcoin purchases through ACH bank transfer.
BRD App recently concluded an ICO whereby BRD tokens were sold to various participants worldwide. The crowd sale commenced on the 15th of December 2017, and the hard cap of 20,000,000 US Dollars was reached within 90 minutes. Funds raised during this period will be used to improve BRD’s services in the future by supporting other currencies such as Ethereum, introducing decentralized digital asset exchange and other additional financial services. As of now, one of the main milestones of the company is to grow from the current position of a simple cryptocurrency wallet and become a decentralized banking platform. In order to anticipate towards that goal, the company has already started to thrive by its new updates which bring a number of customer benefits such as a wide variety of cryptocurrencies, trading of digital assets, wallet management, rewards platform and so on.
BRD App supported cryptocurrencies
What are the storage limitations when using BRD App wallet?
BRD App does not have any storage limitations. Users can store as much Bitcoins, Bitcoin Cash and Ethereum as they wish.
What are the fees charged by BRD wallet?
BRD is completely transparent in its operations and has no hidden fees/ charges. They have clearly indicated that sending, receiving and storing coins on the wallet is completely free. However, since BRD synchronizes directly to the Blockchain, small network fees are charged whenever these transactions are carried out on the network. Network fees are paid to the network of the given cryptocurrency and not to the BRD company.
In addition to this, BRD also charges fees when buying Bitcoin through the BRD application. The fees differ depending on the payment method used during the purchase. The table below shows these fees, payment methods, buying limits and delivery time.
|Payment method||Fees||Daily limit||Delivery time|
|Bank account||1% + 0.50 USD||500 USD||4 to 6 days|
|Cash at Bitcoin ATMs||Set by the local operator||Variable depending on the operator||Instant|
|Cash at BTC retail stores||Set by the local operator||300 USD||Instant|
|Credit Card (Visa/ MasterCard)||5% (minimum is 10 USD) + 2.9%||20,000 USD||Within 24 hours|
What are the verification requirements when using BRD wallet?
When creating an account on BRD, the application requires the user to create a 6-digit PIN code. This code will be used every time the user logs into the wallet. In addition to this, BRD App also provides a paper key (seed phrase) containing twelve random words. This paper key is used to identify the user in case he/she loses their mobile device. Users are advised to write down the paper key on a notebook and keep it in a secure place.
Does BRD wallet have any special features?
In addition to its mobile wallet services, BRD allows users to buy Bitcoins directly through the BRD App interface using either cash or their bank account. When buying Bitcoins using cash, BRD provides a mapping feature through which users can find nearby Bitcoin ATMs and retailers. To facilitate buying Bitcoins using bank accounts, BRD has partnered with third-party services which can be accessed through the BRD mobile application.
Very recently (May 1st, 2018), when BRD has come up with some new updates it has also added some very interesting features. First of all, BRD wallet now supports 100 ERC20 coins! That means that the users are now capable of receiving, storing and sending the top 100 ERC20 coins with ease. Another outstanding and a relatively new feature that has been added to BRD is the management of wallets. In other words, this method allows to hide and add wallets, as well as, order, list or leave out the assets of the users’ choice.
Also, BRD now offers a safe platform for the trading processes of the digital assets. In other words, besides being able to store assets on the BRD app you can trade them within the platform too. The next new feature is the rewarding platform of BRD. This way the owners of the BRD token, which is the fuel of the BRD ecosystem, can get a number of discounts and other advantages meanwhile the company is growing. In order to celebrate the launch, BRD has started a 4-week long airdrop.
Is BRD wallet safe?
BRD wallet enjoys a good reputation in the cryptocurrency community and has been regarded as the best wallet for storing cryptocurrencies on mobile devices. Part of the reason why BRD is highly reputable is their focus on maintaining user anonymity and privacy. This element coupled with the application’s lightweight design and high speed makes it unbeatable as the most preferred mobile digital wallet. As of now, the BRD mobile application has over 500,000 total downloads from 120+ countries worldwide.
What security protocols does BRD wallet employ?
Unlike common custodial wallets which store users’ private keys on their servers, BRD is a fully decentralized wallet, and hence it holds users’ private keys in the hardware encrypted chip of their iOS and Android devices. This ensures safety and security of users’ coins since there is no honeypot for hackers to target as is the case with custodial wallets.
Additionally, BRD App uses the SPV mode to connect users directly to the Bitcoin network hence allowing transactions to be carried out on a more decentralized and fortified environment of the network. This measure ensures that even BRD App’s employees cannot access customer information or track their transactions. Thus, anonymity and privacy of the users are assured, and users are able to retain full control over their assets.
How is BRD wallet’s customer support?
BRD users can enjoy great customer support that can be reached through the email provided on their site. Responses are made within 24 hours after the inquiry is made.
Is the BRD wallet easy to use?
This is perhaps the best feature about the BRD wallet. The mobile application is simple, intuitive and well designed for ease of use by both novice and experienced users.
How to use BRD?
Using the BRD wallet is simple and straightforward for both beginners and non-technical users due to the lightweight design and user-friendly nature of the platform. The following are the steps to follow when using BRD App.
Step 1 – Installing the app
Depending on your device’s Operating System, go to the Apple App Store (for iOS users) or Google Play Store (for Android users) and download the BRD App wallet. After downloading it, install it on your device.
Step 2 – Create a new wallet
Launch the application and then click on the “Create a new wallet” button. The application will prompt you to input a 6-digit PIN (personal identification number) that will be used every time you log into the wallet. Once you’ve entered the 6-digit PIN, BRD will generate a paper key (seed phrase) for you. A paper key is a phrase containing twelve random words which will allow you to recover your wallet in case your mobile device is lost or stolen. It’s advisable to write down these words on paper and keep the paper in a safe place. BRD may prompt you to enter a few of the random words in order to verify that you’ve written them down.
Step 3 – Choose the type of transaction
Once you’ve chosen your PIN and written down your paper key, your BRD wallet is set up and ready for use. BRD App offers options for adding one of the supported coins to your wallet. The first option is to ‘Receive’ the cryptocurrency of your choice by transferring them from another wallet to your newly set up BRD wallet. The second option is to buy the cryptocurrency directly through the BRD application.
Step 4 – Receiving a cryptocurrency from another wallet
This option is for those who already have crypto stored in other wallets or exchanges. To begin the process of receiving the coins, tap the “Receive” button on the application. BRD will then display your wallet address, QR code and a link through which you can share this information via email or text. Send your coins to the wallet address displayed and then wait for a few minutes for the Bitcoins to be reflected on your BRD wallet.
Step 5 – Buying Bitcoins
This option is for those who don’t already have some Bitcoins or for those who want some more. Currently, BRD App does not support buying any other cryptocurrency other than Bitcoin. To buy Bitcoins directly through BRD, click on the “Menu” tab and select the “Buy” option. Using their mapping feature, BRD will connect you to nearby Bitcoin ATMs and retailers where you can buy Bitcoins using cash. Alternatively, the BRD App has partnered with various third-party services that will enable you to buy Bitcoins using your bank account. However, these third-party services have their own terms and conditions that are different from those of BRD App. Hence it’s important for users to consider these terms before using their services.
Step 6 – Sending cryptocurrencies
Once you have added the cryptocurrency into your BRD wallet, you can send the coins to other people or use the coins for making payments for goods and services received. To begin sending the cryptocurrency, navigate to BRD’s home screen, choose the currency you wish to send and then click on the “Send” option. BRD App will then prompt you to enter the recipient’s address. Once you’ve entered the recipient address, type in the number of coins to be sent. You can also add a short message in the “Memo” field although this is optional. Confirm the details of the transaction and then click “Send” at the bottom of the screen to initiate the transaction. The coins will then be added to the recipient’s wallet address and subtracted from your wallet.
BRD Review Summary
BRD stands out as a reliable crypto wallet due to its unique combination of convenience, privacy, and security. It’s easy to use interface makes it suitable for use by newcomers who are just beginning to use wallets and experienced investors who have been using wallets for a while. However, since it is a digital/hot wallet, it’s advisable to use the BRD wallet for storing small to medium amounts of crypto coins and instead use hardware/offline wallets for extremely large amounts. However, I believe BRD is the best mobile wallet out there and it’s definitely worth giving a try.
- Allows users to purchase crypto coins directly from the wallet’s interface.
- Connects directly to the blockchain network.
- Easy to use interface.
- Does not support multi-signature transactions.
I hope the information shared in this BRD review has been insightful. Feel free to visit our site for more reviews and content on cryptocurrency related topics