Freewallet Review

/Freewallet Review

Freewallet Review 2018-08-23T13:16:06+00:00
Freewallet Review

Freewallet Review

Quick inner navigation:

  1. What is Freewallet?
  2. Is Freewallet safe?
  3. Freewallet Special Features
  4. Freewallet Fees
  5. How to use Freewallet?
  6. Freewallet Review Summary

Picking a crypto wallet is a nightmare for many investors. It’s easy to pick an unsecured service, in which case bitcoin or altcoins are at risk of getting lost. You can’t choose the most advertised wallet because that does not guarantee you will get a good wallet.

So, how do you pick a secure and user-friendly wallet without spending much time on research? The answer is simple. Read the company’s description of the wallet and compare their information with reviews online.

Good bitcoin wallets are popular among users. Investors are constantly looking for new wallets to store different coins. It’s a security measure that helps spread the risk in case one client develops technical issues.

Among popular multicurrency wallets, there is a trend to provide services on more than one platform. Instead of providing a mobile wallet alone, developers will provide a web wallet also.

With some wallets, you can use one account on all platforms. Some companies don’t have that service. Below is a review of Multiwallet by Freewallet, a multicurrency client that lets you access 25 different coins either on the web or on a mobile app.

What is Freewallet?

Freewallet is a family of cryptocurrency wallet apps available on the web and mobile devices. Launched in 2016 in Tallin, Estonia, the multicurrency client boasts of being the first company to support Bitcoin Cash and TRON on Android devices.

When it was first launched, Freewallet’s team developed Fantomcoin android wallet app to test their software. Soon afterward, they launched the apps for bitcoin and ethereum. By mid-2017, the company was prepared to support Bitcoin Cash on its Android app. No other wallet offered similar support at the time. This helped the company grow in popularity fast and in 2017 Freewallet released its flagship product, Multiwallet, which soon became one of the most popular multicurrency wallets.

While you have the option to get an Android, iOS or web-based Multiwallet app, the services offered are nearly the same. However, the web version and the Android app support 25 coins, while the iOS app only supports 9.

In all cases, bitcoin has a 4-tier fee system meant to provide flexibility. You can choose cheap, slow BTC payments or fast but more expensive payments.

In all the versions, you can top up your prepaid mobile phone with Bitcoin.

Regarding ownership, the company has kept its team’s profiles largely private. It’s a common phenomenon in the crypto sector particularly among exchanges. Startups withhold such details for security purposes. However, Freewallet’s CEO, Alvin Hagg, is a renowned figure in the industry.

Freewallet Review

Since its launch in 2016, a lot has changed about the wallet provider. There are more supported coins and slightly different rules.

Limitations of Storing—do they limit storage?

To prevent fraudulent transactions, you can set a limit of the amount of crypto that should be withdrawn from your Freewallet bitcoin client daily or weekly. It’s an optional feature but one that could become indispensable in case your wallet is compromised.

There are no limits regarding deposits — you can fund your Freewallet account with any sum, however, there is a minimum for exchange transactions.

Available Cryptocurrencies

Freewallet app family includes Multiwallet with 25 cryptocurrencies in it, 25 standalone single currency wallets on Android and 9 on iOS, Token Wallet designated for storing, receiving and sending over 250 different supported ERC20 tokens. There is also Freewallet Lite for Android and iOS, which supports Bitcoin, Ethereum, and ERC20 tokens. Its main advantage is that it allows users to store private keys while other Freewallet cryptocurrency clients do not.

Freewallet Fees

Like many wallets, Freewallet deducts miners’ fee from your account when you complete a payment. The fee is paid to cryptocurrency miners who verify transactions. Freewallet sets the fee. As such, the wallet’s fee may be set to a higher or lower amount than on other companies.

Some wallets keep part of the fee they deduct from every transaction to cover administrative costs. However, there is no indication that Freewallet does the same.

Freewallet Verification

You can register in Freewallet with an email, a mobile phone number, a Facebook or a Google+ account. The last two do not require a verified email address to withdraw funds. ID or photo verification is not necessary on all Freewallet applications as well.

Special Features

While many crypto wallets offer an option to backup coins, Freewallet backs up the wallet for you. They control private keys and as such are able to help you recover your coins easily and make the instant fee-free transaction between Freewallet users.

If you use the lite wallet, however, you must back up your wallet. Lite wallet users hold their private keys. If they lose the keys, they lose access to their accounts completely.

Is Freewallet safe?

One search about the company online and you’ll realize the company has had issues with users in the past. There are hundreds of Freewallet scam accusations but there are also hundreds of thousands of positive reviews.

So, is the company legitimate and safe or a scam?

  • Community Trust

Freewallet crypto client has a solid community that believes in its services. On forums and play stores, there are thousands of satisfied users who give positive reviews. However, there are a few times when something happened and the company was bombarded with denial of service attacks.

In mid-2017, rumors emerged that $8.37 million worth of ethereum had been stolen from Freewallet’s main wallet. The rumors spread fast—fueled by people who already dislike the wallet company.

In the months that followed, Freewallet’s social networks, forum threads, and play store accounts were filled with negative comments. The effects of the negative attacks still affect the company’s image to date, but all rumors about Freewallet’s misdeeds have been debunked including the alleged $8.37 million loss of user’s funds.

Beneath the negative attacks are satisfied users and a hyper-active customer support team that defends Freewallet tireless. The customer service team is particularly patient with users and replies to almost every complaint made to them.

  • Security

Apart from HTTPS encryption for their web wallet, all Freewallet users access their wallets using a password, a PIN code or a Fingerprint ID. The PIN is a 4-digit code you can easily remember. But if for extra security, the touch ID option is more effective.

Optional 2-factor authentication is supported with Google Authenticator or similar apps. Another security feature is the option to sign off every transaction by confirming through your email address. Like any multi-signature payment, you can set a maximum of three email address.

Every time someone tries to withdraw funds from your account, you will be notified by email if you have verified your email address. If you don’t confirm the payment, it will be denied. There is a possibility to set up to 3 emails to confirm the transaction, which practically represents the multisig feature.

  • Customer Support—is it good?

Most companies withdraw customer support when complaints become too many to handle. For Freewallet, every complaint is a chance to help a customer. The company’s support team consists of active professionals who help out customers on almost every platform.

From forums like reddit to social networks like Facebook, the Freewallet is constantly talking to users. They reply to almost every complaint and thank satisfied users. They provide evidence to debunk accusations and offers help to users who’ve experienced technical issues.

The official communication channel for the multi-platform wallet is the ticket system. Users who email the company for assistance are issued with a ticket number for ease of communication. For queries, Freewallet has a Support Centre section. Anyone can visit the section to view commonly asked questions and appropriate answers.

  • Ease of use

The Freewallet android, iOS and web apps are professionally designed. They have a simplistic interface that makes accessing every feature a breeze. All supported cryptocurrencies are listed alphabetically for ease of access.

If you need to adjust security issues, make a transaction or contact support, every feature is easily visible. On top of the impressive features, Freewallet has an update section on the right side of the interface. They offer updates about maintenance issues or any changes to the wallet.

How to use Freewallet?

With one account registered with either email or Facebook or Google+ or mobile phone, you can access our service on any device. Either way, it’s easy to use the applications. Use this guide to create an account and make transactions on any of the company’s platforms.

  • Step 1—Install the Freewallet App

Multiwallet is available for both Android and iOS devices. Install the app compatible with your phone and open it. Unlike most wallet apps, Freewallet won’t prompt you to write a seed phrase. You don’t need to backup your wallet either.

Register with an email, a mobile phone, a Facebook or a Google+ account. Set a password and verify your email account.

  • Step 2—Enable Security Features

Whether you opted for the mobile app or the web app, you can adjust security settings. The feature is located next to the ‘Dashboard’ icon, just before settings. When you click it, you’ll see the option to enable any security detail supported.

You can enable 2-factor authentication, set a 4-digit PIN code or confirm your email if you had not confirmed it. All the security features are optional but are highly recommend.

  • Step 3—Add Funds

Now that you have confirmed your email account and enabled 2FA, it’s time to fund your account. Freewallet is integrated with Changelly. In case you don’t have any crypto, you can quickly buy some using your credit card.

Changelly lets you input the address to receive the bitcoins, even if it’s a third party address like Freewallet. With most exchanges, purchased cryptos are first sent to an exchange provided wallet. This can complicate the payment especially if there are delays on blockchain networks.

Freewallet enables smart transactions. That means you can generate an address that will allow to top up your wallet with any other cryptocurrency.

  • Step 4—Exchange or Transfer Funds

Thanks to Changelly integration, you can perform exchanges between all the supported coins without leaving Freewallet. If you simply want to transfer your coins to another wallet, it’s a one-click step. The transaction features, as well as the Top-Up Phone feature, are all available on the dashboard.

Freewallet Review Summary

Freewallet is a web-based and mobile wallet app. Launched in 2016 by an Estonian startup; the company has grown to serve more than 3 million users in less than three years. While its growth is incredible by any means, the Europe-based wallet provider has experienced some landmark news coverage.

First, the company was accused of losing over $8 million worth of users’ funds. It got heavy press coverage, most of which was negative. While Freewallet disproved the rumor, its reputation suffered as a result.

A few weeks before the launch of Bitcoin Cash fork, Freewallet announced it would be supporting the new cryptocurrency on its wallet app. The company got back into the news again, this time for the positive news.

With the huge attention from news sources, active customer support, and generally good services, Freewallet has reached heights most wallets can only dream of. Of course, the company’s ability to provide good services consistently is its biggest weapon.

Remaining resilient in times of DDoS attacks and a remarkable support staff has also been pivotal in keeping Freewallet one of the best companies.

Pros

  • Simplistic by design and easy to use.
  • Stores most of its users’ funds in offline accounts.
  • Multiple security features enabled.
  • Ability to control withdrawal limits improve security.
  • Multiple currencies supported, including Monero.
  • Professional and quick to help customer support team.

Cons

  • Withholds users’ private keys.
  • The company’s image problem may be a concern for some.

Who is Freewallet best suited for? With its multiple security features, the wallet is a good match for anyone who finds most mobile wallet apps unsafe. That it stores users’ crypto in offline wallets is also of great service.

Most investors fear web and mobile wallet apps since they secure user’s crypto online. Freewallet uses the safest option: cold wallets. On the downside, the company holds the users’ private keys. Cynical investors may want to secure small amounts of their coins on the wallet.

Thank you for reading our Freewallet review. If in need of good multi-wallet reviews, check out our website for more information.

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