Freewallet Review: Fees, Coins, Security Compared 2022

Rating: 4/5

Bitcoin Trading Verified

Blockchain support:

Supports all popular blockchains

Compatibility:

IOS, Android, desktop

Storage type:

Uses Secure Enclave technology, giving 'cold wallet level' security compliance

Price:

Free

Finding workable and reliable multi-currency cryptocurrency wallets for yourself can be a bit tricky these days. Often the options are myriad - and the wrong choice could mean losing crypto assets, and that's not what you want. Well, if you take a look at our review on Freewallet, you may find that this particular wallet may well meet your needs and requirements.

What Is Freewallet?

Freewallet is a multi-currency wallet that attempts to make it easier for users to store and manage their cryptocurrency both online and on mobile devices.

History

The company, founded in Tallinn, Estonia, in 2016, first brought the FantomCoin wallet to market, and then introduced mobile wallets for Ethereum, Bitcoin, and Monero. 

Then there was the creation of wallets designed for transactions with only one currency. Gradual development of the company and its products allowed to achieve today's impressive results. Now the team of specialists consists of 70 people dedicated to their work. They are working on improving the functionality of all the wallets.

Freewallet was the very first mobile wallet to support Bitcoin Cash in 2017, and later had the same first distinction in supporting Bitcoin Gold and Bitcoin Cash ABC.

Freewallet Summary

Official website

https://freewallet.org/

Wallet name

Freewallet

Type of Wallet

Software Wallet

Coins Accepted

 100+

Native Token

No

Supported Countries

All

Languages

Users can choose from 13 languages that are used to provide information

Charges

Only Gas Fees (Network Fees)

Mobile App

Yes

Is FreeWallet Legit and Safe?

Freewallet Reviews

According to many reviews, Frewallet app can be recognized as a reliable and affordable wallet. It has many positive reviews. Negative reviews are mostly unsubstantiated, and the negative experience of use comes only from their own mistakes. In addition, the most disturbing topic contains the answers of Freewallet representatives, explaining the reasons for the inconvenience. It doesn't look like people really lost their coins, most likely, some wallet users encountered some delays in withdrawals.

How does it Work?

The Freewallet app works in the following ways:

  • Freewallet users do not pay transaction fees when they send each other coins. However, they do have to pay network fees. Free transactions are achieved through off-chain transaction technology.
  • Built-in transaction tracker. The Freewallet website has a separate page where any user can put a special code called Request ID in the appropriate field to see the status of the transaction and all related information.
  • Two-factor authentication (2FA). This security measure is very important because it creates an additional security check before withdrawals. When a password and PIN (which can be obtained by hackers from compromised emails or messages) are inserted, a unique code (one-time password) must be inserted, which is generated (updated) every 30 seconds on the user's device. Therefore, without this device, no one will be able to withdraw funds from the user's account.

How to open your Freewallet account

Step 1 - Go to the official website and initiate the download

The registration process doesn't take long. The user provides an actual email address, which must be confirmed (users cannot withdraw their funds until they confirm the email address). 

In addition to entering the email address, the user must create a strong password and a short 4-digit PIN code. This PIN is requested when the user performs any significant action with the wallet. When the PIN is set and the email address is verified, the registration process is complete and it is best to enable all security measures for the wallet.

Step 2 - Installing security measures

This is the second recommended step after registering an account and confirming an email address. Security should not be neglected, and there are many aspects that depend on users as much as the platform itself.

All wallets can be protected by five security features: PIN, TouchID, 2FA, Multiple Signature Email Confirmation, Set Maximum Daily Withdrawal Amount.

Step 3 - Open the wallet and add crypto

Freewallet Features

Fees

Freewallet users do not pay transaction fees when they send each other coins. However, they do have to pay network fees. Free transactions are achieved through off-chain transaction technology.

When sending Bitcoin to a third-party wallet, the user can choose from four payment options (the higher the fee, the faster the transaction).

Supported Assets

ETH, BNB, ADA, LTC, LINK, DASH, MATIC, 1INCH and many other coins that are supported by the networks.

Stacking

Frewallet does not support the staking function at this time.

Exchanges

Freewallet provides the ability to exchange crypto-assets in the user interface of the wallet. The process is quite simple: there are two fields on the exchange page. The first one is for the amount and type of cryptocurrency the user is going to send, and the second one is for the amount and type of cryptocurrency the user is going to receive. There are more than 40 cryptocurrencies to choose from. The exchange is handled by a "smart transactions" algorithm that quickly exchanges one currency for another. It is not possible to set a fee for Freewallet's exchange service, but it is safe to say that this feature can save time and will be useful in cases where currency exchange is urgently needed.

Security

All wallets can be protected by five security features: PIN, TouchID, 2FA, Multiple Signature Email Confirmation, Set Maximum Daily Withdrawal Amount. Without these security features, hoaxers can steal all the money through phishing sites and other tricks. That's why Multisig, Touch ID, and two-factor authentication are very important to keep your wallet as safe and secure as possible.

Support

User support is provided through email and the official website

Advantages and disadvantages

Advantages

Disadvantages

  • Intuitive user interface
  • Easy for Beginners
  • Optimizes public chain
  • Lots of supported coins
  • Built-in exchange
  • Multilingual user-friendly interface
  • No staking
  • Customer service needs improvement

Alternatives

Header

Freewallet

MetaMask

TrustWallet

AlphaWallet

RATING

BLOCKCHAIN

SUPPORT

10+

60+

53

Ethereum and others

Conclusion

In conclusion, Freewallet provides a sophisticated set of features (some of which are innovative) and solid functionality that can suit both beginners and experienced cryptocurrency users (more likely they will tend to use the Lite version to get more control over their funds). The interface is intuitive, which makes this wallet quite attractive, but sometimes users have to wait for long periods of time to withdraw their coins. Freewallet is not a rogue platform. It solves problems and continues to work, but there are some aspects that need to be improved.

Freewallet Review Summary 

84% Overall

We have analyzed key features of Freewallet based on 3 important criteria for choosing crypto wallet:

  • Trustworthy
  • Usability
  • Number of coins
    Based on researches and our own tests, we have made an independent rating.
86%
Trustworthy
83%
Usability
84%
Number of coins

FAQs

Can I use Freewallet without verification?

Freewallet is a cryptocurrency wallet that you can use without verification. In order to create an account, you need to have a valid email address and password. If you don't want to provide your personal information, Freewallet has an anonymous option which enables you to create an account without a phone number or email address.

How safe is Freewallet?

The safety of your funds is Frewallet top priority. Its keep your money safe by storing it in the most secure wallets, and they don't use any third-party services.

How do I get my money out of Freewallet?

You can withdraw your funds to the exchange or any other wallet at any time by using the cryptocurrency transfer function.

What network does Freewallet use?

Freewallet is a cryptocurrency wallet provider that uses the Ethereum blockchain, Bitcoin, EOS, Tron and many others.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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