Freewallet wallet review

Freewallet
Intuitive Ease of use,  High Privacy,  Wallet platform Private Keys Stored

Freewallet began as individual wallets for popular currencies. The new multiwallet version combines all the 30+ supported coins into one wallet and allows instant exchange between coins. It is a mobile first app but has been widely criticized for maintaining control of users keys. There have been extensive rumors that the platform has been involved in stealing customer funds.

After slowly developing a foothold in multiple coin specific wallets free wallet released its multicoin wallet. It allows you to buy trade between multiple popular altcoins. Most trades are performed 'off chain' meaning they perform them within their own network and they are not on the official Blockchain. This has the added bonus of making them instant but many are concerned about security.

Company / organization behind the wallets

The Freewallet development team is thing of mystery. No one know's who developed this wallet and all regular channels to discover this information are blocked. Starting in June 2017 lots of people started to see their ETH coins moving without their approval to a single address. Industry experts believe this is part of an exit scam to steal peoples funds.

Language Support

  • Chinese
  • English
  • French
  • German
  • Hindi
  • Russian
  • Spanish

Supported Systems

  • Android
  • iOS

Security for the Multiwallet may seem high, they have all the modern security features. The biggest security concern is all of your funds are completely controlled by the wallet platform. Users do not have access to their own funds and there is no backup. The user is completely dependent on the legitimacy of the wallet platform and in this case the legitimacy of the platform is in question.

Summary:

Security
Average
2 Factor Authentication
Yes
Multi-Signature
Yes
Private Keys Stored On
Wallet platform
Storage Type
Cold storage
Transactions Validation
SPV or Lightweight client
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

They have a forgot password reset.

The wallet is easy to use and has a simple design.

Summary:

This wallet has great functionality and user interface. It may appear to have excellent security except that this company has complete control of users funds. Furthermore, a little bit of research into the background of this company suggest they have something to hide. Recent reports of theft of millions of dollars in user funds should be a reminder to always maintain control of your funds.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Involved
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using credit card
  • Exchange coins crypto to crypto
  • off chain transactions

After slowly developing a foothold in multiple coin specific wallets free wallet released its multicoin wallet. It allows you to buy trade between multiple popular altcoins. Most trades are performed 'off chain' meaning they perform them within their own network and they are not on the official Blockchain. This has the added bonus of making them instant but many are concerned about security.

The wallet platform has built the exchange function in their own software and manages it locally.

Help and support:

  • FAQ section
  • Contact form
  • Email
  • Phone
  • Live chat

Personal information for activation account:

  • Name
  • Email Address
  • Phone Number

Most common customer complaint:

Slow transaction time, missing/stolen coins, failure to log in