Eidoo Wallet Review 2021 - Is It Safe?
Eidoo is a decentralized light wallet supporting Bitcoin, Litecoin, Ethereum, and numerous ERC20 tokens. Moreover, the platform provides many other services including the cryptocurrency exchange, debit cards, etc. It was developed by an eponymous Swiss company and launched in 2017. One of the purposes named by the company is providing transparent, secure, and easy to use service for managing finance to Eidoo's customers. The company is aimed at keeping control over assets in the hands of customers.
- What Is Eidoo?
- Eidoo Wallet Review
- Eidoo Exchange
- Eidoo Debit Cards
- Eidoo Crowd
- Is Eidoo Safe?
What Is Eidoo?
Shortly, Eidoo is a multi-functional decentralized platform for numerous operations related to cryptocurrencies. Eidoo provides diverse functionality. The wallet users can store, send and receive tokens. The Eidoo Hybrid Exchange allows executing atomic swaps. Moreover, the company offers an Eidoo debit card that can be used in the UK and the EU countries. The platform has a native ERC20 utility token EDO. It can be used as a regular cryptocurrency and for paying fees for the use of the Eidoo services. The order of the debit card requires staking or burning EDO tokens. The Eidoo Crowd platform gives an opportunity to participate in ICOs, STOs & IEOs or launch them using Eidoo. According to the company, all the projects presented on the platform are 100% compliant to local regulatory requirements.
The company is not going to stop here and makes plans to widen its functionality even more. According to the website, Eidoo is going to launch a DApp browser, an extension for browsers, and a Non-Fungible Tokens non-custodial wallet which will allow both storage and trading of NFTs.
Eidoo Wallet Review
The wallet supports Bitcoin, Litecoin, Ethereum, and all the ERC20 tokens. It is possible to vote on the website for adding a new token to the list of supported currencies. The wallet interface allows users not only to check the balance but also to see the up-to-date market prices.
The use of the Eidoo wallet is quite easy. In order to perform any action, the users only should insert a short PIN. In the case, if the access to the wallet was lost, a user should provide a passphrase and the wallet will be recovered. The private keys are stored by the user. For more safety and comfort, it is possible to manage the contact list in the account settings.
The wallet is hierarchical deterministic (HD wallet). It means that users can use sub-addresses to preserve the privacy of their balances and stay anonymous.
The app exists in three versions: a desktop wallet, an iOS wallet, and an Android wallet. A desktop wallet is suitable for Linux, Windows, and Mac. The interface allows accessing the wallet from multiple devices.
The Eidoo wallet owners technically can receive all the airdrops of ERC20 and ERC223 tokens. It's important to realize that receiving airdrops usually requires one to follow certain rules so it's better to read the airdrop announcements carefully in order to do everything correctly and get these coins.
Eidoo provides a hybrid exchange to the users. It can be accessed from the wallet account. Why is this exchange called hybrid? The answer is quite simple. Eidoo exchange has a centralized order book that is hosted on Eidoo's server but the company doesn't store any of the users' assets. All the money is kept by the users in their personal wallets and doesn't interact with the exchange. Eidoo only gives an interface and space for placing and matching orders. The exchange of money is executed between traders on a p2p basis.
The trading wallet is activated via the depositing of some amount of ETH needed to pay transaction fees to a Personal Wallet. The Trading Wallet can be funded via the Top Up button. Moreover, it is necessary to buy some EDO tokens to pay transaction fees. In order to buy Eidoo tokens quickly, one needs to click on the Get EDO button. Trading starts on the Exchange tab. The trading navigation is executed via the use of Withdraw/Import buttons.
The Eidoo exchange doesn't provide sophisticated trading tools and doesn't support stop-limit orders and other types of orders. The exchange functionality is quite primitive but on the other hand, the decentralized nature of this exchange makes it safer than any centralized platform.
The following currencies can be traded via Eidoo Hybrid Exchange: Tether (USDT), Ethereum (ETH), Basic Attention Token (BAT), Eidoo (EDO), Binance Coin (BNB), LEO (LEO), Azilowon (AWN), Ekon (EKG), and MoneyFold Euro (EURM). Moreover, automated smart contracts allow users to execute instant atomic swaps of hundreds of the ERC20 tokens.
Besides atomic swaps and hybrid exchange, there is a DeFi Eidoo exchange. This exchange allows finding new projects and invest in them, getting loans, and acquiring tokens. The platform is working in association with Bancor, Compound, Uniswap, and other companies.
All the exchanges are available in the form of iOS, Android, and desktop applications.
Eidoo Debit Cards
Eidoo debit cards bring people closer to the use of cryptocurrencies in the real world. It converts BTC and ETH into in-store money and can be used online, in stores, or withdrawn through ATMs.
The solution is realized with help from Eidoo's partner Moneyfold Ltd. The company powers the conversion of BTC and ETH into one of stablecoins: GBPM or EURM which can be used to pay for the goods that are sold for Great Britain pounds or Euro. Moreover, Eidoo provides up to a 10% cashback in cryptocurrencies. This feature is considered to be unprecedented.
The card can be purchased on the Eidoo's website. Depending on the amount of staked (or burnt) Eidoo tokens, customers can get Basic, VIP or Black cards. Basic functionality is quite wide. The card supports cashbacks, can be used online, in stores and ATMs, can be topped up via SEPA transfers, and requires no annual and ATM fees.
Another notable feature of the Eidoo platform is Eidoo Crowd. It is a decentralized crowdfunding platform created by the company. The platform provides correct information about the active Initial Coin Offerings and Security Token Offerings. The Eidoo support team provides assistance if any user has questions over this or that ICO or STO project featured on the platform. Companies wishing to launch their ICO or STO campaigns on Eidoo are provided with legal, marketing, and technical advice.
First off, the Eidoo wallet users pay for the gas when they make transactions. This measure can be seen as the network fee and the wallet service doesn't have anything to do with this. The gas price is displayed when the user is choosing Ether or one of the Ethereum-based tokens in the "transfer" section. It is possible to configure the price of gas in the "Advanced" sections of the settings menu. The higher fee means the faster transaction.
Withdrawal fees are charged in EDO. The amount varies from 0.2 to 4.0 EDO. Using the Hybrid Exchange is quite cheap. The trading fee varies from 0.1% to 0.15%. This fee amount corresponds with the best offers on the market of cryptocurrency exchanges. Some of the exchanges are using an even more competing model that allows receiving rewards for placing stop-limit orders instead of paying fees but unfortunately Eidoo doesn't offer such a feature.
In general, it is safe to say that fees on Eidoo are as friendly as the interface of this platform.
Is Eidoo Safe?
Before making a decision to use or not to use any cryptocurrency platform it's important to make sure it is safe. Is Eidoo legit or is it a scam? How secure is it?
It is fair to say that Eidoo is quite a safe platform. The very fact that private keys are controlled solely by the users makes Eidoo trustworthy and safe. Hierarchical Deterministic algorithm creates a new address for each transaction. It helps to maintain privacy.
The wallet is technically new on each device and only a 12-word passphrase associates each wallet with a single owner. This backup tool helps to manage and access the account and funds from any place and any device. It increases both safety and comfort.
If we look at the Eidoo reviews written by its users we will find out that most people praise this wallet. Among the complaints, there is a lack of some functions that could make this wallet more comfortable and a standard criticism towards the work of the support team.
Never used a debit crypto card, but the idea of it is an interesting thing. I've just opened it and I'm going to check how it will be.
The great review for a great wallet. I am fond of their fast and good looking interface. Definitely, one the good choices on the market, I'm looking for the other positive review here)