Freewallet Review 2024 - Is It Safe?
Freewallet Review 2024 - Is It Safe?
Freewallet (or FRWT) is a web3 non-custody wallet that supports a wide range of functions including swapping, purchasing, and managing cryptocurrencies based on 15 different blockchains with safety and ease.
The wallet comes in two forms: a mobile app for both iOS and Android and a web wallet that can be accessed and managed through an Internet browser.
Given that Freewallet is a self-custody wallet, users have complete control over their private keys, and the company cannot access them under any circumstances.
This article delves into the main features of the Freewallet app, specifies the costs and limits, reviews the features of custodial wallets by Freewallet, and determines whether Freewallet is safe to use.
- Main Features
- Costs and Limits
- Is It Safe to Use Freewallet?
- Freewallet Custodial Wallets
- Conclusion
Main Features
Freewallet is more than just a crypto wallet; it's a multifaceted platform that allows users to perform various actions with their crypto assets.
Below, you'll find the main features available on Freewallet:
Multi-currency support. Freewallet supports over 1,000 cryptocurrencies based on 15 blockchains, providing high flexibility and allowing users to store and manage a wide range of popular crypto tokens. On top of that, for those seeking even more opportunities, Freewallet allows the addition of custom blockchains to the wallet.
Instant swaps. Save time and effort by instantly swapping tokens on Freewallet instead of using crypto exchanges or peer-to-peer platforms. The process is simple and smooth; you only need to specify the currencies you wish to swap, input an amount, and click 'Swap', and the output currency will be exchanged instantly.
On-ramps. Freewallet supports several payment methods for purchasing cryptocurrencies via bank cards through partner platforms. Using Google Pay, Visa, MasterCard, and other local payment services on Freewallet, users can buy crypto without undergoing Know Your Customer (KYC) checks for payments under $150. The higher sum transactions are possible after undergoing a KYC procedure.
ERC20 compatibility. As a DeFi-ready wallet, Freewallet supports numerous ERC20 tokens as well as tokens associated with blockchains other than Ethereum. It's advisable to confirm if a specific ERC20 token is listed on Freewallet before sending it to your Freewallet balance; transactions involving unlisted tokens will occur on the blockchain but won't affect your balance.
Market monitoring. Freewallet provides a panel with market charts, ensuring users stay updated on the latest crypto market trends and prices.
Portfolio tracking. To maintain a clear and updated overview of your overall portfolio performance, the aggregated value of your crypto stored on Freewallet is displayed in your chosen currency, allowing you to quickly check your portfolio's current value.
Costs and Limits
Using Freewallet is free. Additionally, Freewallet does not charge anything on top of network fees. There are no fees for crypto swaps either; you only pay the amount displayed in the swap box.
Each supported token in Freewallet has a minimum amount required for swapping (this amount varies depending on token), which can be checked in the Exchange tab of the app. Purchasing over $150 worth of crypto necessitates undergoing a Know Your Customer (KYC) procedure.
Is It Safe to Use Frewallet?
Since Freewallet is a non-custodial wallet, private keys cannot be compromised on the wallet side. To prevent data leaks, all communication between users and the wallet is encrypted using a robust AES-256 protocol. Furthermore, Freewallet employs numerous security protocols to safeguard users' funds and data.
The standard security measures include a 4- or 6-digit PIN (you can replace it with a graphic passcode) and a seed phrase that serves as a key to the wallet and is needed to access it on any device. For added security, users can enable biometric sign-in and set spending limits.
Freewallet Custodial Wallets
A self-custody wallet is not the only product offered by Freewallet. For those who prefer custodial wallets, there is the option to use a multi-currency Crypto Wallet or one of the dedicated single-currency wallets provided by Freewallet.
The cryptocurrency companies operating custodial wallets are responsible for securing the crypto they hold. Freewallet safeguards its servers against hacks, collects user data necessary for Know Your Customer (KYC) checks, and offers users additional security features such as 2-factor authentication.
Regardless of whether the wallet is single-currency or multi-currency, Freewallet equips it with a comprehensive set of features that transform the wallet app into a complete digital finance platform with a user-friendly interface.
Using Freewallet apps, users can:
- Store and manage 100+ cryptocurrencies
- Send crypto instantly for free within the Freewallet ecosystem
- Buy crypto with a card
- Top up a phone by crypto
- Purchase gift cards from dozens of brands using crypto
- Instantly swap tokens
- Secure accounts via two-factor authentication
Conclusion
Freewallet is a modern crypto wallet that grants users full control over their assets. The wallet serves various purposes, including web3 connectivity, quick token exchanges, crypto purchases, and more. Developed by an experienced team active in the market of versatile cryptocurrency wallets since the 2010s.
The platform is easy to use.
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A crypto wallet should protect your assets, but Freewallet does the opposite. Users report sudden account blocks labeled as "suspicious activity" without any proof or justification. When users try to resolve the issue, they are met with silence or repetitive demands from support.
Freewallet appears to misuse KYC processes to delay or deny access to user funds. This practice raises serious concerns about their transparency and ethics as a service provider.
Freewallet is known for its user-friendly interface and support for a wide range of cryptocurrencies. It offers convenience with features like a built-in exchanger and fiat onramps via third parties
何故か急にと言うか突然引き出しに制限かけて来る事が、数年で複数回有りました。出金再開にはかなり難易度高い認証証明を求めて来ます。多くの場合は、問題無くスムーズに出金出来ますが、最近も無理な認証証明を求められて困ってます。
