Freewallet logo
Freewallet logo

Freewallet Review 2024 - Is It Safe?

Contact
Country: Estonia
Launched: 2016
Security: Third Party Encrypted
Anonymity: High
Ease of use: Easy
Has trading facilities: yes
Features: 2 Factor Authentication, Multi-Signature, Hierarchical Deterministic
Platforms: iOS, Android, Web
ValidationType: Centralized
Expert Review
Feb 07, 2024

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.

  1. Main Features
  2. Costs and Limits
  3. Is It Safe to Use Freewallet?
  4. Freewallet Custodial Wallets
  5. 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.

Our Score
Security 5 / 5
Support 5 / 5
Ease of use 4 / 5
Reputation 5 / 5
Fees 4 / 5
Our Score
4.6 / 5
Pros and Cons
pros

- In-built exchange
- Multi-currency wallet
- Credit cards accepted
- Multi-language user-friendly interface

cons

- Customer service needs improvements

banner-image
Write review
Rating
Please choose your rating.
Your review

Leave your review about Freewallet here. Please note that your feedback may be crucial for the user when choosing a product, so try to avoid inaccuracies and unreasonable criticism.

Your Name
Your Email

Your Email will not be published

User reviews
rp 03 Dec
1.0

They steal your coins if you dont regularly vist the site

Freewallet
04 Dec
Hello, per our Terms and Conditions, there is a monthly fee for inactive accounts that remain inactive for 6 months. We understand that circumstances may vary, and we are here to assist you. If you have any questions, please feel free to contact us here: https://bit.ly/2rgGdRw.
Newton 02 Dec
1.0

Reports of Freewallet blocking accounts over vague "suspicious activity" have become alarmingly common. This case is yet another example of a user left stranded and frustrated due to unclear policies.

Freewallet
03 Dec
Hello, the safety of customers' funds is our top priority. Therefore, some users pass the verification procedure to prevent hacking attempts and require compliance with international laws. Please share your ticket number so we can look into it.
Deli 17 Nov
1.0

The moment you hit a problem with Freewallet, prepare for a frustrating ride. Even after providing all documents multiple times, many users are kept waiting indefinitely, with the support team offering no real solutions.

Freewallet
18 Nov
Hello! If the verification procedure has been initiated, it means our system has noticed unusual activity in your account. Once the verification procedure is completed, all operations will be resumed. Unfortunately, we couldn’t locate an account or support ticket associated with your name. Please update your review with the ticket number so we can assist you.
Elen 15 Nov
1.0

The case involving MinerGate illustrates how Freewallet demands documents that users simply can’t provide. This casts serious doubt on the company’s intentions and commitment to its customers.

Freewallet
17 Nov
Hello, we couldn't locate an account or support request associated with your name. Please share your ticket number or User ID so we can check the details and assist you.
Bella 12 Nov
1.0

Freewallet claims they are not scammers, but their actions tell a different story. If you’re not hiding anything, release the funds and prove us wrong!

Freewallet
13 Nov
Hello, unfortunately, there are not enough details to help you here. Could you please share your ticket number so we can check the details? If you haven't contacted our support team yet, please submit a request here: https://bit.ly/2rgGdRw with more details about your issue.
Country: Estonia
Launched: 2016
Security: Third Party Encrypted
Anonymity: High
Ease of use: Easy
Has trading facilities: yes
Features: 2 Factor Authentication, Multi-Signature, Hierarchical Deterministic
Platforms: iOS, Android, Web
ValidationType: Centralized

List of coins

Similar companies
Exodus is a top-tier multi-cryptocurrency wallet with rich opportunities for personalization and numerous available features. It was founded in 2016 with the idea to provide crypto beginners with a convenient tool to handle their coins. There is no sign-up or maintenance fee charged for its use.
Coinspot wallet is a special service provided by Coisnpot exchange. It provides a hot wallet for every coin its exchange is currently trading. Alongside with crypto, it also supports the Australian Dollar. Currently ,CoinSpot wallet has more than 60 coins and tokens. Built-in exchange is an additional feature of the wallet as well as 2FA for the additional security. The only language available is English.
Coinomi is one of the oldest cryptocurrency wallets, supporting a wide range of currencies and tokens since the launch of the project. Currently, the number of supported coins and tokens exceeds five hundred. The wallet provides a built-in exchange as an additional feature. Both desktop and mobile versions of the wallet are available.