Freewallet is a fin tech company offering a number of crypto wallets that were introduced to solve the “last mile problem” for crypto. This company, which has a user base numbered at 3M, was established in 2016 with a view to making the crypto world more available to a wider audience. Freewallet was the first platform to launch mobile apps for Bitcoin Cash, Bitcoin Gold and TRON. Freewallet offers a custodial service, which means that, should issues arise with a transaction, there is always the possibility of making it right with the help of their customer support team. This kind of service also allows users to recover access to their accounts in some cases.
We’ve decided to take a walkthrough to see how the Freewallet apps work.
Freewallet apps support both Android and iOS devices. There are 20+ wallets dedicated each to their own coins and the multi-coin Crypto Wallet which is available for mobile and desktop. As of winter 2020, Freewallet covers 43 coins and 104 tokens. There are 4 sign-in methods: email, Gmail, Facebook, and by phone number. The company has recently released 2.0 updates for 16 of their single-currency wallets.
Freewallet offers lots of practical options for crypto transactions and operations. We’ll detail the major functions of the app below.
Buying crypto coins
You get much more than just Bitcoin and Ethereum as options here. Additionally, you’ll be able to buy Binance Coin, Bitcoin Cash, Litecoin, Ripple, Stellar, TRON. All listed coins can be purchased via bank card for USD or EUR. Mind that the purchase option is enabled in the multi-coin Crypto Wallet.
Transferring crypto coins
It’s easy to send crypto using the app’s intuitive interface. To get a receiving address, just tap ‘+’ — ‘Receive’ on the main page. If you’d like to send assets to any address outside Freewallet, tap ‘Send’, enter the payment details along with the amount and confirm. You’ll see the network commission applicable to your particular transaction prior to the actual sending of the coins.
Once you’ve made a transaction, you can track its status in the app or on the website. Otherwise, the support ticket system is the place to verify your on-chain payment. Freewallet users can post their web addresses on social media accounts as a way to accept donations. We’ve also discovered how to send free and instant off-chain transactions, using the Freewallet service. To do so, a sender and recipient both need to have accounts with Freewallet. Just put an email address or user ID as ‘destination’ and hit ‘Send’. Of course, the coins must belong to the same blockchain.
Built-in crypto exchange
Freewallet runs on smart exchanges. This means that you can take advantage of low-cost and simple crypto-to-crypto exchange operations, which is rather convenient, especially in a volatile market.
Additionally, the Freewallet multi-coin app allows you pay for your phone bill with bitcoins. More than 400 providers across 100 countries are eligible for this top-up service.
Import and export of BTC balance
This feature is recommended for advanced crypto holders only. If you’d like to transfer your Bitcoins to and out of the app, go to ‘Settings’ in the multi-coin app or BTC single-currency app. Then, choose the relevant menu option and take the prompted steps.
Let’s quote the Freewallet’s Head of PR, Solomon Brown:
“The team behind the wallet takes security very seriously. Customers’ funds are safely stored in an offline vault with a bank-level security grade.”
Once you’ve signed in the app, you’ll be prompted to create a PIN code, which is mandatory. You can protect your transactions by validating them via multiple email addresses. 2FA, control of sessions and the notification about suspicious login attempts are also in place.
Thanks to the real-time price updates, Freewallet apps serve as comfortable sources of market information. You can monitor the market fluctuations of digital coins over days, weeks or months. Additionally, price milestones (High, Average and Low) are displayed for each of these time frames.
Freewallet responds to customer requests with remarkable speed. Usually, it happens within minutes. The same works for complaints and requests addressed to Freewallet’s social media accounts.