Freewallet is one of the many different cryptocurrency wallets which can be used for multiple cryptocurrencies. It supports more than 50 cryptocurrencies – which should be enough for just about anyone. Freewallet is a hot wallet, so it’s great for buying and selling cryptocurrency online. As with any hot wallet, it comes with some security limitations.
By choosing a wallet where Freewallet controls the keys, you can be sure to never be locked out of your account. Or, you can choose a version of Freewallet where you control the keys. This offers greater security but if you forget your password and safety phrase you could find yourself locked out of the wallet for good. We’ll discuss all the advantages and disadvantages of Freewallet in more detail throughout this review.
Before we can begin to delve into our Freewallet review, we need to explain the different types of cryptocurrency wallets available. We will be talking about the best Bitcoin wallets in the UK and the types of wallets they offer.
First, there are two types of cryptocurrency wallets – cold wallets and hot wallets. Hot wallets are ideal for people who buy a lot of stuff with crypto or regularly get paid with crypto. One type of hot wallet is a software wallet. This runs on your computer or cell phone. Freewallet is a software wallet.
Cold wallets are not online, and you control how they are used. One type is a paper wallet, where you print out the keys and keep safe. Then there are hardware wallets. With these, all of your cryptos are kept on a device. You only plug this device into your computer when you want to buy something with cryptocurrency. And like this Freewallet review, we have other reviews of these types of wallets.
Then there are online wallets. These are often connected to various crypto exchanges. They are easy to use and just require a password. The downside to this type of wallet is that if the company goes out of business, it’s likely that you will lose all of your money. While it’s unlikely to happen any time soon, we must mention it as part of our Freewallet review.
The ability to find a Freewallet to support more than 50 cryptocurrencies is one big pro for the Freewallet. Also, they offer excellent customer service, which always garners high marks in any Freewallet review. Beyond that, it’s easy to use and won’t put off any technical newbies. You can fairly easily figure out what you need to do to make a transaction happen. The downside to Freewallet is having to find the right Freewallet for your needs.
Like all hot wallets, it could become susceptible to hackers. Beyond that, it is slow at making transactions with cryptocurrencies. It does offer a tracker to help you see what’s going on with your money, but it can take a while for Freewallet to process the cash from whatever you decided about a cryptocurrency to invest in.
There are two different products we’ll be talking about in this Freewallet review: Freewallet, and Freewallet Lite. With the first type of Freewallet, the company holds the keys to your wallet, and if you forget your password, the company can get it back for you. This type of wallet can be found for over 50 currencies.
Freewallet Lite allows you to control the keys to the wallet, which adds more security. But if you lose the keys, you are out of luck. Freewallet Lite can only be used for Litecoin, Bitcoin, Ethereum, Bitcoin Cash, and Ripple. All of the technology is at the site itself, but it does have functions inside the wallet that will allow you to buy and sell cryptocurrencies. This eliminates the extra step of having to go to a crypto dealer. In our Freewallet review, we give them a lot of points for covering all of the bases with various types of wallets.
We found while researching for our Freewallet review that it is incredibly easy to use and set up. Most people will want it on their phone so the first thing to do is go to your app store and download the app for your Apple phone or Android enabled device.
Then you will be asked if you want to import an existing wallet or create a new wallet. Once you have selected to create a new wallet it will ask you to pick out a PIN. Next, go to “settings” and click on “backup wallet.” Then you will be asked to provide 12 words that you can use, should you ever forget your PIN to gain access to your wallet. If you choose Freewallet Lite you will not be given this option. Once you have done this you are good to go and use your wallet.
That’s as easy as it gets when it comes to cryptocurrency wallets. And in our Freewallet review, we give them a lot of credit for that. Once it is up and running you can easily tab over to what you want to do. Sending crypto out is as easy as typing in the address. When you get paid in crypto it will automatically appear in your account.
While this is going on there will be a status box you can check. This will tell you where in the process of your money coming in or going out you are. Here is also where you can buy and sell cryptocurrency. You have the option to do this using a credit card or another form of cryptocurrency.
This is all easy to do and our Freewallet review team enjoyed the process. This is a perfect hot wallet for newbies and doesn’t require any technical know-how other than the ability to download an app to your phone.
Freewallet is generally secure. It has encryption on both ends of the transaction. And nothing can be done without you inputting your PIN. But all web-based hot wallets can become subject to hackers breaking in and stealing the keys. You can eliminate that problem by keeping the keys yourself. The problem with this is that if you lose them then your money will be locked away from you forever. It’s your choice which option you want to go with. Our Freewallet review has taken this into account.
When it comes to customer service Freewallet has the best system we’ve seen. You can tap on the Live Chat button 24 hours a day, seven days a week. In just a minute or two, someone will be on the line willing to help you out. This is a huge improvement over the many crypto wallets that just ask you to fill out a form and then they get back in touch with you – sometimes days later. Our Freewallet review team hopes to see other crypto wallets take steps like this to make the user interface much more friendly when people have problems.
The final word for our Freewallet review is a nice collection of different online cryptocurrency wallets. There is no Freewallet wallet promo code to grab, as the basic software is provided for free. There are no Freewallet fees. You can set your Freewallet limits. Freewallet withdrawals take a bit of time to process.
It’s a good hot wallet if you don’t have a lot of cryptos and just want to be able to spend it easily. This is reflected in our review. It’s not as secure as a cold wallet, but there have been no instances of its security being compromised since its launch. This gives us hope that Freewallet knows what it is doing. The easy set-up is a big plus for non-technical people who want to try out a cryptocurrency wallet.
You can also try these alternatives, which we prefer as you can also combine the wallet with a functional exchange.
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