Freewallet at a Glance: Overview for Freewallet Users
Freewallet, founded by Alvin Hagg and headquartered in Tallinn, Estonia, provides a set of mobile‑only wallets for iOS and Android plus an additional web interface. Below you’ll find details on each Freewallet product, such as the difference between single‑coin apps and the multicurrency option.
In 2017 it became the first mobile wallet to support Bitcoin Cash, and later repeated that first with Bitcoin Gold and Bitcoin Cash ABC.
Warning: is NOT affiliated with the wallet described here—do not rely on it. Obtain downloads only from .
The service launched in Jan 2016 with a FantomCoin‑only release that functioned as a technology test; once validated, Bitcoin and Ethereum wallets were rolled out. Over time the suite expanded to about twenty‑four different wallets.
Several single‑asset apps have reached the top spot for their specific cryptocurrencies on Google Play.
Is Freewallet Secure? Evaluating Whether Freewallet Is Safe
Within crypto, a common caution is that if the keys aren’t yours, the coins aren’t either.
Put differently, centralized exchanges keep custody of private keys on their servers, so your risk mirrors the platform’s security posture.
With the Freewallet crypto wallet, custody of the private keys remains with the provider despite the “wallet” label, which means users place trust in the developers and their coin‑protection practices.
Freewallet says it employs protections such as multisignature approvals, transaction‑count and rate limits, and 2FA or fingerprint sign‑in. Coins are reportedly stored in cold storage, i.e., offline vaults designed to be unreachable by hackers.
In effect, those measures are comparable to what many exchanges deploy.
More recently, a “Lite” app for iOS and Android was released that is noncustodial, giving you full control of private keys. During setup the keys are generated and retained on your device.
Backup NB: When creating a Lite wallet, make a backup immediately; if the keys are lost, recovery is impossible.
Ultimately, you must weigh trusting yourself with key management against relying on a third‑party wallet team. Crypto is not foolproof—for example, misplacing a seed phrase can permanently strand your coins.
Freewallet Product Lineup: Wallet Services and Supported Features
As mentioned above, the Freewallet catalog expanded until it comprised roughly two dozen wallets.
On both Android and iOS there are dedicated wallets for Bitcoin, Ethereum, Monero, Doge, Dash, Lisk, Tether, Litecoin, and Bitcoin Cash. Additionally, Android offers wallets for ZCash, Decent, NXT, Ardor, Tron, NEM, Bitcoin Gold, IGNIS, Stellar, Ripple, NEO, Bytecoin, and EOS.
If you prefer a single hub, the multicurrency wallet stores up to thirty different coins in one place. This option is available on iOS, Android, and through a browser‑based online wallet.
Reviews in the app stores are mixed, with feedback roughly split between highly critical and broadly positive; checking recent comments can help—for instance, some cite delays while others like the interface.
Distinguishing sincere reviews from fake ones can be difficult, but it’s encouraging that Freewallet support and developers respond to criticism and suggestions, such as acknowledging bug reports and shipping adjustments.
As noted, the company also released a Litewallet that returns control of private keys to you; it supports Bitcoin, Ethereum, and ERC‑20 tokens, and unlike the full version it doesn’t include free transfers between Freewallet users.
Transfers, Swaps, and In-App Exchange: How to Swap Digital Assets
Using the Freewallet app gives access to both a transfer feature and a built‑in exchange.
Sending between Freewallet users incurs no fee and typically lands almost instantly because the move is processed off‑chain inside Freewallet’s system rather than written to a blockchain; for example, a $5 test can confirm this speed.
Note: Since these transactions occur off‑chain, Freewallet offers a transaction tracker to monitor them.
An integrated swap tool lets you convert coins within the app without sending funds to an external venue, with execution handled via the Changelly service.
To assess pricing, I compared Freewallet’s BTC‑to‑ETH quote with the live BTCETH order‑book price on the Binance Exchange.
The in‑app rate valued ETH slightly lower versus BTC, which means buying BTC there costs a bit more—about 0.5 percent.
After including network costs to transfer to an exchange and the effort of placing an order, the Freewallet swap often ends up cheaper.
Buying Cryptocurrency With Freewallet: How to Use the Freewallet App
The Crypto Wallet also supports purchasing crypto, both inside the app and through the website.
Unlike a centralized exchange account, coins are delivered straight to your wallet rather than kept on an exchange, and major cards such as Visa and Mastercard are accepted, including some prepaid and virtual cards.
Available across numerous countries, purchases can be made in EUR and USD with limits up to twenty thousand dollars per day and fifty thousand per month, all via the Buy with Card option in the wallet.
You don’t even need the Freewallet app to use it—the website page includes the Simplex payment gateway, which is also used by exchanges such as Bitstamp.
High Fees: Simplex applies a seven percent fee with an $11 minimum; it may be more economical to buy on Kraken.
Only five coins are available through the Freewallet buy portal—Litecoin, Bitcoin, Ethereum, Bitcoin Cash, and Ripple—though once purchased they can be swapped quickly inside the wallet.
Freewallet Support: User Reviews and Customer Support Experience
One highlighted benefit is access to customer support that can help if you’re locked out or uncertain about features.
There are multiple ways to reach agents; the online contact form is typically the quickest and lets you include your user ID so staff can pinpoint the request.
Quick Tip: When your question involves a transfer, include the transaction ID to speed up troubleshooting.
For immediate assistance, live chat is available; when tested at about 7 p.m. on a Friday, an agent replied within roughly five minutes, which is impressive for a wallet provider.
Also useful is the live status page, which shows four wallet services—Deposit, Withdrawal, Flash Transfer, and Smart Exchange—for each supported coin; before using a feature, it’s wise to check that page.
The Freewallet Controversy: What Freewallet.org Critics Say
In July 2017 a Reddit user (whose account was later deleted) alleged that Freewallet was stealing more than $8 million in ETH, framing it as though the loss came from a single person, and the thread quickly filled with additional loss claims.
It later emerged that the poster had focused on one ETH address that received hundreds of Freewallet transactions, which made it look like Freewallet was siphoning user funds.
However, because Freewallet consolidates funds into cold storage, moving coins to a single address before forwarding them to the destination can seem odd yet does not constitute theft; ultimately, all users received their funds.
Freewallet founder Alvin Hagg commented during the incident:
Funds are kept in multisignature cold storage with security comparable to banking systems. Periodic rebalancing between cold vaults and hot wallets is part of normal operations. Users need not worry—this is a scheduled, routine procedure for cryptocurrency platforms. All customer assets remain safe, and we offer more than 14 wallets that are functioning properly.
Funds are kept in multisignature cold storage with security comparable to banking systems. Periodic rebalancing between cold vaults and hot wallets is part of normal operations. Users need not worry—this is a scheduled, routine procedure for cryptocurrency platforms. All customer assets remain safe, and we offer more than 14 wallets that are functioning properly.
At that same time, the Ethereum network was congested due to the Bancor ICO, which slowed transactions significantly.
Remember, Freewallet retains control of keys in its custodial setup; in this 2017 case, though, there was no lasting issue. It’s also worth noting the Monero community still labels Freewallet a scam, yet reviews remain broadly positive and no subsequent theft or scam reports have surfaced.
Setting Up Freewallet Lite: Wallet Setup and Key Wallet Functions
Because I recommend holding your own private keys, I favor Freewallet Lite, which puts you in control. Below are straightforward steps to set up the app and create a backup.
Download Freewallet Lite from the iTunes store or Google Play; since this walkthrough uses an iPhone, it’s obtained from the iTunes store. After installation, open the app, choose Create new wallet, and set a four‑digit PIN.
Once initialized you can begin using the wallet, but doing so without a backup is unwise. From the main screen, tap the settings icon in the upper right to proceed.
Next, open the Backup wallet section to view twelve mnemonic words. These seed words are required to restore access to your coins.
Warning: Write the words on paper; do not store them on your phone or any electronic device. Keep the paper in a secure place—your coins are only as safe as that record.
After you’ve recorded the seed, reenter the words in the app and press Submit.
Setup complete. You can now use Freewallet Lite with full control of your keys. Touch‑ID access is enabled by default, allowing sign‑in with your fingerprint.
Final Thoughts: A Freewallet Review for Crypto Wallet Beginners
While Freewallet has faced controversy, nothing suggests malicious intent; the company evolved from a single wallet in 2016 to around twenty‑four by 2019, with many earning top rankings for their coin categories on Google Play.
The developers were the first to ship a wallet for Bitcoin Cash even before the split was finalized, and they were also first on mobile for Bitcoin Gold and Bitcoin Cash ABC. Freewallet remains a widely recognized mobile crypto wallet.
The main trade‑off is custodial control: Freewallet holds your private keys much like an exchange would. If that arrangement suits you, their cold storage approach is considered very secure.
If you believe ownership requires holding the keys yourself, choose the Freewallet Lite app and embrace self‑custody.
Reviews (6)
The crypto space is not perfect, but I think there are some communities that have managed to adapt as the market changed.
I agree. https://coinspot.io/en/best-crypto-trading-telegram/elixir/ is an interesting example because it has been around for years and adjusted its format instead of staying stuck in the past.
Adaptability is definitely important. The market changes constantly, so projects that understand their audience usually have a better chance of staying relevant.
Freewallet’s custodial setup means they control your private keys, not you—feels like handing over my cash to a stranger and hoping for the best.
Freewallet’s custodial model means users don’t control their private keys, contradicting the core principle of cryptocurrency ownership. Despite claims of robust security measures, the lack of transparency and past controversies raise serious concerns about fund safety. Relying on their infrastructure exposes users to unnecessary risks, making it a questionable choice for managing digital assets.
I can’t believe I fell for this so-called “multicurrency crypto wallet” that claims to streamline digital coin management. They boast about supporting hundreds of assets and being the first to adopt new cryptocurrencies, but it’s all smoke and mirrors. They hold onto users’ private keys, meaning we have zero control over our own funds. Their so-called security measures are just empty promises, and the “Lite” app is a joke—if you lose your keys, you’re out of luck. It’s infuriating how they lure people in with flashy features, only to leave them high and dry when things go south.