Atomic Wallet Review: Platform Supports Free Cold Storage
Atomic Wallet is a sleek, user-friendly tool for managing all of your crypto assets. It accepts hundreds of cryptocurrencies and allows you to earn rewards on more than a dozen of them through crypto staking. There is also an exchange and crypto purchasing option built in. Let’s learn details about this project with Coincu through this Atomic Wallet Review article.
In addition to a number of Web3 wallet programs such as Metamask or other digital wallets, a multi-purpose wallet such as Atomic Wallet will assist users in easing the process of maintaining, syncing, and utilizing their digital assets in a highly flexible manner. Wallet Trust is a mobile wallet.
What is Atomic Wallet?
Atomic Wallet is a non-custodial blockchain wallet that stores all passwords and data on the user’s device. It is well-known for its user-friendly UI and for providing a number of services, such as crypto and non-fungible tokens (NFTs) storage, crypto staking, and in-wallet crypto purchasing.
Atomic Wallet is a decentralized crypto storage wallet solution, according to the development team. The development team concentrated on the user interface and security elements to create a positive user experience.
Users of Atomic Wallet may engage in activities such as:
- Have cryptocurrency assets been sent to their wallet?
- Import a Private Key to add Crypto assets.
- Private keys should be kept safely and separately.
- Transfer cryptocurrency to other addresses.
- Choose which cryptocurrency nodes to utilize.
- To use, choose Blockchain Explorer.
The user’s keys are encrypted and kept on terminals, sometimes known as hardware wallets. With each form of Crypto, these keys may be entirely backed up using passwords.
Atomic bills itself as a non-custodial decentralized wallet that allows users to manage, swap, and trade over 500 coins via a single interface. The wallet creates AWC tokens. AWC token holders benefit from staking, savings on exchange services, enhanced trading capabilities, affiliate awards and bonuses, and personalized assistance as a group. It claims to be the first wallet to use Cross-Chain Atomic Swap.
Atomic Wallet has been designed to perform flawlessly on a variety of platforms, including desktops, mobile devices, and Linux. Its adaptability will enable asset transfer and receipt to be quicker and more flexible.
If you use a macOS computer, but your mobile device is Android. A standard wallet will have limited flexibility or support applications on Android but not certainly on Apple’s App Store. For Atomic, it is different, the operating systems that Atomic Wallet supports include:
Free cold storage
The majority of free blockchain wallets are hot wallets, which means they are linked to the internet. Cold storage is often regarded as the safest alternative because of its offline nature, although most cold wallets require hardware that must be purchased. Atomic Wallet is an exception since it is a cold wallet that is also free to use.
It’s vital to note that Atomic Wallet stores your passwords and data on your smartphone. Thus, if that gadget is linked to the internet, your wallet is as well. Hardware wallets are a preferable option if you wish to keep your wallet offline.
Offers crypto staking
Staking is a common method of increasing your crypto holdings. When you stake cryptocurrency, you are utilizing it as collateral and assisting in the validation of transactions and the security of a blockchain network. In exchange, you will be rewarded according to the amount you have staked. All of this is simple and fast using Atomic Wallet, which allows staking with over a dozen cryptocurrencies.
In-wallet crypto purchases
Atomic Wallet’s partner Simplex allows you to purchase cryptocurrency using your debit card. Although this is handy, there is a 2% transaction fee in addition to any costs charged by your bank. If you plan on investing in cryptocurrency often and making regular purchases, check into crypto applications with reduced costs.
Pros and Cons
The Atomic Wallet’s strongest advantages are its low cost and compatibility with coins and tokens. Together with security and the option to buy cryptocurrencies straight from the wallet with your bank card. Apart from network transaction fees, the wallet is free to use. It supports over 500 coins and tokens, as well as other exchanges than Atomic Swap, in order to cover as many crypto assets as possible.
Since the exchange is decentralized, all of your assets are saved on the blockchain, while all of your private keys are encrypted and stored on your device with a 12-word recovery phrase as a backup in the event that your device is lost or stolen. With the ability to acquire cryptocurrencies straight via the wallet using just a bank card, even a crypto newbie may start trading crypto coins and tokens nearly immediately after installing it.
Vulnerabilities that may exist
Atomic Wallet was subjected to a thorough security examination by Least Authority, which released its conclusions in February 2022. The research claims that Atomic Wallet has flaws that put users in danger, and it advises against using the wallet. The answer from Atomic Wallet was that it is working on remedies and that the vulnerabilities revealed do not represent a danger to using funds.
Recently, Atomic Wallet was alleged to have been hacked, with users claiming total losses of their cryptocurrency holdings. Numerous people have commented on the page, stating that their monies were deleted from the digital wallet app.
Since security is the most crucial feature in a crypto wallet, any claims of weaknesses are closely scrutinized. Based on Atomic Wallet’s reaction, it does not seem that the flaws are substantial, but it is worth investigating before using it.
A limited number of cryptocurrencies are available for purchase
Atomic Wallet does not support a large number of coins. You’ll be restricted to a few market leaders, so if you want to invest in a variety of crypto tokens, you’ll have to go elsewhere.
Not open source
Atomic Wallet, like many other cryptocurrency wallets, does not make its source code accessible for public inspection. Although we don’t consider this a deal breaker, some cryptocurrency investors think that holding their cash in open-source wallets is safer. Now, the Atomic Wallet Review article will explore some of the project’s features.
When you utilize Exchange options, you are interacting with ShapeShift and Changelly services. We connect their API to our wallet, and the providers handle all operations. Blockexplorers manage your balance and transaction history. As a result, a reliable internet connection is essential. If certain blockexplers are prohibited in your region or your IP is blacklisted by CloudFlare, you may have connectivity issues and the balance may be shown wrongly in Atomic Sign: (-). In these instances, consider using a VPN.
Please keep in mind that all of your transactions are routed over the blockchain, and Atomic Wallet runs in a custody and decentralized way. You are solely concerned with blockchains and official nodes.
The blockchain cross-exchange capability is supported by Atomic Wallet. There are currently just three pairs available. In the future, we plan to provide Atomic Swap implementations for a variety of additional assets.
Atomic Swap is a smart contract-based technology that permits the exchange of one cryptocurrency for another without the need for a third party.
You may update your password, import your private keys, or access all of your Private Keys to export them to other services on the Settings tab. This means you may switch from Atomic to another wallet that supports 12 recovery words (seeds).
The Wallet page displays your asset balance and allows you to send payments to other addresses by selecting “Send.”
The balance information obtained from blockexplorers and your USD balance is computed using the most recent market data. It is refreshed every 5 minutes.
This page also allows you to add bespoke ERC20 coins that are not yet supported by Atomic Wallet. All you have to do is enter the token’s contract address, which you can locate at https://etherscan.io/.
Atomic Wallet is free to use for crypto storage and does not charge any transaction fees. The blockchain charges network fees when you transmit crypot to pay its validators. The blockchain calculates this charge at the moment of the transaction.
Atomic Wallet charges fees for acquiring and trading bitcoins. Here is how the fees work:
- For fiat-to-crypto purchases made with a bank card, Atomic Wallet charges a 2% fee ($10 minimum). The issuing bank of your card may also impose a fee.
- Atomic Wallet charges a 0.5% fee on exchanges plus the commission of its exchange partner.
AWC with Utility Token function is used in the Atomic Wallet ecosystem for the following purposes:
- Reduce service costs on Atomic’s exchange by using AWC Token.=
- While purchasing Crypto using a bank card on Atomic’s platform, AWC Token holders will pay a lower fee.
- Use AWC Token to lower the cost of advanced trading features on Atomic.
- To obtain better help from Atomic’s staff, use AWC Token (this is like if you have Grab points and are ranked Platinum, you will have your own support phone number).
- Atomic uses AWC tokens to list its token initiatives.
- AWC Token is also used to reward users in systems like bounty or token holders.
Atomic Wallet has strong security protections and never stores user passwords, data, or seed phrases on its servers. All of the data is saved on the device where Atomic Wallet is installed. Your crypto will be secure if you keep your seed phrase and password safe.
It is worth mentioning, however, that the digital security firm Least Authority did a thorough assessment of Atomic Wallet and claims to have discovered weaknesses.
Conclusion of Atomic Wallet Review
The Atomic Wallet is ideal for novices since it is free and enables them to purchase cryptocurrency straight from the wallet if they do not already hold crypto assets. Besides from being simple to use, the wallet enables you to swap practically any currency or token. This is achievable because to the wallet’s inclusion with the Atomic Swap exchange. Hopefully the Atomic Wallet Review article has helped you understand more about the project.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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