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Atomic Wallet Review | Features, Security, Pros and Cons in 2019

from The Bitcoin News 4 years ago 0 0 1448

The atomic swap function enables users to convert one crypto into another without having to leave the wallet or use a centralized exchange. This function is what gave the wallet its name.

The wallet was built so that it can be easily used and understood by both advanced users and beginner users, but to also include a wide diversity of features and accessible functions.

Atomic Wallet supports the addition of custom ERC20 tokens and direct peer-to-peer wallet trading through their global decentralized orderbook.

The Atomic Wallet team consists of crypto and blockchain pioneers, which are led by CEO Konstantin Gladych, who served as a former CEO of Changelly.

The wallet supports over 500 tokens and coins, including BTC, LTC, ETH, XRP, ETC, TRX, XMR, XLM, ZEC, DOGE, BCH, QTUM, DASH, AWC, BTG, VET, as well as all ERC20 tokens.

There are no specifications on their website regarding the geographical restrictions imposed on Atomic Wallet users.

It is compatible with multiple desktop operating systems, including Windows, macOS, Ubuntu, Debian, and Fedora. There are also apps for iOS and Android mobile users.

Atomic features a sleek and user-friendly interface that allows users to navigate and access numerous functions. Users can also customize these functions by playing with the wallet’s settings.

In our Atomic Wallet review will be showing you how to get the wallet on your device:

Access the Atomic Wallet website (https://atomicwallet.io/);
Download the appropriate wallet version and install it on your device;
After installation, tap “Open Wallet;”
Create a strong password for your account;
The wallet will create a 12-word backup phrase (mnemonic phrase) and will ask you to write it down;
You can now use your Atomic Wallet.

Exporting Atomic Wallet to another device:

Download Atomic Wallet on your new device;
Select “restore from backup” at the login screen;
Enter your mnemonic seed in the blank field.

Adding crypto:

Log in with your password and go to the list of coins that appears on the screen;
Next to each coin, there will be a section labeled as “your address.” It will vary depending on the coin you have selected;
Copy the relevant address and send funds to it.

Send crypto to your wallet:

Open the Atomic Wallet App;
Select the crypto you want to send from the list of cryptocurrencies available;
Click on the coin;
Put in the destination address and the amount of crypto you want to send;
Enter your wallet password;
Click “Send.”

Receiving payments:

Open your Atomic Wallet app;
Select the crypto you want to receive;
Click on the address under “Your Address” column to copy it to your clipboard;
Send it to the person who wants to send the funds into your wallet;
Wait for the funds to enter into account balance to confirm receipt.

Atomic Wallet does not have any fees downloading and using the software, though there are certain fees applied for using some of its features (continue reading our Atomic Wallet review to find more about the trading options).

Crypto swaps in the same wallet or peer-to-peer trading also generate varying fees that depend on the coins used in the transaction.

There are three methods through which a user can trade coin, but their availability will vary according to the coin and type of method used:

ShapeShift

Users can access the ShapeShift exchange order book to perform trades at normal rates. The fees generated by ShapeShift will vary on the coin used.

Changelly exchange offers more coins as well as other features and fees in addition to those offered by ShapeShift.

Atomic swaps

Currently, the only atomic swaps supported in Atomic Wallet are between BTC, LTC, and QTUM. Atomic swap fees vary, but the coins are traded at the market’s main rates sourced by Coinmarketcap.

Atomic Wallet also supports staking feature for many Proof of stake coins. The current coins supported are:

Atomic Wallet supports Visa and MasterCard, as well as crypto deposits.

Transaction times will vary depending on the payment method and network traffic at the time of transaction.

Transaction Limits

There are currently no limits imposed by Atomic Wallet.

The wallet is open-sourced, which means that all developers can check the code for bugs or vulnerabilities. In our Atomic Wallet review, we were not able to find much regarding their security protocols, aside from certain encryption protocols.

Currently, hardware wallet support has not been implemented, but the team has announced that it is still in development.

The wallet generates a backup phrase that serves as a secondary password, thus adding another layer of protection to your funds. Atomic Wallet is non-custodial, meaning none of your private keys are stored on the company’s servers.

All data stored on the user device or sent to and from the blockchains are fully encrypted. Local data is also protected by AES symmetric encryption algorithm, and the data transmitted via BitTorrent protocol is secured with TLS asymmetric encryption.

The Atomic support team is available 24/7 and reading to answer clients in need of help through a chat function that is available on their website. The average response time is within 1 hour.

The site also provides a detailed FAQ section that answers most questions regarding the use of the wallet and trading.

From our searches, we found that most online opinions seem to be positive regarding the app. On Trustpilot, the wallet has a 77% excellent rate out of 1,589 reviews. The Android app link on Google Play appears to be non-existent at this point, and on Apple Store, the reviews are positive but very few to make a difference.

Atomic Wallet Review: Verdict

Atomic Wallet is a multi-crypto wallet that also features the atomic swap function, credit card purchases, and trading options. However, the atomic function is limited to only three cryptos, and the fees are rather high for trading options.

source: https://coindoo.com/atomic-wallet-review-what-makes-it-atomic/

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