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Atomic Wallet Review 2024: Best Software Wallet?
Swen Keller
- URL: https://atomicwallet.io
- Hardware Compatible: No
- Price: Free
- Staking Rewards: Yes
- Platform App: Desktop, Mobile
- NFTs Storage: Yes
- No. of Assets Supported: 1,000+
- Type of Wallet: Non-custodial hot wallet
Atomic Wallet Review: Our Opinion
Atomic Wallet is a non-custodial crypto wallet built primarily for buying, staking, and swapping/exchanging cryptocurrency.
It stands out for its wide range of uses, NFT support, and a large selection of supported crypto assets.
However, when compared to its competitors Atomic Wallet charges high exchange fees and it has been hacked before causing users to lose over $35 million.
An Overview of Atomic Wallet
Atomic Wallet is a decentralized crypto wallet that was founded in 2017 and headquartered in Tallinn, Estonia.
Atomic Wallet supports more than 1,000 digital assets and has over 5,000,000 downloads of its Atomic Wallet mobile app.
The wallet has a native token called the Atomic Wallet Token.
It is a non-custodial wallet that secures the users’ private keys by encrypting and storing them in the customers’ devices. In addition, all transactions are completely anonymous as the wallet does not require KYC verification.
In the last 2 years, Atomic Wallet made a bunch of updates to its mobile app and desktop solution including adding crypto assets such as Solana, Shiba Inu, Dogecoin, Cardano, and Polkadot.
Atomic Wallet also added a cash-back reward feature that gives customers cashback for each exchange or crypto purchase made on the wallet.
Pros
- Large selection of cryptocurrencies
- User-friendly interface
- Good customer service
- Supports staking
- Cashback feature
Cons
- No hardware wallet integration
- It has been hacked before
Atomic Wallet: What Is It?
The Atomic Wallet is a self-custody cryptocurrency wallet for buying, staking, and exchanging over 1,000 digital currencies and NFTs. It is available on both the Google Store and the Apple App Store.
Beyond its aforementioned use cases, the wallet offers instant exchange with cashback on over 60 supported crypto pairs. The wallet features a decentralized exchange known as the Atomic Swap exchange.
Atomic Wallet: How Does It Work?
The Atomic Wallet is a non-custodial decentralized solution, which means that you hold your backup recovery phrase and private keys, giving you full control of your crypto assets.
The Atomic Wallet team has no way to access your crypto wallet or personal data.
In addition, your 12-word backup phrase and private keys are encrypted and stored locally on your smartphone.
Also, your digital assets aren’t located in the wallet but are directly stored in the blockchain. Atomic Wallet connects to the blockchain nodes to display information about your balances and transaction history.
How to Set Up an Atomic Wallet?
To set up your Atomic Wallet, go to https://atomicwallet.io and click the icon to download the app from the Apple App Store or Google Play Store depending on the OS of the device you’re using.
After the download and installation of the wallet, launch the app.
Next, you’ll need to Create a New Wallet.
Please be aware that it’s possible to generate a wallet, whether on a mobile device or a PC, without requiring an internet connection.
After launching the app, you’ll see the option to log in to an existing crypto wallet, restore a wallet you had previously, or Create a New wallet.
Select New Wallet.
Next, Set the password according to the listed requirements. Note that if you lose or forget your password, the Atomic Wallet team won’t be able to restore it as they don’t store the personal data of users such as backup phrases/private keys/passwords.
Click Set and Confirm your password.
Wait for the cryptocurrency wallet load.
At this point, you should see your 12-word backup phrase displayed on your screen.
This is essential for securing your cryptocurrencies. You should store the phrase in a secure location, preferably offline.
Write down the backup phrase.
That’s it! You’ve Set up your decentralized wallet.
Atomic Wallet Review: How to Send and Receive Coins
Send Coins
To send coins from your Atomic Wallet, pick a coin or token from the list of supported assets.
If you can’t find the coin you’re looking for, use the search field at the top of the screen.
For example, you can click on ETH (this is true for any other supported cryptocurrency.
On the screen that opens you’ll see the coin’s info and a Send/Receive interface.
Tap on the Send button.
You will see the crypto wallet address field, the amount field, and your available balance.
Paste the crypto address of the receiver in the relevant field or use the QR-code scanner.
Input the amount or select the Send All button to transfer all of your available balance. This is minus the network fee.
Once you’ve inputted the amount you’ll see the network fee you’ll be paying for the transaction.
Go over all transaction data before finalizing and then tap Send X amount.
Confirm the transaction with your password then tap Confirm.
That’s it! You’ve Sent the cryptocurrency.
Receive Coins
To receive a particular coin, launch the Atomic Wallet.
Select the digital asset you want to receive. For example, Ethereum.
If you can’t find the asset, search for it in the Search Field.
Next, tap the coin.
You will be directed to the coin’s interface.
Tap Receive.
Your coin’s public address will be displayed, tap the Copy button to copy the address.
You also have the option of scanning the QR code or allowing the Sender to scan it to get the wallet address.
Tap Share to send the address via email, Bluetooth, social media, etc.
Head back to the Atomic Wallet mobile app that you want to send crypto assets from and paste the address into the relevant field.
Once the crypto assets are sent to your wallet address, an incoming transaction notification will show in the particular coin’s info as well as the History section.
Atomic Wallet Review: Unique Features
Atomic Wallet Token (AWC)
This is the native token of the Atomic Wallet. It is the first token issued by a decentralized cryptocurrency wallet.
AWC serves as an internal currency for Atomic Wallet users and gives rewards to holders.
There are 3 types of AWC. Each type of AWC has a different color:
- The Yellow AWC is the BEP-2 token. It can be staked but not exchangeable from within the wallet.
- The Gold AWC is a BEP-20 token. It can be staked and exchanged within the wallet.
- The Blue AWC is an ERC-20 token. It can be exchanged, but cannot be staked.
Exchanges in the Atomic Wallet app do not support the BEP-2 AWC.
Note: If you send the ERC-20 AWC to an exchange that only supports the BEP-2 AWC token, and vice-versa, your coins will be lost.
AWC holders get several benefits including cashback.
Token holders can earn up to 1% for each exchange or purchase. Payout of cashback is done once every month.
Token holders also enjoy up to 20% staking rewards on supported Coins. Currently, 6 million Atomic Wallet Tokens are staked. Staking rewards are paid out weekly.
The total supply of the AWC is 100, million. 10 million AWC are currently in circulation while 90 million AWC are in Lockup.
In addition, 5.5 million AWC are currently distributed among advisors, retail investors, and airdrops/bounty hunters. And 70% of these tokens belong to over 30,000 smallholders.
Atomic Wallet intends to keep the remaining 80% of Atomic Wallet tokens locked up until there is demand from institutional investors. If this doesn’t happen within 5 years the funds will be released.
That said, 5,000,000 AWC (ERC-20) and 5,000,000 AWC (BEP-2) are reserved liquidity for Atomic Wallet’s BEP-2 and ERC-20 swapping tools.
Atomic Wallet Cashback Program
The Atomic Wallet Cashback Program is a membership program designed to offer users cashback for every exchange or purchase they make in their crypto wallets.
Through the cashback program, AWC-BEP2 holders receive rewards for using the built-in exchange. Users receive cash back after buying the token via their Atomic Wallet or on Binance.
The amount earned in cashback is dependent on the membership status of the user.
The wallet offers 4 cashback levels: Blue, Silver, Gold, and Platinum.
- Blue: This level is free and ideal for users who want to evaluate cashback opportunities. Blue-level users are referred to as non-holders because there is no token requirement for this level. Users in this tier earn 0.25% with a monthly maximum amount of 50 USD.
- Silver: The minimum required amount for this tier is 300 AWC. The average payback is 1 year. Users in this tier earn 0.5% cash back and a maximum of 150 USD/ month.
- Gold: The minimum required amount for this level is 600 AWC with an average payback of 9 months. The maximum payout per month is 300 USD.
- Platinum: This is the highest cashback level with a minimum amount of 1000 AWC and an average payback of 6 months. Users in this tier earn 1% cashback and a maximum amount of 600 USD per month.
All cashback rewards are distributed before the 15th of the following month. Users who do not receive their reward can contact the customer support team for assistance.
Atomic Wallet Review: Cryptocurrencies Supported
Atomic Wallet supports over 1,000 cryptocurrencies. It also supports the swapping of over 60 crypto pairs anonymously.
Supported Coins include Ethereum, Bitcoin, Solana, XRP, Polkadot, Tether, Binance USD, Binance Coin, Cardano, Dogecoin, Polygon, Shiba Inu, Litecoin, Polkadot, Tron, Avalanche, Flare, Osmosis, Aptos, MultiverseX, Terra Classic, Near, Wrapped Bitcoin, Bitcoin Cash, Dash, Stellar Lumens Bitcoin SV, Kava, Monero, Tezos, etc.
Atomic Wallet Review: Does it Support NFTs?
Yes, Atomic Wallet supports NFTs in the following formats: JPEG, JPG, WEBP, and GIF. The wallet allows you to fully view the GIFs and pictures.
Other formats, such as MP3 and MP4 will be shown in your wallet but it isn’t possible to listen or watch the content.
You can, however, send, receive, and check the description of your NFT.
Supported blockchain networks for NFTs include MATIC, AVAX, BSC, ARB, SOL, FTM, and ARB.
To receive NFTs, launch your wallet.
Tap the More button at the bottom right corner of the screen.
Go to the NFT Gallery and hit it.
Tap Receive NFT.
Select the network of the NFT you want to send to your Atomic Wallet and you’ll view the public address for that network.
Copy the address and send it to the sender.
You can send NFTs to any wallet on a platform that supports the networks available on Atomic Wallet.
Atomic Wallet Review: Fees Explained
Users will have to pay 2 fees on Atomic Wallet; network fees and extra exchange charges.
The network fees apply for a transaction or exchange. It is charged by the relevant blockchain network, not Atomic Wallet.
Atomic Wallet does not charge extra transaction fees but they do charge an additional 0.5% fee for exchanges plus their exchange partners’ commission.
The exchange estimate you’ll see before executing a trade covers all extra and network fees.
Atomic Wallet Review: Security
The Atomic Wallet is a non-custodial wallet. This means that you have full control of your recovery phrase and private keys.
Atomic Wallet does not have access to your wallet to your private information. Like most decentralized crypto wallets, It only acts as a mediator between you and the blockchain by providing you with a user-friendly interface through which you can access your account.
Your seed phrase and private keys are generated locally on your device.
Even if Atomic Wallet goes out of business, you will still be able to access your crypto coins using your backup seed and private keys in any app that supports the crypto you are holding.
While the wallet does not hold your crypto coins, it has security measures in place to ensure that the desktop wallet and mobile apps are always secure.
You can Lap verify the authenticity of your Atomic Wallet to ensure it is genuine before using it for your crypto transactions.
To verify the authenticity of your wallet, make sure the sha256 hash sum of your app matches the hash sum in this sha256sum.txt file. The file can be found on the Downloads page.
All you need to do is to download the file by clicking on “Check Hash Sum”. Once the download is complete, open the file and compare the hash sum in the file with the one on your app.
Currently, Atomic Wallet does not offer any kind of native integration with hardware wallets like Ledger or Trezor.
Atomic Wallet has been attacked before resulting in the loss of over $35 million
Atomic Wallet Review: Opening an Account
Atomic Wallet is a decentralized wallet and doesn’t require that you open an account. To use the wallet, simply download the app, set a password, write down your recovery phrase and you’re set.
Atomic Wallet Review: Atomic Wallet App
The Atomic Wallet mobile app allows you to trade crypto on the go. The app has a user-friendly interface and is available on Android and iOS devices.
You can buy Bitcoin and over 300 other supported coins with your bank card directly from the app.
The app offers a Stake and Earn feature which allows you to stake cryptocurrencies like Ethereum, Solana, Near, Tezos, and Ada.
The app also offers Instant Exchange courtesy of ChangeNOW, which allows you to instantly exchange a range of tokens and coins for any other in just one click without any third-party or external service.
The mobile app is a fully decentralized application built on top of common open-source libraries. It does not require any verification or KYC.
The private keys to your assets are encrypted on your device and never leave your device. Atomic Wallet does not have access or control over your crypto coins.
Atomic Wallet Review: Customer Satisfaction
Atomic Wallet offers 24/7 customer support via a Live telegram chat at @AtomicWallet and email at support@atomicwallet.io.
The platform also has an Academy and a Knowledge base. Users can check the Knowledge base for ways to resolve their problems before contacting the customer support team.
Atomic Wallet also has active social media handles on Facebook, Instagram, Twitter, and Reddit.
That said, the Atomic Wallet customer support team is responsive.
Customer reviews on third-party review platforms show that the support team offers swift and helpful services to customers.
Atomic Wallet Review: Who Should Use an Atomic Wallet?
Atomic Wallet is for crypto investors who want to hold the private keys of their cryptocurrencies.
Why Use an Atomic Wallet?
The Atomic Wallet allows you to completely own your cryptocurrencies as it stores your private keys and recovery phrase locally on your device
Alternatives to Atomic Wallet
Popular alternatives to the Atomic Wallet include other software/online wallets such as Exodus Wallet, MetaMask Wallet, and Trust Wallet.
Atomic Wallet Review: Conclusion
Atomic Wallet gives users the ability to fully own their cryptocurrencies in addition to staking and Atomic swaps.
However, it charges high fees on crypto exchanges, unlike a lot of its competitors. It also lacks hardware wallet compatibility.
FAQ
Most frequent questions and answers
No, Atomic Wallet is headquartered in Estonia.
Yes, the Atomic Wallet is legit.
Yes, the Atomic Wallet has a phone app.
Apple removed the app because Atomic Wallet uses third-party platforms for exchange.
Yes, the wallet has several security measures in place to keep the private keys to your asset in the Atomic Wallet safe.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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