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Guarda Wallet Review 2024: Features, Fees and Services
Luis Clark
- URL: https://guarda.com
- Hardware Compatible: Yes (Ledger hardware wallet)
- Price: Free
- Staking Rewards: Yes
- Platform App: Desktop/Mobile/Web
- NFTs Storage: No
- No. of Assets Supported: 400,000+
- Type of Wallet: Non-custodial hot cryptocurrency wallet
Guarda Wallet Review: Our Opinion
The Guarda wallet is a highly secure and feature-rich non-custodial hot wallet that supports a large selection of cryptocurrency assets (over 400,000) and is easy to use for beginners.
However, the Guarda wallet’s weakness lies in its high fees for in-app purchases and lack of NFT support.
An Overview of Guarda Wallet
Founded in 2017, by blockchain development company Guardarian OÜ, the Guarda Wallet is a cryptocurrency wallet that allows users to securely store their digital assets alongside other functions like buying, selling, and staking.
It is available as a browser extension, desktop application, web platform, and mobile app. The goal of Guardarian OÜ in the development of the Guarda Wallet is the decentralization of the Guarda software in tandem with the basic principles of blockchain.
Since its launch, the Wallet has grown from a single currency mono-wallet to become one of the most popular multi-asset non-custodial cryptocurrency wallets supporting over 400,000 cryptocurrencies and more than 50 blockchain networks.
The company behind the Guarda Wallet is licensed in Estonia as a provider of virtual currency services, which allows them to offer regulated digital asset products in the European Union.
Some of these functions include: users being able to buy cryptocurrencies directly on the Wallet (most non-custodial cryptocurrency wallets offer this only via third-party services), earn staking rewards, spend crypto using the Guarda Wallet visa card, and take crypto-backed loans.
Guarda is also compatible with the Ledger hardware wallet, which provides an additional layer of security to users’ crypto assets.
The current CEO of the Guarda Wallet is Paul Sokolov. He has more than 5 years of experience in the blockchain and crypto technology space.
Pros
- Good customer service
- Supports a large selection of cryptocurrencies, coins and tokens
- It offers a prepaid Visa card
- Compatible with hardware wallets
Cons
- No NFT support
- High fees
Guarda Wallet: What is It?
Guarda Wallet is a non-custodial wallet that allows users to store, buy, sell, swap, and stake cryptocurrencies.
The versatile crypto wallet serves as a cryptocurrency storage solution compatible with both desktop and mobile platforms, alongside functioning as a web extension.
It is also compatible with Ledger wallets (hardware wallets).
Guarda Wallet Review: How Does it Work?
The Guarda Wallet works like any non-custodial wallet as it does not hold the users’ private keys and gives clients sole ownership of their digital assets.
To use the cryptocurrency wallet the user would need to write down a recovery seed phrase shown at set up, which represents the private keys of their cryptocurrencies.
How to Set up Guarda Wallet
Setting up a new wallet with Guarda is a straightforward process.
First, go to https://guarda.com and hit the Launch app button.
This will redirect you to the login screen at Guarda.co/app.
Next, click Create a New Wallet and you’ll get a prompt to select your password. It is important to note that you must store your password in a safe location as Guarda will be unable to help you recover it in the event of loss.
Guarda is a non-custodial service so they do not keep any personal data that belongs to their users, passwords and backup included.
After entering your password and ensuring that it is safe, choose ” I’ve written it down”.
Wait a couple of seconds for your wallets to be created and then proceed to download your backup file.
It is important that you pay attention to the text that pops up on your screen and you do not lose the backup.
It holds the encryption of all keys in your crypto wallet. Without the backup, you won’t be able to access your wallet.
After downloading your backup, the setup is complete.
Guarda Wallet Review: How to Send and Receive Coins
To send digital assets, launch the Wallet and log in using your password.
Next, tap the Send button at the center of the app and then choose the cryptocurrency you want to send from the list by tapping on it.
Paste the wallet address of the recipient, select the amount you want to send then hit Send.
To receive crypto, launch the Guarda mobile wallet or Guarda desktop wallet and tap/click on receive.
On the next screen, choose the cryptocurrency you want to receive by tapping/clicking on it or by searching for the crypto asset and then hitting it.
Once it opens, copy the address and blockchain network and give it to the sender to make a transfer.
Guarda Wallet Review: Unique Features
Guarda Visa Prepaid Card
The Guarda Visa prepaid card allows you to make payments from your crypto balance anywhere Visa cards are accepted.
The card can be topped up directly from your crypto wallet. The Visa card supports the following cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ethereum Classic, Polkadot, XRP, Tether, Cardano, Bitcoin Cash, EOS, and Tron.
Guarda provides both a plastic card and a virtual Visa card. The plastic card can be used for ATM withdrawals worldwide while the virtual card can be used for online payment and added to Apple Pay.
Users can spend up to €9,000/month with the virtual card.
Guarda gives a €20 bonus for the virtual card activation and does not charge any maintenance fees for the card.
That said, ATM withdrawals attract €1.9 + 2.5% in fees.
The Guarda prepaid card is available in over 25 countries in Europe.
Supported countries include Austria, Bulgaria, Croatia, Denmark, Belgium, Finland, Germany, Sweden, France, Spain, Netherlands, Norway, Estonia, Greece, the Republic of Cyprus, Czech Republic, Ireland, Hungary, Malta, Norway, Poland, Portugal, etc.
The virtual card can be gotten instantly and activated on the Guarda app.
To activate the virtual crypto card, open the wallet screen in the mobile Guarda Wallet and make sure the card is ready to be activated.
Next, create your PIN and passcode and click “Confirm”.
To activate the plastic card, all you need to do is enter the card number and confirm the PIN.
You can top up the card with crypto using the mobile app.
To do this, find the Top Up button in the app. Next, select the crypto wallet you want to use to add the funds. Follow the onscreen prompt to complete the process.
Guarda Token Generator
The Guarda Token Generator also known as Token Creator allows you to create new functional tokens that run on blockchain networks like Ethereum or Hedera through Guarda.
The Token Generator uses specifically built Smart Contracts which enables you to create tokens without needing complex coding. It can generate ERC-20 and HBAR tokens.
The Token Generator is not free, Guarda charges a service fee for token creation and smart contracts. This service fee is paid using cryptocurrency from your wallet. The service fee is charged in ETH, which implies that if you pay the fee in a currency other than ETH, Guarda will convert it to ETH, pay the creation fee, and send the token to the ETH address you choose.
The contract is deployed immediately and your payment is processed.
As already stated, the Token Generator simplifies the process of creating tokens. You can create an ERC-20 token with just 3 simple steps.
Below are the steps:
- Name Your Token: The token generator has a field that allows you to try different names for your token to see how it will look on the main crypto service. Choose a name and symbol (about 3 to 5 letters).
- Set Up The Supply: The next step is to set up the supply of the token. This means specifying the number of tokens that will be issued. The number can be driven by the loyalty program rules.
- Deploy A Contract: Once you have completed the process, click “deploy”. Your token will be created. Once the token is created, your contract will be published on all block explorers and available at Etherscan.
After your token is created, you will be able to list it on Uniswap.
Since the smart contract of a token is immutable once it is released, Guarda checks all the parameters and functions of the new token and specifies them in the code.
It also thoroughly audits every aspect of the new token to ensure that it meets all the ERC20 requirements.
Guarda’s smart contracts pass through Etherscan verification seamlessly. The code verification makes the code transparent, this is essential for the further Initial Coin Offering (ICO).
Guarda Wallet Review: Cryptocurrencies Supported
Guarda Wallet supports over 300 cryptocurrencies across over 50 blockchains.
Supported cryptocurrencies include Bitcoin, Ethereum, Litecoin, Polkadot, Hedera, Dogecoin Shiba Inu, USD Coin, Binance Coin, Algorand, Bitcoin Cash, Eleond, Solana, Tron, VeChain, XRP, Cardano, Avalanche, Terra Classic, etc.
Guarda Wallet Review: Does it Support NFTs?
No, the Guard Wallet does not support NFTs.
Guarda Wallet Review: Fees Explained
Users are charged transaction fees and network fees on the Guarda Wallet.
To transfer funds between cryptocurrency wallet addresses, you’ll pay network fees charged by the blockchain involved. This fee is largely dynamic and depends on network congestion.
The Guarda team does not benefit from these blockchain fees as it goes straight to miners and validators.
You’ll also have to pay exchange fees, which are set by Guarda’s exchange partners. This is typically a commission of 0.5% per transaction. You’ll also need to pay network fees as well.
For crypto-to-fiat and fiat-to-crypto transactions, the charges get up to 2% of the transaction volume depending on traffic volume.
Guarda Wallet Review: Security
Guarda is a non-custodial, secure wallet. This means that Guarda does not store your password, private keys, or any other personal data. You are in full control of the funds stored in the wallet and solely responsible for the security of the funds.
The Guarda team cannot access your wallet, restore, or reset your password. Guarda also cannot restore or edit your keys or cancel or reverse any transaction you initiate.
That said, both the desktop wallet and mobile wallet have an integrated option to export every private key separately and also create a full wallet backup.
The backup is a file that contains encryption of the private keys to all your wallets on Guarda. The backup file is in TXT format.
To access your wallet, you need both your password and backup. If your backup is lost, Guarda cannot help you restore access to your funds.
Whenever changes like a password change, importing a new currency, or deleting an existing currency is initiated, the backup is automatically updated. You are required to download the new version of your backup after any of these changes are made.
Guarda Wallet Review: Opening a Guarda Wallet Account
Guarda is a non–custodial wallet; this means that, unlike custodial crypto wallets, the service does not need to gather KYC data on users.
So you’ll only need to download the app, set your password, download the backup, and start using the secure wallet.
No need to fill in your email address or upload government-issued IDs.
That said, some of the third-party payment providers within the app may request KYC.
Guarda Wallet Review: Guarda Mobile Wallet App
The Guarda mobile app allows users to manage their crypto assets on the go.
Guarda mobile has a user-friendly interface that allows Guarda users to easily send, receive, HODL, exchange, buy, and stake cryptocurrencies with adjustable fees.
The mobile wallet supports over 400,000 tokens across over 50 blockchains. It supports all Binance Chain tokens (BEP2), all Ethereum-based tokens, all TRON-based tokens (TRC10, TRC20), and Waves tokens.
It also supports the following stablecoins True USD, Tether USDT( ERC-20, OMNI, TRC10), Binance USD, USD Coin, Dai, Stassis EURs, Gemini Dollar, Paxos Standard Token, etc.
Users can earn up to 10% APY by holding cryptocurrencies in their mobile wallet. Staking is also available with up to almost 40% annual yield.
The mobile app has an exchange feature that allows users to instantly exchange crypto for over 50 coins.
Users can hide empty and unnecessary wallets using new filters.
Like most mobile wallets, the Guarda mobile app has several security features including PIN protection, Face ID, and fingerprint authentication.
The mobile app also has a QR code scanner which allows users to easily send and receive crypto by scanning QR codes.
Users can also buy cryptocurrencies using local fiat currency via bank transfer and other payment methods.
The app also features price alerts. This enables traders to stay updated on the price movements of their preferred assets.
Guarda Wallet Review: Customer Satisfaction
Guarda offers 24/7 customer support via email at support@guarda.com. Information on the Guarda website shows that it never takes longer than 5 minutes for the support team to respond to support requests.
The Wallet also has an Academy, a blog, and an extensive FAQ section where customers can learn all they need to know about the platform and blockchain functionality.
Guarda has a community on Telegram and a page dedicated to news updates on Twitter.
That said, Guarda customer reviews on third-party review platforms show that the majority of Guarda users are satisfied with the functionality of the wallet and the mobile app as well as the service rendered by the customer support team.
Who Should Use a Guarda Wallet?
The Guarda Wallet is best for crypto investors who want to own their cryptocurrencies as the non-custodial cryptocurrency wallet gives users sole ownership of their coins’ private keys.
Why Use a Guarda Wallet?
The Guarda Wallet is non-custodial, which means it doesn’t hold your coins’ private keys. This gives you complete ownership of your digital assets, which offers security against crypto exchange hacks and bankruptcy.
Alternatives to Guarda Wallet
Popular alternatives to the Guarda Wallet include MetaMask Wallet, Exodus Wallet, and TrustWallet.
Guarda Wallet Review: Conclusion
The Guarda Wallet is an easy-to-use non-custodial hot wallet that allows users to fully own their crypto assets as it gives them complete access to their coins’ private keys. That said, the platform has high fees and doesn’t support NFTs, which may be discouraging to advanced traders.
FAQ
Most frequent questions and answers
Yes, Guarda is a safe wallet as long as you do not give anyone access to your backup file, which represents your keys.
The company behind Guarda is Guardarian OÜ and the current CEO of the Guarda Wallet is Paul Sokolov.
Yes, Guarda is a non-custodial hot wallet. However, it is compatible with cold wallets like Ledger.
Guardarian OÜ, the company behind the Guarda Wallet was incorporated in Estonia.
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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