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Klever Wallet Review 2023: Features, Fees and Security
Luis Clark
- URL: https://klever.io
- Hardware Compatible: Yes
- Price: Free
- Staking Rewards: Yes
- Platform App: Mobile/Web (Klever browser)
- NFTs Storage: Yes
- No. of Cryptocurrencies Supported: 10,000+
- Type of Wallet: Non-custodial
Klever Wallet Review: Our Opinion
The Klever app is an easy-to-use NFT and crypto wallet for beginner and intermediate investors searching for a large selection of crypto coins alongside hardware compatibility and self-custody wallet network.
An Overview of Klever Wallet
Launched in 2020, Klever Finance identifies itself as a public blockchain infrastructure for the web. Its mission is to offer easy-to-use, innovative, and secure products facilitated by blockchain peer-to-peer technologies. Currently, Klever hosts 3 million users and has a global presence in over 190 countries via localized teams.
The Klever ecosystem enables crypto enthusiasts to develop decentralized apps via the Klever operating system (Klever os) and use a permissionless blockchain network called the KleverChain developed for a decentralized economy.
KleverChain uses the Proof of Stake Consensus mechanism and supports 3,000 Transactions per second with the potential to increase.
That said, the Klever ecosystem offers a range of solutions including the Klever wallet (a crypto wallet), Klever Exchange (crypto exchange), a hardware wallet, an NFT marketplace, and the Klever browser extension.
Pros
- It supports about 10 blockchains
- Simple and intuitive interface
- It supports over 300 trading pairs
- Low Fees
- It is a self-custodial wallet that gives users control of their private keys
- Users can buy cryptocurrencies with their credit or debit card
Cons
- Not suitable for advanced traders
Klever App: What is Klever Wallet?
The Klever app is a self-custodial wallet that allows you to manage (send, receive, and swap crypto assets as well as access dApps) over 10,000 crypto coins including Bitcoin Cash, Litecoin, XRP, and Ethereum. Currently, Klever hosts over 250,000 users and has approximately 30,000 active users daily.
With Klever, customers have access to their multi-crypto wallet user’s private keys and do not need any form of KYC process to start using the solution. Klever also offers staking within the app for up to 4 crypto assets.
Klever App: How does Klever Wallet Work?
The Klever wallet is a self-custodial wallet. This means that it gives you access to the private key of any digital asset you hold in its crypto wallet. It also means you don’t have to undergo a KYC (Know Your Client) process when opening an account with the crypto wallet.
That said, with Klever you can send, receive, swap, access dApps, and staking within the app. The crypto swap function is a prime feature of the app as it enables users to directly swap digital assets for other coins from one blockchain to another. For example, Bitcoin to Ethereum.
The Klever app intends to make it quicker for users to exchange cryptocurrencies by monitoring live price action on leading exchanges, which the wallet uses to create a price index utilized by the swap. When users go to the swap feature within the app, they’ll see a default swap pair, usually BTC to USDT. The user is then able to make a quote, check the price prediction offer, choose a new token pair to quote, or enter the amount they want to swap.
The swap within the wallet is conducted by completely automated bots, built within the Klever app that constantly search for the best prices across the best exchanges and then execute the swap.
How to Send and Receive Coins?
To send coins from the Klever wallet follow the below steps:
- Open the app on your iOS or Android device.
- Tap on the desired token in your Klever wallet network Portfolio.
- Change to the desired Account if you have multiple accounts within the Klever wallet and then press the “SEND” button.
- Input the amount you intend to send out of the Klever wallet then tap on the “Next” button.
- Next, press on the blue icon and choose the Contact or Account to which you want to send your token. Or you can simply paste a Crypto address from your clipboard or scan a QR code. After this, tap on the Send button.
- You will be redirected to a screen that displays your transaction history. When it’s done, tap on the “Submit Transaction” button. A green screen with a tick will show that your Send transaction was successful.
- To receive coins in your Klever wallet. Follow the steps below:
- Open the app on your iOS or Android device.
- Tap on the desired token from your Portfolio.
- Select the desired Account you want to receive cryptocurrencies into. This is if you have multiple accounts within the Klever wallet.
- Once inside your Account page, click on the “Receive” button.
- In the screen below, you can use the crypto wallet you want to send from to scan the QR code or copy your app address to your clipboard and then paste it into the sending solution.
Unique Features
Klever Kustody
Klever Kustody is a custody service that allows wallet owners to share their wallets and verify transactions by getting their mutual approval. This means that all the users that have access to the wallet can sign transactions simultaneously in a single wallet. If any of the administrators do not approve a transaction by signing, the transaction will not go through.
Klever Kustody is designed to provide proper share management and control of digital assets. It supports over 30,000 tokens and 20+ blockchains. Klever Kustody administrators can specify the number of admin users required to approve a transaction. Until all the admin users give their consent, the transaction will not be approved.
With Klever Kustody, the wallet can be frozen for a period for security reasons. During the freezing period, the wallet will not be available for signing transactions. The wallet cannot be unfrozen until the set time elapses.
Developers can build their crypto and blockchain app using Klever Kustody. This enables them to avoid incurring deep wallet development and integration costs.
Cryptocurrencies Supported
Klever cryptocurrency wallet supports over 10,000 cryptocurrencies and 300 trading pairs. Supported cryptocurrencies include Bitcoin, Bitcoin Cash, Dogecoin, Tron, Shiba Inu, Ethereum, Binance, ApeCoin, Polygon, Uniswap, Decentraland, etc.
Fees Explained
The Klever wallet charges fees for its swap feature. Currently, Swap fees are as mentioned below:
A swap fee of 0.55% of the swapped amount. However, you can reduce the Swap fee you have to pay by 25% if you choose to pay the fee in the KLV token, the ecosystem’s native currency. You can also reduce the equivalent swap fees if you hold a particular account of KLV in your wallet.
There are 10 VIP tiers within the wallet beginning from VIP 0 for users that hold less than 100k KLV to VIP 9 for users that hold over 9 million KLV. This is the highest tier for free reduction.
Security
Klever exchange has an independent banking component that it uses to communicate with its software-based Hardware Security Module. The banking component can however not give commands to the HSM. This structure where the components can communicate with each other but not command or affect the actions of each other makes the wallet system and users’ private keys immune to hackers and malicious actors.
Also since the wallet is a self-custody wallet, users have full control of their keys. This means that the security of the assets in the wallet and the users private keys is as secure as the user’s device. If the user’s device is compromised, wallet security can also be compromised.
Opening An Account
To set up the Klever wallet, download and install the Klever app on the Google Play Store, Apple App Store, or Huawei App Gallery. Ensure that you download the app from official authentic sources as there are fake apps that mimic the Klever wallet app.
After downloading the app, open it and go through the Privacy Policy. Once you’re through, you’ll need to agree to the terms and then press the “Continue” button.
Next, tap the “Create Wallet” button to create a new wallet featuring a 12-words SEED. After this, create a PIN code of your choosing but ensure that you remember the PIN code as you’ll need to provide it whenever you open the app or want to carry out transactions.
Once you’ve created your PIN code, you’ll be redirected to a screen that displays the 12-words SEED of your wallet. You’ll need to carefully write those 12 words down on paper. You’ll need these 12 words if you have to restore your wallet if you encounter some sort of problem with your wallet or when you want to access your wallet on a new device. Once you’ve penned down the 12-words SEED, tap the “I’ve Written It Down” button. Next, input the 12-word fit confirmation and tap on Verify.
Once you’re through, you can enable the Biometrics option. After successfully setting up your wallet on the app you’ll see your Portfolio screen. That’s it.
Klever App
The app is built on the Klever Operating System (Klever OS) which has a native core known as Klever’s Native Core. Klever’s Native Core communicates with the user interface element of the wallet structure. Despite communicating with the user interface element, Klever’s Native Core is completely isolated. The Klever OS uses advanced security mechanisms to protect every user’s private key. The app available on your Google Play Store, Apple App Store, and Huawei AppGallery. The self-custody app allows users to send, receive, swap, and access dApps. It is also hardware compatible for cold storage.
Customer Satisfaction
Klever has a simple and intuitive interface. The Klever team offers 24/7 customer support via the support chat feature. It also has a well-equipped Help Center with lots of articles and guides that can help users find solutions to their problems.
Most of the users are satisfied with the wallet’s services. The major complaint of users is the limited support channels and a high network fee on certain transactions.
Who Should Use the Klever App?
The app is best for beginner and intermediate crypto traders searching for a self-custody wallet network that offers a secure crypto wallet, a large selection of coins, low swap fees, and access to private keys. It isn’t for advanced crypto traders looking for a platform with trading tools and complex order types.
Why Use the Klever App?
If you want to have access to your digital assets’ private keys, have more control of your crypto wallet, and be part of a blockchain ecosystem for building decentralized finance apps easily, the Klever wallet is an excellent choice.
How to Get the Klever Wallet in South Africa?
Go to the official Klever website here. Next, click on the Google Play Store, Apple App Store, or Huawei AppGallery links at the top of the page depending on the user’s specific mobile device, and download it.
Final Thoughts
Klever wallet is a self-custody wallet application that gives users access to the private keys of their assets. The crypto wallet was built for beginners and intermediate crypto investors and it succeeds in supporting such users. This may not be the best crypto wallet for advanced crypto traders.
If you want to know more about on Klever Competitors and other crypto wallets, you can check out our list of the Best Crypto Wallet South Africa.
FAQ
Most frequent questions and answers
Klever Wallet gives users secure self-custody of their cryptocurrencies. It is however a hot wallet and not as secure as cold wallets.
Yes, you can withdraw from Klever as long as the cryptocurrency or token has reached the minimum amount eligible for withdrawal.
Cold wallets are the best as they are not susceptible to malicious attacks.
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
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
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