Freewallet

Freewallet – is a cryptocurrency wallet and exchanger. The basic set of options for working with virtual work is present here: internal exchange of cryptocurrencies from purse to purse, buying c.u. from the card, a converter to estimate the profit.

Let’s see, is it as profitable to use the platform as it seems at first glance? And what is Freewallet – a scam or a serious product that can be used without fear?

 

Why Freewallet

Freewallet claims to be a multilingual platform, translated into 13 languages. The site itself freewallet.org is presented only in the English-language version.

Immediately catches the eye a large selection of cryptocurrencies, but on closer inspection, it becomes clear that the full package is supported only if you create internal virtual wallets and exchange between them – when converting crypto into fiat currency you will be offered only 8 cryptocurrency uk (How to Make Money on Cryptocurrency?).

The emphasis, as we said in the prologue, is made precisely on storage, so most of the functionality is focused on it. Traders have access to the converter, voting for the implementation of certain options (what to implement first of all), quite a massive FAQ section (“Frequently Asked Questions”), support center (tickets) and quite a bearable blog, where along with social networks, market news is published. Note also the presence of tokenized assets, an open interface (API) and the presence of a mobile application. That’s not bad enough for a start.

 

How to buy cryptocurrency on freewallet.org platform

Exchange and cryptocurrency purchase on the platform are made through Exchanger (internal exchange between wallets Freewallet) or currency exchanger (transactions from cards and external storage). In the first case, we open a form in the voiced section, set the amount that we buy/sell, and click Exchange.

The system will ask for details: wallet key and e-mail. We will be given the address where we need to send the crypto to confirm the transaction. It can be copied or scanned with QR-scanner of your mobile device. After that, the application will be accepted – you will only have to wait for the funds to be credited. In the case of selling fiat currency, the form is about the same: only the choice of currency units (by the way, it is much less than in the first case) and the amount plus specifying the wallet address.

Go to the standard form of payment Simplex (operator): specify the card number, name of the holder, expiration date, actual address and contacts (mail, phone number), as well as date of birth. E-mail and number will need to confirm: a letter will come to the mail, and the phone will receive a message with a code. Finally, you will need to verify your identity (see below), after which the application process will be completed.

 

Verification on the FreeVallet platform

Verification is a standard procedure introduced for the safety of customers (so that later your assets do not “leak” to another person who gained access to your account at the exchanger). In the Freewallet system it involves uploading a passport photo/scan (main page with signature).

And re-fill the form with personal information: full name, date of birth, gender, country of residence, passport number and series, date of issue, address (all in Latin characters). Verification takes a couple of minutes, after which your transaction will or will not be confirmed, depending on the results of the analysis of the information provided.

 

Terms of buying cryptocurrency

The service can be used only by people over 18 years old who have sufficient experience in handling cryptocurrency and have the authority to accept the terms of the resource – in other words, legally capable (it is mentioned in paragraph 1.1 of the site’s User Agreement freewallet.org).

The provider itself does not impose territorial restrictions, but notes that you are responsible for complying with the laws of your country of residence. More than 100 types of currency are available for internal exchange (from crypto to crypto between wallets registered in the system): Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Monero, Dash, Zcash, Doge, Lisk, Decent, NXT, Ardor, Eos, Tether, Ripple, Bytecoin, IGNIS, Stellar, NEM, Neo, Litecoin etc. But when you buy fiat for virtual currency, you can only choose BTC, BCH, ETH, LTC, XRP, XLM, BNB, TRX on the one hand and USD, EUR on the other. It is not possible to sell fiat.

External wallets and Freewallet wallets (a separate one is created for each digital unit) and bank cards VISA, MasterCard (Simplex is responsible for the processing) are used to fund your account. With each direction you work through a separate form (sections Buy with a card and Exchange). In the near future, as stated on freewallet.org, it is expected to launch “cold” storage, but at the moment only “hot” storage is functioning.

Deposit and withdrawal limits

When you buy fiat for crypto units, you can exchange between 50 and 20,000 U.S. dollars or 0.004244 and 16.97799 bitcoins. The calculator will not allow you to enter any other amount. But the internal exchange has no limitations: here you are free to convert any amount of digital characters.

Freewallet Commission

According to the terms of the same user agreement, Freewallet charges a fee for exchange and withdrawal. The amount of fees is not specified – they are included in the rate. There may also be other fees, which will be required by the provider to compensate its own costs incurred in the process of providing services to the customer.

 

FreeVallet Bonuses

Bonuses (rewards) are given out by the company randomly and without prior notice or any system. Usually these are discounts on services (reduced rate).

Referral program

Freewallet has no referral program – partners are invited to become a kind of intermediaries in the White Label model and run their own cryptographic wallet as a service: the software in this case provides Wallet Services Ltd. and trademark you register yourself.

 

Complaints about Freewallet

There are a huge number of complaints about Freewallet on the network (including on the mobile application page of the platform). And they are related to the fact that the units listed by users were converted, but the transaction was not completed (they did not receive the crypto). At the same time, the support team at the resource itself stopped responding.

And one blogger created a detailed report with pictures, clearly depicting how he was cheated. At the same time, according to him, on public resources support showed a desire to help and offered a solution: contact them again by email/forms. Whereas in reality all these requests again went unanswered.

Many people are having problems logging on to the platform.

And in the official media we found articles about mass thefts from Freewallet wallets. In other words, not only the conversion but also the storage of currency on the resources of the service is not safe.

 

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Regulation Wallet Services Ltd.

Before investing in this or that platform, it always makes sense to check its licensing base. Especially considering how many offshore exchangers currently exist. And first of all, due to imperfect legislation in a number of countries. Let’s see how the owners of Freewallet prove themselves in this regard.

Freewallet controller

On the official resource of the exchanger freewallet.org Wallet Services Ltd. is listed as the owner. – a British developer of software solutions for business. However, on freewallet.org the details of this service provider are for some reason not specified even in the user agreement, and the jurisdiction is not the UK, but Malta. And there is no license for cryptocurrency transactions in the public domain. It seems that it simply does not exist.

Freewallet.org User Agreement

The Freewallet Terms of Use agreement consists of 10 sections stating the obligations of the system’s customers and administration to each other. Let’s look at a few. Let’s say it’s stated that you are obliged to spare the company from any claims for losses (damages) resulting from using its services, even if this concerns breaches of guarantees on its part. Verification procedures can be initiated against you at any time (clause 5.4).

If you were unable (unwilling) to provide the information requested by Freewallet, you will be restricted from accessing the services – this will happen without prior notice (clause 5.6).

The provider is generally free to refuse services to you or remove a service from the list of services offered at will, without giving a reason. Any disputes arising shall be governed only by the arbitration courts of Malta, without regard to the laws of other jurisdictions (clause 9.1).

 

Is Freewallet a Scam?

The platform looks very doubtful. All this leads to the inescapable conclusion: with a high degree of probability, Freewallet – it’s a scam and you should not trust the resource. This is indicated by the following points:

• It is not clear whether the developer is really its owner, and for some reason there are no contacts with him, although the company’s website lists them.
• There is no license and registration information.
• There are publications in serious online publications about mass thefts of cu.u. from cryptocurrency wallets provider, as well as a large number of complaints about fraudulent exchange transactions in otzoviks and on the page of the mobile application in Google Play Market.

 

Conclusion

Freewallet On closer inspection, unfortunately, it turned out to be not a very conscientious service provider. The information offered on its site does not always correspond to reality or is not confirmed (for example, the number of language versions or currencies, information about the owner of the platform).

The choice of fiat is quite scarce (euros and American dollars), and it cannot be sold – only bought. And the comments of users and official publications on the network show a large number of cases of fraud. Under the pressure of all these factors, the beautiful shell of the “bubble” called Freewallet is simply bursting.