Atomic Wallet Review for 2022

It is common knowledge that hardware wallets are the safest class of crypto wallets.

Cold storage wallets like Ledger Nano S, Ledger Nano X, Trezor One and Trezor Model T are the best wallets for crypto storage.

In due course of this guide, we will dive into all you need to know about the free Atomic Wallet.

Introduction to Atomic wallet

The crypto wallet was founded by Konstantin Gladych, the co-founder and CEO of Changelly.com, in October 2017.

The crypto wallet allows you to manage over 500 coins and tokens, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).

Apart from the fact that you can store and manage several crypto tokens, the wallet also allows you to purchase a number of crypto tokens without the use of a centralized exchange (CEX).

The crypto wallet is available in the form of a mobile app and a desktop wallet.

Is it suited for beginners or more advanced crypto investors?

The fact that the crypto wallet is free and allows you to buy crypto tokens through the wallet itself with a credit card makes it a wonderful proposition for beginners.

The process of using the wallet is straightforward and it is built to be beginner-friendly.

The wallet allows for atomic swaps and is fully integrated with ShapeShift and Changelly.

These integrations allow the instant exchange of crypto tokens that do not yet support atomic swaps.

Overall, while the wallet is perfect for beginners, there are several features on offer that could appease even the most advanced crypto investors.

Features of Atomic wallet

Here are the principal features of Atomic Wallet:

Security features

In terms of security, Atomic Wallet is second to none. Here are some of the key security features of the crypto wallet:

1. The crypto wallet is open-source. You can examine the code to ensure that is free from vulnerabilities and bugs.

2. All critical data is stored locally on your device. Your private keys are encrypted and never leave the vicinity of your device.

Given the fact that all passwords and data are stored locally and not on a server, there is no risk of losing funds through centralized services.

3. The first stage of security is a password. You need to enter your password to access the wallet, confirm transactions and view private keys.

4. The crypto wallet offers a 12-word backup phrase to access your account if you lose/damage your device. Note down the seed phrase on a piece of paper and keep the paper somewhere safe.

Remember, the seed phrase is the only way you can access your Atomic account if you lose/damage your device. Do not share the backup phrase with anyone.

Security drawbacks

Atomic Wallet has one serious security drawback – the wallet does not offer two-factor authentication (2FA).

Cryptos supported

As has been mentioned before, the multi-currency Atomic Wallet supports over 500 crypto assets.

These include Bitcoin, Bitcoin Cash (BCH), Ethereum, Ethereum Classic (ETC), Ripple, Litecoin, Dash (DASH), Stellar (XLM), Binance Coin (BNB), Cardano (ADA), Tron (TRX) and Atomic Wallet Coin (AWC).

One of the wallet’s most captivating features is staking.

You can stake several crypto tokens without any fees and directly receive rewards from validators. For example, if you stake 100 Cosmos (ATOM), you will receive a monthly yield of 0.83 ATOM tokens and a yearly earning of 10 ATOM tokens.

You will experience no losses whatsoever and the only monetary fluctuations that you may experience is in terms of the market price of a crypto token that you are staking.

At the time of writing, 14 crypto tokens are available to stake, including Cosmos, Atomic Wallet Coin, Tron, Tezos (XTZ), Algorand (ALGO) and VeChain (VET).

Countries supported

You can download and use Atomic Wallet in over 100 countries.

These countries include the United States of America (USA), the United Kingdom (UK), Australia, Canada, Japan and India.

To determine whether the wallet is available in your country, open Google Play Store or App Store and search for the wallet.

If it is available to download, the wallet is supported in your country.

Supported operating systems

Atomic Cryptocurrency Wallet is one of the few crypto wallets that supports multiple operating systems.

You can download the mobile wallet on Google Play Store as an Android user. Similarly, you can download the mobile app on App Store as an iOS user.

If you want to download the desktop wallet, visit atomicwallet.io.

The wallet supports Windows, macOS, Ubuntu, Debian and Fedora operating systems. The wallet does not support some Linux systems.

Click on this link, choose your preferred operating platform and download the file. For added security, always check the hash sum of the wallet version that you are about to download.

This practice will ensure that you are downloading a wallet version that was cryptographically signed by the developers.

Is Atomic wallet a Cold wallet?

While the non-custodial wallet claims to be a cold wallet type on its website, it is in essence a software wallet, as it is connected to the internet.

The fact that all passwords and data are not kept on any server does not mean that a faulty computer or mobile device cannot compromise your funds.

While you can do your bit to keep your device clean and switch off the internet whenever your device is not in use, the risk of using a mobile wallet/desktop wallet for crypto storage will always exist.

How do I withdraw money from Atomic wallet?

At the time of writing, the crypto wallet does not offer an option to cash out to a bank account.

You cannot convert cryptocurrencies into fiat currencies like USD.

The wallet provides options to securely store, send, receive, buy and exchange crypto tokens within the app.

If you want to convert a crypto token into a fiat currency, you will have to make use of another service.

If you want to withdraw a crypto token, click on the Wallet option.

Within the wallet, you will see a list of all the crypto assets that you have stored in the wallet. Click on an asset that you want to withdraw and click on the sending interface.

Enter the amount of the crypto token that you want to send and enter the address you want to send the crypto coin to.

Once you have entered these details, proceed to withdraw the crypto token.

You will be charged a network fee for the same.

How does Atomic wallet make money?

The crypto wallet does not make any money when you transfer funds from the wallet to another wallet address or when you transfer funds from a crypto ATM or crypto exchange to the wallet.

You should keep in mind that you will be charged a blockchain transaction fee (network fees) when you send cryptocurrencies from a crypto ATM or cryptocurrency exchange to an Atomic Wallet address.

The crypto wallet may be free to use but it does have a model to earn money.

Each time you purchase cryptocurrencies through the wallet, the wallet earns a small commission.

Atomic wallet vs Hardware wallets

This is something that we have partially discussed already. Of course, hardware wallets are more secure than Atomic Wallet as they are not connected to the internet.

Most hardware wallets are multi-signature wallets that offer 2FA. In terms of security, there is no beating a Ledger Nano X wallet or a Trezor Model T wallet.

While Atomic Wallet does not offer 2FA, it is, in essence, a secure wallet when compared to other mobile wallets and desktop wallets.

If you want a crypto wallet that offers several crypto tokens to store and manage, an option to stake cryptocurrencies and earn other rewards, Atomic Wallet is a magnificent option.

Conclusion

Atomic Wallet is one of the best mobile and desktop wallets in the business.

Apart from the fact that you can store and manage multiple cryptocurrencies, you can also buy cryptocurrencies through the wallet, exchange crypto tokens through atomic swaps and its two exchange integrations and earn rewards through staking and by acquiring an Atomic Wallet Membership.

Before you download the wallet, here are a few things you should know: 

1. The Bitcoin wallet does not offer the best customer support service.

2. Atomic Wallet does not offer support for hardware wallet pairing. That said, the team is working on this issue at the time of writing.

3. 2FA is not on offer.

4. You can purchase a select few crypto tokens through the Atomic Wallet.

Overall, the wallet is user-friendly, suffices the purpose of acting as a store for crypto tokens and offers a variety of additional perks and features. Go through our comprehensive crypto wallet guides and choose a wallet that best suits your needs.