Eidoo Wallet Review: Is It the DeFi Wallet We’ve Been Waiting For?
There’s a new fancy term in the world of digital assets that you may have heard recently. It’s decentralized finance, and it’s all the rage nowadays. I’m not going to spend a lot of time talking about defi, as it’s commonly called. Instead, I’m going to talk about the features and functionality of the Eidoo Wallet. So please join me in my Eidoo Wallet review so you can learn everything there is to know about this unique DeFi wallet.
Introduction to Eidoo wallet
What I do want to talk about is the Eidoo Wallet, which offers a secure way to explore the decentralized finance environment.
Before I get too deep into all the awesome features of the Eidoo Wallet, I want to talk about the company’s history and reputation.
For starters, Eidoo (pronounced eye-dew) is a Swiss company founded in 2017. The group chose to launch Eidoo as a way to help others manage their investments and assets while making a profit in the world of blockchain.
Eidoo’s goal isn’t to reinvent the wheel. It wants to create a simpler relationship between cryptocurrencies and the people who use or invest in them. As a result, Eidoo offers a secure and easy to use service that provides complete transparency.
I don’t know about you, but I like to know how secure a platform is before I sign up to use it. The same goes for a digital wallet. Which begs the question, is Eidoo secure?
In my humble opinion, yes, Eidoo is a secure platform. With its Hierarchical Deterministic (HD) algorithm, Eidoo ensures that its users have a safe and trustworthy experience.
I won’t waste your time getting into the weeds about what an HD algorithm is, but in the simplest terms, it establishes a new address each time you perform a transaction. This helps maintain your privacy on the Eidoo platform. You can check out this link if you want to learn more about Hierarchical Deterministic algorithms.
So far Eidoo has been a reliable and successful company. The project boasts a respectable list of clients and partners while trading on some of the more reputable exchanges known in the crypto industry – like Binance, for example.
Eidoo wallet features
If you’re a fan of features, then Eidoo is right up your alley. This multi-functional, multi-currency crypto wallet is diverse and decentralized. Plus, the company offers a debit card for use in the EU and in the UK.
I’m sure you’re super-stoked to hear more about these and all the other features Eidoo offers. With that in mind, let’s jump right in!
If you want to purchase crypto through Eidoo, you have a few ways to do so. Users can buy cryptocurrencies through SEPA, bank transfer, or with a credit card. However, there are a few caveats to keep in mind before you get started.
First, you can only buy stablecoins with SEPA, and you can only get them from 9 AM to 5 PM, Monday through Friday, Switzerland time. These are coins like DAI, USDC, and USDT. If you want to buy other digital currencies, you can do so through a bank transfer.
Additionally, Eidoo lets you use your credit card to buy crypto on its platform. You have to purchase a minimum of 50 euros and you’ll have to go through a third-party KYC to confirm your identity. Otherwise, it’s a pretty straightforward experience. Click on the “Buy” button in the Eidoo app and you’ll have your favorite digital coin before you know it!
The first thing to know about fees with Eidoo is that its wallet users pay for the gas on transactions. When you’re performing a transaction, the price of gas is shown so you know exactly how much you’ll pay.
You can, however, configure your gas price. This is done in the “Advanced” area in the settings. The more gas fees you pay, the quicker your transaction will complete.
Eidoo uses its EDO token for its exchange and transaction fees. You’ll find that you’re charged between 0.1 and 0.15% when trading, which usually corresponds well with what the crypto market is charging.
If you want to find out more about how Eidoo’s hybrid exchange works, the platform has an excellent blog post you can check out here.
Multi coin support
Eidoo doesn’t play around when it comes to coin and token support. Using the Eidoo wallet lets you keep all the ERC-20 tokens you own in the same place. You don’t have to mess with managing them in different wallets or on different platforms.
Plus, you can keep your BTC, ETH, and a wide variety of other coins and tokens in your Eidoo mobile or desktop app. I don’t know about you, but having a single place to store all my coins sounds quite appealing.
Eidoo brings together your Bitcoin wallet and Ethereu-based tokens and keeps them all in one easy-to-use place.
But you’re wondering if Eidoo will support your coins or tokens, aren’t you? Well, here are just a few of the coins that Eidoo’s multicurrency wallet supports:
- Bitcoin (BTC)
- Ethereum (ETH)
- Maker (MKR)
- Binance (BNB)
- Auger (REP)
- 0x (ZRX)
- OmiseGo (OMG)
- Basic Attention Token (BAT)
- pNetwork Token (PNT)
- Bread (BRD)
This is just a short list of what Eidoo supports. There are many, many more. Some, to be quite honest, I had never heard of myself. And before you ask, yes, Eidoo does support ERC-223 tokens.
The Eidoo cryptocurrency wallet app is available in three different versions. You can download the app for your mobile devices through the Android Google Play Store or the iOS App Store. Or you can install the desktop wallet. Eidoo’s desktop wallet supports Mac, Windows, and Linux, something a lot of desktop wallets don’t do.
Overall, the mobile and desktop apps are intuitive and easy to use. It is sleek, responsive, and doesn’t feel bloated with a lot of unnecessary junk. I’d say this is a great choice if you’re just getting started in the world of crypto. There are plenty of features but the app is designed in a way that isn’t intimidating or confusing.
Because the Eidoo ecosystem has suffered a significant amount of fraud attempts from certain countries, the platform has chosen not to support certain places. Here are a few countries Eidoo does not support. You can find the whole list here.
- Saudi Arabia
- United States of America
If you live in a country that’s on this list, then you won’t be able to use EidooID, which allows you to participate in ICOs and token sales. While things may change in the future, the current list is definitive.
Eidoo users have access to its hybrid exchange, which is found in your wallet. But why is it called a hybrid exchange? Excellent question.
Put simply, it’s a hybrid exchange because it uses a centralized book for orders, which resides on Eidoo servers. However, Eidoo doesn’t keep user assets on the exchange. All monies and assets reside in user wallets, so it’s always safe and secure.
All Eidoo does is create a space and interface that allows users to place and match their orders. Eidoo is hands-off when it comes to the actual exchange of money, which is done on a peer-to-peer basis.
You won’t find any sophisticated or advanced trading tools on the Eidoo exchange. Plus, there aren’t any order types available, like stop-limit orders. Basically, the exchange is a simple and easy way to perform trades.
However, due to the decentralized nature of the platform, exchanging tokens and coins is much safer than Eidoo’s centralized counterparts.
Users can trade a wide variety of coins on the Eidoo platform, but the real bonus is the ability to create smart contracts and execute atomic swaps. This is available for hundreds of ERC-20 tokens on the Eidoo exchange.
Aside from a hybrid exchange and atomic swaps, Eidoo also offers a DeFi exchange. Through the decentralized exchange, users can find and invest in new projects, obtain loans, and purchase tokens. As you can see, there are plenty of options within the built-in Eidoo crypto exchange.
By offering an Eidoo debit card, the platform is bringing crypto one step closer to mass integration. The Eidoo debit card uses your ETH and BTC and converts it into “fiat currency” which you can use in-store or online. Users also have the ability to withdraw money at an ATM if they need to.
Partnered with Moneyfold, Ltd., which handles the conversion process, Eidoo provides its users with a way to purchase goods or services while also earning cashback.
If you’re interested in an Eidoo debit card, you can get one through the Eidoo website. Users are eligible for a Basic, VIP, or Black debit card, which is based on how much EDO a user has staked or burnt.
How to use Eidoo wallet
Now that we’ve discussed many of the features available with the Eidoo wallet, let’s talk about how to use it. Before we get started, I’m going to go out on a limb and assume you know how to download and install the appropriate app version.
Go ahead and do that now. I’ll wait.
Okay, let’s begin with the Eidoo wallet interface.
A quick look at the interface reveals four icons located at the bottom of the home page. These icons represent your assets, exchange functionality, frequent transaction addresses, and settings, in that order.
As I alluded to previously, the Eidoo interface brings a whole new meaning to the phrase ease of use. It really is that user-friendly.
Address creation and receiving assets
If you want to receive digital tokens or coins, just click on the asset you want on the main screen. You’ll find an option for “Address.” Once you select it, a pop-up will appear with your public key. Copy it and paste your wallet address where you need to receive your assets.
Sending coins and tokens is just as straightforward as receiving them. Choose your asset, then select the “Transfer” button. Next, you’ll need to enter the sending address along with the amount.
Finally, you can adjust your fee amount from the “Advanced” menu, depending on how quickly you want the receiver to get their funds.
Backup and restore
During the installation of your Eidoo wallet, the platform asks you to create a password if you need to access your wallet. This is good as long as you’re using the same device. If you need to access the data from a different device, you’ll have to use the 12-word single backup passphrase created during setup.
One thing to remember is that if you lose your password or passphrase, Eidoo can’t help you. As a result, be sure you keep both your password and your 12-word passphrase in a safe and secure place.
If you do need to restore your wallet, you’ll need to enter your 12-word backup phrase. That’s why it’s important to know where it is at all times.
The reality is that there’s no such thing as a perfect crypto wallet, but Eidoo is doing what it can to come as close as possible. This digital currency wallet is packed with features, making it one of the most robust wallets available.
With built-in hybrid and defi exchanges, it’s hard not to like what Eidoo has to offer. While serious traders may find the wallet limiting due to its lack of order availability, there’s still plenty of functionality available within the Eidoo wallet.
If you’re looking for a multicurrency wallet that supports a wide variety of coins and tokens, I’d have to say that Eidoo wallet should definitely be on your list. Here is a brief list of popular coins supported.