Eidoo Wallet Review
Eidoo is a multi-currency wallet that makes it easy to interface the BTC and the ETH blockchain. Most importantly, its hybrid exchange allows for the easy swap of ERC20 and ERC223 tokens. The wallet has some cool features. These include an HD support system, ICO engine and token recognition. It supports both desktop and mobile usage. As a desktop client, it can be used on multiple operating systems.
General Information
Natale M. Ferrara and Marco Polci created Eidoo in August 2017. The success of the wallet can be attributed to its 25-member team. For instance, Ferrara himself is well experienced in the technology space. Initially, the wallet started as a light mobile wallet for Android and iOS devices. Eidoo released the desktop app in 2018. In January 2019, the team launched the hybrid exchange integration.
Eidoo is a complete digital asset exchange. The Swiss company has the goal of improving how people manage their assets. It aims to extend to helping people invest. The company also helps people to make a profit in the digital economy.
Eidoo wallet faces competition from, inter alia, Bread. BRD is a decentralized iOS wallet built to hold assets securely.
Eidoo Wallet Supported Coins
The Eidoo wallet supports BTC, ETH and all ETH tokens including ERC20 and ERC223 token standards. You can find a comprehensive list of supported coins here.
In addition, Eidoo has its native token. This token is up for trade on a number of different digital exchanges. For instance, you can buy EDO with other digital assets at Binance, Bithoven, Covesting.io, Ethermium or Bitqist.
To find out where you can obtain the cryptocurrencies supported by the Eidoo wallet in the first place, go to our Cryptocurrency Exchange List and use the filters to find the right exchange for you.
Eidoo Wallet Fees
Eidoo does not charge any fees to access the wallet. However, you will need to pay the gas price as transaction fees. You can use your EDO tokens to pay your transaction fee. Eidoo charges 0.2 to 4.0 EDO as a transaction fee for withdrawal. However, the fee also depends on the receiver wallet.
The hybrid exchange allows you to trade ETH and ERC20 tokens. This trade is safe and done via smart contracts. In other words, the hybrid exchange ensures quick order management matching. Eidoo charges 0.1% to 0.15% as a trading fee.
Eidoo Wallet Price
The Eidoo wallet app is free to use. Download on the respective app stores for Android and iOS devices. Visit Eidoo’s official website to download the desktop client free.
Eidoo Wallet Ease of Use
This wallet is effortless to use. The app has an amazing user-friendly interface. Apart from the wallets, features that have been introduced to make life easier for users include the contact list and the ICO engine. The ICO engine allows users to participate in selected Initial Coin Offerings. The wallet also makes it easy to receive airdrop earnings directly. Bounty and airdrop hunters might find this exciting.
Another good feature is that Eidoo identifies all tokens automatically. Therefore, you do not need to go through the rigor of configuring each wallet. This feature is called Token Recognition.
Users can begin to send and receive payments after registration. You will have to go through the usual steps to set up your wallet. Ensure you set a strong password and safeguard your passphrase.
Anonymity
Anonymity is low. You may have to comply with AML rules at some point, especially when using the exchange. This might involve you providing ID documents and disclosing the source of your funds. Furthermore, the wallet collects browsing data include IP address and usage data. This can be used to track your activities.
Eidoo does however ensure the safety of the data collected from the users. The company uses several measures to ensure that your data is secure. This includes data encryption and round the clock network security checks. Eidoo may disclose your data to a third party if there is a need to comply with legal obligations. In addition, Eidoo may share your data with other companies if you permit them to do so. If you have any reservations, you can read their privacy policy.
Security
Eidoo wallet makes safety a priority. It uses deep encryption techniques to secure users’ private keys. Please note that this wallet is non-custodial. You must ensure that you do not lose your password and seed phrase. A summary of the wallet’s security features include:
- HD settings providing a backup phrase
- The private key is stored on the user’s device and not on any server
- Recovery tool making it as fast as possible to recover wallets from lost devices.
Where to buy Eidoo Wallet
Find the mobile apps on Google Play Store and App Store. You can find the desktop client here. The desktop client is available for several operating systems.
Overall, Eidoo is a nice and secure wallet to use. It is also beginner-friendly. However, if you would prefer a hardware wallet to store your coins, check out our reviews of Ledger, Trezor and KeepKey.
Oh, and don't forget to check out the Eidoo-company's latest project, being the Eidoo Card, which is now available for pre-order.