Atomic

Atomic Wallet is an interface that gives you access to your funds on the blockchain. The most important information, such as your private keys and backup phrase, is stored locally on your device.

Atomic Cryptocurrency Wallet Review

Launched as Atomic Swap in 2017 by Konstantin Gladych, the CEO and co-founder of Changelly, Atomic Wallet supports over 500 cryptocurrencies. As a secure platform with enhanced speed, privacy, and anonymity, the wallet is suitable for both new and existing cryptocurrency investors.

Features

Atomic Wallet is a decentralized wallet that accommodates multiple cryptocurrencies and has desktop and mobile versions. Its easy-to-use interface makes it an excellent option for crypto investors to securely and anonymously manage their portfolios.

Besides presenting an opportunity for users to swap, exchange, or convert crypto-based assets, Atomic Wallet also allows users to earn rewards through various means such as staking and cashback programs. The platform has 24/7 customer support.

Atomic Wallet supports diverse crypto assets including:

• Bitcoin

• Ethereum

• Ripple’s XRP

• Bitcoin Cash

• Litecoin

Security

As a non-custodial wallet, Atomic Wallet users have total control over their private keys which are usually encrypted and stored on their devices, giving them full custody of their funds. In terms of security, the wallet has gained a reputation in the cryptocurrency industry as there has not been a report of a security breach. To authorize any transactions, Atomic Wallet requires users to input their passwords.

Users can recover their accounts with a 12-word backup seed phrase that is randomly generated when users set up their Atomic wallets for the first time. Even though the wallet’s programming code is not available for peer review (i.e., it’s not open-source), the platform presents users with resources on how to secure their wallets. One such resource highlights the importance of accessing the wallet with a Virtual Private Network (VPN). A VPN is a network that gives you privacy and anonymity by creating a private network from a public network.

Privacy and Anonymity

Atomic Wallet is at the forefront when it comes to privacy and anonymity. Verification and KYC standards are unnecessary to access funds stored in the wallet.

While the wallet does not generate a new address for every transaction and is not coinjoin-enabled, transactions are absolutely anonymous. For a wallet to enable coinjoin transactions, it must support anonymization methods of transactions.

Setup

Setting up Atomic Wallet across various interfaces (either desktop or mobile) is relatively easy. Just like other software wallets, setup follows three main patterns - download and installation, 12-word seed phrase backup, and setting up the wallet password.

Desktop

To download and install Atomic Wallet, visit the website and click on “Download” at the top-right corner of the screen. Ensure that you download the software that is compatible with either of these devices - Windows, MacOS, Debian, Ubuntu, or Fedora.

Once the wallet has been downloaded, double-click the file to install it. Next, open the wallet on your device and click on “Create wallet.” Proceed to set up a strong and secure password, repeat the password, click “set password,” and allow the wallet to load.

A 12-word backup phrase is generated. Write it down and click "open wallet." Next, you will be presented with the option to "enable Atomic Wallet to collect logs." This is an anonymous process that helps you recognize errors when needed rather than doing so manually.

To keep your wallet secure, it is important to use a password that you have never used before. This is because you may have signed up on other platforms with the same password in the past, or someone else may have seen it before. This exposes you to the risk of a security breach. It is also important to keep your Atomic Wallet password safe because once it is lost or forgotten, it cannot be replaced, hence a permanent loss of funds. Remember to keep your 12-word backup seed phrase safe. And because Atomic Wallet does not hold on to users' passwords and seed phrases, keeping such credentials safe is the only guarantee to access your funds.

Mobile

To download the mobile version of Atomic Wallet, visit Google Play Store for Android devices or the Apple App Store for iOS. Search for the Atomic Wallet app and download it. Once you open the app, you will be presented with two options: create a new wallet or restore from backup.

Click on create a new wallet, set up an original password, confirm the password, and let the wallet load. Then, you will be presented with your backup seed phrase, which should be written down and stored in at least two different places. Remember, it is the key to your funds.

If you desire to have the same wallet on two different interfaces, that is, desktop and mobile, your 12-word backup seed phrase will come in handy. In this case, click on "restore wallet" instead of creating a new wallet.

Usability

Desktop

Atomic Wallet is a cross-platform wallet and as such, users can access their crypto assets on their computers through the desktop version of the wallet. The wallet is not hardware-compatible and does not support connectivity such as Bluetooth and other wired devices. However, it does have a user-friendly interface.

Mobile

By downloading Atomic Wallet for mobile on the Android and iOS platforms, users can have direct access to their funds via their smartphones. On the Google Play Store, the wallet has a 4.4 star rating with over 65,000 reviews. Many of the reviews are positive and complements the friendly user interface and transaction fees. However, others seem to be complaining about too many bugs, high fees, and “wishing” for the option to directly sell crypto in the wallet.

Customer Service

The atomic wallet provides users with 24/7 customer support, with the option to use either the website help page, email, ticket system, or live chat.

Cost and Fees

Downloading Atomic Wallet for either desktop or mobile interface is completely free. However, users are required to pay transaction fees (network fees) to complete trades. These fees go to crypto miners - those tasked with verifying block of transactions and adding them to the blockchain.

Network fees depend on the type of transaction being facilitated. For instance, network fees for Ethereum depend on the Ethereum gas fees measured in Gwei. When the Ethereum network is congested, gas fees are relatively higher.

Network fees can also vary based on the number of inputs a transaction may have. For example, since there is no single $75 bill, it can be split into three - $50, $20, and $5. The same applies to BTC, LTC, and DGB transactions. If you plan to send 0.2 BTC to a wallet, the transaction will likely be split into two parts - 0.1 BTC and 0.1 BTC, an indication that you will pay a higher network fee compared to a transaction with a single input.

Similarly, network fees can be customized by clicking the “set fee” and adjusting the slider on the send screen. It is important to understand that customizing network fees determines the speed of transactions. For instance, if A and B both plan to send 0.1 BTC each and customize their network fees to $10 and $0.99, respectively, it is only “natural” that miners will race to verify A’s transaction first.

Finally, buying crypto in the wallet using a bank card is facilitated by a third-party partner - Simplex. Such transactions attract a flat charge of 2% and a maximum of $10 per transaction. Bank charges may also apply depending on underlying policies.

Final Verdict

Atomic Wallet supports multiple crypto-based assets, allowing users to buy, swap, and convert cryptocurrencies, making it stand as a contender among its peers alike.

With an easy-to-use interface, this wallet is suitable for new and existing crypto investors who desire speed, security, privacy, and anonymity while managing their portfolio and transacting.

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets.

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.