Crypto wallets with built-in exchange: the battle test

If storing crypto is so safe, why do we need crypto wallets? It’s simple: without it, you cannot manage your assets. To some extent, a cryptocurrency wallet is similar to an online banking application.

Unlike fiat money, which you can get on hand at a financial institution or ATM, payments with virtual coins are made only through the internet. Therefore, the choice of crypto wallets should be approached with the utmost seriousness.

This article is based on the recent user’s experiment with several safe, reliable, and convenient wallets. A crypto enthusiast tested 10 wallets with good reviews and made a ranking based on their transaction speeds, rates, and exact sums received after making the exchange. We’ve made a selection of top 6 wallets from the list.

Atomic

Atomic Wallet could be called the Atomic Swap Wallet in honor of the mechanism that allows atomic swaps. Atomic wallet’s compatibility with Windows, Mac OS, Ubuntu, Fedora, and Debian operating systems makes it available for all levels of users and various devices. 

The first on the trial-trip, Atomic wallet completed the exchange of 0.1 ETH to BTC in 14 minutes. Also, the sum that the author got after the exchange was exactly the same as the one that he expected, and the rate was fair. He liked the fact that Atomic wallet does not require registration from its users. It means that the wallet does not store any confidential personal information and does not use the services of intermediaries to conduct transactions, which significantly increases the security of the platform. 

• Processing Time: 14 min
• Amount Sent: 0.1 ETH
• Promised amount: 0.0023362 BTC
• Amount Received: 0.0023366 BTC
• Rate: 1 ETH = 0.02359 BTC

Jaxx

Jaxx is a multi-currency wallet and allows you to store many different cryptocurrencies in one place. Jaxx wallet is available for download on most types of devices. Support includes wallets for Windows, Mac and Linux, Android and iOS for mobile devices. In addition, the Jaxx wallet also has its own extension for the Google Chrome browser, which means that it is easy to access wherever you are. 

After the Atomic wallet, Jaxx gave the author an unpleasant surprise converting his 0.2 ETH to BTC 10 minutes longer. He had to solve the balance display problem by re-entering the wallet from another device with the help of the seed phrase. Yet another letdown was the amount that he got after completing the exchange. It was 7% lower than the wallet provider had promised in accordance with the given rate.

• Processing Time: 24 min
• Amount Sent: 0.2 ETH
• Promised amount: 0.00492669 BTC
• Amount Received: 0.00465938 BTC
• Rate: 1 ETH = 0.02462 BTC

Eidoo

Eidoo is a multi-currency wallet supporting Bitcoin, Litecoin and Ethereum and all the ERC20 and ERC721 tokens. Eidoo is available on mobile (iOS and Android) and desktop (Windows, Mac and Linux).

The wallet is a non custodial wallet so the user owns his cryptocurrencies.

Eidoo has also a built-in decentralized exchange, a platform to launch and invest in ICO, IEO and STO, a DeFi platform to interact with decentralized applications and atomic swaps.

• Processing Time: 1 min
• Amount sent: 0.1 ETH
• Amount received: 0.024868 BTC

Coinomi

Coinomi is a functional multi-currency wallet, supporting more than 500 different coins, including rare ones like POA, Insanecoin or Cannacoin. A development team from Greece launched the Coinomi app for Android in 2015, iOS version was introduced in early 2018. 

The wallet had a significant drawback – Coinomi used to be presented only in the form of applications for mobile devices. Now it has a web version but still lacks a desktop version.

It was the third time the author had exchanged 0.2 ETH to BTC, which took him 21 minutes. To make the swap within the Coinomi wallet, he could choose between Changelly and Coinswitch. At that moment, the rate at Coinswitch was more profitable. But unfortunately, the sum he received was 5% lower compared to the amount he expected from the wallet provider in accordance with the given rate.

• Processing Time: 21 min
• Amount Sent: 0.2 ETH
• Promised amount: 0.00485326 BTC
• Amount Received: 0.00467053 BTC
• Rate: 1 ETH = 0.02426 BTC

Freewallet

Freewallet is a cryptocurrency wallet brand that supports over 100 currencies. It provides both single and multi-currency wallets. The wallet is available for iOS and Android, and also exists as a web application. Freewallet users can transfer coins to each other for free inside the ecosystem. Other useful features are the ability to top off the mobile phone and buy Bitcoin, Litecoin, and Ethereum with a credit card. 

In the Freewallet case, the author swapped 0.5 ETH to BTC, and it took him literally just 1 minute. The account balance refreshed quickly after the exchange was completed, however, the amount that he saw there was a bit lower compared to the amount he was expecting to get in accordance with the given rate.

• Processing Time: 1 min
• Amount Sent: 0.5 ETH
• Promised amount: 0.01216242 BTC
• Amount Received: 0.01212526 BTC
• Rate: 1 ETH = 0.02424 BTC

Edge

Edge Wallet is a multi-coin mobile wallet with a simple login that allows users to manually add ERC-20 tokens that are not supported by default. In 2019, Edge announced the integration of Bitrefill, a service for replenishing a mobile account and buying gift cards.

Within the Edge wallet, the process of converting the author’s 0.2 ETH to BTC was as fast as within Freewallet, which is impressive indeed. The exchange occurred instantly, and after he clicked the “Confirm” button, there were no waiting windows. On top of that, he got his promised Bitcoins on the balance in accordance with the given rate.

• Processing Time: 1 min
• Amount Sent: 0.2 ETH
• Promised Amount: 0.00478472 BTC
• Amount Received: 0.00478472 BTC
• Rate: 1 ETH = 0.0239236 BTC

Exodus

Exodus is a multicurrency wallet supporting more than 100 crypto assets with the ability to exchange them directly in the application. One of the main features of Exodus is the storage of private keys from users’ wallets in encrypted form directly on a personal computer. The developers claim that they are not able to access customer funds, despite the existence of a backup system that allows you to restore the wallet remotely on another computer.

Trying to exchange 0.2 ETH to BTC in the Exodus wallet, the author waited for 26 minutes to complete the procedure. Except for this, there were no turn-offs. He enjoyed the clear and user-friendly interface and the amount of BTC coincided with the given rate that he got after the exchange.

• Processing Time: 26 min
• Amount Sent: 0.2 ETH
• Promised Amount: 0.00476789 BTC
• Amount Received: 0.00476789 BTC
• Rate: 1 ETH = 0.02392677 BTC

Huobi

Huobi Wallet is the internal wallet of the Huobi exchange. Talking about platforms, the wallet supports Android and iOS. Huobi Wallet is a hierarchical deterministic open Source wallet with SPV validation. It is characterized by high personal security and anonymity. Supporting 100+ crypto coins, Huobi boasts some rare ERC20 tokens.

Within the Huobi wallet, the 0.2 ETH to BTC swap took the record-breaking 28 minutes. Probably due to its young age, the app isn’t clearly articulated in terms of exchange. Another turndown was the fact that the final amount the author got was 7% lower than he expected to get according to the given rate.

• Processing Time: 28 min
• Amount Sent: 0.2 ETH
• Promised Amount: 0.004959 BTC
• Amount Received: 0.004662 BTC
• Rate: 1 ETH = 0.021127 BTC

Summary of the crypto wallets

In the following table, you can see all the data on the crypto wallet test-drive. 

There are three more wallets tested under the same criteria: the amount of crypto received, the rate, and the time required to complete the exchange.

Wallet	Sum Received	Rate	ETA
Freewallet	almost equal	1 ETH = 0.02424 BTC	1 min
Atomic	equal	1 ETH = 0.02359 BTC	14 min
Jaxx	7% lower	1 ETH = 0.02462 BTC	24 min
Coinomi	5% lower	1 ETH = 0.02426 BTC	21 min
Exodus	equal	1 ETH = 0.02392677 BTC	26 min
Guarda	3% lower	1 ETH = 0.0244515 BTC	19 min
Edge	equal	1 ETH = 0.0239236 BTC	1 min
Huobi	7% lower	1 ETH = 0.021127 BTC	28 min
Enjin	almost equal	1 ETH = 0.0242775 BTC	32 min
Eidoo	Almost equal	1 ETH = 0.024868 BTC	1 min
Infinito	7% lower	1 ETH = 0.024868 BTC	23 min

 

As you can see, no wallet hits all the targets, so you will most likely have to compromise on something. 

More than half of the participants made the author wait for 20+ minutes, which is a bit of an emotional rollercoaster.

So if you don’t feel like waiting for your crypto to arrive refreshing the balance every minute or so, it is probably safer to choose a wallet with better timing.

Another unpleasant experience is losing money, which happened with Atomic, Jazz, and other competitors biting off between 3% and 7% of the author’s expected sum. It is the last thing users want to experience when exchanging crypto inside their wallets.

There are two options that combine good exchange speed and fair rates. Freewallet and Edge boast the fastest transactions and slightly lower exchange rates than most wallets. As you can see, with Freewallet and Eidoo it only took BTC a minute to arrive. 

This is not the only advantage of this wallet. Within this ecosystem, users also enjoy free transfers and a solid security toolkit providing you with a safe experience.

Hopefully, this review gave you an idea of what features to look for in a crypto wallet. In the world of finance, it’s impossible to come up with a one-stop solution that suits every need. 

Users decide for themselves after researching the reviews, learning the promine characteristics, and searching for a wallet that best matches their needs. 

Сryptocurrency wallets come and go, but only the best of them stand the test of time. You are the one who decides which app gets 5 stars.