What is Atomic Wallet?
Atomic Wallet is a desktop software designed to be a secure and anonymous crypto wallet, which features a built-in atomic swap mechanism.
The users keep all control over their funds, as the private keys and transactional data is stored on their PC after they have been encrypted.
By using the atomic swap function, users are able to efficiently swap tokens amongst each other without needing to go through all the hassle of using a centralised exchange.
The wallet was designed to be simple enough so that anyone can use and understand, even those that are not particularly tech-savvy, but also versatile so that it features a wide array of accessible functions. Users also have the option of adding their own custom ERC-20 tokens and trade coins directly through the peer-to-peer wallet, via the use of their global decentralized order book.
What cryptocurrencies does Atomic Wallet support?
Atomic Wallet supports a large number of coins, including most of the important cryptocurrencies. It should also be noted that the wallet supports all ERC-20-based tokens.
All supported coins can be received, held and sent, but the trading features differ depending on the selected coin. The wallet stores BTC, LTC, ETH, XRP, ETC, TRX, XMR, XLM, ZEC, DOGE, BCH QTUM, DASH, AWC, BTG, TPAY, VET, VTHO, DGB, DCR, and 280+ other altcoins.
System compatibility
The wallet can be downloaded and installed on computers that use Windows, MacOS, Ubuntu, Debian, and Fedora operating systems.
Fees
Atomic Wallet does not incur any charge for downloading and using the software, although certain services may generate some fees at certain moments.
It should be noted that a commission of 7% along with a minimum $10 fee is charged for effectuating cryptocurrency purchases via credit card. Convenience does cost, but there are other budget-friendly options that you can use for purchasing cryptos.
Trades that are performed between cryptos from the same wallet or peer-to-peer trading can also lead to varying fees which are determined by the selected options. There are three methods through which users can effectuate a trade, but their availability depends on the coins selected for the trading process:
– ShapeShift
The wallet enables users to access the ShapeShift exchange order book so that they can directly trade at normal rates. Fees that are incurred by ShapeShift use will vary depending on the coin.
– Changelly
In addition to the features and fees offered by ShapeShift, the Changelly exchange has a wider selection of coins.
– Atomic swaps
The only atomic swaps which can be carried out by Atomic Wallet are between BTC, LTC, and QTUM. Atomic swap fees vary, but they are kept low, the coins being traded at the market’s main rates. CoinMarketCap data is used by the wallet to generate its rates.
Atomic Wallet security
Atomic Wallet has its code open sourced, which greatly lowers the risk of having bugs or hidden weaknesses sneaking into the software.
However, there is a risk during the installation process of the wallet, if for example, it is installed on an infected computer or one that has an unsecure Wi-Fi connection. Internet connections can always become a risk as they are the main route through which malware spreads to your devices.
By pairing your Atomic Wallet with a hardware wallet you can effectively reduce the risk of such malware attack. But for the time being, hardware wallet support has not yet been released, but it’s currently in development.
It is also of utmost importance that you safely store your back-up phrase. This string of words is generated when you create your wallet account and it has the role of serving as a secondary password. As they also grant access to your Atomic Wallet funds, you must keep them private just like your keys.
Verdict
Atomic Wallet is a very versatile wallet with a plethora of useful features, including atomic swaps, in-wallet, and peer-to-peer trading which are of great use to traders of all levels of experience.
