Edge Wallet Review with Pros and Cons
What Is Edge?
Edge is a mobile wallet designed to facilitate the storage and trading of cryptocurrencies. The wallet uses client-side encryption to encrypt all of the user’s private data on their device, meaning that only the user is in control of its digital assets.
Edge first started as Airbitz, a Bitcoin wallet, which was launched in the winter of 2014 by the current Edge development team. This was the team’s first implementation of the Edge Security model.
By 2017, the Airbitz Wallet outgrew its use of being just a Bitcoin wallet and became a multicurrency wallet and data security solution. Since the company invented “Edge Security,” they changed the platform’s name into what it is today.
How Much Does It Cost?
Edge can be downloaded for free on mobile devices. No fees will be charged for receiving currency into your wallet, although when sending funds or mining- network fees will be applied. However, are distributed to the miners of the network, not Edge.
- Edge fee: 1% (no minimum)
- Simplex fee: 5% ($10 minimum)
Which Currencies Can I Store?
Edge currently has support for the following cryptocurrencies:
- Bitcoin Cash
- all ERC-20 tokens
– User Interface
The interface is easy to navigate on and has a pleasant and clean design. There are only four main screens: “Wallets”, “Request”, “Scan”, and “Exchange”. This keeps things very intuitive so that you don’t have to switch from tab to tab to get to your desired location.
– Ease of Use
The process of creating a new account and beginning to use the wallet requires only a minute. You just have to provide a username, password, and PIN.
As soon as you log in for the first time you are ready to start receiving, send or exchange any of the supported tokens and coins.
– Exchange coins
Through the integration of ShapeShift, users are able to quickly convert between coins and tokens. To exchange one cryptocurrency for another you must first have a wallet set up for each asset.
– Quick Purchasing with Fiat Currencies
You can also buy Bitcoin, Bitcoin Cash, and Ethereum with a credit card using Simplex, a partner of Edge. US dollars and euros are among the supported currencies, and the purchased cryptos are deposited directly into your wallet.
Edge employs a slew of security measures in order to ensure that crypto funds are safe at all times:
2-factor authentication: This feature allows only your device to access your wallet account.
Client-side encryption: Every piece of data is encrypted via your device before the information is sent to the servers. This reduces the risk of server hacks or malware infections to your device. This also ensures that the Edge company cannot access your account information.
Spending limits: This feature requires you to enter a PIN/password in order to send a certain amount above a specified limit. This is to ensure that if someone else finds and uses your log in credentials, you can limit your losses by limiting how much they can spend.
Auto logout: You’re automatically logged out of your account after a determined period of time has expired.
PIN login: You are able to login to your account using a four-digit PIN.
Password recovery: In the eventuality that you forget your password, you can set up recovery questions so you can still get access to your account.
Encryption: Edge automatically backs up all of the information by using redundant peer-to-peer cloud servers. The data stored in the clouds is encrypted and can only be decrypted by the user’s password and username.
Edge is regarded as a reliable cryptocurrency wallet that can be used for multi-currency storage and exchange from within its app.
Image Source: Edge Wallet