Published 1 month ago

Best Crypto Wallets 2020: Analysis of Exchange Transactions

Looking back to the early time of digital currency, we can see that the situation has greatly evolved. Catering to the needs of a growing number of crypto users, wallet providers offer an abundance of features allowing to easily store, transact and convert virtual coins. This diversity can turn the choice of a personal crypto wallet into a challenge.

To make this task easier, we’ve selected 10 recognized crypto wallets and took some time to try each one of them to convert crypto money! Our goal was to convert Ethereum to bitcoins.

Our review pays attention to such criteria as speed of transactions, conversion rate and the financial result of an exchange transaction.

Atomic Wallet

Providing both desktop and mobile applications, Atomic Wallet offers private keys with the users’ data being stored on their end. The interface is very convenient and you can navigate in a smooth way.

Our exchange transaction with the wallet took 14 minutes. Upon that, we received exactly the same amount we were promised at the stage of estimation.

Coinomi

A popular multi-coin wallet, Coinomi also gives access to private keys and provides both desktop and mobile platforms. With the help of the recovery phrase, you can restore your Coinomi data. The wallet boasts a broad range of coins with over 125 blockchains being supported. Coinomi offers to swap currencies via Changelly and Coinswitch service, which you can choose from.

We chose to make an exchange via Coinswitch, due to a more beneficial rate. Our Coinomi transaction lasted for 21 minutes. The received amount was a bit lower than the estimated one (0.00467053 BTC against the estimated 0.00485326 BTC)

Edge

Another multi-currency mobile wallet is Edge Wallet, which allows exchanging fiat money into crypto. It’s also possible to manually obtain ERC-20 tokens that were not previously supported by Edge. Advanced user privacy is a famous advantage of the wallet.

It took only a minute for the Edge seamless exchange to put my transaction through. The received amount was equal to the promised one.

Enjin

Established in 2009, Enjin is the system that brings together a marketplace,  a gaming platform and a mobile wallet for iOS and Android. Enjin powers transactions with crypto coins and tokens. Apart from ERC-20 tokens, Enjin Wallet maintains ERC-721 and ERC-1155 assets. Enjin offers a way to use options of selected Dapps without having to leave a protected wallet.

Our exchange transfer with Enjin put me on a 32-minutes wait but the result of my financial transaction almost corresponded to the estimation.

Exodus

Exodus is a renowned wallet allowing you to exchange multiple currencies without having to sign up. Exodus is compatible with Windows, Linux, Android and Apple devices. The platform supports over 100 coins as well as tokens and delivers a very easy user experience.

Our currency conversion transaction via Exodus took 26 mins to get completed. In the result, we received exactly the same amount we were promised at the stage of estimation.

Freewallet

Available as a desktop solution and mobile wallet, Freewallet gives access to 100+ coins and tokens. Upon that, quite many coins can be purchased via credit card here. The wallet is protected via a mandatory PIN code as well as the whole set of security options that you can choose on your own (2FA, multisig, fingerprint). Also, alongside with the universal Currency Wallet the company provides single-currency apps for major coins.

The result of our exchange transaction arrived in just one minute with the amount being slightly lower than the estimated one.

Guarda

Using a multi-cryptocurrency Guarda wallet you can manage your assets from any device (Android or Apple, Ubuntu, Windows). A private shielded Zcash wallet can be downloaded from the official website. Guarda opens access to more than 40 blockchains and over 10.000 tokens.
IInstant Guarda exchange powers cross-currency conversion without a need to sign up as well as to proceed through verifications. Our user experience with Guarda wallet has been so far smooth.

Our exchange transaction with Guarda had been processed within 19 minutes. The received amount was a little bit lower than we expected as per the estimates.

Huobi

A product of Huobi Group, a decentralized HuobiWallet app can run on both iOS and Android devices. At the time of writing, it powers 100+ coins and selected ERC20, EOS, ONT tokens. You can buy various coins, using not only bank cards but also Google/Apple pay. Digital asset management services (DAM) is available in the wallet as an addo-on function. To confirm an exchange transaction with the wallet, you’ll need a security password.

Our exchange transaction had been lasting for 28 minutes with the financial result being a 7% lower than the estimated amount.

Infinito

Infinito Wallet is another decentralized mobile wallet for managing assets pertaining to a wide range of blockchains. Infinito is also the brand name for the payment service. One can use the wallet only with the help of mobile devices and download from AppStore or Google Play. The in-app exchange solution is operated by Changelly.

The Infinito had been processing our transaction within 23 minutes. The resulting amount was 7% lower than the expected one.

Jaxx

Created in 2014 by Anthony Diorio, an Ethereum network’s co-founder, Jaxx is a safe place for storing and operating with your digital coins. You can restore your access to the wallet with the help of recovery seed.

Our exchange transaction with Jaxx took 24 minutes and we were able to refresh my balance only by logging in via a different device. Our final amount was 7% lower as compared to the estimated one.

Conclusion

About half of the wallets in our trip trial needed a little more than 20 minutes to complete a cross-currency conversion. Upon that, the final amount varied with 3 - 7% lossed as compared to the expected amount of a transaction. Exodus and Enjin were a happy exception but it took about half an hour to get our exchange transaction processed with them.

The most beneficial rates could be encountered with Jaxx and Infinito. However, the amount of spent fees decreased the financial result otherwise possible with such rates.

Edge and Freewallet apps had the best performance although their conversion rates were not among the most profitable ones. Finally, we received the amounts which were very close or equal to those we saw in the estimation window. It makes both wallets a good choice for your crypto plans in 2020 and, most probably, for a longer time ahead.

We always encourage readers doing their own research and keep in mind the current network congestion that may increase processing time as well as the fees you are paying. Pay attention to the feedback of other users and act based on your level of acquaintance with the crypto world.

The below table summarizes the results of our transactions.

Wallet

Financial result as compared to the estimated sum

Conversion rate

Processing time

Freewallet

Almost equal

1 ETH = 0.02424 BTC

1 min

Atomic

Equal

1 ETH = 0.02359 BTC

14 min

Jaxx

Minus 7%

1 ETH = 0.02462 BTC

24 min

Coinomi

Minus 5%

1 ETH = 0.02426 BTC

21 min

Exodus

Equal

1 ETH = 0.02392677 BTC

26 min

Guarda

Minus 3%

1 ETH = 0.0244515 BTC

19 min

Edge

Minus equal

1 ETH = 0.0239236 BTC

1 min

Huobi

Minus 7%

1 ETH = 0.021127 BTC

28 min

Enjin

Almost equal

1 ETH = 0.0242775 BTC

32 min

Infinito

Minus 7%

1 ETH = 0.024868 BTC

23 min

Note: At the time you may read this article, completely different rates may apply.

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About the author: Norbert Kozma: crypto enthusiast, investor, author. He believes that cryptocurrency will replace fiat money and works to speed up this process by spreading trustworthy crypto information.

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DISCLAIMER

The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.

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