Edge Wallet Review: Best Features, Pros and Cons

Published: December 11, 2023 | Last Updated: November 8, 2023

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

In this review, I explore the Edge Wallet, a multi-crypto mobile wallet that wants to be your one-stop shop for all things crypto. To date, I have tried and tested more than 17 wallets. For this evaluation, I downloaded and played around with the Edge app. I will tell you what I think overall and summarize Edge Wallet’s main features and the pros and cons of using it. 

edge wallet review

Overall rating 2.75/5

Edge is a great wallet for managing multiple cryptocurrencies from one place. Its distinguishing feature is that it does not scare away new users with complicated notions such as seed phrases and private keys. Instead, they encrypt your data on your device and then send it to their servers which results in a fast wallet. Its drawbacks are that it is only available on mobile devices and that it uses a centralized server and a password rather than a seed phrase. I elaborate further below.

This review is part of my series on the best Monero wallets.

Pros

  • It’s partially open source which means techies can check some of the code
  • Easy to use
  • Work with password and username rather than seed phrase
  • Is idiot proof as it has recovery options
  • You can store many types of cryptocurrencies
  • Supports two-factor authentication for extra security
  • You can use FIO handles to send or receive crypto
  • Developers can create plugins
  • You can buy crypto with a debit or credit card
  • You can swap cryptos within the wallet
  • You can view prices and charts like you can with an exchange
  • Offers professional customer support
  • It’s fast

Cons

  • Not compatible with any hardware wallet
  • Relies on a centralized server much like an exchange. Most experts consider this risky for a wallet
  • Not available on desktop
  • Does not integrate well with Web3 apps
  • Closed-source server infrastructure means there’s less transparency about what is going on.
  • You will need to verify your ID if you use some of the integrated providers

Background

Edge is a user-friendly wallet whose look and feel resembles a centralized exchange. You can store multiple cryptocurrencies and buy sell and trade crypto from within the Edge app using its third-party integrations. Formerly known as Airbitz Wallet, Edge was launched in 2015 by a team that is based in San Diego. Their CEO and co-founder, Paul Puey was a software engineer before leaving his job to start Edge.

Features 

  • Supports Apple and Android mobile devices
  • Language: English only (* the website says it supports 10 languages but I did not see an option to change the language within the app settings)
  • Multi-crypto
  • Fiat onramps/offramps
  • Fingerprint ID and password options
  • Partially open source
  • Self-custodial
  • Includes password recovery

Pros

1. Partially Open Source

While the client-side code is open source, Edge Wallet uses a proprietary server infrastructure to provide some of its services. Users can verify the open-source client code for security and privacy reassurance.

2. Ease of use

Setting up and using the wallet is pretty easy. The user interface is intuitive to navigate. On your main page, you see all the crypto wallets and how much you own. Then there are tabs to buy, sell, and trade crypto. All tabs are nicely labeled and the layout is well-structured and simple 

3. No seed phrase

When you set up the wallet it does not ask you to store a seed phrase. Instead, you are asked to create a password and username which you use to log in to the app. You can also set up recovery questions if you provide them with an email. The app uses client-side encryption to protect your digital assets. This means all your data is encrypted on your device

4. Multicoin support

Covers thousands of coins and tokens across networks. Some of the large ones are:

  • Bitcoin (BTC),
  • Avalanche (AVAX),
  • Solana (SOL),
  • Monero (XMR),
  • Polkadto (DOT),
  • Polygon (MATIC),
  • Hedera (HBAR),
  • Bitcoin Cash (BCH),
  • Litecoin (LTC),
  • Binance Coin (BNB),
  • Tezos,
  • Ethereum (ETH),
  • Ripple (XRP),
  • Binance Chain (BNB),
  • RSK (RBTC),
  • Stellar (XLM),
  • Tezos (XTZ),
  • Ravencoin (RVN),
  • SmartCash (SMART),
  • Zcoin (XZC),
  • Dogecoin (DOGE),
  • and Feathercoin (FTC)

5. 2-factor authentication

Apart from your password, 4-digit PIN, and fingerprint ID, you have the option to set up two-factor authentication

6. Supports FIO handles

 A FIO handle is equivalent to an email address but for sending/receiving on crypto wallets.

7. Plugin Support

The Wallet allows developers to create plugins that extend its functionality. This opens up the possibility for additional features and customizations.

8. Fiat on ramps and offramps

You can buy crypto with fiat money directly from the app using your debit or credit card or bank transfer. Edge partners with payment processors such as MoonPay and Bits of Gold. Similarly, you can use these providers to cash out and send your dollars or euros or whatever fiat you use to a bank account. 

9. Built-In Exchange

The built-in exchange allows you to exchange cryptocurrencies across different networks. Again here Edge partners with different exchanges to fetch you the best rate:

Decentralized exchanges

  • Li.Fi
  • Thorchain
  • Thorchain DEX aggregator
  • TombSwap
  • Velodrome
  • XRP DEX

Centralized exchanges

Some of these may require personal information.

  • ChangeNOW
  • ChangeHero
  • Exolix
  • Godex
  • LetsExchange
  • SideShift.ai
  • Swapuz

You can choose which exchanges to use under settings. 

10. Market tracker

The last tab is a market tracker where you can see core price metrics charts per cryptocurrency.

11. Customer Support

Edge offers both phone and ticket support.

12. Speed

Because the wallet has its own Edge servers the experience is fast, unlike other wallets that need to connect to a remote node. 

Cons

1. Lack of hardware wallet support

Edge does not have native integration with hardware wallets such as Ledger and Trezor. This means you will have to use another wallet if you want to manage those devices. Hardware devices are safer and a better option if you plan to store a large amount of crypto. 

2. Security and Usability Trade-Off

Edge’s mobile app is great because it doesn’t scare off newbie users with seed phrases and scary instructions. Instead, it asks for a username and password; something that everyone is familiar with. However, this introduces certain security trade-offs.

The recovery mechanism relies on a centralized server, which some consider to be riskier than traditional seed-based recovery methods. 

For Monero users, this means that Edge keeps a copy of your view keys on Edge’s server. This allows them to see which coins are yours.

The other thing to note is that while they use their own server this also means that you don’t have a wallet if their server goes down.  So you are trading decentralization for speed.

3. Not available on desktop

At the time of writing Edge is not available as a desktop app. More important it is not available as a Chrome extension. This means you can’t use the wallet with DeFi applications to lend, borrow, and participate in Web3.

4. No Web 3 integration

Unlike other crypto wallets such as Exodus and Coinbase Wallet, the Edge crypto wallet does not include a web3 browser. Along with the lack of a browser extension, this shuts off Edge users from participating in Web3. For example, you can’t stake or lend your cryptocurrency assets and would need to use another wallet to do this. Having said that, Edge is currently testing a loan product with Aave in beta. 

5. Closed Source Server Infrastructure

While the client-side code is open source, Edge Wallet relies on a closed-source server infrastructure for certain services. This may raise concerns about the transparency and security of the server-side operations.

6. You may need to KYC

Some of the partners that Edge uses require that you verify your ID. 

How to use Edge Wallet: step-by-step guide

1. Download the Edge app on the Google Play store or Apple app store

2. When you first open the app it will ask you to sign up.

edge wallet sign up screen

3. Set up a username and password

edge wallet password

4. Next you need to choose and enter a 4-number PIN

set PIN edge wallet

5. Review the terms and conditions

edge wallet terms

6. Choose the wallets that you want to add

edge wallet select wallets

7. Next it will ask you if you want to set up a FIO handle. This isn’t necessary and you can set it up later if you want.

8. If you want you can set up password recovery. To do this go into settings in the top right and click on Set up password recovery. The wallet will ask for your password and on the next screen you can set up two questions to be able to recover your password in case you lose it. You will have to share your email if you want to use this feature.

password recovery settings Edge wallet

9. To send your crypto assets to another wallet click on send > to another wallet/exchange. Select the wallet you want to send crypto from. On the next screen, you can either click on Enter to paste the send address or click on Scan to scan the QR code if you have it.

10. To receive crypto click on Deposit>from another wallet/exchange. Select the wallet that you want to receive crypto in, copy your wallet address, and share it with the sender. Make sure you choose the right network. For example, if you are receiving ERC-20 tokens then select the Ethereum wallet. If you select the wrong wallet then those tokens will get lost when the sender sends them to you. 

Fees

Edge does not charge you fees for sending or receiving crypto. You will need to pay a network fee to the respective blockchain that you are using but otherwise, it is free to store your crypto on.

Where you do need to pay fees is with the exchanges and fiat onramps/offramps that you use. Edge does not disclose how they make money but they likely take a cut here.

Resources

Alternatives to Edge Wallet

Hot wallets

Hardware wallets

Zelcore Wallet Review: Get the Low Down on the Pros & Cons

zelcore wallet review

I had heard a lot about Zelcore so I decided to give it a go. In this review, I test out the Zelcore wallet and analyze its pros and cons. Read more.

Best Guarda Wallet Review: In-Depth Look at Pros and Cons

guarda wallet review

In this comprehensive Guarda Wallet review I will help you decide whether this digital wallet is for you or not. I will talk you through Guarda the main features, pros, and cons. Together we’ll be taking a look at the user interface and overall user experience. We’ll see what cryptos you can store and how you can stake them. I will also evaluate some of Guarda’s unique attributes such as the ability to generate tokens and borrow against your crypto as collateral. In this assessment, I will also walk you through what I think are some of the wallet’s weak points, especially regarding the fees and UX. Read more.

Exodus Wallet Review: Features, Pros and Cons (2023)

exodus wallet review

In this in-depth Exodus wallet review I am going to share with you everything you need to know to decide if Exodus is for you or not. I will cover the main features, pros, and cons of using Exodus. I will evaluate the user interface and what the overall user experience is like. We’ll also cover whether it is safe to store your crypto on this wallet or if you are at risk of getting hacked. In addition, I’ll assess the legitimacy of the company and its founders. I will also share with you the cool features of Exodus such as its multicurrency support and Web3 integration as well as areas that I feel could be improved. Read more.

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

Learn About a New
Coin Every Week

Learn About a New
Coin Every Week

Master Crypto Basics

Join over 7,300 subscribers. It’s free.

elementalcrypto newsletter benefits