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. In this post, I will tell you what I think overall and summarize Edge’s main features and the pros and cons of using it.
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
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 (* 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
- password recovery
Pros
1. 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 this provider to cash out and send your fiat 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 user 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 choose a choose a 4 digit pin
3. Review the terms and conditions
4. CHoose the wallets that you want to add
4. Click n the message that says back up your account. Without it you can’t access your funds from another device.
5. Set up a username abd password and accept the terms
4. To send your crypto assets to another wallet click on send > to another wallet/exchange. Select the wallet you want to send crypto from. In 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
5. 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
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