For this review, I downloaded and tested the Elite crypto wallet app on my Android One Plus phone. I will share with you what I think of the user experience and features and tell you the pros and cons of using it.
Overall rating 2.75/5
Elite is a user-friendly wallet that makes storing your digital assets easy and offers enhanced privacy protection by using proxies to hide your IP address. Its drawbacks are that it does not offer a very wide selection of cryptos to store, it has no fiat onramps or offramps, nor hardware support and it does not allow you to integrate with web3. Elite emerged as a transparent and privacy-preserving solution for Monero enthusiasts but I am finding it hard to understand why I would use Elite as to already open-source proven wallets such as Monerujo, Feather, MyMonero, Cake Wallet, and Monero GUI wallet.
Bottom line: very good for privacy but not good for day-to-day wallet use.
Background
Elite Wallet is an open-source wallet that was launched in early 2023. Built for privacy conscious the wallet is a fork of cake wallet. What makes Elite Wallet unique is that it uses proxies to hide your IP address. In terms of the UX the app is pretty similar to Cake Wallet i.e. it is simple and easy to use.
Features
- Available on Android and iOS. Desktop app coming soon
- Open source
- Multi-coin support via multiple wallets
- Built-in exchange
- Connect via proxy option
- Tor enabled
- Customizable fees
- Privacy-focused without backdoors
- Multi-language: English, Chinese, German, Portuguese, Spanish, Italian, Dutch, Japanese, Russian French, Hindi, Korean, dutch, polish, Portuguese, Russian, Ukrainian, Croatian, Italian, Thai, Arabic, Turkish, Burmese, Bulgarian, Czech, Urdu, Indonesian, Yoruba, Hausa (Nigeria)
- Address book
Pros
1. Connects to remote node
Most wallets use a remote node because downloading a full node takes up a lot of disk space. However, what distinguishes Elite from other wallets is that it connects to trusted community nodes to sync with the blockchain. Advanced users can customize which nodes they want to connect to
2. Security
Elite encrypts your private keys directly on your device. This means you don’t need to worry about your data being stored with a central server where there is the risk of unauthorized access.
But where Elite stands out compared to other wallets is that it uses proxies to hide your IP address.
3. Supports multiple coins
Elite currently offers support for
- Monero (XMR)
- Bitcoin (BTC) via Electrum which is an open-source wallet for Bitcoin
- Litecoin (LTC) via Electrum
- Haven (XHV)
- Wownero (WOW)
4. Monero subaddresses
If you set up a Monero wallet then you can make use of subaddresses. This means that when others want to send your XMR you can share a subaddress with them. Each of these is connected to your main address but this way you don’t have to share your main address with them.
5. Built-in exchange
Elite partners with Majestic Bank and Xchange.me for you to trade one crypto for another. You can convert to multiple currencies but this requires that you have an address for them. For example, say you have 1,000 dollars worth of bitcoin that you want to convert to USDT. Elite Wallet does not support USDT which means you need to have an address for USDT with another exchange or wallet.
The exchanges that Elite uses do not require you to KYC.
6. Back up options
Option to create a backup password. You can use this to import backup files in case you lose your seed phrase.
7. Open source
Being Completely open-source means that anyone can check the source code for weaknesses. Elite emphasizes that its code does not contain any hidden API keys.
Cons
1. Not compatible with hardware wallets
If you plan on holding a large amount of crypto then it is safer to use a hardware wallet such as a Ledger Nano S, Trezor Model T, or Coolwallet Pro. To use any of these you do need a hot wallet to get set up but unfortunately, Elite wallet is not compatible. This means you will have to use another wallet in addition to Elite to manage your crypto on hardware devices.
2. No web3 integrations
While Elite Wallet is a feature-rich app it lacks certain things that will take it to the next level. For example, there is no gallery to store your NFT assets, and no web3 browser to participate in DeFi.
3. Limited numbers of coins
While it’s great that the coin supports a few extra coins apart from Monero most wallet users want a larger range of coins and tokens to choose from.
4. No fiat onramps/offramps
If you want to buy crypto with fiat you first need to do this on an exchange and then send it to your wallet. On other wallers such as Exodus, Edge, and Mymonero users can transfer fiat money such as dollars, euros, and pesos in their bank accounts to purchase crypto directly via the wallet interface.
Fees
Elite does not charge you for sending, storing, or receiving crypto. The only cost you need to consider is the transaction fee that you pay to the respective blockchain that is used to reward miners who verify the transaction. Elite may charge a small service fee if you use the built-in exchange plus you need to account for any fees paid to the third parties the wallet integrates with.
How to use
1. Download the mobile wallet to your phone and accept the terms and conditions
2. Choose your level of anonymity. You can change your setting under privacy settings later
- Standard anonymity: no proxy server is used
- Advanced anonymity will hide your IP using a proxy server
- Elite anonymity uses a custom proxy server
3. Click on Create New Wallet
4. Set up a PIN. Later under setting you can set up fingerprint ID authentication
5. Select the currency you wish to set up a wallet for and click next
6. Choose the language for your seed phrase and name your wallet
7. In the next screen Elite explains that you need to store your seed phrase safely. Make sure you do not store it online. Screenshots, emails, messages, and the like are not at all safe. The safest option to prevent you from getting hacked is to write it down on a piece of paper.
8. You can now save or copy your seed. this does not make sense to me as I said the safest way to store your seed is to not have it online. For an additional layer of security order a stonebook that does spoil if it gets wet.
Click on next in the top right
9. Your wallet is now set up.
10. to receive crypto click on receive. The long string of characters is your public address. You can share this with the sender or you can screenshot the QR code and send them that.
Resources
Customer support
- Telegram @elite_wallet
- Twitter: @elitewallet
- email: [email protected]
Disclaimer: Please note that I am not a financial advisor so please make sure to do your research when choosing which wallet to go for.
Alternatives to Elite Wallet
- Guarda Wallet
- Exodus Wallet
- Zelcore
- Edge
- Stack wallet
- Cake Wallet
Monero only wallets
- Mymonero
- Monero GUI
- Feather
- XMR Wallet
- Monerujo