Welcome to our Freewallet review, in which we investigate the website at Freewallet.org.
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Freewallet.org was registered on July 1, 2011. The registrar is NameCheap. The domain was last updated on June 23, 2022, and is currently set to expire on July 1, 2024. Cloudflare and a privacy service by Withheld for Privacy protect it.
The site’s description is:
store and manage multiple cryptocurrencies in a smart and beautiful online crypto wallet with a built-in exchange developed by freewallet. enjoy fee-free instant transactions between freewallet users
The company is headquartered in Hong Kong and may employ around 11-50 people.
Similarweb ranks them at 88,595 globally and 1,782 in Nigeria. They are ranked as the 1,265th most popular website in the world in the Finance > Finance – Other category. In January 2024, almost 600,000 visited the website, mostly from Russia but also from the United States, France, Benin, The Netherlands, India, and other countries.
It has a SEMrush Authority Score of %40 with 721K+ backlinks from 7.6K referring domains.
Freewallet.org Review
Freewallet is a digital currency wallet service offering a wide range of functionalities designed to cater to both new and experienced users in the cryptocurrency domain.
The service offers a variety of wallets for over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others, across Web, iOS, and Android platforms.
Notably, Freewallet has integrated a built-in exchange feature, enabling users to exchange cryptocurrencies within their wallet interface.
Additionally, the platform facilitates the purchase of cryptocurrencies via credit card and offers features such as tracking transactions, a mnemonic converter, and customer support through a FAQ section, a status page, and the option to submit support tickets.
Freewallet promotes several benefits to its users, emphasizing ease of use, security, and accessibility.
Key features include instant and fee-free transactions within the Freewallet ecosystem, the option to purchase cryptocurrencies via credit card, a user-friendly interface available in 13 languages, multi-signature confirmation for transactions, and daily/weekly limits to minimize theft risk.
The platform also highlights that coins are held in cold storage, suggesting a focus on security, alongside support for two-factor authentication (2FA), pin-code, and fingerprint access.
For customer engagement and support, Freewallet provides several contact avenues.
General inquiries can be directed to info@freewallet.org, media-related queries to alexa@freewallet.org (Marketing Department) or solomon@freewallet.org (PR Department), and business inquiries to business@freewallet.org for partnerships and listings.
Support for user inquiries is available through support@freewallet.freshdesk.com.
Additionally, Freewallet maintains a presence on multiple social media platforms, including Twitter, Facebook, Reddit, Telegram, Medium, Naver, and Zhihu.
Regarding regulatory and company information, the website does not provide explicit details about licensing or regulatory oversight. However, the emphasis on security features, customer support, and the transparency in providing multiple contact channels lend the platform a degree of credibility.
Red Flags
1. Lack of Regulatory Information: The absence of explicit licensing or regulatory oversight information may raise concerns regarding the platform’s compliance with global financial laws and standards. This is a common issue in the cryptocurrency space, but transparency about regulatory status is critical for user trust.
2. Refund Policy: The refund policy, which includes a 10% charge of the transaction amount but not more than 30 USD for certain services, could be viewed as prohibitive, especially considering the potential complexity and high value of some cryptocurrency transactions. Additionally, the 60-day ETA for refunds might not align with users’ expectations for resolution speed.
3. Network Fees: While it is standard across the industry to charge network fees for blockchain transactions, the variability of these fees and the potential for high volatility could affect user satisfaction. It is crucial for users to be aware of these fees before initiating transactions.
In conclusion, while Freewallet offers a range of appealing features and services for cryptocurrency users, the lack of detailed regulatory information and certain aspects of its fee structure warrant careful consideration by prospective users.
Freewallet.org Reviews
Information gathered from various sources indicates numerous allegations against Freewallet, suggesting that it may be involved in fraudulent activities.
Multiple users and reviews claim that Freewallet has engaged in scamming practices, including blocking users’ accounts without reason, failing to process transactions correctly, and not responding adequately to customer support inquiries.
There are warnings from users suggesting that the wallet may not be safe or secure, highlighting cases where funds were allegedly not credited or were missing.
Additionally, some reports indicate that the Freewallet team has been accused of selectively scamming users by blocking assets and complicating the KYC process unnecessarily.
Moreover, there are specific claims that Freewallet has been blocklisted by regulatory bodies like the FCA (Financial Conduct Authority) and the MFSA, adding a layer of concern regarding its legitimacy and operational standards. Victims have shared their experiences across various platforms, including Reddit, Sitejabber, and dedicated anti-scam websites, where they discuss losing significant amounts of cryptocurrency due to Freewallet’s actions.
Despite these serious allegations, it’s crucial to approach the information with caution and conduct thorough personal research before making any decisions related to the platform. The abundance of negative feedback and scam accusations from multiple independent sources does raise red flags that potential users should consider.
Specific Complaints Against Freewallet.org
The specific allegations against Freewallet, as drawn from various sources, include:
- Blocking of User Accounts and Theft of Assets: Users have accused Freewallet of arbitrarily blocking their accounts and effectively stealing their deposited cryptocurrencies. This has been a common theme across multiple platforms, including dedicated anti-scam websites and forums.
- Failure to Process Transactions Properly: There are reports of transactions not being processed as expected, with funds either not appearing in the recipient’s account or disappearing without a trace. This issue has led to suspicions of Freewallet engaging in fraudulent activities to siphon off users’ funds.
- Poor Customer Support and Response: Allegations include Freewallet’s failure to adequately respond to customer support inquiries. Users claim that their requests for assistance with blocked accounts or missing funds are either ignored or met with inadequate responses, further fueling the perception of Freewallet as a scam.
- Scam Accusations Across Various Platforms: Freewallet has been accused of scamming on several online platforms, including Reddit, Sitejabber, and BitcoinTalk. These accusations often come from users who have experienced loss of funds, account blocking, or other suspicious activities while using Freewallet’s services.
- Blocklisting by Regulatory Bodies: The Financial Conduct Authority (FCA) and the MFSA have reportedly blocklisted Freewallet, suggesting regulatory concerns about the platform’s operations and adding credibility to the scam allegations.
- Selective Scamming Theory: Some users and commentators suggest that Freewallet operates as a legitimate service but engages in “selective scamming” by occasionally stealing from certain users. This theory is supported by individual accounts of unresolved issues and perceived financial machinations by Freewallet.
- Issues with Private Key Storage: One of the technical allegations against Freewallet is its practice of storing users’ private keys, which some users interpret as a security risk or a mechanism for unauthorized access to their funds.
Freewallet.org’s Response to the Allegations
Freewallet has officially addressed the accusations of being a scam in a blog post dated August 4, 2018. The company acknowledges the prevalence of negative comments and scam allegations across various platforms but categorically denies being a scam. Freewallet explains that the accusations largely stem from misunderstandings or technical issues, and emphasizes its commitment to resolving user complaints and support requests.
One of the primary accusations against Freewallet is that it stores users’ private keys, which some perceive as a scam indicator. Freewallet clarifies that as a hosted wallet, storing private keys is part of their operational model, allowing them to offer bank-level services like backup, security, and transaction support. They argue that this setup enables instant, fee-free transactions between Freewallet users, a feature not commonly provided by other wallets.
The company also addresses the notion of “selective scamming,” explaining that financial app issues do not equate to scamming. They reference a specific case where a user accused them of scamming during high network load times in late 2017. The user’s funds were eventually refunded after providing necessary information, which Freewallet cites as evidence against the scamming accusation.
Freewallet emphasizes its extensive support system, noting that it monitors multiple social media platforms and investigates each case of negative feedback. They provide guidance on how users can expedite support ticket resolutions, such as avoiding multiple tickets for the same issue, providing comprehensive information about the case, and maintaining a positive attitude.
In conclusion, Freewallet’s response to scam allegations is an outright denial, supported by explanations of their operational procedures and specific examples of resolved support issues. They encourage open communication through their support system and social media channels for any questions or concerns.
Conclusion
The numerous allegations against Freewallet, ranging from account blockages without clear reasons to outright theft of user assets, paint a troubling picture for anyone considering using this service. These complaints, supported by experiences shared across various platforms and even highlighted by regulatory bodies, suggest a pattern that cannot be easily dismissed. Freewallet’s official response, defending its practices by highlighting the nature of hosted wallets and the technical challenges faced, attempts to dispel these allegations as misunderstandings or isolated incidents of technical issues.
Freewallet’s assertion that storing users’ private keys is standard for hosted wallets and necessary for offering certain services might be technically valid. However, this does not fully address the core concerns of users who have felt wronged by the platform. The company’s emphasis on resolving user complaints and the measures it suggests to expedite support ticket resolutions might be seen as steps in the right direction. Yet, these actions do little to assuage the fears of potential users wary of losing control over their assets or falling victim to opaque operational practices.
The detailed response from Freewallet, which categorically denies any accusations of being a scam, highlights the complexity of operating within the cryptocurrency ecosystem. It underscores the delicate balance between offering user-friendly services and maintaining the trust and security that are paramount in the crypto world. While Freewallet attempts to clarify its position and practices, the underlying issues raised by users and observers about transparency, accountability, and user autonomy remain pertinent.
Bottom Line
In the realm of cryptocurrency services, where trust is both the foundation and the highest currency, allegations such as those faced by Freewallet serve as a cautionary tale. They remind users and providers alike of the importance of clear communication, robust support systems, and, above all, practices that prioritize user security and autonomy. Whether or not Freewallet is a scam is a question that each user must navigate based on their research, risk tolerance, and the experiences of the broader community. However, the controversies surrounding Freewallet highlight the critical need for vigilance and due diligence in the ever-evolving and often opaque world of cryptocurrency transactions.
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