Learn how to store your coins with the Edge mobile wallet. An in-depth look into everything Edge has to offer for security as well as the cryptocurrencies the wallet supports. Will the Edge wallet meet all of your needs?
Arguably the quickest mobile wallet to setup on the market.
Focused on security and privacy for the user.
Buy, sell, and trade cryptocurrencies directly in the wallet.
The Edge mobile wallet was first launched as a Bitcoin only wallet by Airbitz back in 2014 and did not officially rebrand to Edge until 2017. The Edge team puts a major focus on security while providing the necessary tools to help prevent data breaches of sensitive user information. Edge wallet sets their product apart from the rest by having users provide a username and password rather than a 12 or 24 word seed phrase. The username and password are encrypted on the client side so that the Edge servers will have no knowledge of what they actually are. To guarantee security on the user’s end, in the event that their username and password are compromised, it is recommended that 2FA (multi-factor) is enabled with the mobile wallet as well. With multi-factor enabled, this will guarantee that a user’s account can only be accessed from their own personal device.
The main currencies supported by the Edge mobile wallet are:
What is needed for using the Edge mobile wallet:
Once the Edge mobile wallet is on your phone, you will be prompted with a welcome page:
1. If you are new to Edge wallet, you may select the “Create account” button. If your account is already set up, you may select to sign in and recover your funds.
2. You will then be redirected to “Get Started”. Here you will set up your username, create a secure password, and then create a pin that will be used to sign in and confirm transactions.
3. After setting up your account, you will then be redirected to your crypto wallets and balance.
4. If you wish to view any of the private keys for any of your crypto wallets, hold down on the coin. A popup will appear and from there you may select “Master Private Key”. You will then be required to enter your Edge password.
It is important to write down the seed phrase because it allows you to recover your Bitcoin funds on another device if your phone is lost or destroyed.
The Edge wallet is one of the few wallets in the space that does not require the user to copy down the seed phrase to restore their backup. However, it is important that the username, password, and pin are written down and stored in an accessible location. It is also recommended that you copy down the seed phrase for each crypto wallet that you have funds in. A backup of this information is important to gain access to your funds in the event that your phone is misplaced or compromised. Recovering a wallet takes the same amount of time, if not less, if the user only has access to their Edge wallet username and password.
The Edge wallet’s team devotes a lot of their resources toward making sure that their products provide the safest and most secure experience for their users. While the Edge wallet does provide a convenient way for users to recover their funds with a username and password, it is still recommended that users copy down the seed phrase for every wallet that holds funds within the app. The username and password are stored and encrypted on Edge wallet servers. In the event that the company is compromised or is shut down, bad actors will not be able to recover sensitive user data. If the Edge wallet team is permanently shut down, the funds are still safely stored locally on the mobile device. If this were to happen to any mobile wallet, it would be best to move all funds to another mobile or hardware wallet with the same, if not better, security measures. Lack of support and upgrades to the wallet make it more susceptible to hackers. Because Edge wallet utilizes a username and password feature for each user, the wallet also has the ability to provide two-factor authentication. This security setup makes it even harder for an account to be compromised. Be sure to backup the pincode, username, password, and all seed phrases. Otherwise, the process for retrieving funds will be nearly impossible.
Edge wallet does not charge fees for transferring cryptocurrencies from one wallet to another. The only fees that will be incurred are the network or miner fees. These fees are necessary to pay the miners for recording user transactions on the blockchain. Fees vary depending on how long a user is willing to wait for confirmations on the network. Other fees that an exchange or platform may charge are separate and generally pay for the convenience or service they provide.
This will depend on your area and the available exchanges that Edge supports. Wyre: ACH bank transfer: 1%Simplex: Credit and Debit Card: 7%MoonPay: Apple Pay and Credit Card: 6.5%LibertyX: Cash and Debit Card: 3-8%
Edge continues to work on adding more assets. Users may also add ERC-20 tokens that are currently unlisted.
Client-side encryption allows the user to control all of their personal data while Edge is unable to view or control it.
This is dependent on what the partnered exchanges offer. Here is a list of some of the exchanges that Edge wallet has integrated:ChangellyCoinswitchBitrefillMoonpayLibertyX
You may visit Edge wallet’s website to view the full list of exchanges that are partnered with Edge. Some of these exchanges may restrict access to their service based on the user's location or where they think they are located. For example, some exchanges will not support users from the states of New York and Washington.
Yes, two-factor is available. You may activate it by selecting the menu icon in the top-right, select settings, and then select to set up 2-factor security.
Nothing happens to your crypto if your phone is lost. As long as you have the seed phrase written down on a non-digital material, you may import that seed phrase onto a new device. By doing so, you will gain back access to all funds. Unfortunately, if that seed phrase is lost and you no longer have access to your phone, the crypto is inaccessible. You should never keep more money on your phone than you are willing to lose.
All funds are stored locally on the mobile phone. Edge does not have access to your funds or account for the app. Bad actors are unable to remotely access user funds. All funds are only available locally on the mobile device. A bad actor would need to obtain the device itself and then be able to bypass all security layers that the user has implemented. It is important to activate all necessary security features, keep the backups of each wallet, and never store a significant amount of funds in a mobile wallet.
Take your learning experience to the next level and speak directly with one of our thought leaders. CoinBeast Connect allows you to ask all of your questions and consult a professional on a variety of topics such as mining, security, compliance, taxes, payments, Lightning and much more. Whether you’re an entrepreneur building a crypto startup, an investor exploring custody options or a member of the energy sector interested in mining bitcoin, we can connect you with the right specialist.
Let's Connect
.png)
Stay curious. Bitcoin education featuring blogs, learning tools and reviews to help you navigate down the rabbit hole.
Stay curious. Bitcoin education featuring blogs, learning tools and reviews to help you navigate through the financial revolution.
