Eidoo cryptocurrency wallet – May 2021 review
A multi-crypto light wallet for Ethereum, ERC20 tokens and more.
If you’re looking for a cryptocurrency wallet that provides quick and convenient access to Ethereum tokens, Eidoo is worth including on your comparison list. This mobile wallet supports ether (ETH) as well as all ERC20 and ERC223 tokens.
To help you work out whether you should say “I do” to the Eidoo wallet, we’ve compiled this review of all the features it has to offer.
What is Eidoo?
Eidoo is a multi-currency wallet that allows users to store Bitcoin and Ethereum-based tokens with a single backup passphrase. A light wallet, Eidoo launched in August 2017 and was originally only a mobile wallet for Android and iOS devices. Since its launch, a stable desktop version of Eidoo has been added.
The wallet includes a hybrid exchange, added in January 2019, to allow users to swap between tokens quickly and conveniently.
With an end goal of creating an effective “blockchain-to-human interface”, Eidoo aims to be a holistic wallet for dapps and cryptocurrencies tokens across multiple blockchains.
The Eidoo wallet was developed by Switzerland-based Eidoo Sagl.
Desktop (beta version): Windows (32-bit and 64-bit), OS X, Linux
Mobile: iOS 9.0 and later, Android 5.0 and later
How much does it cost?
The Eidoo cryptocurrency wallet doesn’t cost anything. It’s free to download the desktop version of the wallet from the Eidoo website, while mobile versions can be accessed through Google Play (for Android) and the App Store (for iOS).
Which cryptocurrencies can I store?
Eidoo lets you store Bitcoin, as well as Ethereum-based tokens and all ERC20 and ERC223 token standards.Wallets supported cryptocurrencies include:
- ERC20 tokens
- ERC223 tokens
How do I add cryptocurrency to Eidoo?
You’ll need to setup your wallet before you can receive any currency. To install the mobile wallet, follow these steps:
Quick guide: How to deposit crypto in your Eidoo wallet
- Download and install the app.
- Tap “Create a new Wallet”.
- Agree to the terms of service.
- Set a password to control access to your wallet.
- Write down your 12-word backup phrase.
- Enter all 12 words of the passphrase to back up your wallet
To receive tokens, click on the QR code icon in the top right of screen. This will then show you the wallet address which you can copy, or the QR code which can be scanned, to make sure your tokens are sent to the right place.
How do I make payments with Eidoo?
You can make a payment from your Eidoo mobile wallet by completing the following steps:
Quick guide: How to pay with your Eidoo wallet
- Tap the token you want to send, for example ETH.
- Tap “Transfer”.
- Paste your recipient’s wallet address in the “To” field or scan the relevant QR code.
- Enter the amount of ETH you want to transfer.
- Tap “Advanced” if you want to set the priority of your transaction and the gas limit.
- Tap “Send”.
How secure is Eidoo?
Eidoo offers a few key security measures to help safeguard your crypto holdings, including:
- Private key. Eidoo lets you retain control of your private key, which is stored only in your device and not on any servers.
- Backup phrase. Eidoo is a hierarchical deterministic wallet that allows you to back up and restore all of your crypto holdings with a single 12-word passphrase.
- Recovery Tool. This feature is included to make it as quick and easy as possible to recover your wallet if you get a new phone or lose your device.
Where can I get Eidoo?
- Android app: Available for download from Google Play
- iOS app: Available for download from Apple App Store
- Desktop client: Available for download from Eidoo website
Pros and cons
- Supports an extensive range of tokens
- Available on desktop and mobile devices
- HD wallet
- Lets you retain control of your private keys
- Limited range of tokens supported
- Wide range of features add additional complexity
If you’ve compared a range of crypto wallets and you’ve decided you’d like to try the Eidoo desktop or mobile wallet, go to the Eidoo website. You’ll then be able to choose the relevant download link for the desktop app – Windows, OSX or Linux – or click through to the App Store or Google Play to download the mobile app.
Once you’ve done that, follow the instructions to set up your Eidoo wallet.
Image source: Shutterstock
Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.