Guarda is a multi-currency non-custodial cryptocurrency wallet launched to the crypto community in 2017. It is developed by Guardarian OÜ Company, a blockchain technology startup based in Estonia. And while Guadarian has come up with several technological products, the Guarda wallet has received the widest reception in the crypto world because of its versatility and security.
Other factors that make Guarda wallet stand out include ease of use and transparency in fees. Additionally, Guarda is registered and regulated by the Financial Intelligence Unit of Estonia and licensed to offer cryptocurrency exchange services.
In this Guarda crypto wallet review, we will be taking an in-depth look at the multicoin, multiplatform wallet, exploring its key operation and security features as well as its pros and cons.
Multiplatform: Guarda is a multiplatform wallet accessible on multiple devices and operating systems. The most popular are its iOS and Android apps for mobile device users and the web-trader, plus Linux, Windows, and macOS desktop apps for their desktop clients.
Inbuilt exchange: Guarda has an elaborate in-built exchange where the wallet users can trade and swap one crypto for another or for fiat currency. It supports both fiat-to-crypto as well as crypto-to-crypto exchanges.
Supports credit cards: Guarda wallet with its inbuilt exchange is one of the few cryptocurrency wallets that do not just support fiat-to-crypto exchanges but also allow for the purchase of cryptos using credit cards. The Guarda wallet’s parent company is also in the process of rolling out a prepaid debit card that can be integrated into the Guarda cryptocurrency ecosystem.
Integration with hard wallets: Guarda crypto wallet integrates seamlessly with the Ledger Nano X hardware wallet. This not only boosts its security but also amplifies the number of supported currencies.
Chrome extension and DAPP ecosystem: Guarda wallet also has a Chrome extension that you can use to control your wallet. Recent improvements to the extension have also made it possible for Guarda wallet holders to access the EOS ecosystem, where they can create and interact with the different DApps.
Token generator: By acquiring the Guarda wallet, you also gain access to its parent company’s blockchain network and token generator tool that you can use to create, popularize, and issue your own token.
Password: First, in your Guarda wallet’s line of defense is the app/web-trader password that you set during installation.
Seed backup: Like any other non-custodial cryptocurrency vault, Guarda wallet furnishes you with a seed backup for your wallet. You will need it to recover the wallet and private keys therein should you forget the password or lose the phone hosting the wallet.
Non-custodial: Guarda is a non-custodial platform, and this means that the private keys are stored on your device and not on the company’s servers. This minimizes exposure to risk should the wallet company be breached.
AES data encryption: All the data collected and stored in your Guarda wallet, including the private keys, is further secured using the AES data encryption tool.
Open-sourced code: The Guarda wallet source code is open-sourced. This means that it has been availed to the public and internet security experts; who have audited it to ensure that there are no loopholes that make it susceptible to external hacks or malicious codes that give its developers access to the private keys stored in your wallets.
Ease of use:
The Guarda crypto wallet is very easy to use. It has a highly simplistic and friendly user interface that’s easy to interact with; it is also easy to execute different commands for beginner traders and veterans alike. The app is also highly customizable, allowing you to change such aspects of the wallet app like themes and opt for light or dark mode.
Additionally, while it will only have a few default wallets on the user dashboard upon signing in, the creation of additional coins or tokens is instant. You only have to click on the coin or token you wish to create a wallet from the supported cryptocurrency list and tap ADD.
Supported currencies and countries
Guarda crypto wallet currently supports over 47 major currencies: Bitcoin, Ethereum, Bitcoin Gold, Bitcoin Cash, Dash, Ripple, Litecoin, and more. It also supports hundreds of ERC 20 and BEP 2 Tokens.
It has established a global presence and currently supports residents of 100+ countries across the world, including 28 member nations of the European Union.
Guarda crypto wallet cost and fees
Acquiring the Guarda wallet and most of the accompanying products like the token generator tool are free.
You will, however, incur variable transaction fees when you exchange or swap cryptocurrencies and cash within the platform. Credit cards, particularly, tend to incur relatively higher fees than other transactions. The wallet app nonetheless lets you know the transaction fee before executing the order.
Guarda website has a dedicated FAQ section where clients can get answers to some of the most common questions on how to use the wallet. Personal challenges with the app can also be directed to Guarda’s customer support team by opening ticket support on their website, via email or through their social media handles.
Setting up the Guarda crypto wallet
How to install the Guarda crypto wallet:
Step 1: Head over to the Guarda wallet website and download the app for your specific device, desktop, android, or iOS and install.
Step 2: Launch the app and select “Create New Wallet.”
Step 3: Create a strong password for your account and memorize it or write it down on paper.
Step 4: Click on the download backup to download the 12 words recovery seed.
Step 5: The app will then redirect you to your user dashboard, where you can start buying and selling crypto.
How to buy cryptocurrencies using your Guarda wallet:
Step 1: On your user dashboard, click on the “Buy” tab.
Step 2: On the drop-down menu, select your country of residence.
Step 3: On the buy menu, enter the amount you wish to buy in the “FROM” section and the type of crypto in the “WALLET” section.
Step 4: Choose the preferred payment method and click next (debit/credit card or bank wire).
Step 5: Recheck the purchase details and hit ‘Confirm.’
Step 6: You will then be redirected to the Simplex Payment Gateway to complete the transaction.
How to send cryptos into your Guarda wallet:
Step 1: On your Guarda wallet user dashboard, choose ‘Send.’
Step 2: Enter the number of cryptos you would like to send and the recipient’s wallet address.
Step 3: Review the wallet address and amounts before hitting ‘Confirm.’
Guarda crypto wallet pros and cons:
- A highly innovative and feature-rich crypto wallet that includes a token generator and an in-built exchange platform.
- Guarda wallet is easy to use as it features a friendly user interface.
- The wallet is non-custodial and compliments this with multiple security features like the open-sourced code.
- The chrome extension lets Guarda wallet users interact with a wide range of DApps and the EOS ecosystem.
- The Guarda wallet can be on multiple devices using different operating systems.
- The in-wallet swaps and exchange fees are higher than the charges at most exchanges
- The number of cryptocurrencies supported on the platform is considerably limited
- It doesn’t support biometric security features or the 2FA
Comparing Guarda wallet with eToro crypto wallet:
eToro and Guarda are both hot wallets. Unlike Guarda, the eToro crypto wallet is custodial, implying that it holds the coins on behalf of the account holders. And in addition to the crypto wallet password used by Guarda wallets, eToro has gone a step further to store the client deposits in cold storage. The fact that eToro is exchange-linked means that the crypto exchange and swap fees are more competitive and that it accepts more withdrawal and deposit options. Guarda, on the other hand, supports more cryptocurrencies than eToro and further exposes its client to DApps.
Comparing Guarda with Trezor hardware wallet
Trezor T hardware wallet supports more cryptocurrencies and stores your digital assets offline away from remote hackers. This makes it a safer option for a crypto investor. On the other hand, while the hot wallet nature of Guarda exposes it to more security threats, it is more user-friendly, more versatile, and cheaper.
Verdict – is Guarda wallet safe?
Several factors lead us to believe that Guarda wallet developers have taken adequate measures to make a secure crypto wallet. These include its open-sourced code, the strong password, and downloadable backup seed, as well as its non-custodial nature. We are, nevertheless, alive to the fact that more could be done to make it safer, including the integration of biometric security features for the mobile apps and enabling the two-factor authorization. Guarda wallet is safe for use for low volume traders and beginners, but you must first invest in good antivirus software for your device.