Home Crypto Education Cryptocurrencies HB wallet Review: Ease of Use, Security features, Fees, Pros and Cons

HB wallet Review: Ease of Use, Security features, Fees, Pros and Cons

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HB Wallet - Best Multicurrency wallet

HB Wallet is a highly innovative crypto project, developed and introduced to the world in July 2017. The wallet is built on the ethereum blockchain technology and was created by Bacoor Inc. – a Malaysian-based technology company. According to the wallet’s official website, HB is more than a crypto vault. It is a crypto ecosystem that’s specially designed to provide Eth blockchain users with a platform where they can store their coins, interact with the blockchain, and earn tokens without compromising the safety of their private keys.

To this end, HB wallet developers started by simplifying the technology and making it as intuitive as possible with the hope of kick-starting mass adoption.

In this review, we will be vetting HB Wallet to determine if it has lived to its word of providing an intuitive and secure platform. We will look at all its key security features, tell you how to set up and activate the HB Wallet account, its pros and cons, fees, and everything in between.

HB Wallet key features

Cross-platform: HB Wallet is available both as a desktop wallet app (Windows and macOS) and a mobile wallet app (Android and iOS). And unlike most other cross-platform wallets that operate as stand-alone vaults, HB Wallet allows you to sync the mobile and desktop wallet apps in real-time.

Multi-wallet: There is no limit to the number of user accounts or wallet addresses you can create on one HB Wallet app. The wallet especially simplifies the creation of multiple accounts by including the switch option in the settings tab that allows you to seamlessly hop from one account to another.

Buy with card: You can also purchase virtually any Crypto or token – including Bitcoin, Ethereum, and ERC-20 tokens – via a debit/credit card. To achieve this, HB Wallet partners with the fiat-to-crypto convertor and payment processing company – Simplex.

Swap crypto: HB Wallet integrates the Kyber network and crypto exchange, ensuring that you don’t have to leave the wallet to swap cryptos and tokens. Swapping coins via the network is instantaneous, inexpensive, and safer, largely because you do not have to move coins from your wallet.

Inbuilt exchange: In addition to the integrated third party exchanges, HB Wallet features the eth-based HB Decentralized Exchange. This allows HB wallet users to exchange eth-based cryptos and tokens seamlessly and securely without leaving the wallet. And they only have to pay the GAS fees charged by the Ethereum blockchain network.

Integrates DAPP Browser: HB Wallet integrates a DAPP browser that allows the wallet users to browse the internet and interact with an unlimited number of decentralized apps including games and Defi apps. And when using this integrated wallet, you are assured of your privacy and anonymity, and the browser doesn’t have any third-party plugins or tracking tools.

Grab Token: The Grab Token feature on the HB wallet makes it possible for anyone to get token rewards from Airdrops and Gacha Drops. You do not even need to sign up for either and the drops are free and no-obligation rewards. Airdrops allow you to receive free ERC-20 tokens to your HB wallet while Gacha drop is a game where players have a chance to win ERC-721 token rewards daily.

Send Crypto via chat: The wallet has also come up with a highly innovative chatting tool that allows you to send text, images, emoji, and even cryptocurrencies/tokens to other HB Wallet users.

HB Wallet security features

PIN + Touch ID: When creating a user account on the HB wallet, you get to secure it with a password. Moreover, you have the option of boosting this security feature by enabling the Touch ID login option for compatible devices.

Hierarchically deterministic: In an attempt to safeguard your privacy, the HB wallet generates a new address for every transaction, effectively shielding your actual address and making it hard for third parties to track your crypto activity.

Anonymous user registration: HB Wallet will not ask for any private information when creating a user account. Neither will it or the integrated systems – including the browser and exchange – collect and store sensitive client data. Moreover, you don’t even have to download the wallet app from the Google Play or Apple App stores that can tie the app activity to your profile, simply download the wallet APK from the HB Wallet website.

Recovery seed: When creating a user account on HB Wallet, you will be presented with a mnemonic phrase that forms the wallet’s recovery seed. You will need it to restore the account on a new device or recover lost private keys.

Non-custodial: HB is a non-custodial wallet that, instead of storing your private keys on its servers, encrypts them and all your private information like passphrase and saves it in your phone/computer. This gives you absolute control over the use and management of your digital assets.

How to set and activate the HB wallet app:

Step 1: Open the HB Wallet website and under the ‘Download’ tab, select the type of wallet you wish to use (desktop or mobile)

Step 2: Download and install the app

Step 3: Launch the wallet and click on the ‘Create New Wallet’ icon.

Step4: Choose a username and create a wallet password

Step 5: Copy the seed phrase and keep it safe offline.

Step 6: Your wallet is now active and ready for use

How to add/receive Crypto into your HB wallet

Step 1: On the HB Wallet user dashboard, click on the “Receive” button

Step 2: Copy your HB Wallet address or the QR code and forward them to the individual sending you coins.

Alternatively:

Step 1: Click on the “Buy Crypto” tab.

Step 2: Follow the prompts to fund the wallet by either buying crypto with a card via Simplex or swapping your digital assets with Eth tokens via the HB Wallet DEX.

Step 3: Wait for the Crypto to reflect on your wallet.

How to send Crypto from your HB wallet

Step 1: On the HB wallet’s user dashboard, click on the “Send” button

Step 2: On the transfer window that pops up, enter the recipient’s wallet address and the number of coins you wish to send (note that the desktop wallet allows you to create an address book from whence you can select coin recipients)

Step 3: Check the accuracy of these transaction details and hit send

HB wallet ease of use

HB Wallet has a seamless and smooth user interface that is specially designed to appeal to both beginner and expert crypto traders. It is highly customizable and allows you to tweak most of its features using the settings option.

For instance, you can choose how you access wallet notifications by turning them on/off, change wallet theme, and hide or delete one account or a wallet address.

The wallet is also multilingual – available in eight international languages.

HB Wallet supported currencies and countries.

HB Wallet is a multicurrency wallet that supports 500+ eth-based cryptocurrencies and tokens like ERC-20, ERC-223, and ERC-721tokens.

HB Wallet cost and fees

While HB Wallet won’t charge you for storing your coins therein, you will be charged transaction fees – GAS – every time you send or exchange these cryptos and tokens. The fee is collected by the ethereum network and not HB Wallet.

HB wallet customer support

HB Wallet maintains a highly responsive customer support team available 24/7 via email, live chat on both the website and wallet apps, as well as social media platforms like Twitter and telegram. You can also raise a support ticket on the website or consult their FAQs page for troubleshooting tips.

What are the pros and cons of using the HB Wallet?

Pros:

  • HB Wallet is highly innovative and features such effective tools as sending Crypto via the chat button
  • It allows you to synchronize the desktop and mobile wallet activities in real-time
  • The wallet is also highly customizable, allowing you to change the language, notification settings, and even reset wallets/user accounts
  • It encourages anonymous user registration and crypto trading

Cons:

  • HB Wallet is an online-based crypto vault
  • It is biased towards ethereum blockchain and eth-based cryptos
  • It is not open-sourced

Comparing HB wallet with other Ethereum wallets

HB wallet vs. MyEtherWallet

HB and MyEther are both Ethereum based wallets that share such similar traits as maintaining a highly intuitive user interface and supporting a wide range of Ethereum cryptos and tokens. They have also embraced almost similar security measures. More importantly, they appeal to both beginner and expert ethereum blockchain users and have highly responsive customer support teams.

HB Wallet nonetheless carries the day when it comes to innovativeness and the number and effectiveness of integrated wallets. HB Wallet, for instance, features a decentralized exchange and two third-party crypto swap systems, makes it possible to send cryptos via the chat button, and allows users to reset or delete wallets/user accounts.

Verdict: Is the HB wallet safe?

Well, the HB Wallet has put in place several highly effective safety and privacy measures. For instance, you don’t need to provide personal details to create a user account here, the wallet is hierarchically deterministic, non-custodial, and provides users with a recovery seed. We only find fault with the fact that it doesn’t support some of the more solid security features like enabling two-factor authentication, transaction limits, and multi-signature functionalities.  

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