Tag: BRD crypto wallet

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Cryptocurrencies

Bread Wallet Review: How Safe Is This Crypto Wallet App?

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

Bread Wallet app

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

This review will determine if the Bread wallet app is indeed the safest or the most intuitive crypto wallet app. And we hope to achieve this by highlighting its critical operational and security features, ease of use, and customer support level before comparing it with equally popular crypto wallets.

Key features:

Light mobile wallet: BRD is a lightweight mobile wallet that does not require you to download a full node blockchain into your phone.

SPV functionality: Bread Wallet also leverages the Simplified Payment Verification (SPV) technology to guarantee your Bitcoin transactions’ speedy yet safe execution. And it achieves this by establishing direct communication channels with the Blockchain.

Supports credit card purchases: While Bread Wallet doesn’t have an inbuilt exchange, it has made it possible for you to purchase the supported cryptocurrencies using a credit card. Recent updates to the wallet have also introduced several ways that you can use to buy crypto. These include purchases via bank transfers, in-person purchases at a Bitcoin ATM, and even crypto-dispensing convenience stores.

Multi-blockchain platform: At the time of launching the Bread wallet, it could only support the Bitcoin blockchain. However, several upgrades to the wallet have seen the wallet integrate more cryptocurrencies and their respective blockchain networks.

Security and privacy features:

Password and biometric support: Bread Wallet app embraces a multi-layered security structure. When installing the app, you are requested to set a 6-digit passcode to secure your wallet. You can also add such biometric security features as the Touch and Face ID that you can use to further secure your wallet.

Open source: The bread crypto wallet app is built on an open-sourced technology. This implies that anyone can view and audit its source code for the presence of malicious codes or security loopholes – making BRD one of the most transparent wallet apps available today.

Hierarchical deterministic: The wallet is also hierarchically deterministic, which goes a long way in guaranteeing the privacy of your transactions. For every transaction you initiate, the wallet will automatically generate a new public address, effectively masking your real wallet address and making it hard to track your crypto spending.

Non-custodial: BRD wallet app stores your private keys within your mobile device and not on the company servers – giving you absolute control over your digital assets.

Supports anonymous trading: One of the BRD Wallet’s key features is its commitment to privacy and support for anonymous trading. When installing the wallet and creating a user account, BRD does not ask for any name, email address, phone number, or personal information. It also doesn’t keep logs of your crypto transactions on their company servers.

Highly encrypted: The data stored within the BRD wallet, especially your passwords, private keys, and transaction history, is also highly encrypted.

How to set up and activate the Bread Wallet

Step 1: On your phone’s Google play store or Apple AppStore, search for and download Bread Wallet

Step 2: Install the app, and upon launching, click on ‘Create New Wallet.’

Step 3: Create a unique 6-digit passcode for the wallet

Step 4: The app will now provide you with 12 random words that form your recovery seed. Write them down and store them safely offline.

Step 5: Your wallet is active and ready to use

How to add/receive coins to Bread Wallet

Step 1: Log in to your wallet and on the user dashboard, click on the ‘Buy’ tab

Step 2: Choose the coin you wish to buy and your preferred payment method

Step 3: Fund your account, and the app will automatically convert the Fiat deposit into a digital asset.

Alternatively:

Step 1: Log in to your wallet and click the ‘Receive’ tab on the wallet dashboard

Step 2: The wallet will present you with a wallet address and QR Code. Copy either and forward it to the party sending you cryptos

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

Note: In some countries, the Wallet app integrates a map that highlights the different Bitcoin ATMs available

How to send crypto from Bread Wallet

Step 1: Log in to your BRD wallet app and on the user dashboard, click on the ‘Send’ tab

Step 2: If you have multiple cryptos stored here, select the crypto you would like to send

Step 3: Enter the recipient’s wallet address or scan their QR code and then enter the number of coins you would like to send

Step 4: Confirm the accuracy of these transaction details, hit send, and enter your wallet password to authorize the transfer.

Bread Wallet ease of use

Bread Wallet has one of the easiest and straightforward onboarding processes. You only need to download the wallet and create a passcode to activate it. Unlike most other crypto wallet apps, BRD does not request for your personal information.

The processes of adding and sending cryptos in/out of the wallet are also easy. For instance, you have the option of funding your wallet app by depositing coins from other wallets/exchanges or making a purchase via your credit card.

These, plus the wallet’s highly intuitive user interface, make BRD a beginner-friendly crypto wallet app.

Bread Wallet supported currencies and countries

Bread started as a Bitcoin-only crypto wallet. However, in the past few years, it has expanded its range of supported cryptos to include Bitcoin Cash, Ethereum, Bread Coin, Stable coins like USDT and DAI, and all ERC-20 tokens.

Accepted Fiat currencies that you can use to but crypto in the app are USD, EUR, GBP, GBO, DKK, and CAD.

Bread Wallet cost and fees

You won’t be charged for downloading and installing or storing your digital assets in the BRD wallet app. You will, however, be charged a small blockchain network fee every time you wish to send cryptos to another wallet or exchange.

Bread Wallet Customer support

Bread Wallet has a readily available and one of the most responsive customer support teams. It starts with an elaborate FAQ section that addresses all the challenges faced by most BRD Wallet users.

Within the app is the live chat features that you can use to engage the BRD support and development team. You can also engage this team on the BRD social media channels on Telegram, Twitter, Reddit, and even Facebook.

Note that BRD Wallet’s rewards scheme also works closely with the support team where you get to unlock support perks depending on the number of BRD Tokens you hold. For instance, you can contact the support team via email or phone if you hold more than 2500 BRD tokens.

What are the pros and cons of using Bread Wallet

Pros:

  • The wallet supports anonymous crypto trading
  • It has embraced several security features aimed at limiting unauthorized access to your wallet
  • It is highly intuitive and beginner-friendly
  • Speeds up transaction processing by connecting directly to the respective blockchains

Cons:

  • It is an online wallet and, therefore, exposed to the inherent risks associated with hot wallets
  • One may consider the mobile crypto app to be too basic
  • It is an unregulated wallet

Comparing Bread Wallet to other multicurrency crypto wallets

Bread Wallet vs. eToro

Bread Wallet and eToro are both multicurrency crypto wallets. They also feature on the list of few wallets that support the purchase of cryptocurrencies using credit cards and bank transfers. More importantly, they have both embraced a multi-layered security approach towards securing the wallets.

But while eToro supports 10+ cryptocurrencies, BRD will only support Bitcoin and Ethereum blockchain-based cryptos. And while BRD may be considered more intuitive and easier to use, eToro carries the day when it comes to the number of integrated operational features – such as the eToro crypto exchange.

Verdict: Is Bread Wallet safe?

Well, the crypto wallet app has put in place several security measures that are aimed at keeping your private keys safe and your crypto transactions anonymous. Key among these is the inclusion of Biometric security features like Fingerprint and Face ID, user data encryption, and the wallet’s open-sourced nature. More importantly, the wallet does not, at any point, ask for information personally identifiable to you or keep logs of your crypto transactions.

Categories
Cryptocurrencies

BRD Wallet Review 2020: What Are Its Features, Cost, Pros, And Cons

BRD Wallet is a non-custodial mobile wallet built on the iOS platform. Non-custodial implies that Private keys for your digital assets are held on your mobile device, and not on BRD’s servers. The wallet has gained popularity in the recent past, primarily due to its support for anonymous trading, as well as the inclusion of multilayered security features aimed at preserving the integrity and safety of the user’s account and private keys.

BRD Wallet is a non-custodial mobile wallet built on the iOS platform. Non-custodial implies that Private keys for your digital assets are held on your mobile device, and not on BRD’s servers. The wallet has gained popularity in the recent past, primarily due to its support for anonymous trading, as well as the inclusion of multilayered security features aimed at preserving the integrity and safety of the user’s account and private keys.

BRD Wallet is a non-custodial mobile wallet built on the iOS platform. Non-custodial implies that Private keys for your digital assets are held on your mobile device, and not on BRD’s servers. The wallet has gained popularity in the recent past, primarily due to its support for anonymous trading, as well as the inclusion of multilayered security features aimed at preserving the integrity and safety of the user’s account and private keys.

But BRD is more than just a wallet, it is a blockchain network with its own native token. In this BRD wallet review, we will be looking at all the popular operational and security features associated with BRD, its fees and ease of use, and tell you whether it is a secure wallet.

BRD Key features:

Multiplatform: BRD Wallet is a mobile-based crypto wallet. It is built on the iOS platform and was originally designed for Apple product users. A surge in popularity has, however, seen the release of the android BRD wallet version for Android OS powered devices. 

Fast: The BRD wallet uses the Special Payment Verification (SPV) protocol to connect to the Bitcoin blockchain, effectively guaranteeing the fastest crypto transaction confirmation speeds.

Native tokens: BRD is one of the few networks that maintains its own native token, the BRD Token.

Reward program: The BRD wallet is also one of the few networks that have an active loyalty reward scheme. The more BRD tokens you buy and hold in your wallet, the higher the rewards. 1,000 BRDs will get you 25% off trading fees, 2,500 BRDs gets you access to phone support, while 100,000+ BRDs gets you a phone call with BRD wallet CEO.

Support for debit cards: The BRD wallet doesn’t just make it possible to exchange coins, you can also easily pay for your Bitcoins or any other coins within the BRD network, using debit and credit cards.

Open source technology: The BRD wallet is also established on an open-sourced technology platform. This has, over the years, been vetted and audited by internet security experts with possible loopholes identified and patched. 

Blockchain toolbox: Most recently, BRD introduced the BRD blockchain toolbox referred to as the Blockset. This is a technology platform that blockchain technologists can use to create enterprise apps. According to BRD, Blockset will at first support Bitcoin, XRP, Hedera, and Ethereum blockchains before bringing more networks on board.

Security features:

Password protected: When installing the BRD wallet app, you will be required to set a six-digit password.

Biometric features: In addition to the passcode, BRD also incorporates other security features such as fingerprint and Facial recognition biometrics.

Anonymous trading: When creating a user account with BRD wallet, the company doesn’t ask for information personally identifiable to you, like your name, physical address, or email address. Neither will you be subjected to the KYC verification process. And this allows for anonymous crypto transactions.

12 phrase seed backup: Should you ever forget the account password, or lose access to the mobile device hosting your private keys, you can always recover your BRD wallet account using the 12 phrase recovery, generated by the wallet during installation.

AES hardware encryption: The private keys and any other information stored in your BRD wallet is also highly encrypted using the AES hardware encryption technology.

BRD Wallet ease of use:

BRD wallet is an easy to use crypto vault. While it hosts numerous features, they are all neatly organized on the user dashboard. The BRD wallet account registration processes are also easy and straightforward.

The mobile wallet app is also multilingual, supporting up to 13 international languages and currently available to the crypto community members in over 150 countries across the world. 

Currencies supported

BRD wallet was initially designed to be a Bitcoin Only wallet. Over time, however, the mobile vault has incorporated several other cryptocurrencies and tokens, including Bitcoin Cash and Ethereum, stable coins like TrueUSD, and all the ERC 20 tokens.

It has Bitcoin as the default wallet address, and therefore, you will need to manually add the wallet for any other crypto you wish to transact. The process is, however, easy as you only need to head over to the cryptocurrency exchange list on your user dashboard, and click on the ‘Add’ icon that displays against the coin you wish to buy/send.

BRD crypto wallet cost and other fees

Acquiring the BRD wallet and storing your digital assets is free. Transacting through the app, however, attracts variable fees, depending on factors such as the blockchain network involved, the number of coins being exchanged, and the medium of exchange.

If you, for instance, wish to buy crypto assets using a credit card, you incur as much as 5% in transaction fees.  Your bank or debit card provider may also charge a processing fee when you wish to make cash deposits like USD, EUR, CAD, DKK, and GBP for purchases of different cryptocurrencies within the app.

Setting up the BRD crypto wallet:

How to install a BRD wallet:

Step 1: Download the BRD crypto wallet app from the Google Play Store on your Android or the Apple App Store for your iOS mobile device and install it.

Step 2: Create and memorize a six-digit passcode that you will be using to access the wallet app.

Step 3: The crypto wallet app will then auto-generate 12 phrases that serve as the backup seed for your account. You will need them to recover your wallet and private keys therein if you forget the password.

Step 4: You are now set and can start transferring cryptocurrencies to the wallet and buy or sell in the app-based exchange.

Note: Before you start transacting using the app, we advise that you first add a biometric security feature such as the fingerprint or Face ID to the app as an additional security layer.

Sending and receiving coins:

To receive funds into your BRD Wallet:

Step 1: Log in to your BRD crypto wallet app.

Step 2:  On your user dashboard, click on the coin you wish to receive.

Step 3:  Tap the receive option to display the wallet address and the QR code. Copy either and send them to the party sending you coins.

To send payments from your BRD Wallet:

Step 1: Log in to your BRD crypto wallet app.

Step 2: On your user dashboard, click on the coin you wish to send.

Step 3: Tap the send option to display the payment details. Enter the recipient’s wallet address and the number of coins you wish to send.

Step 4: Confirm the payment details and hit send.

BRD hardware wallet pros and cons:

Pros:

  • Its open-sourced nature and integration of biometric features speak a lot about the app development team’s dedication to its security.
  • The wallet app is relatively easy to use, as it features a friendly user interface.
  • The app simplifies crypto exchanges by making it possible to buy digital assets via debit cards, credit cards, and even cash.
  • It combines a wide range of security features that include; encryption, biometrics, pin code, and open-sourced codes to preserve the integrity of the app.
  • The app has very low latency and some of the fastest bitcoin transaction processing speeds.

Cons:

  • One may consider the number of digital currencies supported by the mobile wallet limiting.
  • It is still a hot wallet, and this implies that it is susceptible to internet threats like remote hacker access and ransomware.
  • Some essential services, like phone support, are only available to individuals with a large number of BRD coin deposits.
  • The fact that it supports credit/debit cards and bank transfers beats its intention of anonymous trading as their transactions can always be tied back to a specific crypto account.

BRD wallet compared to competitors:

Comparing BRD with Infinito crypto wallet apps.

BRD and Infinito are both technologically advanced and highly innovative crypto wallet apps. Equally, Their bots have similar attention to account security as they both advocate for a strong password and biometric backups. However, BRD pales in the face of Infinito when it comes to the number of supported cryptocurrencies and the app’s ease of use. While BRD supports just a handful of coins and tokens, Infinito hosts 2000+ digital currencies.

Comparing the BRD crypto wallet app with Trezor hardware wallet.

The Trezor hardware wallet is superior to the BRD wallet app in three key security and operational areas. First, it stores the owners’ coins offline. Secondly, it has the backup of the physical on-device button used to authorize any crypto transaction. And lastly, it supports more coins and tokens. One may, however, consider the BRD wallet app easier to acquire as it is freely available, easier to use, and more beginner-friendly.

Customer support:

BRD wallet has a fairly responsive customer support team that you can engage with on the live chat, through email or one of their social media handles. This team is multilingual and can communicate in over 13 languages.

The only downside is that you need to buy and maintain a balance of 2,500+ BRD tokens to have access to phone support to BRD’s customer service team. 

Verdict: Is the BRD crypto wallet app safe?

Several features of the BRD crypto wallet app give us a lot of confidence about the security of their wallets, and the safety of private keys stored therein. These include its open-sourced technology, the use of a passcode, the integration of Biometric security features, and the backup seed. BRD crypto app has an above average safety score, but we recommend that you first invest in a very strong antivirus before installing the crypto wallet app.