Edge Wallet: App Overview, Settings, Addresses, and Security

What you need to know

Edge is a multi-currency mobile wallet focused on secure cryptocurrency management, with full data encryption and staking and swap support for coins such as Bitcoin, Ethereum, Litecoin, BCH and ERC-20 tokens.

 

One of the creators of the wallet is Paul Puy, who spent over 10 years at NVIDIA where he developed software, identified a key problem in the industry: private key management.

“The traditional method of storing 24 words (seed phrases) is a relic of the past. "Technology should make life easier, not harder" - from an interview with the founder.

That's why Edge Wallet has shifted its approach from storing seed phrases to encrypted passwords, like in traditional applications.

Author's note:

"Users can still use wallet seed phrases. We recommend storing them in a safe place. More on that below."

Is this approach reliable and what else does Edge hide? Let's look at the app's capabilities.

Main functionality

Let's consider a practical example of using the application. To do this, download and install it.

Download, install and run

This is a mobile-only wallet. There is no PC version or browser extension. There are 3 options for downloading:

1. Android version 9 and above from Google Play
2. iOS version from the App Store
3. APK or QR code from the official website.

Creating a new wallet

When you first launch the app, you are greeted by a welcome screen that displays a slider with the app's capabilities. Click Get Started.

Create and enter a PIN code and click Next.

We will immediately be asked to select coins to add. They can be added later. We have chosen Solana for now.

On the next screen, we will be asked to use Web3 Handle.

FIO Handles replace long wallet addresses with simpler and more readable names, which minimizes the likelihood of sending funds to the wrong place.

FIO Handles require a fee from the FIO network and are not a requirement of Edge. You can opt out of this feature if you don't need it.

The next screen displays a pop-up prompt that you need to make a backup. Click on it.

Backup

To create a backup, you need to register an account that does not require personal information. To do this, click Backup Account.

Create a login and click Next.

Create a strong password. It is recommended to use unique passwords that have not been used on other platforms.

Read, agree to the terms and click Confirm.

You've almost created an account. You can view it or click the Create button.

Your backup has been successfully created.

Password authentication is designed so that the server stores data, but cannot read it, since it does not have access to passwords and cannot extract passwordKey. This technology is Zero-Knowledge. AES-256 is used to encrypt data.

Password recovery

To always be able to recover your password, click on the menu icon (three horizontal lines) and go to Settings. Select Tap on Unlock Account Settings.

Next, select the Set Up Password Recovery option.  Specify two recovery questions and their exact answers (case sensitive). Confirm your email to send yourself a recovery link.

Check your email and make sure you received an email with a recovery token.

How does password recovery work?

Edge implements a password recovery mechanism that does not require access to user data. This technology is based on splitting the key into two parts (split-key), which is similar to multi-signature in cryptocurrencies.

• Key A is sent to the user via an email link. It encrypts recovery questions and answer hashes.
• Key B is stored on Edge servers along with encrypted questions and answer hashes.

How to use

Generate address

To get an address, select the Assets tab on the main page at the bottom of the screen. In the list of digital currencies that opens, find Bitcoin (BTC) and click on it.

Then select the Receive option.

Your Bitcoin address will be displayed at the bottom of the screen along with the corresponding QR code. You can copy the address by clicking the Copy button, or send it to another person via the Share function.

The wallet supports different address formats, such as Wrapped-SegWit. Swipe left to see more options and their QR codes.

How to top up and withdraw

To top up your wallet, click the Send button.

The next screen will display the Scam Warning window – cryptocurrency risk warning:

• Edge does not provide financial advice.
• Cryptocurrency transactions are irreversible.
• Don't send money to people or organizations you don't know.

If you understand the risks, then accept the terms of use by checking the appropriate box and click Confirm.

You will then have 2 options sending.

1. Buy BTC with a credit card in the app
2. Transfer BTC from the exchange.

To buy with a card, select the Buy BTC option. Specify your region.

Choose a convenient payment method and specify the amount you want to purchase.

The application will automatically calculate how many bitcoins you will receive in the end.

Please note: not all regions support purchasing via cards.

When the purchase transaction is completed, select the send option again. There will be two options on the screen: you can either scan the recipient's wallet QR code or manually enter their (or your) address.

Attention: if you enter the address manually, be sure to check it for correctness before sending.

After that, click Submit to complete the operation. The application allows you to send bitcoins to any bitcoin address, even if it does not belong to an Edge network user. This makes the wallet universal for transactions.

We have replenished the wallet with Bitcoin. However, you can add other tokens in addition to BTC.

Adding tokens

To add tokens, open the Assets section, select an asset, such as Ethereum, and go to the menu by clicking on the three vertical dots, then select Add/Edit Tokens.

In the Manage Tokens section that appears click Add Custom

Enter the token details such as Token Code, Token Name, Contract Address, and Decimal Places.

Token data such as Token Code, Token Name, Contract Address, and Decimal Places can be found using blockchain explorers such as Etherscan, BscScan, or Polygonscan. To do this, simply enter the token contract address in the search bar, after which the key parameters will be displayed on the page.

Information is also often available on the official website or in the token documentation, where developers publish information about their project.

After adding, make sure the token is checked so that it appears in Assets, where you can store, receive and send it.

To create a new wallet, Open the Assets section and click Add Wallet. Then select a coin, such as BTC, ETH or XMR and click Create Wallet. The new wallet will appear in your account and will be ready to use. You can also use the search bar to find the wallet you are interested in, then click Create Wallet.

The app automatically syncs with the blockchains of the supported cryptocurrencies.

Exchange

To exchange crypto assets, click Exchange at the bottom of the navigation bar or the Swap Crypto tile.

Select the assets you want to exchange and follow the on-screen instructions to complete the transaction.

Change the exchange settings to prefer decentralized exchanges (DEX) if you want to use them instead of centralized exchanges (CEX). To do this, click on the side menu, select Settings, then Exchange Settings and change the setting under Preferred Exchange to Prefer Decentralized.

Staking

To start staking, click Assets at the bottom of the screen. Then scroll through the list of available wallets, select the asset you are interested in and click the Earn button (if available). This action unlocks the staking functionality for the selected asset.

The process of unstaking is also simple. To do this, you need to go back to the wallet from which you staked assets and click the Earn button again.

In this section, you can manage your staking position and withdraw blocked funds. It is important to note that additional funds may be required in your wallet to perform unstaking operations.

Staking risks, as a rule, are mainly limited to the so-called smart contract risk. These may be bugs in the code or exploits that can lead to the loss of funds.

Various assets are available for staking, including BTC, ETH, USDC, USDT, BNB, BCH, DOGE, LTC, ATOM, and AVAX. This is made possible by the integration with Thorchain Savers Vaults. There is also an alternative staking protocol for ETH called Kiln.

Settings Menu

In the settings, you can change various parameters, such as:

• 2FA Setup – add a second layer of protection by using a code on your device to confirm login.
• Change Password – change your password if you suspect it has been compromised.
• Change PIN Code – update your PIN for highersecurity if it could be compromised.
• Password recovery settings – set security questions to restore access in case of password loss.
• Exchange settings – set up cryptocurrency exchange parameters: fees, currencies and other preferences.
• Auto-logout – protect your account by setting up automatic session termination after a short period of inactivity.
• Recover deleted wallets – restore access to accidentally deleted wallets.

Also, each coin has its own menu, accessible through three vertical dots in the upper right corner. In it, you can perform actions such as:

• Rename – use if you have several wallets for different purposes to organize them conveniently.
• Export transactions – save transaction history for accounting, analysis or tax reports.
• Archiving – hide unused wallets to simplify the interface, saving their data.
• Add tokens – add custom tokens by entering their data (address, symbol, quantity).
• Master key (seed phrase) – use to restore access to the wallet, keep it in a safe place.

Seed phrase and private key

The application allows you to get the seed phrase. To do this, click on the coin and select Master Private Key.

Read the warning that this information should be kept secret and click Get Seed.

You will see your wallet recovery phrase.

Note: this will only display the seed phrase for the selected blockchain. If we do the same for Ethereum, we will get a different key.

Import private key

To start importing, you need to open the side menu by clicking on the three horizontal lines. Then select the Scan QR Code option from this menu.

You will then be asked to select the wallet you want to transfer funds from. You can either scan the QR code of the private key or enter it manually.

Once you enter or scan the key, a pop-up window will appear asking you to import. Click Import and this will create a transaction on the blockchain for which you will have to pay a mining fee. Once the funds have been successfully imported, you will be able to see them in your wallet by going back to the wallet list screen or the transaction history of a specific wallet.

 

Mnemonic Code Converter helps you find the derivation path for your key, which is useful when working with different cryptocurrencies. It is recommended to use it offline for increased security to avoid the risks associated with entering private information online.

Questions, Security, and Recommendations

Forgotten Password

Since Edge does not see or recover your password, users are responsible for its safety. The wallet's architecture leaves control entirely in the hands of the user. However, in case of unforeseen situations, security tools are provided, including the ability to restore access and help from the support service.

Opinions

On the one hand, the wallet stands out for its high level of customer support, as evidenced by the reviews on Trustpilot, on the other hand, one of the main problems is theoi in sync, which is why funds do not appear in the wallet,

Edge's fee policy is also becoming a subject of criticism. Although the wallet claims to be flexible in terms of spending settings, some users encounter unreasonably high fees, especially if they choose the recommended levels. This makes people feel unscrupulous, especially when combined with suspicions that positive reviews may be artificially inflated and negative ones are deleted.

Cases of scams deserve special mention. The situations with CredEarn and "Tesla Mining" became especially noticeable and left a negative mark on the wallet's reputation.

Despite the presence of functionality for protecting funds, such episodes emphasize the importance of strengthening control over partner projects and transparency of work.

Open source and White Paper

The wallet is implemented via React Native. This ensures that it works on mobile devices and to automate testing of various flows in Edge Wallet.

According to their White Paper, the project has features for developers, such as Single-Sign-On (SSO) for other applications. The user can log into third-party services while keeping their keys in one place.

Edge Login allows users to securely log into dApps using a single account, with full control over private keys and data thanks to encryption and isolation of each application.

Thus, Edge is suitable for users who need a mobile wallet with multi-currency support, a built-in exchanger, and a reliable security system. The app is more of a traditionalist in the crypto world - the lack of modern NFTs and dApps makes it focused on storing crypto assets.

If you need a wallet with desktop support or a wider range of cryptocurrencies, it is better to consider other options.

Technical support