AtomicWallet Review (Is AtomicWallet.io a SCAM?)

Today we’re uploading an AtomicWallet Review, which can currently be found at AtomicWallet.io.

On November 22, the following complaint was submitted from a person who reports losing more than $200,000 on the platform.

An ad was posted on YouTube talking about getting into the investment trading scene. Once the ad was clicked they asked for $250. Then received a phone call discussing the investments and how it worked and that it was cryptocurrency. After that accounts were set up And they asked for $10,000 to go into a trading website. Then they asked for $20,000. Showing a large amount in return to cryptocurrency we attempted to liquidate the fund in which they asked for 10% of what was sitting there which was sent. And then they said it was sent to the wrong account so we need to send another 10% of what we made. All in all losing over 200,000. They said we were using such tools as a BNB chain account, Binance account etc.

This is a very serious allegation, which is why it’s very important that you read this AtomicWallet Review if you are considering using the Atomic Wallet app.

AtomicWallet Review

AtomicWallet is a decentralized crypto wallet that allows buying, staking, and exchanging cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin, XLM, and over 300 other coins and tokens.

They even offer their own coin: AWC (Atomic Wallet Coin).

Their exchange services are instand and they offer cashback when swapping 60+ crypto pairs.

Clients can also buy Bitcoin, Litecoin, Ethereum, XRP, and BCH with a bank card in any fiat currency.

Atomic Wallet has a Cashback program, in which users can earn up to 1% cashback for each exchange or purchase they make in the app.

Holders of AWC earn 0.5-1% cashback (up to $300-900 per month, depending on how many AWC you’re holding), while non-holders can earn 0.25% (up to $150 per month).

The private keys are encrypted on the user’s device, which means only you can access the money. They also assert that no verification or KYC (Know Your Customer) is required, making it completely anonymous.

However, they do have a AML/KYC Policy document in which they state that they do use a third party (simplex.com and changenow.io) for verification of their clients, which may require providing a reliable ID.

When purchasing crypto via a bank or credit card, you will need to provide a photo ID. Fees are fixed at 2%.

How does it work?

Atomic Wallet is a non-custodial wallet, which means you own your backup phrase and private keys, which are stored locally on your device, and therefore fully control your money.

They have no access to your wallet and sensitive information.

They money itself is not in the wallet itself, but stored on the blockchain. All the wallet does is to use your private keys to connect to the blockchain and retrieve information about your balance and other information, as well as allowing you to perform transactions.

In staking, when you stake coins, a validator creates blocks and you receive regular rewards while supporting the blockchain. The rewards will be transferred to your wallet automatically (e.g., Solana) or you will need to claim the rewards manually (e.g., Cosmos), depending on the coin.

More on Staking

Staking Tezos, ATOM, BAND, TRON, and other coins can get you a 5-20% APR (annual percentage rate).

Staking is the process of risking money for a chance to add a new block to the blockchain and a guarantee that the new transaction is legitimate. This is part of the Proof of Stage (Pos) blockchain verification method, which is an alternative to the natural resources heavy process of cryptocurrency mining.

The bigger the stake, the more likely the validator is to be the one to add new blocks to the blockchain, earning the  validator some crypto, which is distributed among those who staked their assets.

Atomic Wallet is running their own staking pools for certain cryptocurrencies, like Cardano, which increases your likelihood of being selected and receiving rewards relative to public, more saturated staking pools.

What are the downsides of staking cryptocurrencies?

• Some crypto assets (e.g., NEAR) get locked during the staking period and cannot be sent out or exchanged right away.
• The unstaking period, during which you cannot withdraw or exchange your coins, may vary from about 4 days in the case of NEAR to up to 21 days with BAND.
• Transaction fees – Make sure to not stake your entire balance because unstaking and claiming rewards entails fees.

Here are the advertised return on investment (ROI) rates for different coins:

• AWC – 20%
• Zilliqa – 15%
• Band Protocol & Near – 11%
• Cosmos & ICON – 10%
• Tezos & Solana – 7%
• Komodo – 5.1%
• BNB, Cardano, & Tron – 5%
• VeChain – 1.63%
• Algorand – 0.63%

Keep in mind however that APY of crypto assets is constantly fluctuating and may change several times during the staking period of your asset.

Minimum coins required for staking are 10 AWC, ZIL, or KMD, or 1 coin of each of the other cryptocurrencies.

Minimum deposit in US ranges fro 0.1 USD in the case of Tron and VeChain to $140 in the case of Solana.

• Near rewards are available after 12 hours.
• With Band Protocol, ICON, Algorand, BNB, and Komodo, rewards are available after one day.
• First Zilliqa rewards will be received after two days.
• Tron rewards will be ready after 3 days.
• Solana rewards are available after 4 days.
• With AWC first rewards will be available in 7 days.
• VeChain first rewards are ready after 14 days.
• Cardano requires waiting 20 days before first rewards are received.
• First Cosmos rewards will be available after 21 days.
• Tezos rewards will be available after 40 days.

Who is Behind AtomicWallet?

AtomicWallet was founded in 2017 by Konstantin Gladych from Tallinn, Estonia, the CEO. He has a Ph.D. in data mining and machine learning and 6 years of experience in blockchain and cryptocurrencies and 10 years in Information Technology. Konstantin is also the co-founder and was the CEO of Changelly.com between April 2016 and August 2018, a well known cryptocurrency exchange.

This information checks out according to Konstantin Gladych’s LinkedIn page and his Twitter page.

Charlie Shrem is the strategic advisor, an entrepreneur and Bitcoin advocate and pioneer from Sarasota, Florida, who co-founded the now defunct company BitInstant. He is also a founding member of the Bitcoin Foundation, and served as a vice chairman.

We could not find a mention of Atomic Wallet on Charlia Shrem’s LinkedIn page, his Twitter page, or even his Wikipedia page.

Contact Information

They are located in Estonia.

The Main Office of Atomic Protocol Systems OÜ is in:

Harju maakond, Tallinn, Kesklinna linnaosa, Viru väljak 2, 10111.

Atomic Protocol Systems OÜ is a registered company (Registration code 14519622) in the Commercial Register of companies of the Republic of Estonia since 2019 with Konstantin Gladyshev listed as the main owner, along with Ilia Brusov and Pavel Sokolov (sokolovpaul86@gmail.com).

Another listed address is: Harju maakond, Tallinn, Kesklinna linnaosa, Nafta tn 12-16, 10152.

Support is available 24 hours per day, 7 days a week.

Listed email addresses include:

• support@atomicwallet.io
• hello@atomicwallet.io
• info@atomicwallet.io
• Partnership: andrewk@atomicwallet.io
• Marketing: mick@atomicwallet.io

A phone number is not mentioned, however this number is listed on the company’s registration page: +372 7123536.

A chat widget is also available on AtomicWallet.io, which we tried and found to be responsive and helpful, as well as a contact form.

Their YouTube channel, which was created on March 7, 2018 has 12.8K subscribers.

105.4K people are currently following their Twitter page.

Their Facebook page is followed by 17,607 people and liked by 14,453.

They also have a Telegram group – @AtomicWallet.

On GitHub 70 repositories.

They also have a Medium.com page.

Where can you download Atomic Wallet?

Atomic Wallet is offered on the Google Play Store, where it is currently ranked 4.6 stars out of 5 based on almost 70,000 AtomicWallet reviews.

Download links are available on the website, including:

• EXE file for Windows
• DMG file for MacOS
• APK file for Android
• APPIMAGE for Ubuntu
• DEB for Debian
• RPM file for Fedora

Links to the App Store don’t seem to work. Apparently, the App Store removed them back in 2021.

Ambassador Program

The Atomic Wallet Ambassador program is an affiliate or partners program.

Ambassadors’ responsibilites include chatting on different social platforms, making videos and promoting Atomic Wallet on the web to spread interest in the project among different communities, countries, and people.

Unlike many other affiliate programs, Atomic Wallet requires all participants to pass an interview and prove their interest in the project and competent knowledge in cryptocurrency.

Other requirements include:

• English writing skills as well as other popular languages as an advantage.
• Being an AW user for at least 2 months and possessing knowledge of the main AW features, technologies, and benefits.
• Able to advocate Atomic Wallet through different social media platforms including Telegram, Twitter, Reddit, Quora, Facebook, etc.
• Filling a form and attaching a resume.

Benefits for participants include:

• Getting added to the Atomic Wallet leaderboard
• Reward in AWC tokens
• An extra bonus for using the ambassador’s referral code

Atomic Wallet Scam Reviews

Most Atomic Wallet reviews on Google Play are positive. However, some negatives AtomicWallet reviews can also be found, such as regarding bugs in the app. For example:

One I’ve seen is a display bug where a coins balance is suddenly zero! You can always check your address on the blockchain to doublecheck, but it’s quite scary to see that and wonder, “Oh my god what happened?!” Strangely enough, the balance was going back and forth on both mobile and desktop.

AtomicWallet responded by saying that “It means that something is wrong with your device or internet connection.”

Other reviewers complain about the support and for example one reviewer writes:

DO NOT USE THIS WALLET. Your funds will disappear. You may be able to find them on the blockchain, but you won’t be able to access them through this wallet. Also do not use the DEX! It will send your coin off, and send you the same coin back with the money for the swap taken out of it. Atomic is full of bugs, and you’ll be stuck waiting on their “support.”

To which support replies: “Our Support Team is heavily overloaded at the moment and reply time is increased. If you have already emailed us at support@atomicwallet.io, please wait, support will contact you and do the best to resolve your problem.”

Some people complain about the “insanely high fees.”

On TrustPilot, there are 13,249 AtomicWallet.io reviews, with an average score of 4.4 out of 5 stars.

One of the more worrying reviews on TrustPilot is about their possible ties with scammers, which relates to the complaint with opened this AtomicWallet Review with. One person writes:

Atomic Support Connected with SCAMMERS! Atomic Wallet used to contact me with their fake emails and was trying to push me about payments, because of high value of my assets which I had on this wallet and I wanted to withdraw it from there, I contacted Atomic support directly from their website and they contacted me with their “Official” email and they tried to make me believe that they were not involved in this scheme, but then scammers had exact details which I told them through our “official” conversation. It means they are connected to each other

Is AtomicWallet SCAM?

We asked Atomic Wallet support to comment about the scam allegations. They answered:

Please, note that our wallet is decentralized non-custodial. The members of our team has no access to our users’ data and funds. All the sensitive info is stored locally on users’ devices. The wallet’s security depends on how secure your device is and how careful you are with your private data. We do not provide phone support, only email. Our only official support email address is – support@atomicwallet.io. The members of our team will never contact you first, so anyone doing otherwise is an impersonator.

They also provided us with some articles. The first one about Atomic Wallet’s social media presence points out that “as the platform’s anonymous nature makes it especially hard to track scammers down.” They also demonstrate how after asking a question on Telegram, for example, multiple scammers will immediately try to contact you in a private, direct message.

The second article titled “Can Atomic Wallet Team have access to my transactions, keys, or backup phrase?” points out that Atomic Wallet cannot access your wallet or any private information such as keys or backup phrase.

In the case of the complaint we opened this AtomicWallet Review with, it is very likely that the scammer was not really connected to Atomic Wallet. They might “hunt” their victims on social media, convince them to send money to the scammer’s own Atomic Wallet, which is excellent for scammers due to its annonymity.

However, the Atomic Wallet scam review we brought from TrustPilot is more concerning, and we have no way of verifying if indeed scammers have any connection to the Atomic Wallet support team.

AtomicWallet Review Conclusion

To summarize this AtomicWallet Review: we have no reason to believe that Atomic Wallet is a scam.

It might be buggy and the support may not be perfect, but the app is legitimate.

And the fact that your access details are only stored locally means that even Atomic Wallet support cannot access it, so as long as you protect your device and do not provide your information to anyone, and especially not to random people you meet online, your funds should be safe.

Other than that, keep in mind that any investment in cryptocurrencies and its usage is highly risky since the value of cryptos can fluctuate greatly and even drop to zero. Never invest in crypto money you cannot afford to lose.

Finally, the fact that Atomic Wallet (and most other cryptocurrency wallets) use a key to access the funds is quite problematic. If you lose your device where the key is stored, or if the device breaks, you lose your money!

A better idea might be to use a Wallet that uses a different security system, such as ZenGo.

If you are a victim of online scams, please let us know by commenting below and if you have lost a significant amount of money, do not lose hope. We can help you recover your funds!