Atomic Wallet Review | Is Atomic Wallet Unsafe Today?

Atomic Wallet also offers users the ability to trade cryptocurrencies through the exchange inside the wallet. This feature is useful for those who want to trade anonymously without the need to go through a centralised exchange.

Buying cryptocurrencies is also possible with credit cards like VISA or MasterCard. This is possible through Atomic's collaboration with Simplex which is an EU-based card processing company. The fees are fixed at 2% and users have to provide identity verification to be able to conduct a purchase. 

Finally, users also have the ability to earn up to 1% cashback for each exchange or purchase made through the wallet. This 1% reward is also available when buying crypto with a card via the wallet.

Atomic Wallet offers its customers great 24/7 hour support in the form of live chat, email, support tickets or their extensive FAQ section which can be accessed from the website. This section provides detailed answers to common questions about the wallet, its features, and its services. 

The Atomic Wallet team is also active on social media and can be contacted via Twitter, Facebook, and Reddit. The team is always ready to answer questions and tries to provide a reply within 1-2 hours. Atomic has a solid 4.4 rating based on over 13,000 reviews on Trustpilot. 

Like all non-custodial wallets, the great benefit of using Atomic is that your private keys are stored in your local device. This means that cryptocurrencies are stored in a decentralised way across millions of devices instead of being centralised and. controlled by a single company.

This makes it much harder for hackers to attack but it also means that users are responsible for safeguarding their own assets.

As such, it’s important that you keep your password and 12-word mnemonic seed phrase somewhere safe. If anyone else gets a hold of your 12-word seed phrase, they will have the ability to steal your funds. 

While Atomic has never been hacked, a worrisome article came out earlier this year by Coindesk. The article disclosed security vulnerabilities that were identified by the security audit company, Least Authority. The Least Authority team wrote the following:

‍

"We strongly recommend that the Atomic Wallet team immediately notify users of the existing security vulnerabilities. In addition, until the issues and suggestions outlined in the report have been sufficiently remediated and the Atomic Wallet has undergone subsequent security audits, we strongly recommend against the Atomic Wallet’s deployment and use."

‍

The CEO of Atomic Konstantin Gladych later came out with the following statement:

‍

"For some issues, we have already released corresponding patches and notified Least about doing so. To implement the remaining suggestions, we will need to rework some parts of our application’s core architecture. This will take some more time as per our estimate, but we are working on it. None of those issues pose any security risks to our users, as Atomic is a non-custodial wallet and all data is stored locally on users’ devices. We are expecting to implement the rest of Least’s suggestions in Q2 2022. Once we are done, we will re-audit the application"