Atomic Wallet is a software with a unique concept. It is a wallet solution with an integrated cryptocurrency exchange. As a so-called multi-coin wallet Atomic Wallet offers a whole range of interesting features similar to Exodus Wallet, which we reviewed in another article.
The software is particularly popular among users who like to have an all-in-one solution that gives them the ability to manage different cryptos from a single application.
In this article, we want to give you a brief overview of what Atomic Wallet is, how to set it up, and how to recover it.
What Is Atomic Wallet?
Atomic Wallet was launched in 2017 by the CEO and co-founder of crypto exchange Changelly. The headquarters of the software development company are situated in the Estonian capital Tallinn. The wallet has an impressive feature set and you can use it to manage over 500 different cryptocurrencies and tokens. These include Bitcoin, Ethereum, Solana, Cardano, Ripple and various ERC-20 tokens, just to name a few.
Through the integrated exchange it is also possible to swap tokens and even participate in staking. In doing so, Atomic offers market rates of return, which depend on the network in question. Atomic Wallet’s exchange-based features are not offered through an internal marketplace but in partnership with exchanges like ChangeNow.
Another feature is the dedicated NFT gallery, which can be used as a digital showroom for collectibles.
A central concept pursued by the developers of the wallet is a maximum degree of decentralization. Atomic Wallet is freely available software that can be installed on Windows, macOS and Linux. It is also possible to install Atomic Wallet on a smartphone running Android or iOS.
How Do I Set Up Atomic Wallet and How Do I Secure It?
The setup is standard and does not differ much from other wallets. It is necessary to assign a secure password to protect your wallet from unauthorized access. The wallet also meets common security standards and encrypts the file that contains the private keys or the corresponding master key.
Since Atomic Wallet is a full-fledged wallet solution, it is not the provider but the user who keeps control over his keys. To facilitate key management, Atomic Wallet creates a seed phrase during set-up, which consists of 12 words. The seed phrase must be kept safe and protected from loss or damage and is needed to recover the wallet in case of an incident. If you are interested in how to create secure backups or generate passwords, we would encourage you to read our articles dedicated to these topics.
One of the few shortcomings is the fact that Atomic Wallet cannot be used with a hardware wallet. Many users rely on these devices and the added security. Therefore, you should be aware when setting up Atomic wallet that you might have to migrate your portfolio if you want to use a hardware wallet later on.
Another way to backup the wallet is to view the private keys for each coin in Atomic Wallet’s settings. This enables the user to make separate backups of the keys or use them for import into other wallets.
Atomic Wallet claims to be particularly user-friendly and to maintain data privacy. However, users should be aware that the data privacy has its limits. The wallet connects to third-party services to swap coins, for example.
Therefore, the wallet does not establish anonymity, as one might expect from Bisq or with a Bitcoin Core wallet connected to the Tor network.
Also, it is recommended to disable the anonymized reports in the settings. Atomic Wallet collects user data and while this data is anonymized and not associated with the user, this feature does not really contribute to data privacy.
The Support for Atomic Wallet
According to its website, Atomic Wallet has a dedicated support team that it says is always available. We did not test Atomic Wallet’s customer support, but besides a help center with a comprehensive knowledge base and contact options, users can try to approach an operator with their problems.
However, if you are looking for assistance in restoring the wallet, you might not be helped. The support only serves to help with other technical issues.
How Do I Restore Atomic Wallet?
To restore the wallet, it is recommended to work with the 12-word seed. In principle, you can also use the seed to port your wallet to different devices, so that you use the same wallet on your smartphone or desktop PC.
You can initiate a recovery by selecting the menu item “Restore from Backup” after installing the software and then entering the 12 words in the correct order. Subsequently, you are asked to enter a new password and your Atomic Wallet is set up again after taking some time for the initial setup of the different coins.
What do I do if I have lost the seed for Atomic Wallet?
If you have forgotten your password but Atomic Wallet is still installed on your PC or smartphone, you should make backups of the device in question. If you do not remember your password these backups will be even more important than they already are.
If your seed or private keys are lost or you can’t remember your password, the only solution is to ask a professional for help. We have had good experience with restoring access to Atomic Wallet for our customers.
Our wallet recovery services include a free-of-charge assessment whether it is possible to regain access to your wallet. Please use our contact form and answer a few initial questions to help us understand your situation. Our team will get back to you within 24 hours after first contact with further information and questions to evaluate your case.
Robert first came into contact with cryptocurrencies in 2013 through mining.
In 2018, he founded Bitcoin-Kurier, where he has been reporting daily on topics from the crypto space. For Rewallet, he writes articles to help readers navigate within this space safely.