MathWallet Review: registration, deposit, withdrawal, advantages and disadvantages

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MathWallet is a cryptocurrency wallet for the browser and mobile devices. It can work in conjunction with hardware wallets. Supports the ability to add your own tokens that are not in the list. In addition, the application is equipped with a lot of additional functions, such as a browser for decentralized applications, control of network commissions, a farming aggregator. It has its own MATH token.

We offer you an overview of the MathWallet, covering its features, strengths and weaknesses. In 2017, this project raised $12 million in a Series B funding round conducted by Binance Labs.

MathWallet works as:

  • Android app;
  • iOS app;
  • Web wallet;
  • Chrome browser addon;
  • Brave browser addon;
  • Edge browser addon;

As examples, let’s look at getting started in an Android application, web version, extension for Chrome.

Android app

Go to the Play Market and install the MathWallet application (size – 41 MB).

Open the application, confirm your agreement with the terms of use of the wallet. Choose a wallet type from the suggested ones – BTC, Ethereum, Polkadot, etc.

Then specify whether you want to create a new wallet or import an existing one. To create, specify the following data:

  • The name of the wallet (any one that is convenient for you).
  • Password (minimum 8 characters, 1 uppercase letter, 1 lowercase letter, 1 digit).
  • Repeat the password.
  • Type of address. By default, SegWit is used for bitcoin and it is currently impossible to change it.
  • Confirm your agreement with the privacy policy and click “Create Wallet”.
  • Next, you need to write down a mnemonic phrase. It is recommended to write it down on paper, not to store it anywhere on the Internet in the form of text or a screenshot (by the way, it is usually forbidden to take a screenshot in other wallets at this stage, but it is possible in MathWallet).
  • Click “I saved”. To make sure of this, the wallet will ask you to enter a phrase. Choose the right words one by one, then click “Confirm”. That’s it – you are in the wallet and can perform operations.

Online webwallet

  • To create a MathWallet cloud wallet, you need to enter an email address.
  • Then confirm it by entering the code sent to the mail.
  • The account has been created and is ready for use.

Chrome browser addon

  • Go to the browser’s app store and click “Install” at the MathWallet extension.
  • Confirm the action.
  • Click on the icon of the installed extension to activate it. Come up with a password and click Create.
  • In the corner of the window, click Switch Network and select the desired blockchain. Then click on the plus sign next to the network name to create a new wallet for this network.
  • Choose the type of address and come up with a wallet name. Click Confirm.
  • As with the mobile app, you will be shown a mnemonic phrase. It needs to be recorded, but confirmation will not be requested later.

Settings & security

In the MathWallet cloud wallet, to go to the settings, click the Math Account button at the top right. There you will find:

  • Your own data that can be changed. If you click on the first item, you can see the connected email address, connect the phone number if necessary, and also copy your personal address in the Math ecosystem.
  • Identity verification. This is an optional procedure that is needed to increase the withdrawal limits.
  • Payment password. You can specify the code that will be requested during financial transactions. It is used to protect the account in case of access to it by an outsider.
  • Google verification. 2FA connection using the Google Authenticator app.
  • Linking a Twitter account is necessary if you are going to distribute cryptocurrencies.
  • Account login history.
  • Log out of the account.

In the top right corner of the site there are drop-down lists with which you can choose a convenient fiat currency for displaying balances and the interface language

How to make deposit

  • Go to the Receive section of the Math Wallet left menu, and then select the coin or token you are going to deposit from the drop-down list.
  • You will see the wallet address for replenishment and a QR code for a quick deposit using a mobile device.
  • Transfer to this address strictly the cryptocurrency that you have chosen, otherwise the funds will be lost.

How to withdraw the coins

  • To output, click the Transfer button in the left menu.
  • In the drop-down list at the top, select a coin/token. Specify the target wallet address and the number of coins to transfer. Please note that the commission when withdrawing BTC is 0.0005 BTC, for other assets it is individual.
  • On average, the withdrawal of funds takes 1-2 hours.

MATH tokens swap

MATH tokens work in Ethereum and Binance Smart Chain networks.

To quickly convert them from one network to another, the wallet has launched the sectionSwap. You can go to it from the left menu. Enter the number of tokens to exchange and click Swap. The exchange is carried out instantly in a ratio of 1:1.

Math Chain network

The Math Chain is a second-level solution based on the Substrate blockchain. It is mainly focused on working with decentralized applications.

Includes components such as:

  • MathSmartChainWallet is a SecretStore-based key management solution.
  • PolkaVault is a module for storing encrypted data using the Filecoin ecosystem.
  • MathSecretStore is a decentralized app store.
  • MathHub Rollup is a scaling environment.
  • MathVPoS v2 is a kind of staking pool where, in addition to rewards in core assets, rewards in tokens are also paid.
  • Confidential smart contracts for DeFi.
  • Smartpay payment service is a combination of Math Smart Wallet, Ethereum virtual machine and DID.

Advantages

  1. There are a lot of supported blockchains, currencies and tokens.
  2. Multiplatform.
  3. Open source.
  4. Opportunities for passive earnings.
  5. Own blockchain ecosystem and token.
  6. Support for blockchain auctions

Disadvantages

  1. You cannot buy cryptocurrency from the card or withdraw it to it.
  2. Withdrawals are strictly on schedule, in manual mode.

MathWallet FAQ

What is MathWallet?

Not a custodial cryptocurrency wallet with additional services.

When did it start working?

The service works since 2017.

Features of the wallet

In addition to standard functions, it provides many services related to DeFi – farming, its own level 2 blockchain, a browser for decentralized applications, etc.

Which tokens are supported?

Any tokens on 86 blockchains, from the most popular to the little-known.

How can I get passive income?

The Mining section contains decentralized pools for farming many cryptocurrencies; it is noteworthy that you can receive additional remuneration in MATH tokens for farming.

Summary

MathWallet is one of the most powerful cryptocurrency wallets, mainly due to the support of the widest possible choice of coins. The non-custodial nature of the service ensures the security of assets – only the user himself is responsible for his funds. I must say that the wallet is suitable mainly for experienced users, not for beginners. It allows you to access several blockchains at once, earn passive income on unused cryptocurrency and instantly connect to decentralized finance applications. The project is actively developing, adding new chains and functions.

Published by btcinsights