Midas Protocol Wallet Review

Updated: Nov 23, 2019

A User-Friendly Universal Wallet With Great Features


Midas Protocol recently released the new beta version of their universal cryptocurrency wallet. Although features are limited at this stage, the wallet is simple to use, secure, provides key information at a glance, supports a few different cryptocurrencies and several ERC-20 tokens and also offers in-app cryptocurrency swaps. For an overview of some of the additional features the wallet will offer in the future, as well as the broader Midas ecosystem, read the Midas Protocol review here.


First launch


When first launching the app there is a brief overview of the wallet. It's not much of an introduction to using the wallet but the functionality is very straightforward and there's a few prompts when first reaching some of the screens so it's not really needed.



Setting up a wallet


Setting up a wallet is easy. You can either create a new wallet through the app or you can import an existing wallet.

Creating a new wallet is fairly standard. The app generates seed words which then need to be copied down and re-entered as validation. Completing this generates a private key and a public address which needs to be copied as well and then wallet setup is finished. Recovering an existing wallet is even easier, just select that option and enter the seeds words or mnemonic phrase for the desired wallet. Both importing an existing wallet and creating a new one results in a cheery congratulations message and clicking finish will open the app landing page where you can access the four main sections of the app.


Assets & transactions tab


The first is tab is the assets & transactions tab which is the default landing screen when the app is opened. This screen gives you an overview of what assets are currently within the wallet, the total wallet value in $USD, the performance over the past 24h as well as the $USD market price of the assets in the wallet and the current $USD value of each held asset.


Within this tab users are also able to access a history of their transactions with the ability to drill down into the TxHash, sending and receiving address, transaction value and even open the etherscan transaction within the app. The Midas Protocol wallet currently supports Bitcoin, TVND, XZC, Ethereum and all ERC-20 tokens which are offered on Kyber Network with plans to significantly expand in the future.



Portfolio tab


The next screen is the portfolio tab which allows users to view the performance of the assets within their wallets over time as well as a percentage breakdown of the assets within the wallet. It's basic at the moment but there's big things in the works and in the future users will be able to set a desired asset allocation and have their portfolio automatically rebalanced at a frequency of their choice.



Trading tab


The third tab is the trading tab, one of the best features of the Midas Protocol wallet at this stage. Users are able to trade for any cryptocurrency available on the Kyber Network from directly within the wallet and this will be expanded to multiple exchanges in future releases. Once a trading pair is selected users enter the amount they wish to trade and see the amount of their selected token will be returned based on current Kyber Network rates. The minimum acceptable rate can be adjusted between 95% and 100% which will determine how much slippage is acceptable; the lower this rate the higher the chance the trade will be able to execute instantly. The last option before confirming the transaction is specifying the gas price for the transaction. I've used this feature a few times and am a big fan but one thing that feels like it's missing is a way to view pending transactions - once you hit confirm, that's it until the trade eventually executes and appears in transactions.



Settings tab


The last tab is of course the settings screen. Here users can change the PIN used to access the app, view their wallet details including public and private keys, remove the wallet from the app and toggle night mode.


Summary


I've been using the Midas Protocol wallet for a little while now and recently upgrade to the new beta version. I haven't had any issues with it thus far, though I've had the occasional error which required a relaunch particularly if I last exited the app on the settings screen. I'd like to see the pending Kyber swaps show up in the transaction log as well as expanded security features such as 2FA, but otherwise am quite happy with it.


Overall the Midas Protocol wallet is simple to use and offers the basic features you'd expect from a universal wallet with an added bonus of integrated trading. In the future as features like portfolio rebalancing, social trading, more cryptocurrencies/cryptocurrency trading pairs and advanced trading are launched this may well become the most fully featured cryptocurrency wallet out there. Want to try out the Midas Protocol universal cryptocurrency wallet for yourself? Download it for iOS or Android here: https://midaswallet.page.link/64ZYao3X3kwM3Lux7



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