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In the current geopolitical climate, dictated by rising conflicts in the Middle East, interest in alternative currencies and stores of value like Bitcoin is higher than ever. As investors shift towards BTC, the demand for secure crypto trading and storage methods is on the increase, and the Wasabi Wallet is emerging as a top choice for Bitcoin holders prioritizing security.
In this Wasabi Wallet review, we will break down everything you need to know about the Wasabi Wallet app, including supported cryptos and fees, and take you through the steps required to download and set up this privacy-first wallet.
Our Verdict on Wasabi Wallet
Wasabi Wallet is an advanced, privacy-focused Bitcoin wallet that uses features like CoinJoin, Tor routing, and coin control to enhance financial anonymity. From the outset, the desktop platform is ideal for seasoned Bitcoin holders and crypto veterans, but may prove demanding for beginners simply looking for an easy way to get exposure to the oldest crypto.
Let’s break down the key pros and cons of Wasabi Wallet below.
Pros
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Advanced privacy features, including CoinJoin and Tor integration
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Non-custodial, giving users full control over their private keys
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Open-source build for full transparency with security audits
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Supports hardware wallet integration for extra security
Cons
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Only supports Bitcoin, with no multi-chain functionality
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No dedicated customer support, relying on community assistance
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Requires a desktop computer; no mobile app available
What is Wasabi Wallet?
Wasabi is an open-source Bitcoin wallet centered on privacy and user anonymity. Developed by zkSNACKs Ltd in October 2018, it integrates advanced privacy features like CoinJoin, which is a method of mixing transactions to obscure their history.
A CoinJoin is a Bitcoin transaction where multiple users join to form one single transaction. Each user contributes to the transaction to help hide their identity. Inputs are usually the same amount from each source, which makes it harder to track users individually.
In recent years, CoinJoining has been used by activists to facilitate pro-democracy protests. CoinJoin helps protect their identities and limits the possibility of retaliation against individuals.
The wallet also uses Tor, which routes connections through an encrypted network to hide IP addresses. These features appeal to investors who want to keep their transactions from being surveilled on the blockchain.
What Type of Wallet is Wasabi Wallet?
Wasabi Wallet is a self-custody wallet, meaning users retain their private keys and cryptocurrency in personal possession. This design ensures that no third party has access to or control over a user’s Bitcoin, reducing the risks associated with custodial hot wallets.
And this is no small risk. Recently, ByBit, an exchange that stores users’ private keys on their behalf, suffered a $1.5 billion hack, which is the biggest crypto hack in history. Keeping keys offline with each individual is a simple, but extremely effective way that would prevent the type of attack launched against ByBit.
To further protect digital assets, the wallet also offers features like coin control and supports hardware wallets like Ledger and Trezor. Despite the wallet’s security emphasis, Wasabi Wallet is designed to be accessible to both privacy-conscious individuals and developers looking for open-source transparency.
Supported Cryptocurrency
Currently, Wasabi Wallet only supports the Bitcoin network and does not accommodate other cryptocurrencies or blockchains like Ethereum, Solana, or Polygon. This aligns with its privacy-centric mission, as Bitcoin remains the most widely used cryptocurrency with a transparent ledger, allowing users to easily blend with the crowd.
By focusing on Bitcoin only, Wasabi Wallet ensures its security model remains at the heart of its offering, without the added complexity of multi-chain compatibility.
Wasabi Wallet Features & Tools
Wasabi Wallet has a selection of unique features, including CoinJoin, Tor, and coin control, that we briefly touched upon before, all built around an open-source standard for full transparency. Let’s continue our wallet review by taking a closer look at the features that set Wasabi Wallet apart from its competitors.
Open-source
Wasabi Wallet is fully open-source, meaning its code is publicly available for review. This transparency ensures that the wallet does not contain hidden vulnerabilities, backdoors, or malicious threats that could compromise the user’s crypto.
Unlike proprietary hot wallets, where users must trust the developers, Wasabi’s open-source nature allows independent security researchers to scrutinize the code and verify its integrity. This approach aligns with Bitcoin’s decentralized ethos, ensuring that no single entity has control over the software’s functionality.
CoinJoin
A core privacy feature of Wasabi Wallet is CoinJoin, a method of combining Bitcoin transactions from multiple users into a single transaction. By mixing the contributors of a transaction, CoinJoin makes it much harder for blockchain researchers to track the movement of funds, preserving investor anonymity.
Individuals who want to distance their identity from their Bitcoin transactions will find this feature particularly useful. A similar principle underlies the growing popularity of no-KYC exchanges, as these do not require any personal information when signing up.
Tor Integration
To provide an additional layer of privacy, Wasabi Wallet routes all transactions and communications through the Tor network. Tor (The Onion Router) encrypts internet traffic by passing it through a series of distributed nodes, preventing outside observers from tracking a user’s IP address.
Tor has been the go-to network for privacy-focused individuals and institutions even before Bitcoin’s inception. Through the integration with Wasabi Wallet, it now helps Bitcoin users avoid surveillance and shields them from having their transaction activity linked to their location.
Coin Control
Most wallets are designed to translate crypto’s technical details into an easy-to-understand interface. Wasabi Wallet is different, as it sees advanced coin control features as an integral part of its offer. It allows users to manually select which UTXOs (Unspent Transaction Outputs) they use in each transaction, which prevents transaction linking, maintains financial separation, and minimizes transaction fees.
Instead of automatically spending available Bitcoin from different transaction outputs, users can strategically choose specific UTXOs, aligning with their need for privacy and cost-effectiveness.
Hardware wallet support
Finally, Wasabi Wallet supports integration with popular hardware wallets such as Trezor and Ledger. Hardware wallets are physical devices that store private keys offline, making them one of the most secure ways to hold Bitcoin.
By connecting a cold wallet to your Wasabi Wallet, users can enjoy the benefits of enhanced privacy while keeping their funds in cold storage. This combination ensures that even if a user’s computer is compromised, their private keys remain secure from malware or hackers.
Wasabi Wallet Token
As of now, Wasabi Wallet does not have a native token. Its primary focus remains on enhancing Bitcoin privacy and security without introducing extra features. As the platform uses Bitcoin’s proof-of-work (PoW) mechanism, it does not offer staking. Additionally, Wasabi does not have a crypto launchpad where users could find emerging altcoins for early investment opportunities.
On the other hand, a crypto wallet that offers secure storage and a native token is Best Wallet. Unlike Wasabi Wallet, which does not provide staking features, Best Wallet Token (BEST) has raised $14M million in its presale, offering holders of BEST up to 97 APY (annual percentage yield).
Security – Is Wasabi Wallet Safe & Legit?
Based on our research, Wasabi Wallet has several security features that make it a safe storage option for Bitcoin holders. The platform is widely known for its strong focus on privacy and user autonomy, with key features like Tor and CoinJoin. These features significantly reduce the risk of blockchain surveillance, transaction tracking, and IP address exposure.
As a self-custody wallet, users retain full control over their private keys, meaning that Wasabi Wallet does not store or have access to users’ funds. This limits risks associated with centralized exchanges and custodial wallets, where hacks, regulatory seizures, or internal fraud can result in asset losses.
Recently, the U.S. government agreed to sell $6.5 billion worth of seized Bitcoin from the Silk Road platform. Seizing this sum would have been much more of a headache if the Bitcoin was stored in wallets such as Wasabi Wallet.
For additional safety, Wasabi Wallet also offers integrations with hardware wallets. Connecting your privacy wallet to a cold storage device provides extra layers of security that prevent malicious actors from easily accessing your Bitcoin holdings.
Finally, a key part of maintaining this level of security is operating an open-source model. This approach means that independent security researchers and developers can scrutinize the code for potential vulnerabilities. If a fault is discovered, the wallet undergoes improvements based on the contributions of a global community of developers who work to identify potential security risks.
Wasabi Wallet Fees
The fee structure of Wasabi Wallet depends on the type of transaction, with costs mainly associated with the CoinJoin mixing services. Let’s break down the Wasabi Wallet fees using the table below:
| Fee Type | Cost | Details |
| CoinJoin Fee | 0.3% fee | This fee is charged by zkSNACKs for managing the CoinJoin process. Transactions under 0.01 BTC are exempt from this fee. |
| Bitcoin Network Fee | Varies based on network congestion | Standard miner fees apply to all transactions, including CoinJoin and regular Bitcoin transfers. |
| Wasabi Wallet Usage Fee | Free | There are no costs associated with standard Bitcoin transactions. |
| Withdrawal Fees | Standard Bitcoin network fees apply | Wasabi Wallet does not charge extra withdrawal fees beyond the standard miner fee. |
Wasabi Wallet App User Experience
Wasabi Wallet offers a straightforward user experience that is tailored to Bitcoin users who prioritize privacy and security. The wallet’s interface is simple and focuses on essential Bitcoin transaction features while integrating advanced privacy tools such as CoinJoin and coin control.
Users can securely send and receive Bitcoin on Wasabi Wallet; however, for newcomers who have never made any Bitcoin transactions, the wallet may be difficult to operate. This is especially the case when it comes to features like CoinJoin, which are key to maximizing anonymity.
After opening the wallet, users are greeted with a clean dashboard that displays their Bitcoin balance and transaction history. Unlike many multi-chain wallets with various assets, you’ll only find Bitcoin here, simplifying the interface and avoiding clutter.
The wallet is designed as a desktop app and is available for Windows, macOS, and Linux, ensuring cross-platform accessibility for a wide range of users. Although Wasabi Wallet does not currently offer a mobile app, its desktop wallet remains one of the most robust privacy-focused Bitcoin wallets.
How to Set Up a Wasabi Wallet Account
Here is a quick guide to setting up Wasabi Wallet.
Step 1: Download and Install
Visit the official Wasabi Wallet website and download the version compatible with your operating system. Run the installer and follow the on-screen prompts to complete the installation.
Step 2: Create a New Wallet
After installing the app, the next step is to open Wasabi Wallet and click on “Add Wallet”. Select “Create a new wallet” and click “Continue.”
Step 3: Backup Recovery Phrase
Write down the 12-word recovery phrase and store it in a safe place in case you ever need to recover the wallet. You will then be asked to confirm the recovery phrase.
Step 4: Set a Passphrase
Create a strong passphrase to encrypt your wallet. Ensure this is unique and not something that can be easily guessed. Confirm the phrase and proceed.
Step 5: Send and receive Bitcoin
Now that you have downloaded Wasabi Wallet and secured your account, you can begin sending and receiving Bitcoin.
Is Wasabi the Best Crypto Wallet?
Wasabi Wallet is a good choice for investors looking to buy, send, and receive Bitcoin safely and privately. It will find good use with Bitcoin maximalists with very specific use cases for their holdings.
However, after conducting our Wasabi Wallet review, we found that its single-currency approach will likely be too rigid for the vast majority of users. As it does not offer access to any other networks, investors looking to buy tokens on Ethereum, Solana, Polygon, and other popular alt chains will have to look elsewhere.
If you’re looking for wider accessibility and additional features, Best Wallet is a better all-around alternative. The platform provides access to over 60 chains and a built-in decentralized exchange (DEX), enabling users to swap their tokens with cryptos from all major networks.
Like Wasabi Wallet, the Best Wallet also has a strong focus on privacy, as users can join through a no-KYC setup, and places a huge emphasis on self-custody, ensuring its users’ private keys are stored safely with each individual.
Best Wallet’s array of security features includes biometric authentication, two-factor authentication (2FA), PIN protection, and spam blockers. The wallet is also designed to scan the market and eliminate any potentially dangerous or fraudulent tokens.
While Wasabi Wallet does not offer investors any emerging tokens, Best Wallet presents a curated selection of high-potential coins via its crypto launchpad. It lists the very best upcoming tokens currently in presale on its platform, allowing investors to buy at the earliest possible stage of development.
One such project is Snorter Bot (SNORT), a Telegram-native trading bot merging meme coin appeal with the fastest trade execution in the industry. It aims to provide degen traders with all the tools necessary to snipe the best emerging tokens as soon as they land. Since the start of the presale, the project has raised more than $2.06M.
Finally, Best Wallet is available via its mobile app, which means that holders can monitor their crypto on the go, and not only while on their desktop device. To get started, download the Best Wallet app from the iOS or Android store.
Customer Support
As an open-source wallet, Wasabi Wallet does not have a centralized support team, but it provides extensive support via its website. For newcomers, it has a “Using Wasabi” section that breaks down all the basics of the platform. This includes installing and loading the wallet, a guide to CoinJoin, and best practices for choosing a passphrase and storing private keys.
Users can also find help through the official Wasabi Wallet documentation, which includes step-by-step guides on other areas of the platform, FAQs, and troubleshooting solutions. If this fails, Wasabi Wallet has an active online community where users can ask questions and seek help.
Wasabi also maintains a presence on social media platforms like X and Telegram where updates and community discussions take place. While it lacks direct customer service via live chat or email, the combination of extensive documentation and community engagement provides a strong support system for those in need of assistance.
The Verdict
All Wasabi Wallet reviews identify the platform as a strong option for storing Bitcoin, and we certainly agree. It offers a unique way of making anonymous transactions with CoinJoin and Tor, and is ideal for Bitcoin-only users preferring privacy. As a non-custodial and open-source wallet, it resonates with the decentralized spirit of blockchain technology.
However, its maximalist approach comes at the cost of versatility and usability, and we wouldn’t recommend it for everyday use, especially not for beginners. For users who want to trade more than Bitcoin, prefer a mobile experience, and are looking for additional features such as staking, Best Wallet is likely the better choice.
Visit Best WalletReferences
- How hackers stole $1.5 billion from a crypto exchange (New York Times)
- Federal government set to sell over $6 billion of seized crypto (Fortune)
- CoinJoin used to facilitate pro-democracy protests (Forbes)
FAQs
Is Wasabi Wallet safe to use?
Yes, Wasabi Wallet is a safe option to use for sending and receiving Bitcoin. It is a non-custodial wallet, meaning users retain full control of their private keys.
Does Wasabi Wallet support cryptocurrencies other than Bitcoin?
No, Wasabi Wallet only supports Bitcoin. It is specifically designed for Bitcoin privacy and does not accommodate altcoins, stablecoins, or NFTs. In our Wasabi Wallet review, we found that if you need a multi-chain wallet, Best Wallet is a good alternative.
How much does it cost to use Wasabi Wallet?
Downloading and using Wasabi Wallet is free. However, CoinJoin transactions incur a coordinator fee of 0.3% for mixed amounts over 0.01 BTC. Standard Bitcoin network fees also apply, depending on blockchain congestion.
Does Wasabi Wallet have a mobile app?
Currently, Wasabi Wallet is only available as a desktop application for Windows, macOS, and Linux. There is no mobile version, meaning users must access it from a computer to manage their Bitcoin transactions.
What is CoinJoin?
CoinJoin is a technique that allows multiple Bitcoin users to combine their transactions into a single transaction, making it difficult to trace individual payments.
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