In this paper, we present a novel design of a portable low cost 3 Lead wireless wearable ECG device. This device acquires the raw ECG signal using three electrodes placed on the chest of the subject. An analog circuit board conditions this raw signal which is then sent to the microcontroller for further filtration of artifacts. A novel method is used for phase compensation. Bluetooth module receives the filtered data from the microcontroller and transmits it to the user's phone where the ECG is displayed and simultaneously stored in text and JPEG format. The recorded JPEG image can be transmitted to the doctor's mobile phone via MMS and the latter can give an instant feedback. The analog front-end (AFE) module is designed using low cost reliable components. TI's MSP430F47186 microcontroller runs the digital filters written in C language. The Bluetooth module "WT12" is from Bluegiga and the system requires 3 volts for operation. The Android application was written in Java for acquiring, plotting and storing the data in the phone's SD card, in text and JPEG formats. Samsung Galaxy Fit android phone was used for the prototype design. All through the system design, cost incurred was kept to a minimum. © 2013 Springer-Verlag.