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Bitcoin Wallet Exchange - exch v 1.01

   

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

4.7 ★★★★★
110 ratings
10 thousand
12th October 2020
v 1.01
13th October 2020
2nd November 2022
13th October 2020

As part of our Methodology, we ask:

Is the product self-custodial?

 
If the answer is "no", we mark it as "Custodial: The provider holds the keys".

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.

But we also ask:

Was the product updated during the last two years?

 
If the answer is "no", we mark it as "Not updated in a long time".

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a long time are probably not well maintained. It is questionable if the provider even has staff at hands that is familiar with the product, should issues arise.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.

The Analysis 

 This does not represent a full code review.

There is no statement regarding how private keys are managed in the play store description. At this stage we will consider this wallet custodial.

Warning. However, in our opinion in reviewing this wallet, we had some observations that are somewhat scammys.

  1. There is no provider website listed in the Google Play store description.
  2. The app reviews in the Android are very suspicious, there are 2000+ ratings, all 5 star and only 3 written reviews.
  3. A search for CoinTM, as stated in the google play description as a money service business, cannot be found.
  4. In our opinion the logo is a direct copy of the bitcoin logo proper and could be fooling user into some feeling of trust.

Our verdict: This ‘wallet’ is custodial and therefore not verifiable.

(ml)

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.