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BuyCoins - Buy & Sell Bitcoin, Ethereum, Litecoin

latest release: 5.6.0 last analysed  29th May 2020
Custodial: The provider holds the coins
3.2 ★★★★★
623 ratings


Our last analysis is based on data found in their Play Store description and their website.
details below 

Help spread awareness for build reproducibility

Please help us spread the word, asking BuyCoins - Buy & Sell Bitcoin, Ethereum, Litecoin to support reproducible builds  via their Twitter!

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.

The Analysis

This app claims to have a secure wallet:

  • STORE YOUR CRYPTOCURRENCIES IN OUR SECURE WALLET - Store your cryptocurrencies in our secure wallet free of charge

This can be interpreted in different ways. Further down again:

Why use Buycoins?


Although the FAQ doesn’t make clear claims neither, this:

  1. Check the transaction on a blockchain explorer

After you are sure the cryptocurrency has been sent to your wallet, check the progress of the transaction on a blockchain explorer. You can do this using either your wallet address or the transaction hash. There, you can see how many confirmations the transaction has. Ideally, your coins should reflect in your BuyCoins wallet after 3 confirmations.

sounds like your coins get credited once the exchange is sure you have them which means they are custodial which means the wallet is not verifiable.


Verdict Explained

Custodial: The provider holds the coins

As the provider of this app holds the users coins, verifiability of the app is not relevant to the security of the funds!

This verdict means that the app 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 exclusive control over the funds, so it is not a wallet where you would be in sole control of your funds.

Custodial wallets might not be the worst option for all users.

  • Do your own research if the provider is trust-worthy.
  • Do you know at least enough about them so you can sue them when you have to?
  • Is the provider under a jurisdiction that will allow them to release your funds when you need them?
  • Is the provider 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. Will they detect when for some software error a hacker is spending other people's money before the losses are unrecoverable?

The app 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 app 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.