Buycoins Pro: Trade BTC & USDTGoogle Play
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
This app is related to:
Buy, trade, send, receive cryptocurrencies.
It is possible to withdraw Naira.
Buy Coins Pro includes an cryptocurrency exchange with NGNT (Nigerian Naira Token)
We reserve the right to cancel and/or suspend your Buycoins Pro Account and/or block transactions or freeze funds immediately and without notice if we determine, in our sole discretion, that your Account is associated with a Prohibited Use and/or a Prohibited Business.
To get started using Buycoins Pro you’ll first need to add a bank account. This account will be used for Naira Deposits and Withdrawals.
We downloaded and registered on the service. Before we could use any of the features, the app informed us that we needed to complete:
- level 1 verification to send coins
- level 2 to buy bitcoin
Services that prompt users to pass verification levels and which involves adding a bank account are often custodial in nature. We were not able to find Bitcoin wallet features that allow backing up the wallet as this app treats the user relationship as an “account”.
The ability to restrict usage and freeze the funds of the user is also clear evidence that this is a custodial account. This makes the app not verifiable.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.