Wallet Logo

Azara Crypto & Bitcoin Wallet: Buy, Sell, Exchange

latest release: 0.01.18 last analysed  22nd March 2021
Custodial: The provider holds the coins
4.7 ★★★★★
94 ratings
1thousand

Published:

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

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

Azara is a crypto wallet that is enabling you crypto exchange, as well as the possibility to sell and buy crypto. With this app, you can do all of this with Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DSH), Monero (XMR), Dogecoin (DOGE), and Zcash (ZEC).

So it is a wallet for Bitcoin but is it self-custodial? On Security they say:

  1. Security. Our application is protected from external threats, and two-factor authentication will allow you not to think about the safety of your funds.

which doesn’t say much.

On their FAQ we read:

Can I use Azara Wallet without the app?
Sure. You need to go to the azara.ai website, enter your credentials or register and then you will have full access to all the functionality of the application.

which sounds like the keys are not exclusively on your phone. This functionality looks very much like a custodial offering which makes this app not verifiable.

(lw)

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.