Anchor - Send and InvestGoogle 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
AnchorUSD claims to be a stock and crypto investment app.
We support crypto deposits and withdraws for users globally. Fiat deposits and withdraws are available only in the US.
Upon signing in to the app, you are asked to enter personal details including your country, ZIP Code, and street address. The app has 3 verification levels available for users.
According to its Terms of Service:
the Company reserves the right to prevent specific cryptocurrency wallet addresses from utilizing the Platform, receiving AnchorUSD tokens, or transferring AnchorUSD tokens. The Company will cooperate with applicable law enforcement and regulatory authorities where it is required to do so and will share information if there are grounds to believe that AnchorUSD is being used for illegal purposes.
There is notably no information about self-custody or private keys. This product is highly likely to be custodial.
Verdict: It is 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.