Mybitstore - Buy & Sell BTCGoogle 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
Similar toMyBitStore is a peer-to-peer trading marketplace for various cryptocurrencies including BTC, TRX, USDT TRC20, USDC TRC20, and TUSD TRC20.
There is a Bitcoin wallet generated upon account signup. KYC is also required. The menu options include:
- P2P Trade
Users can send, receive or convert cryptocurrencies under the ‘Wallet’ menu.
In P2P trade, users can either buy or sell different cryptocurrencies. Payment methods include Amazon Gift Cards, American Express, Apple Pay Gift Card, Bank Transfer, and more.
Users also have the choice to buy/sell directly with MyBitStore. However, this is country restricted.
We believe this service is a custodial service since there was no provision for the backup or restoration of mnemonic-phrases. Though this is not always the case, custodial accounts require KYC and user account details are synced between the web interface and the app. As such, the wallet for this app cannot be verified.
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.