This Android app was first launched on 1st October 2014 and currently has more than 5000000 downloads, a 4.2 stars rating from 81305 users and the latest release is version 3.5.6.
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Older reviews (show 0 of 1 reproducible)
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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.
Coins.ph Wallet being a very broad product and not strongly focused on being a Bitcoin wallet does not emphasize being an actual wallet by our definition and even if it was, the lack of source code makes it impossible to verify this app.
Our verdict: This “wallet” is probably custodial but does not provide public source and therefore is not verifiable.
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.
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