LVL - The Money AppGoogle 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
While this might be a good thing:
- External Custodians are usually highly specialized in securing assets
- External Custodians will care about fixing issues with one client, to not lose others
- External Custodians are usually registered businesses under regulatory oversight
- External Custodians will try to protect your funds even from your wallet provider: With fraud detection, they will certainly try to avoid the emptying of all users' wallets at once
- External Custodians are extra intermediaries: Even when the wallet provider wants to let you use your money, they might turn out to be uncooperative
- External Custodians holding custody of many wallets are interesting targets for hackers and thieves
- External Custodians, being publicly registered will not be able to resist if in their jurisdiction rules on the use of Bitcoin get tightened
As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution. Please let us know if you found proof that the provider is being dishonest about their business relation to External Custodians!
LVL describes itself as a “premium all-in-one finance app that lets you buy and sell crypto for free.” It claims to be a community exchange:
Buy and sell Bitcoin, Ethereum, and Litecoin with no trading fees and no hidden spreads. With LVL’s revolutionary community exchange, the only price you pay is the price other LVL members are charging.
At LVL’s page on cryptocurrencies:
At LVL, you get your own fixed-address wallet using multi-signature security technology provided by BitGo. Multi-signature technology creates multiple layers of security with no single point of failure.
BitGo offers custodial services, meaning that LVL probably does not provide users with the mnemonics.
We tried the app and registered an account. Unfortunately, our region was not supported, so we could not view the app’s features.
This app is custodial and thus 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.