CoinsBank Mobile WalletGoogle 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
2021-09-13: We downloaded the app, but attempting to register a new account resulted in a “service is unavailable” error.
The self-description describes this product as “the official CoinsBank Mobile Wallet Application.” It claims that its application features are password protected and that it includes a licensed cryptocurrency trading platform that is
secured with PCI DSS certification and obligatory two-factor authentication.
From the official website:
Security is our highest priority
[…] International PCI DSS certification «Cold» (offline) wallets… and Additional optional client security measures - ensure the safety of our services.
7.2.1. The Company shall debit the User’s account (crypto wallet) the fee for the transactions in the System, as well as for payment card transactions, in accordance with the Price List at the time of the initialization of the transaction by the User.
Additionally, there is no mention of the keys anywhere. With the quotes taken above, this certainly sounds like a custodial wallet.
Verdict: This app 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.