CoinLoan: Сrypto & Fiat LoansGoogle 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
CoinLoan is your mobile e-currency wallet that allows trading, taking loans secured by e-currency, as well as exchanging, buying, and selling.
The Terms and Conditions state in Section 5.18 that
Please note that Your funds’ withdrawals and deposits to any of Your Accounts/wallets outside the Platform may take up to seven (7) business days in some cases.
Furthermore in Section 7.2,
In case we detect that the information submitted by You is false/not up to date/wrong, we may, at our sole discretion, stop the service rendering on the Platform and/or freeze Your funds on Your Account on the Platform.
The app was not available for download in our locale.
The ability to freeze accounts, and claims to be regulatory compliant, indicate with a strong degree of certainty that this is a custodial service 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.