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As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution.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!
Baanx and CL Technologies bring the best of challenger banking and a crypto exchange together in one application. Baanx offers users a full Debit Card with cryptocurrency trading, full custody and secure crypto wallets.
- Send cryptocurrency instantly and free of charge to any user within the Baanx ecosystem.
- Send cryptocurrency to any of your friends and contacts - no need for public keys.
- Spend your cryptocurrency balance on a stylish gold CL Visa card in over 45 million merchants.
- Insured BitGo wallet solution up to $100 million to protect your digital currency.
- Secure customer authentication and user-focused features, such as freezing your card, put you in control.
- Move your Baanx tokens (BXX) with ease and let your assets work for you, enjoy receiving earnings from BXX staking.
Do you charge a user to open a crypto wallet?
All fully verified users can create cryptocurrency wallets at no cost or fees within the platform.
What cryptocurrencies can I purchase?
You can purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple.
Baanx maintains full custody of the funds and User data/information which may be given to governmental authorities in the event of Account suspension/closure arising from fraud investigations, violation of law investigations or violation of these Terms.
Baanx is a custodial service making the app 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.