Bitwells - Easy Bitcoin/Crypto Futures TradingGoogle 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
Bitwells describes itself as a:
Financial derivatives trading platform focusing on the Bitcoin market, providing futures leveraged trading of mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc.
The app claims that it does not require KYC
Section 11. Termination & Remedies for Breach of these Terms by You
a) Bitwells reserves the right to seek all remedies available at law and in equity for violations of these Terms, including without limitation, the right to restrict, suspend or terminate your account or deny you access to the Website without notice; and b) Bitwells shall be entitled to disclose your user identity and personal details if required or requested by a court of law, governmental agency or any other law enforcement authority in such circumstances as Bitwells in its sole discretion considers reasonably necessary or appropriate.
We downloaded the app, and it was possible to deposit and withdraw Bitcoin.
Security measures include:
- Google Authenticator
- Touch ID
Seed phrases, mnemonics or backup of private keys are not available
As a futures trading platform and even without KYC, this app is centralized with the app developers. As stated in their user-agreement, Bitwells even has the power to inform authorities of their users’ identities. With no seed-phrase, private keys backup or any features resembling those, it is safe to say that this service is custodial. The app cannot be verified.
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.