Burtar wallet: Buy, sell & swap bitcoin & cryptolatest release: 1.0 ( 30th July 2021 ) last analysed 10th November 2021 Custodial: The provider holds the keys
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The Analysis ¶
Warning: The reviews of this app are filled with scam accusations, with some users explaining that the app requires them to give 5* ratings first. We recommend to exercise caution with this app.
- Burtar is the most robust and yet easiest platform for trading crypto
- Buy crypto in 5mins with your bank card
- 0% trading fees
- Withdraw fiat straight to your local bank in minutes
- No Strict KYC Policies
Google Play Critical Reviews
★☆☆☆☆ October 22, 2021
This app is a total scam oooo. I deposited#2500 and it didn’t reflect on my account and I contacted their customer service and they told me it wasn’t successful. I had to transfer another#5000. I tried logging in the next day but I was told that my email doesn’t exist. And I had to restart the registration. I had to contact my first bank for resolution and I was made to know that the transaction was successful with transaction details proof sent to my email.
★☆☆☆☆ August 29, 2021
I opened and account with you guys and i couldn’t get my otp and i complained on the live caht i was ask to drop my email and i did two hours later i got and email that my accout have been assesed by someone and when i try to chnage my password they said email not found and i funded the account. You guys are scam
The site’s functionalities seem to be limited. Most of the links such as the one for “Terms and Conditions” do not work.
We downloaded the app however it seems to want registrants only from the United States. We were able to access that when we put United States in our country field. There is a send Bitcoin function, but is temporarily unavailable. There was no reason why. When we clicked on Receive bitcoin, a QR code appeared with a BTC address. We were not able to locate Backup function, nor mnemonics.
We have reason to believe that the app is custodial since a lot of functions for the app can be controlled by the developer. The users also would not have access to the private key or make a backup using the seed phrases. This makes the app not verifiable.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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