CoinJar: Bitcoin & CryptoGoogle 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
Google Play description:
CoinJar is Australia’s longest-running cryptocurrency exchange. The CoinJar app lets you buy and sell cryptocurrencies using Australian dollars simply, securely and with low fees.
It is an exchange, so it’s likely to be custodial.
Our services allow users to buy, sell, store and spend digital assets.
We tried to download the app to further validate our findings, but it is not available for our region.
In the Terms of Service:
To safeguard your funds, we store at least 90% of all customers’ crypto currencies offline in multiple geographically-redundant secure locations. This is deemed as ‘cold-storage’. By using cold storage, we prevent hackers from being able to access your holdings. Any cryptoassets stored online or also what is known as the ‘hot wallet’ is protected by our in-house multi-sig technology which effectively prevents against both theft and loss.
This confirms that CoinJar is in charge of the funds. This app is custodial 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.