Coinme: Buy 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
The app is described as an on-ramp and off-ramp bitcoin and cash exchange. It allows users to receive, store and send Bitcoin. It is also possible to sell bitcoins and pick-up the cash from several locations. Security-wise, it claims:
Assets are secured with industry-leading, bank-level security. Your account requires mobile phone 2FA. Sophisticated anti-fraud analysis tools are employed to monitor for any suspicious activity.
In Coinme’s How to Page:
What is Coinme?
Coinme is a licensed and regulated digital currency exchange and wallet provider. That means we help everyday people get access to bitcoin and cryptocurrency. Coinme powers a large network of physical locations where users can buy and sell bitcoin with cash.
7.1 Private Keys; Storage of Tokens. Coinme will retain the private keys for any Tokens in the Hosted Wallet, for which private keys are necessary in order to transfer any Tokens out of the Hosted Wallet. Coinme will use the private keys in order to affect the transfers initiated using your Coinme Account. Tokens shown as being held in your Hosted Wallet may be in the Hosted Wallet based on internal ledgers and records maintained by Coinme, but customer Tokens may be held in pooled accounts controlled by Coinme on the public distributed ledger for the applicable Token (“Blockchain”).
Section 7.1 of Coinme’s Terms and Conditions strongly points to a custodial service that’s 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.