Cointral | Buy BitcoinLatest release: 1.3.6 ( 18th August 2021 ) 🔍 Last analysed 19th October 2021 . Custodial: The provider holds the keys
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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 ¶
Cointral is an exchange based in Turkey.
Get started today and buy, sell and store Bitcoin, Ethereum, Litecoin, USDT and more, all with some of the lowest fees in crypto.
The homepage provided some more information, from Why Cointral?:
Secure Cold Wallet - The security of your cryptocurrencies is protected with a high level of security with offline cold wallets.
As those “offline cold wallets” are with them and not with you, they hold your assets on your behalf.
For more concrete evidence, we took a look at the User Agreement. Article 8, on the Suspension of Service:
13.In the event that Cointral, at its sole discretion, decides or suspects that suspicious transactions, login attempts or other actions related to the use of the Service have occurred, in particular to ensure the security of Cointral Systems and the Service and related software and information systems, some or all of the User’s accounts, reserves the right to temporarily suspend any transaction, including but not limited to depositing, withdrawing, entering and canceling orders.
The app has the interface of a standard exchange, and the user is not provided with mnemonics. We registered an account so we could access the exchange “wallet.” We were allowed to withdraw or deposit bitcoin via entering a wallet address.
This app is custodial and 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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