Coins U TrustGoogle 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
This app advertises cryptocurrency trading features and claims to store assets offline.
All cryptocurrencies assets are stored offline. Withdrawals are checked and processed semi-manually.
User reviews report delays in KYC verification, with some claiming that the process takes over 30 days. Mandatory KYC verification does not indicate if an app is custodial, although it is a common feature of many such offerings.
A paragraph in the Terms and Conditions states that the company is capable of suspending the user’s account:
- We have the right, in our sole discretion and without notice or liability to you, to modify, suspend or cancel any outstanding transaction and/or modify, suspend or deactivate your Coinut Account for any reason, including if you breach any provision of the Terms or if we suspect your Coinut Account has been accessed via unauthorized means.
As it is unknown who controls the private keys, Coinut is more than likely to be a custodial exchange .
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.