Upbit (Global)Google 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
While this might be a good thing:
- External Custodians are usually highly specialized in securing assets
- External Custodians will care about fixing issues with one client, to not lose others
- External Custodians are usually registered businesses under regulatory oversight
- External Custodians will try to protect your funds even from your wallet provider: With fraud detection, they will certainly try to avoid the emptying of all users' wallets at once
- External Custodians are extra intermediaries: Even when the wallet provider wants to let you use your money, they might turn out to be uncooperative
- External Custodians holding custody of many wallets are interesting targets for hackers and thieves
- External Custodians, being publicly registered will not be able to resist if in their jurisdiction rules on the use of Bitcoin get tightened
As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution. Please let us know if you found proof that the provider is being dishonest about their business relation to External Custodians!
Upbit (Global) is not that much different from its Korean counterpart,
Upbit describes itself as a Digital Asset exchange, and makes a few claims about its security:
- BitGo Dual Wallet, the choice of global top exchanges.
- Multi-sig cold wallet, 2FA and fund password for enhanced security.
- 24/7 real-time security monitoring system.
Terms of Service
From Article 23, 1:
Without prejudice to Article 7(4), the Company may restrict Users from logging on or access to the User’s Account if it deems appropriate, including without limitation under any of the following circumstances:[…]
Article 31, 13:
Users must not create security over its Digital Assets or such other e-money or digital currency held in the User’s Upbit Account and Wallet unless the Company’s prior consent in writing has been obtained.
We tried the app. You cannot deposit or withdraw BTC as well as other altcoins without finishing their level 2 KYC. Mnemonics are not provided.
This is a custodial app, and therefore 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.