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Exchangernet

Latest release: 1.0 ( 22nd February 2021 ) 🔍 Last analysed 18th February 2022 . Not a wallet Not updated in a while
4 ★★★★★
70 ratings
5 thousand
21st February 2021

Jump to verdict 

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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.

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The Analysis 

App Description

Here you can exchange Digital Currency and easily convert money from dollars to your account. You can buy-sell here completely securely. Exchange your currency between- WebMoney, Perfect Money, Advanced Cash, Payeer, PayPal, Neteller, Skrill, BTC, LTC, ETH & other digital currency. Exchange your currency here undoubtedly.

Terms and Conditions

We find it odd for the service to mention that cryptocurrency is “illegal”

As Crypto currency is illegal. We never give payment through crypto currency. So do not request us to pay. We do not proceed with payment for Betting, Gambling and Illegal web payments. We work only for Freelancer, Outsourcer and Online workers

We dug a little bit more and found that some portions of the website are in Bengali which is the language in Bangladesh.

KYC requirements

  • Government issued document proving address
  • Photo of ID, driver’s license
  • Selfie
  • Electricity bill or TIN certificate

The App

We tried Exchangernet. There is a screen that allows you to select a currency to send and receive and then exchange. Bitcoin is not included in the list of assets. Note that in the Google Play app page, it shows a screenshot with a Bitcoin logo. However, when we opened the app, we could not find BTC.

Once we finished registering an account, we received an email from Exchangernet Support with our username and password then asked to activate the account by clicking a link.

Users must verify before they are allowed to make an exchange. This includes documents such as the Electricity Bill or Photo ID.

Verdict

After trying the app, we don’t think that it is possible to deposit Bitcoin. It also does not seem to function as a wallet, but only as an exchanger. Moreover, it no longer lists BTC on its currency options.

(dg)

Verdict Explained

This appears to not be a product to receive and send money.

As part of our Methodology, we ask:

Is it a wallet? If not, we tag it No Wallet

If it’s called “wallet” but is actually only a portfolio tracker, we don’t look any deeper, assuming it is not meant to control funds. What has no funds, can’t lose your coins. It might still leak your financial history!

If you can buy Bitcoins with this app but only into another wallet, it’s not a wallet itself.

But we also ask:

Was the product updated during the last year? If not, we tag it Stale!

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.