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
From Google Play:
FatBTC is a professional and secure bitcoin trading platform, providing bitcoin, ethereum market and hundreds of digital currency trading. This is the application dedicated to trade on FatBTC!
There’s nothing that really indicates the security of this app other than the fact that it is a trading platform.
From the site’s User Agreement, 【USERS’ RIGHT AND LIMITATIONS TO LICENSE USE, 4:】
This website has the right to inquire, freeze or deduct the items and accounts of the user in according to the requirements of any applicable judicial organizations, administrative organizations and military organizations, including but not limited to public security organizations, procuratorial organizations, courts, customs, tax authorities and so on.
From 【CHANGE OF SERVICE, INTERRUPTION, TERMINATION, RESTRICTION, FREEZING】, 6:
You agree, to safeguard the security of your account and the digital assets within, fatbtc reserves the rights to freeze part or all of your assets (or in other words, to restrict you from accessing part or all of the Services) under the circumstances that fatbtc thinks your account is exposed to potential risks according to these Terms, laws, regulations, legal instruments, government requests dependent on administrative functions and powers and other conditions that fatbtc thinks fit.
We tried the app. It is an exchange app, so you are required to register an account. It is possible to send and receive bitcoin via a QR code or btc address once you set a fund password. We were not provided with an option to backup our wallets.
Due to the information we have collected thus far, our verdict for this app is custodial. As such, it is 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.