Mode: Buy, Earn & Grow CryptoGoogle 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As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution.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!
From the description:
Welcome to Mode. Our new look app remains the one-stop place for Bitcoin in the UK, but now includes seamless payments and Bitcoin rewards.
It sounds and looks like a trading platform.
Here are all the things you can do with Mode:
- Access your Bitcoin anytime and anywhere
- Complete a simple ID verification and top up GBP via ‘Open Banking’
Mode also states that it’s custodial:
Store and send Bitcoin with confidence:
- Assets are held with one of the world’s most secure crypto custodians
- Add or send Bitcoin seamlessly
- Send Bitcoin instantly and for free (no network fees) to other Mode users, anytime, anywhere
From Terms of Service:
Safeguard your digital assets with our qualified, insured cold storage custody at BitGo Trust Company—a regulated Trust Company under the Division of Banking in South Dakota
Unfortunately we were not able to access this app due to regional restrictions.
Our verdict for this app is custodial. Thus, 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.