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Fold - Bitcoin Cashback Rewards

latest release: 139.2.0 ( 7th October 2021 ) last analysed  15th September 2021 Not a wallet 
4.1 ★★★★★
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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 

Section 6 of its Terms of Service Reads:

Fold Rewards (“Rewards”) is a rewards program that allows a Fold user to earn promotional credits denominated in bitcoin and apply them to receive discounts on future purchases or with draw them to a personal bitcoin wallet.

Section 5.4 of the Fold Terms of Rewards, determines the overall nature of the app:

Rewards Unsecured. The Rewards Account is not a financial account and does not carry a balance in US dollars (“USD”), bitcoin, or in any other fiat or cryptocurrency on your behalf; it merely (1) records a general unsecured commercial obligation (the “Rewards”) to you by Fold, as described herein, and (2) allows Fold to coordinate your participation in the program. “Earn bitcoin” or “earning bitcoin”, “stacking sats” and other similar terms used herein and in connection with the Fold Properties means the right to be paid accrued Rewards added to your Rewards Account by Fold, whether in USD or bitcoin terms, as bitcoin payouts (subject to the terms hereunder), as determined within Fold’s reasonable discretion. It does not mean that the Rewards, or any funds whatever, are held on your behalf. Further, by agreeing to these terms, you represent that you understand that you do not have right, legal title or a security interest in any particular assets of Fold, and you understand and agree that the only remedies available to you for controversies arising from this Agreement or your use of Fold generally will be at law and as a general unsecured creditor.

This section makes it clear that this is not a wallet app. No Bitcoin or any other cryptocurrency are stored or represented on the app.

(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 “have” bitcoins in it but not actually receive or send them, then what really happens is that you can get exposure to the Bitcoin exchange rate but we still don’t consider it a wallet.