Wallet Logo

Jackocoins - Sell BTC, ETH, USDT in Nigeria

latest release: 1.1.15 ( 7th October 2021 ) last analysed  3rd November 2021 Can't send or receive bitcoins 
3.7 ★★★★★
138 ratings
5 thousand
18th July 2020

Jump to verdict 

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with Jackocoins - Sell BTC, ETH, USDT in Nigeria  via their Twitter!

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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

App Description

Sell and store cryptocurrency for Naira. The app uses cold storage to secure the funds of users.

Google Play Critical Reviews

Ifeanyi Miccrose
★☆☆☆☆ September 6, 2021
I don’t know what is wrong with this app, the first time I made transaction I received my payment in my account but since yesterday night, I sent my btc to jackocoin but it’s still pending up till this morning

Site

Terms of Use

Wallet, transaction and payment

  1. It is the obligation of the user to check copied wallet address matched before sending any cryptocurrency from third party. We won’t bear the responsibility for any loss due to incorrect wallet address
  2. Wallet address can be changed by us if needed but before any change, it will be communicated to users. Always check your wallet address before you send any fund. If by any means you notice a changes in wallet address
  3. It is user obligation to check the mode of wallet before sending any fund to the wallet address as wallet might be forced to be at a particular state due to technical issue which might alterd user previous wallet mode setting.
  4. User has no right to request for private key, it is our responsibility to keep save the private key using cold storage mechanism.
  5. It is your responsibility to set and check your default bank account details before selling any cryptocurrency on your wallet

App

Wallet Mode On

Turning ON wallet mode means every coin sent to your address will be stored in your wallet and not sold automatically until you decide to sell it.

Oddly, there seems to be no receive function on the wallet. The send function only allows transfers to other users of Jackocoin.

Verdict

Like most wallets we’ve thus tested whose base is in Nigeria, the app has some missing functionalities although they mostly claim Bitcoin as being present or being tradeable on their platform. The wording on this app’s terms of use implies the existence of a bitcoin wallet albeit with very limited use. But with that said, apps that cannot send or receive bitcoins are also custodial.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

Can it send and receive bitcoins? If not, we tag it No send/receive 

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

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.