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
Google Play Description
From its Google Play description:
LYOPAY allows cryptocurrency and banking services to live alongside. We offer a cryptocurrency wallet, exchange and virtual bank account functionality. We are the easiest place to buy, sell, and manage your cryptocurrency portfolio.
We downloaded the app, and it asked for the following information:
- first name, last name
- mobile number
- Are you a politically exposed person?
- Are you a US citizen or resident?
After email verification we were able to access our BTC wallet through the Crypto tab. The BTC wallet can both send and receive. We can also access an E-Banking and a Wallet tab. E-banking requires KYC verification.
Terms and Conditions
The terms could be read here.
Part of the terms indicate a partnership with a third-party custodian:
“Custodian Provider” can mean the Custodian Provider that permit the platform to hold, send and/or trade customer Fiat Assets and Digital Assets funds through their authorised services;
Adding to that,
All services provided to you under this Agreement which are regulated as e-money and/or payments services are exclusively provided by the Custodian Provider (and never by LYOPAY) and any other services provided to you under this Agreement are provided by LYOPAY or Collaborating Providers.
This is enough to warrant a custodial verdict and therefore 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.