Monnos | Buy Bitcoin & 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
As this service is a private company maintained app with money laundering and other financial regulation compliances, our initial assessment is that it is a centralized custodial service.
Described in its Google Play app:
With Monnos you can:
- Buy and sell more than 60 cryptos effortlessly
- Copy the strategies of experienced traders, mirroring everything they do
- Get a card with up to 5% cashback to use your crypto in the daily basis
- Purchase the MNS token
Its Anti-Money Laundering and the Financing of Illicit and Terrorism Policy can be found here
3. Applicable Rules
Under its Purchase Term, we can find clause D, of Section 9.
Private-Key Risk: Considering the risk of hacking, and considering that the Monnos model, as well as most global exchanges, does not provide a private key for each user, it may be interesting to consider the possibility of storage in a cold or hotwallet to the user’s preference.
This effectively confirms our initial assessment. We downloaded the app, and accessing the Bitcoin wallet was easy and as the Purchase Term indicated, the private key is not given to the user but is retained by the service.
Verdict is custodial 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.