GROW - Make Crypto SimpleGoogle 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
ICONFi advertises itself as a way to earn interest by staking crypto in its platform.
You decide how to earn interest on your crypto assets. Choose a Flexible account for anytime withdrawals. Or opt for a Fixed account to access even higher interest rates. Stake your crypto tokens in TWO clicks.
From the FAQ (also found on the homepage):
What is ICONFi? ICONFi is a digital asset savings platform that provides simple & intuitive earn products so that anyone can easily multiply crypto assets.
How long does it take to withdraw? Withdrawal processing relating to the flexible products (BTC/ETH/USDT/USDC) will be done in one batch, once a day, and may take up to one full day depending on the timing of the individual withdrawal request.
We tried the app. The opening screens state that users can
store, deposit, withdraw cryptocurrencies at any time while continuously earning interest.
Before you can withdraw funds, the app states that it is required to complete both KYC and OTP.
Registering allows access to a “wallet.” Users can withdraw and deposit. However, there is no indication that users can view private keys or backup wallets.
This is an app for staking. It is possible to stake ICX tokens.
This app is custodial and thus 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.