صرافی آنلاین پرفکت کریپتوlatest release: 1.0.18 ( 16th May 2021 ) last analysed 30th September 2021 Custodial: The provider holds the keys
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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.
The Analysis ¶
This appears to be a centralized cryptocurrency exchange whose primary language is Persian.
We tried to register but the service required an Iranian mobile number for verification.
Its Google Play description reads:
Buy Bitcoin, Atrium, Ripple and Tetra of other currency codes completely automatically and deposit at the same time
From its website, it describes its services as:
Perfect Crypto creates a secure environment for converting your digital currencies and cryptocurrencies to Rials and other currencies.
To benefit from our services, you must register in the exchange system and platform
1) Website: The website of Perfect Crypto Payment Services is managed in Iran and is subject to all the laws of the Islamic Republic of Iran in general, the Law on Computer Crimes and Electronic Commerce, and the Law on Consumer Protection in particular
There are many provisions concerning the termination of user accounts in the event of a breach of their Terms. This is usually a good indicator for a custodial service. Here is one example that is translated:
Depending on the case and at the discretion of Perfect Crypto , users may request additional information, provide documents or modify existing information to confirm the user account. In this case, the requested user will be obliged to provide information or modify the requested information within the period announced and requested by the website. Otherwise, the website can block his account and refuse to provide services to the said user.
We contacted their on-page support via chat to try to get more information. Unfortunately, they responded that they cannot provide services to foreigners. Apparently, this includes asking questions.
We then proceeded to check their Google Play reviews for any other indications, and found this:
★☆☆☆☆ February 22, 2021
The fee you get is very high, especially for buying bitcoins
To which Perfect Crypto replied:
February 23, 2021
Hello. Dear friend, this fee is not an exchange fee. This fee is a bitcoin network, and you must make a transaction from any exchange office or anywhere. You must pay this fee.
From another reviewer:
★☆☆☆☆ May 20, 2021
useless app. too high transaction fees.
As customers complain about the bitcoin transaction fees, this would indicates the ability to send and receive bitcoin.
From our experience, most centralized and private company owned cryptocurrency exchanges are custodial due to the infrastructure they have to maintain. Exceptions are usually made prominent and overtly announced. That is, users are immediately informed if they have non-custodial wallets. However, there seems to be no indication anywhere on the site that shows a self-custodial option. This is usually indicated by words like the inclusion of words like “mnemonics, seed phrases or private keys” on the terms and conditions page, or helpdesk support.
Without access to further information, we are constrained to give this a verdict of custodial and thus, not verifiable until further information is available.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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