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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 ¶
Update 2021-07-06: The app looks abandoned. It was:
- Removed from the App Store
- Their Twitter account is suspended
- Most reviews on Play Store are 1-star, some with scam accusations and since July 2020 none got a reply from the provider, with many reporting similar silence on support channels
We found some Binance link to this, too:
Jul 06 2020
Binance and Swipe Partner to Bridge Crypto and Commerce, Announce Acquisition
Binance, the global blockchain company behind the world’s largest digital asset exchange, today announced the completion of its acquisition of Swipe, the industry’s leading multi-asset digital wallet and Visa debit card platform that allows users to buy, sell, convert and spend cryptocurrencies, for an undisclosed amount.
This app is a custodial offering:
Swipe users can have peace-of-mind knowing their assets are covered under a $100M insurance policy with our custodian. All User deposited funds are stored in cold storage with a trusted custodian. Having these funds in a cold storage wallet ensures our users that their funds are safe and easily accessible through the Swipe Network on the Swipe Wallet.
This contradicts itself. Being in cold storage should mean that it’s precisely not easily accessible via network. What’s on the network is by definition a “hot” wallet.
The website lists “coinbase | custody” and “BitGo” as custodians, which means you not only have to trust them but also two other services to make sure your and all the other clients’ funds are being accounted for with funds in their custody.
Anyway, this is all not verifiable.
This product went out of business ... or so. Read the analysis for details.
As part of our Methodology, we ask:Is the product still supported by the still existing provider? If not, we tag it
Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.
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