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
It’s a Canadian cryptocurrency exchange that supports BTC, ETH, XRP, LTC, BCH, DASH, and ETC.
It claims to use both hot and cold storage to secure the user’s funds.
Cold Storage is not connected to the exchange platform or a network. Bitvo utilizes a secure, proprietary Cold Storage solution that is located offsite in a third-party financial institution that is only accessible via multiple signatures of a select group of trusted individuals. Additionally, Bitvo’s Cold Storage is backed up at a secondary facility that is also located offsite in a geographically diverse, third-party financial institution and is also only accessible via multiple signatures of a select group of trusted individuals. Bitvo actively manages digital assets held in Hot and Cold Storage and only holds amounts required for the daily operation of the exchange in Hot Storage with the balance held in Cold Storage. As a percentage of customers’ funds, Bitvo holds 95% to 100% of customers’ funds in Cold Storage.
Having a “third-party financial institution” host the cold storage of Bitvo means that they are acting as a custodial service. Even though they claim that they’re not custodians in their legal document, we believe that they are, on the premise that they can terminate and suspend the use of the platform. The app therefore cannot be verified.
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.