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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 ¶
On their website, the only pointer to this app is:
Download Waves.Exchange App
Waves.Exchange enables you to join the ecosystem and enjoy the full range of digital asset management features
and in the docs we find:
Asset Management (mobile)
Bitcoins or other supported external cryptocurrencies are transferred by means of centralized Waves.Exchange gateway. This means that the coins are sent to a user’s personal Waves address via standard transfer and after the depositing user receives WAVES-based assets (for example wBTC) issued in the Waves blockchain. The gateway assets are backed 1:1 with the real external coins.
which is not a very clear statement on whether or not one can hold BTC in Waves.Exchange so we had a little chat with Lars from their support:
WalletScrutiny:Hi! I searched the Terms and Conditions and docs and stuff but remain with a doubt:
I can receive to BTC addresses but I could not find a clear statement that this address is derived from my 15 words private keys. Am I right to suspect that this is not the case and the transaction actually goes to a gateway provider that then has up to 3 days to issue wBTC into my account?
Lars: Hey! Great to meet you on our exchange, your questions are warmly welcomed anytime!the transaction actually goes to a gateway providerYes, right.then has up to 3 days to issue wBTC into my account?The external payments processing may take up to 60 mins, but usually faster.
So as you never hold BTC in this product but “buy” wBTC with your BTC, it is not a Bitcoin wallet.
The app can send something but not BTC.
As part of our Methodology, we ask:Is it for Bitcoins? If not, we tag it
At this point we only look into wallets that at least also support BTC.
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