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
⚠️ Caution: This app claims to be self-custodial and claims to provide the 12-word seed phrase. We could not locate options pertaining to these. It held an ICO and required a sponsor ID when signing up. It also claims to support BTC, but the BTC address can only receive and convert to Xerium. It cannot send BTC.
Cryptocurrencies available to sell, buy, receive, hold, send, and swap:-
- Xeruim (XERM)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Litecoin (LTC)
The project claims that the private keys are stored solely on the device of the user.
Xerium is a high performance crypto coin offering cashback, rebates, gamification, crypto lending system and healthcare on a dedicated loyalty blockchain. Xerium aims to power 1 millions users by 2023
The project seems to have funded itself via an ICO.
The facebook account of the app is a personal profile.
Terms and Conditions
We noticed the app’s Terms and Conditions page is only one paragraph long:
FAQs: What is the Xerium coin?
It is an ERC 20 Token smart contract coin on Ethereum blockchain, purpose is to act as loyalty coin when ecommerce merchants
The app first requires registration with the following information: phone and email. They also required a mandatory field called a “Sponsor ID”. Which we searched for online.
Once we got in the app, we tried looking for the private keys or the 12-word seed phrase backup. We could not locate these options. Most of the options were focused on “commissions” and referrals relating to the ICO they held.
When we registered on the phone, we realized that we could sign in with the same credentials on their website. We believe that account information is retained on their end. There is a BTC wallet and it is possible to store BTC inside it. It can be converted to Xerium. Withdrawals and transfers can also only be via Xerium. We could not locate the send function for BTC. We were also not able to find the private key and the 12-word seed phrase that they claimed existed. We asked them on twitter @Xerium3 to verify.
Until proven otherwise, we had difficulty giving this app a verdict because it can receive and hold BTC. But it can only convert the BTC to Xerium. It functions as a limited BTC wallet that can receive, but not send.
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.