Zipmex: Buy Bitcoin & CryptoGoogle Play
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
While this might be a good thing:
- External Custodians are usually highly specialized in securing assets
- External Custodians will care about fixing issues with one client, to not lose others
- External Custodians are usually registered businesses under regulatory oversight
- External Custodians will try to protect your funds even from your wallet provider: With fraud detection, they will certainly try to avoid the emptying of all users' wallets at once
- External Custodians are extra intermediaries: Even when the wallet provider wants to let you use your money, they might turn out to be uncooperative
- External Custodians holding custody of many wallets are interesting targets for hackers and thieves
- External Custodians, being publicly registered will not be able to resist if in their jurisdiction rules on the use of Bitcoin get tightened
As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution. Please let us know if you found proof that the provider is being dishonest about their business relation to External Custodians!
Zipmex is a “digital assets exchange” and claims that all assets are safely and securely stored with BitGo.
With this quote from the Play Store:
Zipmex is one of only a few exchanges to be licensed by Thailand’s Securities and Exchange Commission, approved by Indonesia’s commodity futures trading regulator BAPPEBTI and is also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Zipmex is strongly hinting towards a custodial nature.
In the official website, Zipmex has an article on private/public keys:
Remembering public and private keys is always a hassle for any individual. However, if you have an account with Zipmex, you will not have to worry about forgetting your public key or losing your private key.
Public keys are fixed on the Zipmex wallet, so users can just login to their Zipmex accounts and go over to the wallet page to check out their public keys. Users do not need to unlock their wallet using a private key on Zipmex. Once you have logged in to your account, you’ll be able to access to your wallet which reduce the risk of losing or misremembering private keys.
Zipmex’s wallet is secured by BitGo, which is essentially the ‘gold standard’ of the digital assets storage. BitGo provides institutional-grade security, high compliance, and liquidity for your digital currency—$100 (USD) million theft insurance too.
In the case of this product, the provider is in charge of the keys. This app is custodial and thus not verifiable.
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.