FreeWalletlatest release: 0.1.9 last analysed 5th December 2020
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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 provider of this Freewallet reached out to us to stress that freewallet.io was not the same as freewallet.org which is spamming Google Play with many wallets and we have reviewed three of those here, too:
- Bitcoin Wallet. Buy & Exchange BTC coin－Freewallet is custodial with 500k downloads.
- Bitcoin & Crypto Blockchain Wallet: Freewallet is custodial, with 100k downloads.
- Lite HD Wallet – Your Coin Base is probably also custodial, with only 500 downloads so far.
He sais that his wallet is non-custodial and open source and indeed we see those same claims on Google Play.
On the website we read:
FreeWallet Mobile is open-source, and available for anyone to fork or review, so you know that it works exactly the way that it is supposed to.
and indeed we find a repository. It had no changes for two years and also Google Play does not report any changes since March 2019 but this looks like open source.
Unfortunately there is no build instructions so we cannot reproduce the app and it remains not verifiable.
The app provider also shares code but we could so far not verify that the published code matches the published app!
This verdict means that the provider did share some source code but that we could not verify that this source code matches the released app. This might be due to the source being released later than the app or due to the provided instructions on how to compile the app not being sufficient or due to the provider excluding parts from the public source code. In any case, the result is a discrepancy between the app we can create and the app we can find on GooglePlay and any discrepancy might leak your backup to the server on purpose or by accident.
As we cannot verify that the source provided is the source the app was compiled from, this category is only slightly better than closed source but for now we have hope projects come around and fix verifiability issues.
The app cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The app might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.
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