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
Updated September 17, 2021 Hotbit has successfully transitioned from hotbit into bitclover. Details here.
From the main page of bitclover
hot-cold server separation, multi-signature card;
Bank-level security through HSM
Use the provided COBO wallet
Centralized exchanges managed by private companies are usually custodial. Since Bitclover has just recently rebranded, they have a new Terms and Service page.
Bitclover.io is a regulated entity and must comply with applicable law. Applicable law, regulation, and executive orders may require Bitclover.io to, upon request by government agencies, freeze withdrawals or trading (or both), or provide information regarding your account.
This is confirmation that this service is custodial.
They also have a structured withdrawal fee page, which is an indication that you could store, receive and send bitcoins from their app.
Verdict is now changed to custodial and thus not verifiable. _____ Old Verdict We viewed the main page of hotbit, and were greeted with this message:
Hotbit Korea Exchange decided that domestic service could no longer be carried out without real-name accounts being secured, so it inevitably decided to terminate domestic service. It will be sold to the global market and transformed into a global service through rebranding as a global exchange. The operating body of the new global service will be Hotbit Global, which will provide better services to members by supporting listing of more diverse stocks and launching new products.
- Platform rebranding: Hotbit Korea (Hotbit.co.kr) -> Bitclover (bitclover.io)
It was followed by another message:
All digital assets tradable on Hotbit Korea are not fiat currencies. Therefore, there is no guarantee of value, and depending on the circumstances, deposits and withdrawals and transactions may be refused or stopped.
Since digital assets have high volatility compared to general investment assets such as stocks and bonds, there is a possibility of loss of principal due to sudden changes in value.
This centralized exchange is transitioning to another service and therefore another identity. As of today, September 12, 2021, this app is defunct pending its transition to bitclover.io. Bitclover.io still redirects to the original hotbit.co.kr domain.
It would be best to wait until the site service has transitioned to bitclover before opening a new account.
Verdict is defunct.
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.