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As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution.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!
InfiPay brings the best of traditional finance and a digital assets exchange together in one application. InfiPay offers users a full Debit Card and account functionality with digital assets trading, full custody and secure digital currency wallets. Send digital assets instantly and free of charge to any user within the InfiPay Ecosystem. Send digital assets to any of your friends and contacts. Spend your digital currency on a stylish branded MasterCard Insured BitGo wallet solution up to $100 million to protect your digital currency. Secure customer authentication and user-focused features, such as freezing your card, put you in control.
Google Play Critical reviews
Nrs. K.D Dano
Bad App, don’t waste your time downloading this app. I regret doing so, almost all the features not working, keep on saying coming soon. Verification pending for almost a month. I regret sending my data to them….
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InfiPay maintains full custody of the funds and User data/information which may be given to governmental authorities in the event of Account suspension/closure arising from fraud investigations, violation of law investigations or violation of these Terms.
We registered with the service and it required the following: email, phone, address, birth date and country.
Prior to using the app, they requested a valid government ID and a selfie.
We were able to temporarily bypass the verification window. There is a bitcoin wallet that can send or receive. However, before the user can do so, the user has to verify his or her identity.
We were not able to locate the seed phrases or private keys.
Bitcoin wallet features that are locked in prior to ID verification is a good indicator for a service’s custodial nature. If a service can lock features of a wallet before the user verifies, they can most certainly lock it after. Thus, the app cannot be verified.
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.