INLOCK: Crypto Savings AccountGoogle 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
This app’s purpose is for creating a Crypto Savings Account:
INLOCK helps to earn on your Bitcoin while you HODL it. Compounding, weekly paid out interest without hidden fees!
Because it is meant to hold users’ assets in “the long run”, the nature of this app makes it almost certainly custodial.
· INLOCK Savings Account service helps for those customers who hold their assets long run and want to earn some interest while lend It to other customers.
· All loans are protected with overcollaterization and all customer assets are store in Fireblocks Network protected by unique insurance plan. Our custody service is SOC 2 Type II certified and audited by Ernst & Young
This service has the ability to terminate users’ accounts. From the Terms and Conditions:
You understand and accept by opening your INLOCK account, Service Provider, without preliminary notification may terminate, suspend or restrict any of its customer’s account which demonstrably or reasonably suspected to violate the Terms and Conditions using inlock.io website or any INLOCK services.
It is also possible for them to cancel or stop withdrawals and deposits:
In this case Inlock have the right to stop deposits. Inlock platform also have right to cancel withdrawals when a customer want to withdraw funds to address connected to prohibited activities before.
Signing into the app requires email verification. The user must also set a pin.
You are asked to enter personal information before you may withdraw or swap BTC.
Please keep in mind: no later than the first withdrawal process, you need to finish the identity verification.
There are options to deposit BTC via a Deposit Address or QR code. You can also withdraw BTC, you must add a new “withdraw address” with 2-FA enabled.
You can store BTC in this app, as well as send and receive it. However, due to the evidence above, we conclude that it is a custodial service and as such, is 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.