SafePal - Crypto wallet BTC ETH LTC BNB Tron EOSlatest release: 2.6.0 last analysed 26th April 2021
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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 Analysis ¶
Update 2021-04-26: Now some months after the original review, Google finds some things that confirms the claims of Binance “investing” in SafePal. The best link is probably this article on SafePal by Binance.
The app being closed source remains an issue:
SafePal cryptocurrency wallet application is a decentralized application. The mnemonic phrase is stored by users. SafePal does not read or store sensitive account information including private key and mnemonic phrase.
So they do claim to be non-custodial but there is no source code anywhere to be found which makes the app not verifiable.
Without public source available, this app cannot be verified!
This verdict means that we could not find any source to compile the app from. Internally the company might do everything right but as we can't verify it, there is nothing protecting the user from an exit-scam where the provider releases an app that leaks the keys to the servers.
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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