7b Crypto Trading: Buy BTC, ETH, SHIB, DOGECOINLatest release: 0.1.267 ( 16th March 2022 ) 🔍 Last analysed 17th November 2021 . Custodial: The provider holds the keys
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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 ¶
The app is a cryptocurrency wallet with some trading features.
Google Play Critical Reviews
★☆☆☆☆ August 26, 2021
Rubbish app kinda hijacked the brilliant ChangeNOW App who now seem like lost all control over. Very cleverly makes one to believe ChangeNOW have changed names but you can’t even successfully open a new account. 7B seem far for in control over ChangeNOW making sure ChangeNOW customers can’t even get into their own accounts! Bad choice ChangeNOW.
What is 7b Broker?
A cryptocurrency broker is an intermediary that helps to make transactions with various coins and tokens, for a small fee (commission). Broker can accompany traders at all stages of trading, as well as provide analytical and statistical information that can help them make an informed trading decision. 7b Broker works through Binance and transmits trades on behalf of the user (trader) through the Android app, ensuring easy and secure trading.
The app can send and receive Bitcoins. It is also possible to deposit fiat currency. Curiously, as the review above noted, when buying BTC using USD, a screen with the logo of “Change Now” appears.
We were not able to locate any backup, mnemonics, mentions of private keys or seeds on the app. It looks to be a straightforward Bitcoin wallet with some trading support. This service is custodial thus making the app not verifiable.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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