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 looks like a centralized and Japanese government regulated cryptocurrency exchange.
Zaif is a virtual currency exchange company registered by the Financial Services Agency (registration number Kinki Local Finance Bureau Director No. 00001)
Can it withdraw and deposit Bitcoin?
Tutorial on how to deposit Bitcoin using the service
Tutorial on how to withdraw Bitcoin using the service
We were not able to register with the app as they have numerous questions documentary requirements which include:
- Yearly Income
- Status of Financial Assets
- Do you possess debt?
- Is your fund surplus or is it reserved for crypto asset management?
- Motive and background of becoming a user
- Citizen of the US
- Person Exposed to Politics
- Antisocial Forces
We contacted Zaif’s twitter to verify whether they stored the private keys on their servers or if it’s with the user.
All indications point to a government regulated and centralized cryptocurrency exchange. We were not able to find documentation concerning the private keys for the user. At this juncture, we can conclude that this service is custodial and the app 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.