ECOS: Bitcoin Mining & WalletApp Store
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
(Analysis from Android review)
From Google Play:
We make crypto simple for everyone. ECOS provides a simple way to save, exchange, mine and send cryptocurrencies. If you are new to crypto, then our app is the solution you need. It provides all crypto tools for both investment strategies: long-term and short-term
ECOS is an investment platform and thus not primarily a bitcoin wallet.
From the About Us page, ECOS claims that its mission
is to provide the user with simple, safe, reliable and effective tools for digital assets’ management and to develop its ecosystem around the world.
Terms and Conditions
From Withdrawal, 1.10.2:
Withdrawals may be performed only after identification and security checks are completed and approved by ECOS-M.
From 3.3. Digital Wallet And Private Keys:
The Customer’s digital wallet or vault may require a private key, or a combination of private keys, for access. Accordingly, loss of requisite private key(s) associated with the Customer’s digital wallet or vault storing Hash Rate Output will result in loss of such Hash Rate Output, access to the Customer’s Hash Rate Output balance and/or any initial balances in blockchains.
This is confusing to our review as the private keys are not mentioned anywhere else on the app or website.
We tried the app and registered an account. We were not provided with 12-word key phrases. Wallets did not have private keys and we could not find a way to view or export them.
It is possible to send and receive assets via bitcoin addresses.
We reached out to ECOS’ official twitter account and asked if there is a way to export private keys.
We will update this analysis once we receive a response.
Due to the information we have collected thus far, we conclude that this app is custodial and does not provide the user with private keys. Thus, it 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.