MyBitStore-Buy & Sell BitcoinLatest release: 2.6 ( 22nd May 2022 ) 🔍 Last analysed 11th April 2022 . 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 ¶
(Analysis from Android review)
Similar toMyBitStore is a peer-to-peer trading marketplace for various cryptocurrencies including BTC, TRX, USDT TRC20, USDC TRC20, and TUSD TRC20.
There is a Bitcoin wallet generated upon account signup. KYC is also required. The menu options include:
- P2P Trade
Users can send, receive or convert cryptocurrencies under the ‘Wallet’ menu.
In P2P trade, users can either buy or sell different cryptocurrencies. Payment methods include Amazon Gift Cards, American Express, Apple Pay Gift Card, Bank Transfer, and more.
Users also have the choice to buy/sell directly with MyBitStore. However, this is country restricted.
We believe this service is a custodial service since there was no provision for the backup or restoration of mnemonic-phrases. Though this is not always the case, custodial accounts require KYC and user account details are synced between the web interface and the app. As such, the wallet for this app cannot be verified.
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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