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)
This app is an Indian-based crypto trading app.
CoinCRED is India’s fastest growing application for buying, selling, trading and investing where people can instantly buy, sell, trade and invest Bitcoin, Ethereum, Dogecoin along with 100’s crypto coins.
CoinCRED also advertises P2P trading:
You can buy and sell or deposit and withdraw crypto instantly. Also enjoy Peer-to-Peer transactions as we also provide credit options to our esteemed customers of CoinCRED (terms and conditions applicable).
Multiple reviews report being unable to withdraw, meaning that users are not in charge of their private keys.
★★★☆☆ June 17, 2022
It’s a Scam, you can deposit Money but can’t withdraw money, they will show always withdraw is on pending. Also they won’t respond properly over whatsapp or email Edit: and finally they blocked my Coincred account and didn’t refunded my money. Even they don’t reply on whatsapp, before I deposited money they used to reply instant on whatsapp support. Edit : Finally my account activated back and withdraw is successful after 12 days. Increased rate from 1 to 3 star only because of poor service..
★★★★☆ April 25, 2022
After a month’s time and frustration, they finally made the transactions work. I had given up thinking my 1000₹ is gone. The initial customer support was absolutely pathetic, they would never pick up calls, or cut calls abruptly. Today the person who handled the issue was great, fast and efficient. Hopefully they continue it this way. Trading is fast on this app but needs more transparency such as deleting account or viewing details.
The Terms and Conditions confirms that CoinCRED is capable of suspending your account. From section “11. Term and Termination:”
This app is custodial and as such, 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.