CoinCREDLatest release: 2.0.2 ( 6th December 2022 ) 🔍 Last analysed 27th June 2022 . Custodial: The provider holds the keys
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 the answer is "no", we mark it as "Custodial: The provider holds the keys".
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.
Help spread awareness for build reproducibility
Please help us spread the word discussing the risks of centralized custodians with CoinCRED via their Twitter!
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)
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.
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