Currency.com: InvestingLatest release: 1.26.2 ( 31st May 2022 ) 🔍 Last analysed 4th January 2022 . Custodial: The provider holds the keys
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Please help us spread the word discussing the risks of centralized custodians with Currency.com: Investing 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)
Update 2022-01-04: The app is live again on Google Play. From the logo, it would seem that the right iOS partner to this app is located here. We’ve added the right corresponding file.
To further clarify the matter regarding multiple apps with the same name included “currency.com”, we chatted with currency.com’s support via live chat and posted the screenshot of the exchange on twitter.
We confirmed that this app is indeed currency.com’s app. However, we were not able to find a link from the main domain to the app. We advise caution on the part of the user to confirm this on their own.
Update 2021-09-29: This app is not on the Store anymore.
It is necessary to distinguish this specific app from another related app from the same company. “Currency.com Investing” is not the same app as. Although, they link to each other via Google Play and in their respective domains, we’ll treat them separately to avoid confusion.
The app on Google Play references currency.com but has expcapital.com as its domain, when clicking on View Website.
We downloaded the app and after registering, we chose bitcoin as a currency and the app made a wallet address where it is possible to deposit after some account verification.
Currency.com’s Deposits/Withdrawals Page
This is a custodial service and thus not verifiable.
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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