eToro Moneylatest release: 26.0.0 last analysed 24th April 2021
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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.
From the eToro wallet FAQ:
**Where is my private key? (eToro Wallet)
eToro secures your private key using market-leading security technologies. As per eToro’s security protocols, we do not share our wallet addresses, as doing so may expose our clients’ funds to potential attacks.
which is a convoluted way of saying:
- Not your wallet but the company “eToro secures your private key”
- You cannot even know if they have all your coins as they “do not share our wallet addresses”
The other question is also not really answered:
Where are my coins held? (eToro Wallet)
When the coins are in the wallet, they are stored on the blockchain (hot storage). Coins on the platform are held mostly in cold storage.
which again means nothing. All coins are stored “on the blockchain”, hot or cold. This dichotomy makes no sense but we think they try to say that the amount stored in this app (eToro Wallet) is fully in their server’s hot storage while balances on their trading product are mostly in cold storage.
Please also note that this app achieved a considerable amount of installations despite a miserable 1.8★ rating. In this case, this app is only for users of their other app and this app is the only way to get your Bitcoins out of the other app.
So we assume this app is custodial and thus not verifiable.
As the provider of this app holds the users coins, verifiability of the app is not relevant to the security of the funds!
This verdict means that the app 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 exclusive control over the funds, so it is not a wallet where you would be in sole control of your funds.
Custodial wallets might not be the worst option for all users.
- Do your own research if the provider is trust-worthy.
- Do you know at least enough about them so you can sue them when you have to?
- Is the provider under a jurisdiction that will allow them to release your funds when you need them?
- Is the provider 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. Will they detect when for some software error a hacker is spending other people's money before the losses are unrecoverable?
The app cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The app might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.
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