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)
FMCPay is a cryptocurrency trading platform. According to the app’s description, it “supports multiple security features 2FA, multi-signature (Multi-Signature), assets stored by cold wallet.”
From FMCPay’s page, “About Wallets”:
Your keys are protected with Secure Enclave and biometric authentication technology.
You hereby agree that, FMCPay shall have the right to terminate all or part of FMCPay Service to you, temporarily freeze or permanently freeze (cancel) the authorizations of your account on FMCPay at FMCPay’s sole discretion, without any prior notice, for whatsoever reason, and FMCPay shall not be liable to you; however, FMCPay shall have the right to keep and use the transaction data, records and other information that is related to such account.
The app allows multiple coin wallets to be created. However, none of these allow for backing up the private keys. Once the user finishes the registration, additional features will be made available after passing identity verification.
This app advertises a cold wallet and claims that the providers protect your keys with “Secure Enclave” technology. We feel that this is enough to qualify it as custodial.
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.