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)
While this might be a good thing:
- External Custodians are usually highly specialized in securing assets
- External Custodians will care about fixing issues with one client, to not lose others
- External Custodians are usually registered businesses under regulatory oversight
- External Custodians will try to protect your funds even from your wallet provider: With fraud detection, they will certainly try to avoid the emptying of all users' wallets at once
- External Custodians are extra intermediaries: Even when the wallet provider wants to let you use your money, they might turn out to be uncooperative
- External Custodians holding custody of many wallets are interesting targets for hackers and thieves
- External Custodians, being publicly registered will not be able to resist if in their jurisdiction rules on the use of Bitcoin get tightened
As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution. Please let us know if you found proof that the provider is being dishonest about their business relation to External Custodians!
Description from Home Page:
India’s Highly rated cryptocurrency exchange
Buy & Sell Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tron, USDT and Trade across 100’s of Cryptocurrency pairs.
Our Cold wallets are secured by 100% insurance against cyber thefts. We have partnered with the Global leader in custodial service, Bitgo, to ensure insurance protection to your investments.
- KYC is mandatory to use the platform. It asks for Indian residents’ PAN card
Peer to Peer exchange facilitates transactions between two traders without routing the money through the exchange. Giottus lets a Buyer buy without sending INR to the Exchange.
Giottus requires KYC verification, but because of their use of P2P exchange it appears that they don’t control the clients’ funds.
While our verdict for this app is not custodial there’s still no source.
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.