Rain: Buy & Sell BitcoinApp Store
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)
This service is clearly custodial as described here in its support page about security:
98% of Rain’s cryptocurrency is stored offline in cold-storage at all times, in a safety deposit box in a bank. What this means is that your funds are not on the internet, ensuring hackers have no way to access it.
The app is described as offering services that allow users to buy and sell Bitcoin using fiat from the Middle East. It goes on further:
Rain is the first Middle Eastern cryptocurrency brokerage licensed by the Central Bank of Bahrain (CBB). We currently operate in Bahrain, Saudi Arabia, United Arab Emirates, Kuwait, and Oman. Rain allows you to securely buy, store and sell cryptocurrencies like Bitcoin, Ethereum, Litecoin. You can use your bank account or card to purchase cryptocurrency instantly through Rain.
It describes itself as a licensed custodian
Despite our inability to successfully use and register the app, it is clear that this is a custodial service and therefore, not verifiable
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.