Tokenize XchangeApp 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)
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As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution.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!
Tokenize is a team that aspires to build the next generation digital currency exchange that supports established and emerging digital currencies.
The app claims to have “top notch security:”
IP whitelisting & 2-Factor authentication available for extra security. Hybrid wallet mechanism & multi-signature strategy to guarantee asset safety.
More than 100,000 clients trust us to handle their money everyday
By employing top-tier providers and implementing the best practices for wallet management and identity verification, Tokenize ensures the security and robustness of its platform to provide users with a peace of mind when trading.
This exchange is more than likely to be custodial.
The FAQ directly says that Tokenize Xchange provides Custodian Services.
Tokenize Xchange takes pride in keeping all assets safe and secure. Partnering only reputable technology and compliance service providers, we uphold and protect the security integrity of our platform.
We collaborate with Bitgo, the global leader in digital asset financial services, to take further stringent measures to safeguard users protection against fraud and we maintain a multi-signature cold wallet under Bitgo custodial solutions for storage of our user’s digital assets. While Tokenize Xchange controls one of the keys, the other is held by the multi-signature custodian leader Bitgo making the wallet much more secure.
We installed the app. Many features of the app are limited and it is mandatory for users to complete KYC verification during registration.
This app is clearly custodial and as a result, is 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.