WisebitcoinLatest release: 3.8.4 ( 10th June 2022 ) 🔍 Last analysed 19th October 2021 . Custodial: The provider holds the keys
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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.
The Analysis ¶
(Analysis from Android review)
This app looks like a cryptocurrency exchange.
Cloud Crypto EXchange Best Prices and Liquidity made possible by the partnership with over 280 Crypto Exchanges worldwide.
Trade both Physical and Perpetual Crypto Contracts
USDT based Numerous Crypto Names with Long and Short Trading System
Up to 100:1 Leverage Levels Unmatched by Any Other Exchanges
Google Play Critical Ratings
★☆☆☆☆ August 3, 2021
Been trying to log in and get the Authentication code but they don’t send the code, it’s even been days now trying to log in.
★☆☆☆☆ August 2, 2021
Wisebitcoin has stopped sending me verification code via sms . What must be done?
This exchange has an AML Policy.
It also has a tutorial on how to Deposit/Withdraw cryptocurrencies including Bitcoin
Its terms and conditions specify actions about termination:
Wisebitcoin reserves the right, in its sole discretion, to restrict, suspend or terminate your access to all or any part of the Wisebitcoin Sites at any time for any reason without prior notice. Wisebitcoin may change, suspend or discontinue all or any aspect of the Wisebitcoin Sites at any time, including the availability of any feature, database, information or content without prior notice. In the event of termination, you are no longer authorized to access the Wisebitcoin Sites and the restrictions imposed on you with respect to material downloaded from the Wisebitcoin Sites, the disclaimers and limitations of liability set forth in these terms and conditions shall survive.
All evidences point to a custodial service whose app cannot be verified.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider 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 control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is 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.
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