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CardWallet - ADA Crypto Wallet

latest release: 1.8 ( 25th November 2021 ) last analysed  11th November 2021 No source for current release found 
5 ★★★★★
28th September 2021

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Please help us spread the word discussing transparency with CardWallet - ADA Crypto Wallet  via their Twitter!

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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

App Description

  • Buy Bitcoin (BTC), Cardano (ADA), Ethereum (ETH) with a credit or debit card
  • Exchange crypto (100+ coins and tokens)
  • Private keys on your device
  • Over 30 supported fiat currencies
  • Available for use in 5 languages
  • Protect your crypto wallet with PIN and Face ID

The App

This is evidently a self-custodial app.

Upon opening CardWallet, the user is given the option of creating a new wallet or importing a pre-existing wallet via a seed phrase.

When we chose the option to create a new wallet, we were provided with a 15-word mnemonic. The app then confirms if you have secured the phrase, and then advises the users to store the mnemonic in a secure place.

It has BTC support which can send and receive. It can also backup and restore the wallet.


A search on GitHub for the appID fi.cardwallet yielded 0 results. A search for ‘CardWallet’ on GitHub however yielded 29 repositories. We messaged @CardWallet_fi for details and until they reply, this app’s source cannot be verified.


Verdict Explained

Without public source of the reviewed release available, this product cannot be verified!

As part of our Methodology, we ask:

Is the source code publicly available? If not, we tag it No Source! 

A wallet that claims to not give the provider the means to steal the users’ funds might actually be lying. In the spirit of “Don’t trust - verify!” you don’t want to take the provider at his word, but trust that people hunting for fame and bug bounties could actually find flaws and back-doors in the wallet so the provider doesn’t dare to put these in.

Back-doors and flaws are frequently found in closed source products but some remain hidden for years. And even in open source security software there might be catastrophic flaws undiscovered for years.

An evil wallet provider would certainly prefer not to publish the code, as hiding it makes audits orders of magnitude harder.

For your security, you thus want the code to be available for review.

If the wallet provider doesn’t share up to date code, our analysis stops there as the wallet could steal your funds at any time, and there is no protection except the provider’s word.

“Up to date” strictly means that any instance of the product being updated without the source code being updated counts as closed source. This puts the burden on the provider to always first release the source code before releasing the product’s update. This paragraph is a clarification to our rules following a little poll.

We are not concerned about the license as long as it allows us to perform our analysis. For a security audit, it is not necessary that the provider allows others to use their code for a competing wallet.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.