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Coinpal - Bitcoin Wallet

latest release: 1.0 last analysed  4th June 2021
No source code found
5 ★★★★★
5
26th June 2018

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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.

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The Analysis 

The providers App store description states the customer is in control of the private keys.

Device-based security: all private keys are stored locally, not in the cloud

This is a non-cusdodial wallet however

Our verdict: As there is no source code to be found anywhere, this wallet is at best a non-custodial closed source wallet and as such not verifiable.

(ml)

Verdict Explained

No source code found  

Without public source available, this app cannot be verified!

This verdict means that we could not find any source to compile the app from. Internally the company might do everything right but as we can't verify it, there is nothing protecting the user from an exit-scam where the provider releases an app that leaks the keys to the servers.

The app 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 app 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.