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.
Passed 5 of 7 tests
We answered the following questions in this order:
We stopped asking questions after we encountered a failed answer.
The answer is "yes".
If the answer were "no", we would mark it as "Fake" and the following would apply:
The answer is "no". We marked it as "Fake".
We did not ask this question because we failed at a previous question.
If the answer were "no", we would mark it as "Fake" and the following would apply:
The bigger wallets often get imitated by scammers that abuse the reputation of the product by imitating its name, logo or both.
Imitating a competitor is a huge red flag and we urge you to not put any money into this product!
The answer is "yes".
If the answer were "no", we would mark it as "Not a wallet" and the following would apply:
The answer is "no". We marked it as "Not a wallet".
We did not ask this question because we failed at a previous question.
If the answer were "no", we would mark it as "Not a wallet" and the following would apply:
If it’s called “wallet” but is actually only a portfolio tracker, we don’t look any deeper, assuming it is not meant to control funds. What has no funds, can’t lose your coins. It might still leak your financial history!
If you can buy Bitcoins with this app but only into another wallet, it’s not a wallet itself.
The answer is "yes".
If the answer were "no", we would mark it as "A wallet but not for Bitcoin" and the following would apply:
The answer is "no". We marked it as "A wallet but not for Bitcoin".
We did not ask this question because we failed at a previous question.
If the answer were "no", we would mark it as "A wallet but not for Bitcoin" and the following would apply:
At this point we only look into wallets that at least also support BTC.
The answer is "yes".
If the answer were "no", we would mark it as "Can't send or receive bitcoins" and the following would apply:
The answer is "no". We marked it as "Can't send or receive bitcoins".
We did not ask this question because we failed at a previous question.
If the answer were "no", we would mark it as "Can't send or receive bitcoins" and the following would apply:
If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.
All products in this category are custodial and thus funds are at the mercy of the provider.
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. The answer is "yes".
If the answer were "no", we would mark it as "Custodial: The provider holds the keys" and the following would apply:
The answer is "no". We marked it as "Custodial: The provider holds the keys".
We did not ask this question because we failed at a previous question.
If the answer were "no", we would mark it as "Custodial: The provider holds the keys" and the following would apply:
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.
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.
The answer is "yes".
If the answer were "no", we would mark it as "No source for current release found" and the following would apply:
The answer is "no". We marked it as "No source for current release found".
We did not ask this question because we failed at a previous question.
If the answer were "no", we would mark it as "No source for current release found" and the following would apply:
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. You should still prefer actual open source licenses as a competing wallet won’t use the code without giving it careful scrutiny.
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.Distribution
Build Verifications
Build cannot be done because the source code is not publicly available.Android
Update 2024-07-17
This article confirms that Ellipal is a closed source product.
“ELLIPAL allows Private keys import to overcome any worries originating from being closed source.”
Old Review 2021-12-03
This appears to be the companion app to
This app comes with the claim:
Secure HD wallet for cryptocurrencies. Store, transact, and trade Bitcoin and Crypto: BTC ETH LTC DGB BSV BAT OMG XRP XVG & 1000+ more.
and absent more explicit claims, we have to guess that HD means “hierarchically deterministic”, a standard for self-custodial wallets.
As we can’t find a source code repository on their website or their company GitHub account, we assume the app is closed source and thus not verifiable.
iPhone
(Analysis from Android review)
Trade from and to other crypto currencies
Exchange one crypto currency for another. You “receive Xcoin to your Ycoin account” while in the background the wallet sends your Ycoin address to a service provider which gives it an Xcoin address which it then displays. Funds sent to that Xcoin address - to that service provider - are then sold for Ycoin and the returns are sent to the wallet’s Ycoin address.
Easily accept receiving more coins without actually holding them.
- Sometimes the service is less favorable in its fees when used through a wallet integration than when using the service’s website.
- Some of those services require registration which links your transactions to your ID.
- The exchange provider might not deliver, making it complicated to prove what happened, who to talk to and how to ultimately recover funds.
Why we list it for this wallet
You can send, receive, swap, buy, sell, and stake various crypto assets all in one place
Source: Store description
Buy with Credit Card
Buy coins with your credit card from within the product.
Ease of use.
Buying with Credit Card usually comes with huge fees and the same exchange provider often offers a better rate when not using via a wallet integration.
Why we list it for this wallet
You can send, receive, swap, buy, sell, and stake various crypto assets all in one place
Source: Store description
Unlimited Accounts
The user can create or restore secondary BTC accounts
- Accounting: Multiple accounts allow for easier separation of funds.
- Privacy: Using an account with a positive balance at all time makes it relatively easy for blockchain analysis companies to determine the full history of the wallet. By using multiple accounts, emptying them at times, the user can retain some privacy.
Why we list it for this wallet
Manage multiple wallet accounts
Source: Store description
Air Gapped: App works without internet
Some apps mimic hardware wallets in that they don’t request permission to connect to the internet but instead they communicate through a companion app which has internet. That companion app might be on the same phone but with internet permission or it might be on a secondary phone such that the Air Gapped app can run on a phone that has no mobile or wifi internet configured at all.
Security: Splitting an app into a part that keeps the keys safe without access to leak them online and an app that has internet and all the rest can reduce the attack surface for the private keys. In theory this setup can be much more secure than the usual app that has both the private keys and internet access in one.
Why we list it for this wallet
ELLIPAL cold wallet pioneered air-gapped technology, featuring no Bluetooth, Wi-Fi, USB, or any network connections, using only QR codes to transmit information while keeping private keys 100% offline.
Source: Store description
Camera for Secure Transactions
Camera functionality in Bitcoin hardware wallets, represents a significant advancement in wallet security and data transmission. These wallets use their built-in cameras to scan QR codes, enabling a secure and efficient method for data exchange and transaction signing. The camera-based approach is integral to maintaining an air-gapped environment, meaning the wallet does not rely on potentially vulnerable USB or Bluetooth connections for communication. The process involves creating an unsigned transaction as a QR code using a compatible wallet app. This QR code is then scanned by the hardware wallet’s camera. Inside the wallet, the transaction is securely signed using the stored private key. The signed transaction is subsequently displayed as a new QR code on the wallet, which can then be scanned back by the app to broadcast it to the blockchain network. This method of using a camera for QR code scanning and transmission ensures that the private keys remain solely within the hardware wallet, significantly bolstering security against remote attacks. It also enhances privacy, as the wallet does not directly connect to the internet or other devices, thereby reducing exposure to potential vulnerabilities.
- Enhanced security by maintaining an air-gapped environment
- Increased privacy as the wallet does not directly connect to the internet
- User-friendly transaction process with QR code scanning
Why we list it for this wallet
using only QR codes to transmit information while keeping private keys 100% offline.
Source: Store description
Companion App
This app can act as a companion to a hardware wallet or air-gapped signing device. It handles network connectivity, transaction preparation, and blockchain data — while the signing device manages private key operations. The connection method is irrelevant (USB, QR, NFC, Bluetooth — all count). Examples: Mycelium+Trezor, Sparrow+Trezor, Specter Desktop+Specter-DIY, Envoy+Passport.
This feature is tagged on the companion app (the hot, networked side), not on the hardware wallet or signing device itself.
See also Issue #140 for discussion on verifying companion apps.
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Convenience: Better UI/UX than tiny hardware wallet screens for browsing balances and preparing transactions.
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Air-gapped compatibility: Keeps private keys offline while enabling easy transaction creation and broadcasting.
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Trust requirement: The companion app is trusted to accurately display recipient addresses and amounts — always verify on your signing device’s screen before confirming.
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Reproducibility matters: An unverifiable companion app undermines the security of an otherwise reproducible signing device.
Why we list it for this wallet
It supports connection to ELLIPAL cold wallet devices to significantly enhance security. ELLIPAL cold wallet pioneered air-gapped technology, featuring no Bluetooth, Wi-Fi, USB, or any network connections, using only QR codes to transmit information while keeping private keys 100% offline.
Source: Store description
Hierarchically Deterministic
All accounts and keys are derived from one masterseed as defined in BIP 32, BIP 39, BIP 44, BIP 49, BIP 84 and BIP 86. While some wallets might use different definitions and not all support SegWit or Taproot, we only consider this feature as given if
- the backup is a BIP 39 mnemonic
- the funds are recoverable on a competitor’s product correctly implementing those standards
- no address reuse
- simple backup
- no vendor lock-in
Why we list it for this wallet
Easy wallet import through seed phrases or private keys
Source: Store description
Product page updated by Leo Wandersleb, 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.