Coins.ph Wallet

less than 1 minute read

Published:

Wallet Logo

This app was first launched on 1st October 2014 and currently has more than 5000000 downloads, a 4.3 stars rating from 67544 users and the latest APK (version 3.3.89) was from 21st February 2020 and is newer than the below reviewed version of the app.

Our analysis was done on 17th November 2019 based on data found in their Playstore description and their website .

We found these ways of contacting the developers:

Disclaimer

The following Analysis is not a full code review! We plan to make code reviews available in the future but even then it will never be a stamp of approval but rather a list of incidents and bad coding practice. We cannot find and tell you all the dark secrets the wallet providers might have.

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

Coins.ph Wallet being a very broad product and not strongly focused on being a Bitcoin wallet does not emphasize being an actual wallet by our definition and even if it was, the lack of source code makes it impossible to verify this app.

Our verdict: This “wallet” is probably custodial but certainly not open source and therefore cannot be verified.

Verdict Explained

Not verifiable: No Open Source Code found

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.