CoinBank wallet review

CoinBank
Intuitive Ease of use,  High Privacy,  Wallet platform Private Keys Stored

CoinBank wallet wants to be more than a traditional BTC wallet. They offer to pay interest on your deposits, like a traditional bank, up to 1.33% per month. Sounds interesting, but once you add your currency in their wallet you are locked in for the selected period of time. Not very wise as they can simply vanish with your BTC. CEO associated with multiple scams - avoid the wallet if possible.

The CoinBank wallet works like any other BTC storage, it is easy to use and anybody can get accustomed with the app quite easily. The main feature of the wallet is the deposit, you can make a fixed "bank" deposit inside the app for a definite amount of time. You will not be able to withdraw the money until that period has passed, so be sure you have read the TOS and Deposit conditions.

Company / organization behind the wallets

The founder, Amit Bhardwaj, has been accused multiple times of scamming people. He is associated with a few companies that ran Ponzi schemes, he failed to give people back their Bitcoin invested in his token MCAP. He also operates a few India-based Bitcoin mining companies, so if possible avoid this wallet.

Crypto Currencies Support

Language Support

  • English

Supported Systems

  • Android
  • iOS

In terms of security we don't see anything special; the standard options is here, it is a hierarchical deterministic wallet that is protected by a password. Looking at the app, you can see that it will prevent the device from sleeping, but it's unclear why a wallet will need such a permission.

Summary:

Security
Low
2 Factor Authentication
No
Multi-Signature
No
Private Keys Stored On
Wallet platform
Storage Type
Hot storage
Transactions Validation
SPV or Lightweight client
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

The wallet is suited for anybody who wants to begin using cryptocurrency.

Summary:

The app might look good, and offer a unique feature in the deposit, but because the owner, Amit Bhardwaj, has been associated with crypto Ponzi schemes and other scams, we don't recommend using this wallet/banking service.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Simple
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

The CoinBank wallet works like any other BTC storage, it is easy to use and anybody can get accustomed with the app quite easily. The main feature of the wallet is the deposit, you can make a fixed "bank" deposit inside the app for a definite amount of time. You will not be able to withdraw the money until that period has passed, so be sure you have read the TOS and Deposit conditions.

There are none

Help and support:

  • Facebook

Personal information for activation account:

  • Name
  • Email Address
  • Phone Number

Most common customer complaint:

Founder name associated with scams