New crypto wallet Cropty (https://www.cropty.com/)?

[Polina Noir]

I heard about https://play.google.com/store/apps/details?id=com.cropty.droid from my friend... I tried it and this is what I noticed:
- it restores access to funds if you forget the password.
- you can send tokens by mobile phone number, QR code, and even nickname! No more confusion with public addresses…
- Cropty.com allows you to pay network fees in the currency you send. I mean when you send USDT through the Binance network, you don't need BNB, like in other wallets. Pay fees in USDT. There is no need to buy native tokens to pay fees – how do you think it’s useful?
- you can borrow USDT against your crypto instead of selling it. I managed borrowing at 9% APR and use funds any time I want
– I created also my own public page to receive donations by a link.
- about price alerts: If you set the token's target price app can notify you when it's reached
- Oh, it was nice that you can mark your favorite tokens and you will see them first in the tokens list.

I work in a team to search for new bundles, it seems like a really promising wallet. I advise you to download

[mocacinno]

this isn't a hardware wallet... I haven't dug into the wallet itself, but i'm pretty sure it's just a centralised custodial wallet (how else would they restore your wallet if you forgot your password, let alone let you pay fees using different coins than the one you're sending).

Btw, isn't restoring wallets of people that forgot their password a huge security risk?

[jackg]

Everyone here will and likely should be wary of new wallets (if you are the developer and don't get a lot of downloads quickly then they'll probably come if you make something people want and grow in trust).

At best it sounds like it's a service offering crypto exchange services without some additions (9% interest is quite high for defi too).

I'm guessing that wallet isn't custodial either if you can pay fees in the currency you're sending (so funds are spent from a pool of everyone's funds as apposed to individual private keys assigned to each user)?

[Polina Noir]

this isn't a hardware wallet... I haven't dug into the wallet itself, but i'm pretty sure it's just a centralised custodial wallet (how else would they restore your wallet if you forgot your password, let alone let you pay fees using different coins than the one you're sending).

Btw, isn't restoring wallets of people that forgot their password a huge security risk?

no, it's still a decentralized wallet, I checked.
they restore your wallet if you forgot your password using your phone number

Everyone here will and likely should be wary of new wallets (if you are the developer and don't get a lot of downloads quickly then they'll probably come if you make something people want and grow in trust).

At best it sounds like it's a service offering crypto exchange services without some additions (9% interest is quite high for defi too).

I'm guessing that wallet isn't custodial either if you can pay fees in the currency you're sending (so funds are spent from a pool of everyone's funds as apposed to individual private keys assigned to each user)?

This is an application for storing and transferring cryptocurrencies, the peculiarity of which is that its operator (custodian) manages the addresses of users or has access to their private keys.

My guess is that this wallet is custodial because you pay a fee in the currency you send so that funds are not spent from a pool of all funds, but from separate private keys that your operator manages, since he has access to your private keys initially
In addition, custodian customers are required to complete the identity verification (KYC) process.

[mocacinno]

So you say it's a decentralised custodial wallet... What benefit would it have from decentralisation if it's still custodial? The custodian could just as well rob the users, since he/she has access to the private key(s) anyways?

Eventough in theory, i guess a wallet could be custodial and decentralised at the same time, i just think all the benefits from decentralisation are being voided as soon as the private keys are also in the hands of a custodian. I don't think i have ever seen this combo before (usually a wallet is either custodial and centralised or non-custodial and decentralised), but i'm not saying that this combination is a good one... Personally i would never use a custodial wallet. Whenever i use an exchange my funds are in and out in the bare minimum of time it takes to get some confirmations, exchange and withdraw. I'm strongly against using custodial services (not your keys, not your coins).

[Polina Noir]

So you say it's a decentralised custodial wallet... What benefit would it have from decentralisation if it's still custodial? The custodian could just as well rob the users, since he/she has access to the private key(s) anyways?

Eventough in theory, i guess a wallet could be custodial and decentralised at the same time, i just think all the benefits from decentralisation are being voided as soon as the private keys are also in the hands of a custodian. I don't think i have ever seen this combo before (usually a wallet is either custodial and centralised or non-custodial and decentralised), but i'm not saying that this combination is a good one... Personally i would never use a custodial wallet. Whenever i use an exchange my funds are in and out in the bare minimum of time it takes to get some confirmations, exchange and withdraw. I'm strongly against using custodial services (not your keys, not your coins).

The data is encrypted during transmission. Your data is transmitted over a secure connection.

You can request the deletion of data.

Data processing practices may vary depending on the app version, your region and age, and how you use the app.

The app claims to share data with third parties and asks for your consent in accordance with the user data policy.

The data is transferred to a third party as a result of the action of the user who understands that he is sharing it.

[mocacinno]

--snip--

The data is encrypted during transmission. Your data is transmitted over a secure connection.

You can request the deletion of data.

Data processing practices may vary depending on the app version, your region and age, and how you use the app.

The app claims to share data with third parties and asks for your consent in accordance with the user data policy.

The data is transferred to a third party as a result of the action of the user who understands that he is sharing it.

Custodiality nor decentralisation is defined by transport layer security. It goes without saying that any transmission of sensitive data should be done over a secure connection. If you would transmit sensitive data over a non-ssl connection, it would be bad (very bad). The problem is (and remains) the fact that sensitive information is stored by the company that released this app (which is default for a custodial wallet). It means the user has to put his/her complete trust in said company, since said company could just as well rob the user without any technical hinderance.

Now, i get the feeling you're either the owner or payed by the owner to promote this wallet. I wish you the best of luck. I'm not picking a fight, but i'm merely stating that this is, in fact, a custodial wallet and that people have to be carefull when using such wallet (or, for that matter, any new wallet, especially a closed source one).

I hope you're working for an honest company, and i you are, i wish you all the best... I won't be using your services, but i don't think that should be a problem for you

[Polina Noir]

oh, I get it... it's really just custodial. but is it really that bad?
The advantage of this wallet, in general, is that there is technical support. that is, you won’t lose money here because you didn’t pay the gas as on a trust wallet, the transaction will not freeze ... The commission is charged in the same currency in that it is sent. So, you do not need to spend time tracking the balance of all currencies and looking at which one is better to send

[Welsh]

oh, I get it... it's really just custodial. but is it really that bad?

Yeah. That's like the main point of a wallet, you want complete control. I'd prefer to rely on myself, than some lowly skilled technical support that will be reading off of a script anyhow. They aren't going to be able to help with loss of funds, and they'll have cookie cutter solutions, which you can entirely avoid by using a different wallet.

They'll basically only help with issues related to their specific software, which can be avoided in the first place, and is probably over complicated compared to alternatives, which allow complete control.

As a hot wallet it might be okay, but even then there's better alternatives out there in my opinion. Plus, learning to set the right transaction fee, and manage the ins, and outs of your finances is actually recommended compare to a system that simplifies it too much.

[dkbit98]

I work in a team to search for new bundles, it seems like a really promising wallet. I advise you to download

No thank you, I am not interested in losing my Bitcoin for some speculative earning of 9% that will result of me losing everything in the end.
I don't know what team are you are part of exactly, maybe this Crap wallet should add more information on your website, and release code as open source, than we can talk more about it.
You should not recommend people to download new stuff like that, when you know nothing about it.

no, it's still a decentralized wallet, I checked.
they restore your wallet if you forgot your password using your phone number

Restoring something with phone number doesn't mean that this is decentralized wallet

[pooya87]

oh, I get it... it's really just custodial. but is it really that bad?

It is even worse than you'd think. You have zero control over your money while all the control is in the hands of an unknown company that may shut down any moment and run away if they decide that running away is more profitable than continuing to give service.

that is, you won’t lose money here because you didn’t pay the gas as on a trust wallet, the transaction will not freeze ... The commission is charged in the same currency in that it is sent.

That is any cryptocurrency wallet.

So, you do not need to spend time tracking the balance of all currencies and looking at which one is better to send

What do you mean by "which one is better to send"?
Whenever you are sending a cryptocurrency transaction you have a purpose to send that particular coin. For example if you want to dump ETH you can't send LTC! You have to send ETH.

[Charles-Tim]

— A safe place to store your private keys. We keep private keys far away from the internet and protect them with military-level security protocols.

All of these benefits of our custodial crypto wallet are just some of the reasons why 90,000 users have already joined us since we launched in the summer of 2022!

REGISTER WITHOUT VERIFICATION
One-tap sign-up: we don’t need your passport, ID, or driver’s license — only your mobile phone number or e-mail. We tie your coins to your account so that you can restore access to your assets at any moment.

I was pissed off while checking out about the wallet.

They let you assume that you have your private key. Any seed phrase generated? I tested the wallet but the information I saw already pissed me off more. They keep the private key for you? No. If you have issue will be when you will know that you do not have your private key, the private key is not for you but for them and they have control over your coins.

It is custodial. It is centralized.

You can register without identity verification, but it is still a custodial  and a wallet.

When there are many reputed noncustodial wallets that I can use for holding, why need a custodial wallet. People will always be people, they have ignorance and they are not making proper research.

[hosseinimr93]

My guess is that this wallet is custodial because you pay a fee in the currency you send so that funds are not spent from a pool of all funds, but from separate private keys that your operator manages, since he has access to your private keys initially

Your guess is wrong. They pay the network fee with the native coin and charge you using another token. That's exactly how centralized exchanges work.

the transaction will not freeze

There is no guarantee that they won't freeze your transactions.
As already mentioned above by other users, they have full control over your fund and can do everything with that. It's possible that they ask you to verify your identity at any time.

I haven't tried the wallet in question, but its seems to be same as other custodial wallets. They are the real owner of the fund and instead show you a number as your balance.