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Mirror Wallet

Latest release: 1.2.1 ( 13th August 2021 ) 🔍 Last analysed 22nd October 2021 . Can't send or receive bitcoins Not functioning anymore
4.4 ★★★★★
119 ratings
50 thousand
13th December 2020

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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 

Update 2021-10-14: This app is no more available.

App Description

While this app calls itself a wallet, this quote gives the implication that it isn’t a bitcoin wallet:

Mirror lets you trade and gain price exposure on real assets without the burdens of holding real assets - allowing you to even hold fractions of expensive and inaccessible stocks.

The app connects users to the Mirror Protocol, which is powered by the Terra Blockchain. Below, we find an explanation of the Mirror Protocol.

Mirror Protocol is built on the Terra blockchain and powers synthetic derivatives called Mirrored Assets that closely track the price of real-world securities, ranging from equities, ETFs, commodities, and cryptocurrencies, etc. […] Mirrored Assets traded on the protocol are fully collateralized with the Terra stablecoin, UST, and provide traders the option of fractional ownership.

We attempted to access the official website provided in Google Play. Unfortunately, at the moment, it only returns a DNS error.

The App

We tried the app and were welcomed with this quote:

Mirror Assets utilize blockchain technology to track the price of underlying assets in real markets but do NOT confer any share rights of the underlying assets.

After signing in, we are provided with a list of risks.

mAssets are simply leverage blockchain technology to mirror the price of underlying assets, and are not actual asssets. No custodian holds underlying assets for you on your behalf. You hold no legal rights to the underlying assets, only to mirrored tokens to the blockchain.

Verdict

This app clearly states multiple times that users do not truly own any cryptocurrency assets. It’s impossible to send or receive bitcoin as this is not an app for wallet services.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

No send/receive!

Can it send and receive bitcoins?

If the answer is "no", we mark it as "Can't send or receive bitcoins".

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.

But we also ask:

Defunct!

Is the product still supported by the still existing provider?

If the answer is "no", we mark it as "Not functioning anymore".

Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.