COBO WALLET REVIEW
Having started in crypto going on 10 years, with the last year reapplying myself towards being more involved with projects and my own personal projects, I’ve learned a few things about wallets and the storage of coins.
The biggest rule that I have about using any wallet, is having full access to my coins. At no point should you accept any exception to that rule. Ever.
That said, I have 7 wallets.
Coinomi, Trust, Enjin, Coinbase, Yoroi, Magnum, Swift, Tronlink and COBO. Yes, I know that’s 8, but one I intend to uninstall ASAP.
Guess which one?
In all the time I’ve worked with all the above wallets, not one has ever stopped me from withdrawing my coins, except COBO.
After 48 hours of emails, and reaching out on Twitter and all else, I’ve come to the conclusion that COBO isn’t what it seems to be.
This isn’t going to be a good review for COBO and it shouldn’t be. I’m going to write about my experience and hope that by sharing my experience, nobody else has to fall victim to what I think is purely a scam.
COBO advertised itself as a Stake Enabled Wallet for Tron and since I had or have, (unsure at the moment) 1,310.2233 worth of TRX, I thought I would try COBO out.
After I made my deposit and tried multiple times to stake my TRX, I realized it didn’t actually stake TRX, in fact it barely stakes any of the coins it advertised it does.
After looking into other wallets, I discovered TRON released their own stake enabled wallet and downloaded it.
Now here comes the problem.
The coins I deposited into COBO, now can’t be removed. After several attempts, and a red notice dropping down saying I had reached my send limit,(Have not sent anything with this wallet by the way), I started looking for an explanation.
I learned that they require a full KYC to upgrade your account, and although I didn’t want to, I attempted it anyways.
Only to discover they only accept Passports for the KYC. Hmmmmm…
Well, my passport is over 20 years old. It’s also in the backyard shed, packed away with other things that are 20 years old. The Passport was out of the question, mainly because it’s outdated and mostly, I wasn’t about to go dig out something that wouldn’t have helped me in the first place.
So I wrote to their support.
48 hours later I get a lame reply asking me to provide all of my documentation. My ID, a selfie of me holding my ID. My home address, my phone number, my login and password. The whole kit and kaboodle.
Why?
I didn’t reach the .1 BTC threshold notice they drop down over my wallet whenever I tried to send my TRX somewhere else.
I haven’t deposited over .0 in BTC, (?) as the notice and my security level claims I am not allowed to reach in a 24 hour period.
The only thing I did was deposit less than 30$ in TRX. Which does not amount to .1 in BTC or .0 in BTC.
Then I went to Twitter, with my issue, and then to their Google Playstore page and then as I promised if my coins were not released, I would be happy to share my experience on Medium, Publish0x, Steemit, Twitter, Facebook and on my very own Podcast show.
Here’s the thing, COBO. You do not take away the ability to send or receive coins over a transaction of less than 30$.
You don’t need my full identity, and you sure don’t need to set thresholds that never were reached, as a barrier of use for you wallet, unless of course you do this on purpose?
I’m sure they will use some excuse about the laws in the US. Problem is, no matter where I live, my business is registered in a state that allows for crypto trade, which the wallet clearly states. I named it after our Estate Funds.
Tron should be warning users about COBO and take COBO off of it’s website as a TRX friendly wallet.
COBO isn’t friendly, if anything it seems almost criminal, if not a willfully designed wallet that takes coins, not protects them.
NOBODY SHOULD USE COBO TO HOLD THEIR COINS. NOBODY!
Plus nobody should need to write a review like this, just to get back what is rightfully theirs.