I tried out this wallet and it definitely looks good so far.
I did notice there is a "withdraw from wallet" fee of about 0.1%. Is that correct? I assume this is part of the business model as the app is free and it is free to deposit into the wallet, but there is a cost to withdraw.
Using an android device for the cold wallet seems pretty secure to me by using the following workflow:
1. factory reset android device
2. add google account to device (If I remember correctly, if using 2FA with the google account, you will need to enter this code as well when adding your account to the device)
3. add a unique password to the startup of the device or when the device is locked
4. turn on wifi and connect to your own wifi
5. download app from play store
6. turn off wifi and forget wifi connection
7. run app and create a wallet with your own entropy or restore your wallet
8. add unique password to the app
9. use wallet normally
10. if the app is updated, then start at step 1
One thing I am not sure of though:
When I want to send BTC to another wallet and I am using the selftrust.me website, how do I know the app on the cold wallet phone is not sending the seedphrase/private keys to the selftrust.me website to be stored? This could be just an inherent limitation of wallets in general as we will always have to trust the wallet/seed generator to some extent, just as I have to trust in the full node I am running.
It would be nice if I could specify my full node for this wallet.