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Wyretrade: Invest in Stocks, E

Latest release: 1.1.7 ( 19th July 2021 ) 🔍 Last analysed 2nd November 2022 . Custodial: The provider holds the keys Not updated in a while
3.4 ★★★★★
106 ratings
10 thousand
30th April 2021

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Please help us spread the word discussing the risks of centralized custodians with Wyretrade: Invest in Stocks, E  via their Twitter!

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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

App Description

From Google Play:

Wyretrade is a blockchain powered mobile trading App that let investors buy and sell stocks, ETFs and Cryptocurrency.

This app is an exchange.

The app developer is listed as “Remitty LLC,” and has developed two other apps with neither of them involved in cryptocurrencies.

Notably, many of the 5-star reviews only state things such as “nice app” or “Awesome” while many different 1-star reviews say that the app is fake or a scam.

The Site

The official site is fairly small and only has a few pages worth noting. The link to the IOS app does not work.

User Agreement

The Terms and Conditions has an Anti-Money Laundering statement, saying that by using their services, you agree to undergo KYC. They obtain personal information, including address, SSN, and the ID verification document.

Termination Clause

You agree that, without notice, Wyretrade and Remitty LLC. may terminate these Terms and Conditions, or suspend your access to the Service or the Content, with or without cause at any time and effective immediately.

The App

Attempting to sign in to the app returns a strange error claiming that:

“You have already exist account.”

Trying a different email address still returns that same error.

Verdict

From what we gather, this app is one of the many obscure exchange apps. With no evidence stating otherwise, we mark this app as custodial and thus not verifiable.

(dg)

Verdict Explained

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

As part of our Methodology, we ask:

Custodial!

Is the product self-custodial?

If the answer is "no", we mark it as "Custodial: The provider holds the keys".

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.

But we also ask:

Stale!

Was the product updated during the last year?

If the answer is "no", we mark it as "Not updated in a while".

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.