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Vivid: Mobile Banking

Latest release: 2.35.1 ( 2nd November 2022 ) 🔍 Last analysed 21st August 2021 . Can't send or receive bitcoins
4 ★★★★★
1 million
9th October 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 

Vivid is a brand new mobile banking and investing app. Online banking and commission-free investing belong together and should be easy.

From their website’s ‘help’ section in response to the question: “Do I own real cryptocurrencies?”

No, you don’t. With Vivid Invest we offer trading via Fractional Сoins. Fractional Coins are investment products; one-to-one bilateral agreements (so-called OTC derivatives) with specific cryptocurrencies as underlying. The price of your Fractional Coins reflects a real coin’s price movements 1:1. There is no leverage.

We conclude that this app cannot send our receive actual Bitcoins.

(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.

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.