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Fiboda - Copy trading platform

Latest release: 1.1.0 ( 9th July 2021 ) 🔍 Last analysed 15th January 2022 . Can't send or receive bitcoins Not functioning anymore
4.2 ★★★★★
5 ratings
9th February 2021

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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 2022-01-15: This app is not on the Store anymore.

(Analysis from Android review)

App Description

FIBODA is a leading multi-broker, Social, and Copy-trading Platform. Invest by copy trading with Top and curated Traders in Forex, Indices, Commodities, Stock & Cryptos CFDs!

FIBODA supports the buying and selling of CFDs, which means that users don’t actually own the assets.

The Site

From the Terms of Service:

Fiboda offers solely the technical means that enable you to adopt trading strategies of other users of the Platform, based on the assumption that you have consciously chosen to conduct CFD and/or FX transactions with a Broker of your choice.

There’s little to read in this site concerning cryptocurrencies.

Verdict

Due to this platform being created for traders who conduct CFD transactions, users do not own the digital assets. This app does not allow users to send or receive 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.

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.