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ForexTB: Online Trading

Latest release: 2.4.6 ( 28th November 2021 ) 🔍 Last analysed 1st October 2021 . Can't send or receive bitcoins
0 ★★★★★
0 ratings
21st 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 

(Analysis from Android review)

Google Play

From the description:

Access the markets and trade CFDs on Forex pairs, Commodities, Stocks, Indices and Cryptocurrencies from your mobile phone. ForexTB offers over 300 assets, with easy control over open positions and setting Stop Loss & Take Profit levels.

The description also includes a “quick list” of the app’s features, but a bitcoin wallet is not included there.

The Site

This site has a Legal page, where the Terms of Use and Privacy Policy can be found.

From the Client Agreement (it is a PDF file and must be downloaded to view):

“Buy” shall mean a Transaction in a CFD that is opened by offering to buy a specific number of a certain Underlying Asset, and may also in our dealings with you in CFDs, be referred to as a “Long” or “Long Position”

We would like to point out that this app states, in its Google Play description, that it is meant for trading CFDs.

“Contract for Difference or CFD” shall mean the Financial Instrument which is a contract between the parties (typically described as “buyer” and “seller”), stipulating that the seller will pay to the buyer the difference between the current value of an Underlying Asset and its value at a future time; if the difference is negative, then the buyer pays instead to the seller.

The App

Unfortunately, registration is not available in some countries. We were unable to access this app.

Verdict

A CFD is a financial instrument that allows traders to speculate on an asset without actually owning the asset. The presence of CFDs imply an inability to send and 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.

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.