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UBFX - Forex Trading

Latest release: 6.24.3790 ( 22nd September 2020 ) 🔍 Last analysed 10th November 2021 . Can't send or receive bitcoins Not functioning anymore
18th May 2017

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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 2021-10-26: This app is no more.

(Analysis from Android review)

Update 2022-04-09: This app is not available anymore.

App Description

From Google Play:

UBFX is a foreign exchange trading platform designed for starter investors and professional traders.

Also in the description, it mentions the use of CFDs.

Cryptocurrency CFDs are provided - BTCUSD, BCHUSD, LTCUSD, ETHUSD and RPLUSD.

The App

We tried the app and could find no wallet or option for the user to manage bitcoins. As this platform utilizes CFD trading, users do not actually own the assets.

Verdict

You cannot send or receive bitcoins on this app.

(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.