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Vantage: Trade Smarter

latest release: 2.0.0 ( 15th November 2021 ) last analysed  1st November 2021 Can't send or receive bitcoins 
4.8 ★★★★★
5380 ratings
1 million
6th July 2019

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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 

App description:

The Vantage FX app offers traders easy, yet powerful mobile access to hundreds of FX Pairs, Commodities, Indices, Share CFDs and more! Available for both iOS and Android devices, the Vantage FX trading app is equipped with a suite of trading and investing tools so you can trade global markets anywhere, anytime! Trade your way anywhere, anytime, with the Vantage FX app.

There was no mention of BTC or any other cryptocurrency in their Playstore description.

On their website’s help center, Vantage mentions that crypto assets “are offered in the form of CFD.”

Kindly note that Crypto assets are offered in the form of CFD. As CFD markets are closed over the weekend crypto trading is not available either.

CFD trading entails that users do not actually own the assets and as a result, cannot send or receive bitcoin.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

Can it send and receive bitcoins? If not, we tag it No send/receive 

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.