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Alvexo: Online CFD Trading App on Forex & Stocks

latest release: 3.0.46 ( 3rd August 2021 ) last analysed  15th September 2021 Can't send or receive bitcoins 
4.2 ★★★★★
615 ratings
50 thousand
13th July 2018

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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 

As this is a CFD, stocks, indices, commodities and forex trading app, we can assume that this app does not allow “real” bitcoin to be sent or received.

CFDs or Contract for Differences only allows for speculation on an asset without actually holding the asset.

This is proven in Section 46.1 of its Terms and Conditions

The Company may, at its sole discretion offer CFDs on cryptocurrencies for trading on its Online Trading Facility, from time to time.

The verdict for this app, is that it can’t send or receive bitcoins.

(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.