BigoMex-Trading for BEGINNERSLatest release: 1.2.7 ( 22nd June 2021 ) 🔍 Last analysed 1st July 2022 . Custodial: The provider holds the keys Not updated in a while
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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.
The Analysis ¶
BigoMex is a cryptocurrency contract trading platform.
BigoMex adopts multi-wallet management to secure user’s funds. Meanwhile, trading settings such as stop-loss and take-profit features allow users to secure profits and prevent excessive loss.
In extreme circumstances, including without limitation any cryptocurrency market irregularities or collapse, BigoMex may, at its sole discretion, terminate any orders (whether executed or hedged), or any User may not make any buy and seller order in relation to Cryptocurrency CDFs on the platform, for any period of time as determined by BigoMex.
In light of the special features of the platform and cryptocurrency contracts, the platform may take any action necessary to maintain the stability of the Platform, including without limitation, limiting the rights of the User in using their respective Accounts or trading any cryptocurrency contract on the platform, at BigoMex sole discretion.
Deposits and Withdrawals
It is possible to deposit
It is possible to withdraw BTC
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
But we also ask:Was the product updated during the last year? If not, we tag it Stale!
Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.
This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.
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