CapexLatest release: 2.16.0 ( 6th February 2023 ) 🔍 Last analysed 1st October 2021 . Can't send or receive bitcoins
The product can't send or receive BTC.
As part of our Methodology, we ask:
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.
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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 ¶
From its Google Play description it lists its functions as:
CFD Trading on the world’s most popular financial instruments: Currencies, Oil, Gold, Silver, Bitcoin, Apple, Facebook, Ethereum, Tesla, DJIA, DAX 30, S&P, NASDAQ and more
The App and the Verdict
We downloaded the app and registered. Unlike most other apps that we have so far reviewed, the sign up process is very tedious. It required several information including the Tax Identification Number, profession, educational attainment, whether the user is a politically exposed person, annual income, savings and investment, source of income, amount to invest every year, average yearly disposable income, where the funds would come from, origin of incoming funds, bank name, country and more.
It has a page for Bitcoin, which states:
Trading Bitcoin via CFDs doesn’t require an exchange account or a wallet, so no security concerns or withdrawal fees for you to worry about.
Given that this is a CFD trading app, our verdict is that this app does not send or receive bitcoins.
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