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Finzo Markets

latest release: 1.3 ( 25th January 2021 ) last analysed  26th November 2021 Not functioning anymore 
4.2 ★★★★★
76 ratings
1 thousand
8th November 2020

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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 2021-11-11: This app is not on Play Store anymore.

App Description

An exact quote from the App Description:

Finzo Markets Mobile Trading Platform is developed by our specialists that has the most user-friendly interface for online trading and investing on financial markets. This mobile app provides users with such opportunities as trading on the Forex market, Cryptocurreny and CFD.

The Site

On the site we find the following information about withdrawing assets:

To initiate this process clients should log into the members area – click on “Withdrawal fund” and follow the instructions. After you submit withdrawal request, it is processed by Finzo Markets financial team.

A usual withdrawal request takes about 24 hour to be processed. Please note that the office hours of the Financial Department are Monday to Friday, 09:00 - 19:00 (GMT - 4.00). If your withdrawal request is submitted outside these office hours, it will be processed on the next day.

IMPORTANT: you can only withdraw in the same way you deposited to your account. That is if you deposited to your account by bank wire you can only withdraw by bank wire. This is a strict Anti-Money Laundering rule we must follow.

The App

We tried the app and registered. Going to the “Trader’s Room” will give you the option to deposit a variety of assets to start trading. If you choose a “Bitcoin Deposit,” you will be provided with a Bitcoin Address.

The Verdict

While this app does support CFD trading, it is possible to deposit and withdraw Bitcoin in this app, meaning this exchange can hold actual cryptocurrencies.

This platform processes withdrawals, meaning someone can approve or disapprove them. We were not able to locate any settings that allow the backup of a wallet or provide the private keys. Therefore, we conclude that this is a custodial app and thus not verifiable.

(dg)

Verdict Explained

This product went out of business ... or so. Read the analysis for details.

As part of our Methodology, we ask:

Is the product still supported by the still existing provider? If not, we tag it Defunct! 

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.