Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
Convenient and safe cryptocurrency exchange FX5 Exchange provides the most professional, secure and global cryptocurrency trading environment.
FX5 is safe. We have built a world-class security system to protect our customers’ assets. Most of our customers’ assets are stored in an offline storage that cannot be attacked by external attacks, and our customers’ valuable assets are protected from hacking.
FX5 is a Korean trading platform. Here, the app description gives a good indication that it is a custodial service.
Trying out the app and registering reveals that we need to complete multiple levels of verification to be able to withdraw or deposit digital assets.
With the information gather this far and no mention of self-custody or private keys, we can conclude this app is custodial and thus not verifiable.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.