NordFX | Investing appLatest release: 15 ( 24th May 2022 ) 🔍 Last analysed 19th October 2021 . Can't send or receive bitcoins
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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 ¶
NordFX is an “investing app.” Some of the primary features it advertises includes:
- Fast KYC for new clients
- FX, Metals, Cryptocurrencies to trade[…]
The description does not say much else about cryptocurrencies, and notably the official Twitter account refers to itself as an “ECN Forex Broker.”
We find two articles on the official NordFX website about CFDs.
While many brokers, frightened by high volatility, give up majoritarian cryptocurrencies trading, the brokerage company NordFX, has on the contrary provided its customers with a leverage ratio, exactly 1000 times (!) higher than their own funds.
Thanks to them [CFDs], in addition to currency pairs on Forex, you can work with stocks, stock indices, commodities and even cryptocurrencies. Trading accounts CFD are widely represented by the broker NordFX.
How can I fund my account? A trading account can be funded by a bank transfer, VISA and MasterCard cards, electronic payment systems (eg, WebMoney, QIWI, Skrill, Yandex.Dengi, Alpha-Click, etc.) or through an online exchange.
How can I withdraw funds from my account? You can withdraw funds by a bank transfer, VISA card and MasterCard, as well as a number of electronic payment systems (WebMoney, Skrill, QIWI, etc.) and currency exchange Z-Payment. Please note that the amount of the initial deposit can be withdrawn only to the same payment system, with which it was credited. The profit can be withdrawn to any payment system. Withdrawal by bank transfer is available in all cases.
We tried the app. The registration form required a surname and phone number.
We were given the option to verify our account using identification documents such as passport/ID Card and Proof of Residence.
There is seemingly no wallet, although you are given the option to Buy and Sell stocks.
You cannot send or receive cryptocurrencies on this app.
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.
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