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FX Coin

Latest release: 1.11.1 ( 30th October 2020 ) 🔍 Last analysed 25th October 2021 . Not a wallet Not updated in a while
3.4 ★★★★★
2801 ratings
100 thousand
7th March 2019

Jump to verdict 

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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

Note has to be made that there are several social media handles with the words fxcoin in it, across different countries.

The app allows the purchase of bitcoins using visa/mastercard, said app then transfers bitcoin to an address the buyer owns.

We downloaded the app on 2021-08-26 and clicking on ‘Add Funds’ then ‘Cryptocurrency’ results in an error ‘Something goes wrong. Please, try later.’

We then took a look at the Terms of the site, where in Section 6.1, it says:

The Company provides you with the Services to purchase supported cryptocurrencies by allowing you to pay for such supported cryptocurrencies by your bank card (debit/credit) and after a transaction is completed – receive purchased cryptocurrencies on a digital wallet you owned. The Company currently is not providing any other services in connections with cryptocurrencies such as store and manage of cryptocurrencies, digital wallets services. We will update you when any additional services will be offered by the Company.

Verdict is nowallet


Verdict Explained

This appears to not be a product to receive and send money.

As part of our Methodology, we ask:

Is it a wallet? If not, we tag it No Wallet

If it’s called “wallet” but is actually only a portfolio tracker, we don’t look any deeper, assuming it is not meant to control funds. What has no funds, can’t lose your coins. It might still leak your financial history!

If you can buy Bitcoins with this app but only into another wallet, it’s not a wallet itself.

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.

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.