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TigerWit – Forex Trading & More

latest release: 5.5.3 ( 8th September 2021 ) last analysed  27th August 2021 Can't send or receive bitcoins 
4.1 ★★★★★
1653 ratings
500 thousand
24th January 2018

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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 

The TigerWit app cannot send and receive actual BTC as it only allows buying CFDs (Contracts for Differences).

It is a forex, precious metals, stocks, indices, commodities copy-trading app that utilizes CFDs for trading cryptocurrencies.

TigerWit’s Products > Crypto Page

TigerWit cryptocurrency trading can be undertaken using CFDs or Contracts for Differences as they are formally known.
CFDs are cash-settled contracts and that means you are simply trading the prices of cryptocurrencies without any concerns about ownership or security.
In terms of security and peace of mind retail investor accounts could certainly be considered to be better off when cryptocurrency trading via CFDs, because you never own the underlying instruments and never have to worry about making or taking delivery or securing private keys. Though of course, retail traders will still need to understand the risks involved in CFD trading.

(dg)

Verdict Explained

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.

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.