XTB - Online TradingLatest release: VARY ( 19th January 2023 ) 🔍 Last analysed 21st August 2021 . Can't send or receive bitcoins
The product can't send or receive BTC.
As part of our Methodology, we ask:
Can it send and receive bitcoins?If the answer is "no", we mark it as "Can't send or receive bitcoins".
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.
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Please help us spread the word discussing the risks of centralized custodians with XTB - Online Trading via their Twitter!
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 ¶
The app description:
Trade with the Best CFD Broker for 2021* using the award-winning mobile app (Best Mobile App for Investing 2019 & 2020 according to the Rankia awards).
Under their list of trading instruments
Cryptocurrencies (e.g. Bitcoin, Ethereum, Ripple)
XTB is a brokerage. It allows you to trade or invest in Bitcoin through CFDs, meaning you don’t actually own the Bitcoin. The verdict here is No send/receive!
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