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CITEX- Crypto trading & PoW

latest release: 2.0.6 ( 12th October 2021 ) last analysed  15th November 2021 Custodial: The provider holds the keys 
2.8 ★★★★★
78 ratings
1 thousand
25th December 2019

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Please help us spread the word discussing the risks of centralized custodians with CITEX- Crypto trading & PoW  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.

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 

App Description

CITEX (www.citex.io) is a world leading digital asset trading platform and top POW coin trading platform. CITEX supports the trading of diverse digital crypto currencies such as BTC, LTC and ETH. With high-speed matching engines, all-round guarantee of capital safety and an extremely fast deposit and withdrawal experience, it provides safety and protection for your trading portfolio.

Critical Reviews

Several negative reviews are users saying that this app does not work, or that it gets stuck while updating.

Ojo Ifeoluwa
★☆☆☆☆ April 8, 2020
Why is the app no working again? I sign in few miniutes ago and a message popup thah i should upgrade, when o click to upgrage on getting to Googl Play, the app didn’t shoe upgrade. But when I went back to the app on my phone, it still deplay i should uphrage and its denying me the use of the app. Please look in to it.

There is one scam accusation.

Alim S
★☆☆☆☆ April 26, 2021
Scam exchange. They will never give you your coins. Pretending to work on the wallet for more than 9 months now.

The Site

From the Terms of Use, we see that it’s possible for CITEX to terminate your account.

The Company may freeze the member’s account and e-wallet without his/her consent when freezing the e-wallet is required for the investigation of national authorities such as investigation organs, the Ministry of Justice and administrative departments due to electronic financial fraud.

From Article 6 Application for users

When information that is inconsistent with the fact or false information is provided or the information is found to be false later, the Company will suspend the membership service or permanently end or terminate the service contract. Any loss incurred to the Company and third parties thereof will be fully borne by the corresponding member.

The App

We downloaded the app. It has the interface of an exchange, and allows you to enable 2-FA before you can withdraw. It lets you deposit BTC via a QR code and Bitcoin Address.

Verdict

This exchange is custodial and therefore not verifiable.

(dg)

Verdict Explained

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

As part of our Methodology, we ask:

Is the product self-custodial? If not, we tag it Custodial! 

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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.