AMarkets TradingLatest release: 1.4.65 ( 27th December 2022 ) 🔍 Last analysed 13th October 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.
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 ¶
(Analysis from Android review)
The app describes itself as an
ideal solution for both novice and professional traders and investors.
It is a brokerage service, with some of the international awards it lists in the description describing it as such.
RACE AWARDS 2015 - Best CFD broker in the affiliate programs market 2015
Due to this app being referred to as a CFD broker, users may not be able to send or receive their cryptocurrencies due to not actually owning the digital assets traded here.
From the Help Center: What are CFD’s?
When you buy a contract, you are betting on the future growth of an asset, expecting to sell your contract at a higher price and make a profit from this price difference.
It’s doubtable that you can actually buy and sell cryptocurrencies on this brokerage platform.
Upon testing the app, we are allowed to try either a Demo or Real account. There’s an option for users to trade bitcoin, however you are not provided with a wallet.
This app is a brokerage service and not for managing actual bitcoin. You can’t really send or receive due to the use of CFDs.
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