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Fiboda - Copy trading platform

latest release: 1.1.0 ( 9th July 2021 ) last analysed  3rd November 2021 Can't send or receive bitcoins 
4.2 ★★★★★
5
9th February 2021

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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.

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 

(Analysis from Android review)

App Description

FIBODA is a leading multi-broker, Social, and Copy-trading Platform. Invest by copy trading with Top and curated Traders in Forex, Indices, Commodities, Stock & Cryptos CFDs!

FIBODA supports the buying and selling of CFDs, which means that users don’t actually own the assets.

The Site

From the Terms of Service:

Fiboda offers solely the technical means that enable you to adopt trading strategies of other users of the Platform, based on the assumption that you have consciously chosen to conduct CFD and/or FX transactions with a Broker of your choice.

There’s little to read in this site concerning cryptocurrencies.

Verdict

Due to this platform being created for traders who conduct CFD transactions, users do not own the digital assets. This app does not allow users to send or receive bitcoins.

(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.