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Fondex cTrader: invest online

latest release: 4.2.54301 ( 1st October 2021 ) last analysed  13th October 2021 Can't send or receive bitcoins 
5 ★★★★★
2
18th November 2017

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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

From Google Play:

Fondex cTrader is among the leading apps, offering the change to invest in stocks, currencies, gold, oil and various other assets, with professional conditions and powerful market analysis tools.

It also states that it is “fully regulated by CySEC” and has segregated client funds.

The Site

Fondex does use CFDs in trading, as seen in the FAQs:

When trading CFDs, you don’t own any financial instrument; your profit/loss depends on the price movement.

The App

Fondex is a trading app. We installed it to view its features, although we couldn’t find a way to deposit or withdraw bitcoin.

You can verify your profile by completing a KYC application, which includes questions such as the user’s street address, city, and postal code.

Verdict

It’s clear that you do not actually send or receive your digital assets in this app due to the use of CFDs.

(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.