Fondex cTrader: invest onlineLatest release: 4.6.54384 ( 14th 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)
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.
Fondex does use CFDs in trading, as seen in the FAQs:
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.
It’s clear that you do not actually send or receive your digital assets in this app due to the use of CFDs.
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