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Forex4you - Online Trading

latest release: 5.0 ( 10th December 2021 ) last analysed  24th December 2021 Can't send or receive bitcoins
4.7 ★★★★★
268
11th October 2015

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Older reviews (show 0 of 1 reproducible)

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)

New Review 2021-10-28

Article on site: What is Cryptocurrency CFDs Trading?

Physical crypto versus Crypto Contract For Differences If a trader wants to invest in physical crypto, they will need to open an account with one of the many online crypto exchanges in the market and exchange their fiat for crypto. However, most exchanges don’t have the same execution speed or offer a user-friendly trading terminal as MT4. Not to mention, these exchange are not regulated nor 100% safe from hack attacks. Having those risks in mind, a trader can instead open an account with Forex4you to trade Crypto Contract For Differences (CFDs). In this case, as a trader you would not purchase the physical crypto, but trade on CFDs. This has many advantages, firstly you will trade with a regulated entity, secondly you can long or short the crypto in a quick manner, thirdly you can trade on the intuitive trading platform of Forex4you. All in all, trading crypto CFDs is more practical and similar to the actual Forex trading experience.

Our New Verdict

CFDs allow trading of Bitcoin, with the intention of cashing them out for fiat. Our new verdict then is that this platform cannot send or receive bitcoins.

Old Review 2021-09-03

We downloaded the app and couldn’t find anywhere of a mention about how to withdraw or deposit cryptocurrencies. The only reference for cryptocurrencies is on Google Play.

Trade with forex, stocks, indices, commodities and cryptocurrencies such as gold and oil (?)

Nowhere in the site has it been mentioned how. I google’d using the parameter:

site: https://www.forex4you.com bitcoin or crypto or deposit or wallet.

We also verified with their legal documents and found nowhere in the language that crypto was supported on the site.

Finally, I contacted their chat support and chatted with a certain Vladimir S, about the possibility of depositing or withdrawing cryptocurrencies. Here’s a quote of the interaction:

Daniel Andrei R. Garcia:
hello

15:37Vladimir S.:
Unfortunately, this payment system is not available for your region

15:37Daniel Andrei R. Garcia:
But how about in other regions? I’m trying to search your site about information about this.

15:40Vladimir S.:
There is no information about the crypto wallet on the site. It is available for other regions, but not for yours.

In the absence of evidence pointing to it as having the capability of a wallet, I would have to say that it has no wallet.

Even if we are going to assume that their support was telling the truth, the lack of hard evidence to show their ability to host wallets or even a security mechanism (ie. cold storage) goes against that verdict.

Furthermore, the support did not specifically point to a web page indicating such.

(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.