Wallet Logo

FOREX.com: CFD & Forex Trading

latest release: 1.83.2467 ( 24th November 2021 ) last analysed  16th October 2021 Can't send or receive bitcoins 
3.8 ★★★★★
32
14th October 2020

Jump to verdict 

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with FOREX.com: CFD & Forex Trading  via their Twitter!

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

Perhaps one of the more well-known Forex sites due to its domain power, Forex.com offers trading in 300+ markets. This includes: FX, precious metals, various trade indices, shares and cryptocurrencies.

  • Trade Cryptos: Buy and sell Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple

The Site

Gain Capital now known as Gain Capital Holdings, has been in possession of the domain since 2003.

Like many of the forex and cryptocurrency trading sites that we’ve reviewed in the past, Forex.com cannot be funded via cryptocurrencies. Instead, these are the funding options:

  • Bank Transfer (ACH)
  • Wire Transfer
  • Debit Card

The same is true for withdrawals:

How do I withdraw funds from my account?
To withdraw funds, log into the trading platform and click “Add Funds” and then select the “withdraw funds” option. Funds must be withdrawn to the originating source of deposit.

Excess funds may be withdrawn by bank transfer or wire transfer. In the event you added a new bank account to withdraw excess funds, FOREX.com will require evidence of the account by uploading a bank statement.

Trade Cryptocurrencies as CFDs

Take advantage of crypto volatility
Trade a wide range of cryptocurrencies without having to own the underlying asset. Go long or short on Bitcoin, Ethereum, Litecoin and Ripple, with no need for wallets or exchanges.

How to Trade Bitcoin in Forex.com (PDF)

Verdict

Funding can only be via traditional financial institutions, this app cannot 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.