Quantfury: Trading Made HonestLatest release: 1.55.3 ( 24th January 2023 ) 🔍 Last analysed 1st November 2021 . Custodial: The provider holds the keys
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:
Is the product self-custodial?If the answer is "no", we mark it as "Custodial: The provider holds the keys".
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
Help spread awareness for build reproducibility
Please help us spread the word discussing the risks of centralized custodians with Quantfury: Trading Made Honest 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.
The Analysis ¶
(Analysis from Android review)
Description from the site:
Сommission-free trading and investing at real-time spot prices of global and crypto exchanges.
Quantfury is an exchange that allows users to trade cryptocurrencies and leverage real stock market assets like Tesla or Uber. It utilizes a third party provider: Coinpayments.
The platform provides services for: Crypto, Stocks, Futures, ETFs.
QuantFury Terms and Conditions Page
Quantfury (!Quantfury”), provides a mobile application-based platform (the !Quantfury App”) that allows users of the Quantfury App (!Traders”) to obtain economic exposure to the price movementof an underlying financial instrument (including, stocks, ETFs, commodity futures, index futures, cryptocurrency pairs, and fiat currency pairs) without the need for ownership and physical settle-ment of the underlying financial instrument (the !Service”).
Of particular note here is the section pertaining to wallet custody:
Funds received by Quantfury, prior to utilization on the Quantfury platform, shall be held in wallets originated by reputable third-party providers. All funds and other property of any Trader which Quantfury or its affiliates may at any time be carrying for a Trader (either individually or jointly with others) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by Quantfury as security and subject to a general lien and right of set-off for liabilities of client to Quantfury whether or not Quantfury has made advances in connection with such funds or other property, and irrespective of the number of accounts the client may have with Quantfury. Quantfury shall at no time be required to deliver to any client the identical property delivered to Quantfury for any account of any client.
Quantfury Support Page on Withdrawals
Withdrawals on Quantfury are sent instantly and without any fee, outside of the network fee required by blockchains to send the transaction.
Quantfury withdrawals are facilitated by the service of Coinpayments, the #1 merchant wallet in the world. Quantfury relies and passes on the network fees set by Coinpayments, which are flat.
Quantfury Support Page on Adding Funds to Account Balance Wallet
You can add funds to your Quantfury account balance at any time. Make sure to fund your account balance wallet in the same type of cryptocurrency that your current account balance is funded in.
Funding and Deposits
It is possible to fund your account using cryptocurrencies:
Once you selected the trading power, and the cryptocurrency you will be funding your account balance with, the Quantfury app will display the minimum amount required to be funded to access the trading power you selected.
Identity verification is required.
This app is custodial ergo, the app cannot be verified.
Share onTwitter Facebook LinkedIn
Or embed a widget in your website
<iframe src="https://walletscrutiny.com/widget/#appId=iphone/com.quantfury&theme=auto&style=short" name="_ts" style="min-width:180px;border:0;border-radius:10px;max-width:280px;min-height:30px;"> </iframe>
<iframe src="https://walletscrutiny.com/widget/#appId=iphone/com.quantfury&theme=auto&style=long" style="max-width:100%;width:342px;border:0;border-radius:10px;min-height:290px;"> </iframe>