Yuh: 3-in-1 Finance AppApp Store
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
(Analysis from Android review)
App Description from Google Play
Invest in over 200 Stocks, 24 cryptos & 5 ETFs Make investments inspired by your own ideas and tailored to your budget with the lowest possible risk. With Yuh, you can trade the biggest cryptos whenever you want.
Terms and Conditions Include Blocking of Funds
18.2 “…If such information is not provided or is, in our opinion, insufficient, we may, without prior Notice, decline to execute your Instructions, postpone the execution of such Instructions, block the monies and other assets on the Yuh Account, notify the relevant authorities and/or terminate our business relationship with you. We will not incur any liability as a result of any action we take in accordance with this Section 18.”
Relation to other apps
- This app was developed by Swissquote Mobile who is also the developer for:
- The Yuh app describes Swissquote as their “founding mother and custodian bank”.
- Securities cannot be transferred from Swissquote to Yuh, but existing users of Swissquote will find an easier onboarding process to Yuh.
- Both Swissquote and Yuh link to each other on their respective websites.
- The Yuh app is geared towards a younger demographic and also serves as a reward platform where users are given Swissqoin, which is an ERC20 token.
Comparison between Swissquote and Yuh
|Swissquote Mastercard (Credit Card/Payment Card)||Yuh Mastercard (Issued by Swissquote)|
|Multicurrency Banking / Trading Account||Multicurrency account linked to IBAN|
|Stocks, ETFs, Equities, warrants and derivatives, options and futures, funds, ETFs, bonds, currencies, news, forex, commodities and share indices.||Fractional trading of stocks, ETFs, Trending Themes & Digital Assets|
|Cryptocurrency trading, (via a Swissquote Trading Account)||Cryptocurrency trading, (min 25 CHF)|
|Saving Strategy||Savings (1% interest)|
|Charts and Technical Analysis||Pillar 3A Pension Plan|
|Full Fledged Bank account||Contactless payments|
|eBanking payments, transfers, bill payments||Currency exchange|
|Actual crypto wallet to hold crypto||SEPA Transfer|
|Themes Trading||Bank Transfer|
|Trend Radar||Product of collab between Swissquote and PostFinance|
Yuh is the result of a joint venture between two renowned Swiss financial institutions: Swissquote and PostFinance. Yuh itself is not a bank. The banking and financial services offered in the Yuh app are provided by Swissquote, which is authorised by FINMA, the Swiss Financial Market Supervisory Authority.
Country restrictions for app installation and registration, plus the language barrier made this difficult for us to review. Moreover, the service has extensively complicated legal terminologies that are difficult to fathom.
It has separate legal agreements for separate portions of its service:
- General Terms and Conditions for Yuh Accounts
- Fractional Trading Agreement for Yuh Accounts
- Best Execution Policy for Yuh Accounts
- Safe Custody Regulations for Yuh Accounts
- Exchanges Conditions for Yuh Accounts
- Brochure on Risks Involved in Trading Financial Instruments
- Digital Assets Contract for Yuh Accounts and Digital Assets Risk Disclosure
- SQX Trading Rules
- General Terms and Conditions for the use of Yuh Debit Cards
- Third party remuneration
- Note on outsourcing
- Special Terms and Conditions for the use of eBill
- Swissqoin Distribution Memorandum
- Terms and Conditions of the Yuh App
The most pertinent for our purposes is the Digital Assets Contract for Yuh Accounts and Digital Assets Risk Disclosure
D CUSTODY OF DIGITAL ASSETS
- CUSTODY SERVICES 10.1. Digital Assets acquired through the System or Transferred to Bank DLAs may be kept by us in custody (a) either directly, or (b) with a third party custodian, depositary or professional service provider (each a “Sub-custodian”) in our name, acting as nominee (fiduciary), but for your account and at your own risk. We select Sub-custodians at our sole discretion. Upon written request, we will provide a list of criteria we use to identify suitable Sub-custodians.
You acknowledge that, unless otherwise indicated by us, we determine at our sole discretion whether the Digital Assets are kept in custody directly by us or by a Subcustodian. A substantial part, and potentially all, Digital Assets may therefore be held with a Sub-custodian. All Digital Assets credited from time to time to your Yuh Account will be held by us solely as nominee on your behalf. You remain the legal and beneficial owner of such Digital Assets
12.1. We do not undertake to offer custody services for the Digital Assets during the entire duration of the Digital Assets. In case we discontinue or are unable to continue offering custody services for the Digital Assets, for whatever reason, we may prevent, condition or delay any Transfer of the Digital Assets if we deem it necessary or appropriate for our own protection…
As the contract stipulates,
All Digital Assets credited from time to time to your Yuh Account will be held by us solely as nominee on your behalf.
…we may prevent, condition or delay any Transfer of the Digital Assets if we deem it necessary or appropriate for our own protection…
Initially, we took all this information and determined that the service is a custodial one. However, we verified with the provider on twitter and they confirmed that their wallets cannot send and receive.
Danke schön. notiert. Nur um es ganz klar zu sagen, wenn ich Bitcoin kaufe, kann ich es dann auf eine Brieftasche wie Electrum übertragen/abheben?— 𝕯 | #bitcoin WalletScrutiny.com Researcher (@BitcoinWalletz) March 2, 2023
Im Moment ist diese Funktion noch nicht verfügbar. Wir werden dies jedoch bei der weiteren Produktentwicklung berücksichtigen!
Translated from German:
At the moment this function is not yet available. However, we will take this into account in further product development!
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.