TradeStation - Trade & InvestApp 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)
While this might be a good thing:
- External Custodians are usually highly specialized in securing assets
- External Custodians will care about fixing issues with one client, to not lose others
- External Custodians are usually registered businesses under regulatory oversight
- External Custodians will try to protect your funds even from your wallet provider: With fraud detection, they will certainly try to avoid the emptying of all users' wallets at once
- External Custodians are extra intermediaries: Even when the wallet provider wants to let you use your money, they might turn out to be uncooperative
- External Custodians holding custody of many wallets are interesting targets for hackers and thieves
- External Custodians, being publicly registered will not be able to resist if in their jurisdiction rules on the use of Bitcoin get tightened
As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution. Please let us know if you found proof that the provider is being dishonest about their business relation to External Custodians!
This app is meant for trading stocks as well as buying and selling cryptocurrencies:
The all-in-one TradeStation mobile app gives you the tools to trade the way you want right in the palm of your hands. Trade stocks, ETFs, options, futures, and crypto all in a single trading app.
TradeStation is owned by TradeStation Group, Inc.
In the FAQs Page, TradeStation says that it is not an exchange but a brokerage service:
As a broker, TradeStation Crypto is not bound to a single exchange and has the flexibility to provide access across multiple liquidity sources.
Additionally, TradeStation asserts that it is not a bitcoin wallet.
We’ve engaged BitGo to implement a multi-signature wallet structure that leverages dual-system controls, address whitelisting, spending limits and multiple wallets. We believe that custody is best left to firms like BitGo, whose sole responsibility is to provide a wallet solution for crypto assets.
While TradeStation has engaged with BitGo to provide wallet services, a third-party service is still in charge of your assets. As such, this app will still be marked as custodial and thus it is not verifiable..
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.