Bitex - Crypto ExchangeApp 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)
Update 2022-04-10: This app is not available anymore.
⚠️ Warning: There are many instances which give us pause when it comes to this app. Please see below. Proceed with utmost scrutiny, due diligence and caution when examining this app.
There is a shocking amount of negative Play Store reviews of users saying that they were not able to withdraw their money:
★☆☆☆☆ December 23, 2020
Pathetic app…. my money is stuck for the last 2 months. They don’t even respond back .. no customer support.. no contact centre to call to.. they reply back to emails after 5-7 day with the same reply…..my money is stuck n they don’t have any answer. They are asking me to follow up with my bank.. but they r not giving any transaction reference number..I did a BTC deposit which is also not yet credited… this is a fraud app.. it’s a big scam.. pls don’t open account here.
Sam C Veera
★☆☆☆☆ March 22, 2020
Scammers and thieves! Stay away! They don’t respond to emails or support tickets. I sent them 1000 AED which they have not reflected into my account after 2 days. No phone number or address to be found. Terrible. Just terrible.
★☆☆☆☆ May 20, 2021
Fraud app. They are scammers. Bitex is a 100% Fraud app. They is no customer support. They never replies to your emails. My deposit is stuck since 4 months now. Its a fraud app. Don’t invest you will loose all your money.
This app is a digital asset trading platform
The Bitex App makes the act of digital asset trading a hassle-free experience with a completely re-imagined UI where both beginner & veteran traders alike can get to grips to with it in no time.
Here is what Bitex says about security:
We already are the safest exchange around but we’ve decided to take the security of both our new and loyal customers to the next level. We’re introducing a two-factor authentication system where both email and, mobile verification will come into play.
On the site’s homepage, Bitex claims to provide a “multi-signature wallet.”
Your Bitex wallet is secured using 3 keys. First key is stored with us, second key with our wallet partner and third is the recovery key. A transaction goes through only if it is signed by 2 of the 3 keys.
In Terms of Service, Maintaining Your Account:
If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests or accept termination of your Account.
Bitex has the ability to terminate your account, meaning that it is able to hold your assets in custody. Thus making it a custodial wallet, ergo 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.