Libertex - Forex Trading Applatest release: 2.21.0 ( 25th May 2019 ) last analysed 30th December 2021 Can't send or receive bitcoins Not updated in a long time
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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)
Updated Analysis 2022-01-04:
This is a Cryptocurrency CFD (Contracts for Differences) trading platform. We are changing the verdict to reflect this.
As of today, the iOS version of the app has last been updated on May 25, 2019, whereas the Android version was updated just last November 26, 2021.
Erratum: It was stated in the previous analysis that there is a “wallet”. We mistakenly assumed that it could be a Bitcoin or a crypto wallet. At the time - (and up to now), the only way to simulate depositing or withdrawing would be to pass through KYC, which would require us to submit personally identifiable documents.
We were wrong, and it is not a cryptocurrency wallet as most Forex and CFD trading platforms would have.
We now know that the only way to fund accounts is through the following: Bank transfer, Bank Card, Neteller or Skrill. This can be found in a support article.
Libertex is a powerful online trading app designed to boost your trading experience.
Libertex Online Trading app advertises itself as a “powerful online trading app” and not as a Bitcoin wallet. It does have a “wallet” that can store Bitcoins but users aren’t provided with the private key. With a third party in control of the keys and no source code in sight it’s safe to assume this app is custodial and as such not verifiable.
Additional Observations: Interestingly enough, there’s an app and website with the same name but with the “.com” domain rather than “.org.” The Twitter account seems to clarify this by calling itself “Libertex Europe” while Libertex.org’s Twitter calls itself “Libertex LATAM” which is a bit confusing.
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.
But we also ask:Was the product updated during the last two years? If not, we tag it Obsolete!
Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a long time are probably not well maintained. It is questionable if the provider even has staff at hands that is familiar with the product, should issues arise.
This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.
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