InvestLite: Forex & Stocks for Online Trading v 1.5.78-investlite
The product can't send or receive BTC.
As part of our Methodology, we ask:
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.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.But we also ask:
Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.
The Analysis ¶
This does not represent a full code review.
Update 2022-01-16: This app is not available anymore.
App Description
InvestLite is another Forex trading app.
Download the InvestLite trading app to embrace the diversity of 350+ underlying assets, such as Bitcoin, gold, stocks, Forex pairs, and indices.
The app has a shocking amount of negative reviews, with users reporting that they lost the money they invested.
ec broker
★☆☆☆☆ July 21, 2021
Very very poor experience with this company. I have maded 2 withdrawal requests on same day after 7 days they have completed the processing of one transaction only which small in amount and also I had processed latet then the first transaction. After processing they sent email to wait another 10 days to receive funds. Definitely not recommend ever this company.
abdullah ibrahim
★☆☆☆☆ July 3, 2021
i have investments worth 100k$ in other apps but i never experienced such scammers! i chose to give them a chance and i was right, the worst customer service, they are all trained the same, they dont listen to you and if you talk they put you on hold to shut you up! they tell you you can invest in anything with minimum 250$ but it is a trick to hook you up then they ask you for 2000$ to start trading! my “account manager” was called hasan, he was the worst, lier, very rude and disrespectful!!
The Site
We checked the website for information on their cryptocurrency market. We learned that InvestLite uses CFDs:
Nowadays, you don’t even need to buy Bitcoin or any other cryptocurrency to get your profit from it. Try CFD trading and speculate on the assets’ price change on the market.
This means that traders do not actually own the assets.
The App
We tried the app. After signing in, we are asked to provide our address and then verify our identities via verification documents. We found no wallet for cryptocurrencies.
Verdict
Cryptocurrency trading via CFDs usually does not entail the use of a wallet. Therefore, it is not possible to send or receive bitcoins in this app.
(dg)
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.
If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.