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 2022-04-09: This app is not available anymore.
App Description
From Google Play:
UBFX is a foreign exchange trading platform designed for starter investors and professional traders.
Also in the description, it mentions the use of CFDs.
Cryptocurrency CFDs are provided - BTCUSD, BCHUSD, LTCUSD, ETHUSD and RPLUSD.
The App
We tried the app and could find no wallet or option for the user to manage bitcoins. As this platform utilizes CFD trading, users do not actually own the assets.
Verdict
You cannot send or receive bitcoins on 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.