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T1Markets

Latest release: 1.69.13 ( 19th November 2021 ) 🔍 Last analysed 22nd December 2021 .    
1 ★★★★★
2 ratings
25th January 2021

As part of our Methodology, we ask:

Can it send and receive bitcoins?

 
If the answer is "no", we mark it as "Can't send or receive bitcoins".

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:

Is the product still supported by the still existing provider?

 
If the answer is "no", we mark it as "Not functioning anymore".

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.

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with T1Markets  via their Twitter!

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.

The Analysis 

Update 2021-12-06: This app is gone from the Store.

(Analysis from Android review)

App Description

Invest in derivatives on 300+ underlying assets, including Bitcoin, gold, Forex, indices, and stocks.

It’s worth noting that this app has a striking resemblance with:

Global TradeATF Online Trading | Forex and Stocks    

Like Global Trade ATF, T1 Markets is affiliated with MetaTrader4:

Google Play Critical Reviews

Abrar Junaid Khan
★☆☆☆☆ April 16, 2021
Not a good place to be and somewhere in Europe too. Not for UK. They are very good in taking out money from your account… But when it comes to pay back…. It’s like never coming back. All marketing people will help u in first as long as taking money from you… After wards you don’t see them and damn they don’t respond. 👎👎👎

Amyris T.
★☆☆☆☆ August 27, 2021
They are insisting to you to make a deposit of 250 euro immediately which is for not trustworthy when a person on a phone continuously insists for your money.

The Site

Tutorials

How to trade Bitcoin CFDs with T1Markets
T1Markets is a financial service provider that offers forex and CFDs for online trading. The brand is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). Bitcoin CFDs and other crypto CFDs are available for trading on the MT4 trading platform provided by T1Markets. Traders must understand how to trade Bitcoin CFDs before placing their trades. Bitcoin is paired with major fiat currencies such as BTCUSD, BTCEUR. If a trader believes that the price of Bitcoin will go up, he places a ‘buy’ order on the trading platform. But if he forecasts that the price will drop, he places a ‘sell’ order.

Verdict

Sites/apps that allow users to trade in forex, derivatives and cryptocurrency CFDs cannot send and receive bitcoins.

(dg)