Waterhole encourages people to sell user data
Their website still has much of the stock/generic text on it. The testimonials are poorly written and were up before the app was released so they are obviously fake. That kind of deception makes Waterhole seem suspicious.
Our biggest issue is that Waterhole talks about security but doesn’t allow people to control their private seed. Being new, based outside the US and having control of your bitcoin reminds us of the bitwallet.cc scam that is still going on.
We do NOT recommend this app. With established websites like Paxful for trading online and Localbitcoins for trading locally, there is really no reason to take the risk.
While it looks pretty Waterhole has two big things we take issue with. After we were scammed by Bitwallet.cc we do not recommend anyone put their bitcoin into a wallet/company that is less than a year old unless you (the bitcoin owner) control your bitcoin seed. We also think that Waterhole encouraging users to sell data is a huge red flag for the people who appreciate the anonymity and community side of bitcoin.
The only mobile native bitcoin trading app (as of 6/24/16)
Tech support is responsive
Supports downloading financial files for accounting purposes
Developed in China
Instructions and explanations are sometimes unclear (likely translation issues)
No way to trade on a laptop/website
Doesn’t allow you to control the seed to your bitcoin wallet (VERY IMPORTANT)
Allows and encourages people to sell your data
Testimonials are faked