Mode

Mode

Brief: Mode offers a streamlined and user-friendly platform for buying, selling, and managing Bitcoin with an emphasis on simplicity and transparency. With its competitive fee structure and unique Bitcoin Jar feature for earning interest on digital assets, Mode aims to make cryptocurrency accessible and easy to manage for everyone.

Core Features:

• 🔑 Seamless Account Setup: Open an account in under a minute and access Bitcoin anytime, anywhere.
• 💱 Transparent Bitcoin Trading: A low, fixed fee of 0.99% for buying and selling, with clear transaction details.
• 🛡️ Secure Storage and Sending: Utilize a secure custody solution and send Bitcoin instantly and free to other Mode users.
• 🪙 Interest-Earning Bitcoin Jar: Earn compound interest in Bitcoin, credited weekly, with the flexibility to withdraw anytime.

Pros:

• 👍 Competitive Pricing: Only 0.99% fee on transactions with no hidden costs.
• 👍 Quick ID Verification: Simple and fast identity verification process.
• 👍 No Transfer Fees: Free GBP deposits and withdrawals through 'Faster Payments'.
• 👍 Interest Generation: Grow your Bitcoin holdings passively by earning interest.

Cons:

• 👎 Limited to Bitcoin: Currently focussed on Bitcoin with no direct support for other cryptocurrencies.
• 👎 Investment Risks: All cryptocurrency investments carry inherent volatility and risk.
• 👎 Lending Risk: Assets in the Bitcoin Jar are lent out and not protected by FSCS or FOS.
• 👎 Fee on Transactions: While competitive, there is a fixed fee applied to buying and selling.

Price:

• 💵 The app is free to download, with a transaction fee of 0.99% when buying or selling Bitcoin. There are no fees for GBP transfers to and from the user account.

Please keep in mind that the nature of Bitcoin investment includes risks, such as volatility and potential loss of money. Assets in the Bitcoin Jar are lent to vetted borrowers and are not held by the custodian, thus not covered by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS).