Spendher cryptocurrency app – review

Spendher Bitcoin App
Spendher Bitcoin App
  • Buy, sell and store BTC on mobile
  • AUD accepted
  • Instant ID verification
  • Simple and convenient

Buy, sell and store bitcoin on your mobile with no daily transaction limits.

Spendher is an iOS app designed to make it quick and easy to buy and sell bitcoin (BTC) directly from your smartphone. Launched in February 2018, the Spendher app offers instant ID verification, fast transactions and no daily transfer limits.

A 3% fee applies to buy and sell transactions through the app, but account deposits and withdrawals have no fee. If you’re searching for a way to exchange Australian dollars (AUD) with the world’s most popular cryptocurrency, Spendher is well worth a closer look.

Product Name Spendher Bitcoin App
Fiat Currencies AUD
Cryptocurrencies BTC
Deposit Methods Bank transfer
Cryptocurrency
Cash
Trading Fee 3%
Deposit Fees None
Withdrawal Fees None

Pros

  • Simple and convenient way to buy, sell and store bitcoin
  • No daily transaction limits
  • Fast ID verification process
  • Funds managed in cold and hot wallets
  • Ability to exchange bitcoin for fiat currency
  • User-friendly interface and charts

Cons

  • Not available on Android devices
  • For users who want fast access to cryptocurrency funds, note that bitcoin withdrawals are manual
  • This app is more suitable for those either wanting to “hold” bitcoin or only sell within the platform itself to withdraw AUD instead of cryptocurrency
  • 3% fee on trades
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Spendher?

Designed to provide a simple and convenient way to buy and sell bitcoin, Spendher is an iOS app founded in Australia that requires OS 10.0 or later. Free to download, the app is compatible with iPhone, iPad and iPod Touch devices.

Built with fast transactions and ease of use in mind, Spendher doesn’t impose any limit on the amount users can transact per day. Instead, the only limit you may come up against is a ceiling of $100,000 per transaction.

Spendher’s other unique feature is its focus on introducing more women to the field of cryptocurrency trading. By using cryptocurrencies as a gateway, Spendher hopes to increase financial literacy and, as a result, increase the independent wealth of women.

In the words of app creator Skye Dunworth: “In 2017, more than $240 billion profit was made through bitcoin investing, only 5% of investors were female. This is what we are going after in 2018.”

Which cryptocurrencies can I buy/sell?

At the time of writing (9 March 2018), Spendher can only be used to buy and sell bitcoin. However, support for Ether (ETH) is expected to be added in April 2018.

Available countries

Spendher is currently only available in Australia.

Which payment methods are accepted?

You can deposit funds into your Spendher account using the following methods:

  • Bitcoin transfer
  • Credit card
  • Debit card
  • Bank transfer via Internet banking
  • Cash deposit at an NAB branch

How much will it cost me to use Spendher?

Spendher’s fees are outlined in the table below:

Spendher fees
TransactionFee amount
Buy BTC3% of transaction amount
Sell BTC3% of transaction amount
Deposit0%
Withdrawal0%

How fast will my funds be available?

The time it takes for the funds you deposit to arrive into your account varies depending on the payment method:

  • Bitcoin transaction speeds vary depending on the time required to receive the necessary number of confirmations on the blockchain.
  • Bank transfers can take up to one business day to arrive and are processed as soon as they are received in the Spendher NAB account.
  • Cash deposits at NAB branches are processed instantly.

However, in order to withdraw BTC from your account to an external wallet, you’ll need to submit a manual request by emailing info@spendher.com. As this is a manual process, this transaction does not occur immediately.

Bank transfer withdrawals for AUD also require you to verify your bank account; however, this process takes around 30 seconds to complete, with transactions completed the next business day.

Are there any transfer limits?

Spendher does not place any daily limits on the value of your transactions. However, a $100,000 per-transaction limit does apply.

Is it safe to use Spendher?

You can open an account with Spendher simply by entering your email address and creating a password. However, before you can deposit funds into your account or place any trades, you’ll need to have your ID verified. This can be done using two of the following documents:

  • Medicare card
  • Passport
  • Driver’s licence

This identity-verification process is completed via RapidID and doesn’t require you to upload any documents.

As for the security of your funds, Spendher says it uses bank-grade security systems and data encryption to protect your private data and prevent unauthorised transactions. The majority of the platform's cryptocurrency funds are held in multi-sig addresses, while a minority of “live” funds are held on the platform’s servers. Seeds generated for those wallets are broken up and stored with multiple third parties.

Pros and cons

Pros

  • Simple and convenient way to buy, sell and store bitcoin
  • No daily transaction limits
  • Fast ID-verification process
  • Funds managed in cold and hot wallets
  • Ability to exchange bitcoin for fiat currency
  • User-friendly interface and charts

Cons

  • Not available on Android devices
  • For users who want fast access to cryptocurrency funds, note that bitcoin withdrawals are manual
  • This app is more suitable for those either wanting to “hold” bitcoin or wanting to sell within the platform itself in order to withdraw AUD instead of cryptocurrency
  • 3% fee on trades

Next steps

If you’ve compared Spendher with a range of other exchange platforms and decided that you want to sign up for an account, click on one of the “Go to site” links on this page. You’ll be securely redirected to the Spendher website where you can find a download link to the iTunes store.

You can register for an account simply by entering your email address and creating a password, but you’ll need to verify your ID before you can make a deposit or place a trade.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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