Review of Strike, a Bitcoin-based transaction and purchase app available on iOS, Android, and Google Chrome (includes a $10 sign-up bonus for new users - referral link below).
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Updated: August 2022
What is Strike?
At its heart, Strike is a payments app, similar to Cash App, Venmo, and Apple Cash. However, unlike legacy payment apps, Strike is built around the Bitcoin Lightning Network, allowing it to take advantage of the speed, security, and low execution cost offered by the 2nd layer solution (especially on international payments). In addition to sending payments, Strike allows users to buy and send bitcoin at some of the lowest rates in the industry. In this article, we'll dive deeper into Strike's Bitcoin buying functionality and provide you with our first-hand experience using the app.
External Wallet Transfers
Our Overall Rating
New Customer Promotions
$10 on signup and verification.
Referral Code: IDXE89
Important: We value your privacy; please use an unidentifiable user name (See the referral section for more information on what we can see when users signup via our link).
There are two main methods of adding funds to your Strike account:
Bank Account - Use Plaid to link your account to Strike directly.
No Fees on cash deposits or withdrawals.
Funds are available instantly.
Debit Card - Requires manually entering your debit card information (including billing address)
No fees on deposits (Cash withdrawals are unavailable through a debit card)
Note: You will be required to enter your card's CVV code each time you use this method to add funds.
Deposits are available instantly.
Once the payment method has been linked, funds can be added by clicking the cash balance amount on the home screen or selecting "deposit" on the account screen.
In addition to the above methods, Strike also provides the option of directly depositing your paycheck into your Strike account. You can even select to convert a portion or all of it into Bitcoin!
Keep in mind there are limits on the transaction amounts that vary based on account verification status. Once fully verified, your limits should increase to the following:
You can view your current limits at any time by navigating to the account icon, followed by settings (the gear icon in the top left corner), and then "Limits."
Strike offers users several options when it comes to purchasing Bitcoin. Including standard options like recurring payments, in-app purchases, and storage (Not recommended, always store your coins in a cold wallet!). The not-so-typical options include hourly recurring purchases and directly purchasing and sending Bitcoin to an address with a single action.
Buy & Send Directly to an External Wallet
If you have an external wallet, you will love this method. Out of the various Bitcoin apps, this is probably the easiest Bitcoin buying experience ever!
First, you'll want to ensure you have funds available in your account and a few cents to cover the mining fee (we typically keep a dollar or two in our account at all times for this).
Next, click the QR code icon on the top left of the home screen. On the next screen, either scan the QR for the Bitcoin destination address or switch out of the app, copy your Bitcoin Destination address and switch back to the app. The app should automatically paste your address and progress to the next screen:
Next, enter the amount (in fiat) that you'd like to send to the address. You'll then be asked to verify the amount and confirm your Bitcoin address. If everything looks good, hit "confirm", and you're all set!
Notice in our example (screenshots) above that we purchased $10 in bitcoin and paid $0.03 in mining. On the Ledger Live App, the transaction shows up instantly, and due to the variations in exchange prices, the market spread fee that Strike takes is essentially negligible. As a result, even our larger purchases have been within pennies of Strike's quoted price and the amount received.
In addition to directly sending funds to a Bitcoin address, Strike allows users to accumulate Bitcoin in-app through one-time or recurring purchases. Like the direct buy/send method, ensure you have funds available in your account, select "Buy" on the Bitcoin symbol tab, and enter the purchase amount in your local currency.
For all the dollar-cost averaging (DCA) fans out there, Strike provides the ability to create automatic hourly, daily, weekly or monthly purchases of Bitcoin. Note: The minimum purchase amount is $0.50
Once you're ready to transfer to an external wallet, simply hit the send arrow, paste the address and confirm the amount. As stated before, we do not recommend leaving your coins on Strike or any exchange/purchasing platform for an extended period of time. DCA with Strike, but set a monthly or weekly schedule to withdraw your balance to a cold wallet (Ledger, Trezor, Coldcard, etc).
Like Cash App, Venmo, and the rest, Strike offers you the option of instantly sending funds to your friends in-app. So splitting the pizza bill, chipping in for a gift, or helping out a friend in need, is a familiar and relatively straightforward experience with Strike. Note: You can only send fiat to friends in-app. However, you can request payments in Bitcoin. These requests are paid in fiat, which Strike then converts directly into Bitcoin.
Overall Pros and Cons
Easy to use, featuring a simple, clean interface
Some of the lowest Bitcoin purchase fees in the industry
The spread fee is unnoticeable, and there are no additional fees for anything outside of the mining fee
Built on Bitcoin's Lightning Layer
Low purchase minimums ($0.50!)
Excellent for DCA (Hourly, Daily, Weekly, and Monthly recurring purchase options)
Transactions are broadcast instantly but can take hours to get confirmed by the network due to the low mining fees
Not suitable for large purchases ($1k +) due to fiat weekly limits
Important: Strike automatically adds all your referrals to the in-app "top people" list. This list only displays your username and profile picture (if selected). That is the only information about you we can view. For your security, please do not include any personally identifiable information in your username (note: you can modify your user name at any time within the app). Additionally, we will never send you any requests or payments (sorry!) through our account.
What we see:
Want to give Strike a try? Use our referral link, enter referral code IDXE89, or click the "Get Strike" button below and get $10 after signup and verification!