Are you trading in stocks and cryptocurrency and want to try AnchorUSD? If so, you are on the right track, and this AnchorUSD review will help you make a final decision. In this article, we’ll discuss what AnchorUSD is, how it works, and its pricing. So, feel free to read on.
Today, most people struggle to find a safe and reliable platform to buy stocks and crypto or trade them. As it’s about your valuable assets, this is a pretty good approach to know about the platform before using its services.
Although we will draw a long-form review, we’ll discuss both positive and negative aspects, being honest. In the end, we will tell you whether you should use this service or not and is AnchorUSD safe. So, let’s get started with what AnchorUSD is.
What is AnchoUSD: Overview
AnchorUSD is a platform where traders can store, invest, and trade assets such as stock and crypto. It lets users earn interest on their assets placed in their AnchorUSD wallet or account. Your funds get stored in Prime Trust LLC, an FDIC insured bank in partnership with AnchorUSD in USD.
This service was launched in 2020 and is usable through a mobile app available for Android and iPhone. Investors from anywhere, especially the U.S., can buy and sell crypto on the platform through a simple process.
How Does AnchorUSD Work
AnchorUSD has a pretty easy and simple step-wise process for getting registered on your account. What we like about this platform is the initial verification that we also see in most legit service providers. Let’s discuss in detail how AnchorUSD works.
- Create or register for an account using AnchorUSD’s website or application.
- Deposit crypto from the app by tapping on Portfolio.
- In the portfolio section, you can choose your desired currency.
To deposit funds in your account, AnchorUSD accepts multiple payment methods. For a small amount, you can use a debit or credit card. However, for investing in large amounts, they recommend direct bank transfers. For doing large transactions, go for wire transfers.
If we talk about the time taken by funds to get into your account, bank transfers take up to 3 days. The actual process is that funds debited from your bank take 1 to 2 days and get posted into your account in 2 to 3 days. Once the funds become available, you can trade them instantly.
For withdrawing your funds, you can use the same options as mentioned above. But we would recommend using your bank account, this time, irrespective of the amount. However, you can also use the wire transfer method for withdrawal.
What’s best is there are no lockups or waiting periods. You can withdraw your funds any time or multiple times on the same day. Depending on your bank, withdrawal from your account takes 1 day, and the balance arrives in your bank within 2 days.
You earn a good amount of interest on the funds you kept in your account — about 8% APY. If you want to know further about the rates, you can view them by going to Settings and Interest. But keep in mind, to be eligible for earning interest, you must achieve Verification Level 1.
AnchorUSD can release payment daily when you request it, and you don’t have to wait for weeks or months. You can do this right at about 3 am (pacific time zone). Also, they offer you compound interest; the interest you earn reinvests into your interest account and earns more.
Why Choose AnchorUSD
Well, though other crypto wallets and platforms are offering the same services, we recommend AnchorUSD. There are a few reasons for this, and we’re going to discuss them one by one. So, let’s move forward.
Great And Free App
AnchorUSD has a perfect mobile application that works perfectly every time you use it. The app developers have put their excellent skills and made it easy and free to use. So far, we have seen no complaints from users about its performance.
Due to the simple design, AnchorUSD allows you to sign up quickly through a few steps (mentioned above). Using these steps, from installation to registration, you can have your account ready for trading right away.
Fast Deposit And Withdrawal
Both deposit and withdrawal are quick enough to receive funds timely. But keep in mind that they could get delayed for any reason, depending on the payment method. What’s even better is you can transfer or withdraw and trade in multiple assets.
Thanks to its significant interest rates, we would not be wrong to say that AnchorUSD is best for savings. They support deposits and withdrawals of stablecoin for traders worldwide. In contrast, fiat deposits and withdrawals are both only for US users.
Great Customer Support
The reliability of a platform mostly depends on its customer support. If you get timely responses and complete guidance from chat or call, you can use the service. For AnchorUSD, their response was not good initially. But after a few complaints, now their support is awesome.
Multiple Security Options
Today, the security and safety of assets is the most important factor to consider. AnchorUSD offers extensive and up-to-date security measures and uses industry-best standards. You can secure your account with a PIN, fingerprint scanner, and, ideally, two-factor authentication.
Pricing & Fees
AnchorUSD charges no fees, neither for the app nor for its service. There is no minimum balance threshold and no cap on interest earnings. Saying once again, no fees or hidden charges at all. They support direct bank deposits up to $25K.
However, as mentioned above, AnchorUSD is in partnership with Prime Trust LLC; this bank charges them a bit. This happens when you go for deposits through wire transfer. In this case, you have to pay $15, which is the fee the platform has to pay the bank.
How To Get Started With AnchorUSD
Getting started with AnchorUSD is pretty simple. All you need is to sign up and register for a new account. For trading, you need to deposit funds, stocks or crypto. You can invest in any crypto you want, and for every coin, the process is the same.
Still confused with the platform’s service and want to know what your fellow investors say about AnchorUSD, right? So, we have to cover you up and provide you with some legit reviews from users. Each of these feedbacks (original ones) is present on the Just Use App website.
Excellent Service: Feedback By mrAssman
My experience with it has been positive for months. There is no significant downside to using this crypto app for earning interest; it is the most user-friendly one available. Feature improvements have been made over time, but some work is still required, so I hope they will update the app soon.
Great Interest: Feedback By MrShxne
Thanks to Anchor, you earn interest even on your bitcoin, and you have access to the best interest rates. Are there any more reasons to use Anchor? Even if their support isn’t the fastest, and withdrawals aren’t fast either, you’ll love watching your money grow when you leave it there because of their high-interest rates.
Great Exchange: Feedback By Gretskii91
I like the exchange very much… No matter how small, the daily interest payout is good, and I have recommended AnchorUSD to all my friends who are new to cryptocurrency.
Frequently Asked Questions (FAQs)
Should I use AnchorUSD?
The shortest answer is, Yes. AnchorUSD is a legit platform; although their services were initially not up to the mark, it works fine now. We also recommend using its wallet for saving your funds and earning interest over them.
How do I get my money out of AnchorUSD?
For getting or withdrawing your funds, you can use your bank or wire transfer. You will get your funds, whether earned in trade or on interest, right away within two days. But remember, for money earned through interest, you must have Verification Level 1.
Does AnchorUSD have fees?
Don’t worry about the fees charged by AnchorUSD. Their services are entirely free. You can deposit or withdraw funds without any charges. If you use wire transfers, you just have to pay $15 that the platform will pay to the associated bank.
Is AnchorUSD insured?
Yes, AnchorUSD is insured. Your funds in the Interest Accounts are secured under insurance policies. These policies cover users only for losses resulting from a cyber attack, theft by staff, or funds transferred in fraud. They don’t cover any unauthorized access made to your account.
Final Words on AnchorUSD Review
Well! That’s all about AnchorUSD so far. In the crypto market, you will see a lot more platforms. But this platform, yet new, is pretty reliable with several benefits for crypto and stock traders. If you also have some funds to invest, you can go for AnchorUSD.
Although AnchorUSD did not provide good services at the start and till October 2021, we now have seen many improvements. Since last month, many issues have been solved, and customers are giving positive feedback.