Spendher Review
- Beautifully designed
- Easy and simple to use
- AUD fiat currency supported
- All in one mobile application for buying, selling, and storing Bitcoin
- Lacks functionality and many features
- Terrible customer support
- Lacks many security features
- Very high fees and unfavorable Bitcoin prices
Spendher is a very simple and easy to use cryptocurrency exchange and mobile software wallet for iOS mobile devices. The Spendher platform was only recently launched in February of 2018 and focuses on providing a Bitcoin exchange and storage service to iOS mobile users. Spendher primarily markets themselves to females and is built for the inexperienced mainstream cryptocurrency user. Spendher was founded by Skye Dunworth, a passionate and positive female tech founder and cryptocurrency enthusiast who is headquartered in Sydney, Australia. An impressive aspect of the Spendher cryptocurrency exchange and wallet is that it is registered and authorized to provide digital currency exchange services by the Australian Transaction Reports and Analysis Centre (AUSTRAC). Many exchange services operating today do not receive this type of authorization and operate in gray areas of the financial system. Since Spendher is a new and interesting cryptocurrency exchange and wallet marketed towards females, are they right for you and how do they compare with similar exchange services? Lets find out in the following review where we delve into all aspects Spendher has to offer and see whether they can be trusted and how they stack up to the competition.
Trading Platform
Spendher is only available on mobile iOS devices such as Apple iPhones and tablets and it’s available for free download from the Apple App Store. The platform has a very attractive design that’s clearly meant for female users as the theme uses a white and pink theme for a feminine look and feel. The mobile application is a wallet, exchange, and portfolio manager all in one. It provides a seamless all in one cryptocurrency experience for the ease of use for new cryptocurrency users. The exchange is very limited and only allows users to simply buy Bitcoin at the current price it’s trading at. Users can view a simple price chart that shows the current price and history in real-time. Users can’t conduct any real technical analysis but can get a good idea as to whether it’s a good time to buy or not. The platform also features a good time to buy signal and insights on price trends via a subscription service users have to pay for. All in all, the platform is very basic and doesn’t feature anything new or exciting. However, it does look good and could be a great option for females who don’t care about advanced features and functionality.
Exchange Markets
Spendher only supports the buying, selling, and storing of Bitcoin. No other cryptocurrency assets are supported or plan to be supported in the near future. Again, the Spendher mobile exchange application is very simple and basic for users only interested in acquiring small amounts of Bitcoin. Bitcoin can be purchased with Australian Dollars (AUD) only via online bank wire transfer.
Fees and Commission
Spendher has very high trading fees for buying and selling Bitcoin. Users must pay a 3% fee per trade which is significantly higher than most cryptocurrency exchanges. However, Spendher does not charge any fees for deposits or withdrawals. All in all, we would advise cryptocurrency users to buy and sell Bitcoin elsewhere as the prices listed on the Spendher exchange are higher than other exchanges to begin with plus they have higher fees. Therefore, Spendher is not providing their users with much value as their mobile application is very basic and unimpressive. Also, Spendher charges their users a subscription fee to receive simple and trade signals and trend analysis. The information received from this subscription service is very poor and can be found for free elsewhere on the internet and on social media. All in all, it appears Spendher is taking advantage of uninformed female cryptocurrency users by offering them a good looking iOS mobile application to store and buy Bitcoin.
Security and Fairness
Spendher is a new and relatively unheard of cryptocurrency wallet and exchange. The platform has not been around long enough to build up a viable reputation among users. However, after reviewing the exchange services provided by Spendher, we can confidently say they are not very fair. Prices on their exchange are higher than other exchanges and the fees are higher as well. As for security, Spendher does not appear to be overly secure as they don’t feature many of the standard security features as other wallets and exchanges. However, Spendher claims they implement bank grade security systems and data encryption to protect their users information and prevent unauthorized transactions.
Support
The customer support provided by Spendher is very poor. Support representatives can only be reached via email or Instagram. Also, the website is very poor and does not feature much helpful information or how to get started with Spendher. There is no FAQ or support section customers can go to. All in all, the Spendher cryptocurrency exchange and wallet appears to be very unprofessional and helpful.
Conclusion
The idea behind the Spendher cryptocurrency exchange and wallet is very good, as it strives to increase female adoption of Bitcoin. However, the exchange service is very poor, the fees are high, and the application functionality is lacking in every regard other than design. Also, it’s unclear how safe and secure Spendher is and therefore we advise users to use extreme caution with the Spendher crypto exchange and wallet.
Spendher Q&A
The following are the common questions that customers inquired about Spendher.
Is Spendher regulated?
No, it is not regulated, but it is registered by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Is Spendher a scam?
Not really. Spendher is not a scam, but it does charge high fees and offering higher than normal Bitcoin prices.
Where is Spendher based?
Spendher is based out of Sydney, Australia.
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