Invity Review 2021: Is it Safe to Use the Platform?
This article will review Invity, a cryptocurrency rate comparison site established in the Czech Republic. It was originally designed to assist Trezor users in comparing and performing transactions inside the Trezor suite. However, it is now available to everyone, regardless of whatever wallet they use.
Invity Review: Summary
- Users do not require to register or complete any KYC to use Invity.
- The exchanges on Invity are verified providers and trustworthy.
- It also supports Trezor hardware wallets to complete the transactions directly using them.
- Buying, Selling, exchanging are just a few clicks away.
- Users can sort the results based on their preferred mode of payment, fiat currency, and a particular cryptocurrency.
- They include the fee rates within the user’s order, which ensures that there are no hidden fees.
- Investing in cryptocurrencies is another feature that Invity is currently working on.
- They have a dedicated and simplified FAQ section covering most of the users’ queries with satisfaction.
- It highly focuses on security and therefore does not store user’s information about their assets.
What is Invity.io?
Invity is a Czech Republic-based platform for comparing the rates of cryptocurrencies. It was founded in 2019 by SatoshiLabs, the Trezor hardware wallet creators. Earlier it was built only to help Trezor users to compare and perform transactions within the Trezor suite. However, now Invity is open to everyone irrespective of the wallet you use.
Invity offers a straightforward user interface and is designed keeping in mind the needs of a non-technical trader. Not only that, it eliminates the overhead of searching for a trustworthy exchange platform with lower rates and suitable payment methods. Invity is also a security-conscious platform and is a one-stop-shop for users.
About SatoshiLabs and Trezor
SatoshiLabs Group is a group of companies, which are dedicated to providing a secure crypto ecosystem. The first product towards their aim was Trezor hardware wallets. The first model of Trezor, Model One, was introduced in 2013 and the other next-generation Model T after a few years. Their next step was Invity in 2019, whose purpose was to compare and complete crypto transactions for the new users as a part of the Trezor Suite interface.
Please note that there have been rumors that Trezor Android App is available on the play store, but that is not the case. They have tweeted officially that they have not launched any application, although they will surely do it in the future.
How to use Invity to Buy Cryptos on Invity?
- Go to Invity‘s official website and select buy crypto from the menu at the top of the screen.
- Select the fiat currency you prefer from the “If you pay” drop-down menu.
- Enter the amount you want to spend in the amount box. You can use the sign ↓↑ to switch whether you wish to enter the amount of crypto or fiat currency. You will have to enter a valid amount based on the minimum amount you need to buy.
- Select the cryptocurrency from the drop-down list which you prefer.
- Invity will display a list of the amount of your desired cryptocurrency with the cash you are willing to spend. The fee will be included in the rates only, and also remember to act quickly because the offers refresh every 30 seconds.
- Select the deal which is to your liking and click on the “get this deal.”
- Enter the address of your wallet and then click on “Finish transaction.”
- The next page will show a summary of your transaction. If everything is to your liking, click on “I’m sure I want this deal,” else click on the other option if you want to double-check.
- Complete your transaction, and you will receive the assets in your wallet.
Please note that the procedure for selling and exchanging cryptocurrencies is similar to that given above.
What is Coinmap?
Invity has launched a nonprofit project Coinmap. This project solely focuses on collecting lists of businesses and Bitcoin ATMs where users can spend their assets. According to current stats, it has around 20,000 entries and is still growing. You can browse the heatmap to detect businesses around you. Plus, you can also add a new listing there for free.
Invity Fee Structure Review
The fee structure of Invity is divided on the transaction that the user is doing, including buying, selling, exchanging, or spending.
Buy Crypto Fees
The fees highly depend on the provider. Also, for the same provider, the cost still differs based on the payment method, currency, or location. Please note that accepting an offer like quotes in your local currencies instead of a significant reserve currency may seem beneficial, but always double-check. There are chances that you might be charged additional conversion fees.
Sell Crypto Fees
Till now, there’s only one provider where a user can sell their crypto. The fee for that particular provider (BTC direct) is 2.5% of the order.
Invity Fee: Comparison with Other Services
Under this, users can exchange their cryptos with a gift card to buy the things they want. Bitrefill is the only current provider available with a (3–4) % rate per order. However, this feature is only available in Trezor Suite. Most probably, Invity is going to add this new feature in their next update or release.
Invity Review: Support
Invity platform has a dedicated FAQ section, which answers almost every query that a user can have. Besides that, you can also post your questions, queries, or comments too. However, there are no services available for emergencies or calling options. So, overall their support system is quite mediocre.
Invity.io Review: Safety and Privacy
Invity does not have any registration or KYC process, which means that this platform does not save users’ details like name, email, etc. Neither it has its own wallet, so it can not even store or keep users’ assets. So, there’s no issue of safety and privacy when it comes to Invity. However, according to them, they keep data like the user’s device id, how many times they visit their site, etc. For detailed info, you can visit their “FAQ” section.
Invity.io Review: Pros and cons
ProsConsNo registration process is required to do transactions. No mobile application.Verified and trustworthy providers.Limited providers.No privacy or safety-related issues.An elaborated FAQ section.User-friendly platform.One-stop-shop platform (Buy, sell, exchange).No hidden fees.
Invity.io Review: Conclusion
Overall, Invity.io is one of the most secure platforms to complete your transactions, including buying, selling, and trading. In addition, the platform is itself quite elegant and straightforward to use. Users no longer have to wait for their verifications before doing their transactions, and that too limitless. In the coming future, it will be introducing some enticing features like investing and thus will be moving one step ahead towards its goal.
Frequently Asked Questions
Which cryptocurrencies are available on Invity?
Currently, Invity supports Bitcoin; Altcoins including Litecoin, Ripple, Ether, Bitcoin Cash, Stellar, OMG, Binance Coin, Ontology, Gemini Dollar, Dash, TRON, and Zcash. They also have a stablecoin, including Tether (USDT).
Which countries are not allowed to use Invity.io?
Invity does not support some of the countries due to valid reasons including, Hawaii (USA), Iran, New York (USA), and North Korea (DPRK).
What are the payment methods that are available on this platform?
Users from all countries and regions except the restricted ones can use either a Credit card (Visa/Mastercard) or debit card (Visa/Mastercard) as a payment method.
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Originally published at https://blog.coincodecap.com on June 14, 2021.