FINTECH | CRYPTOCURRENCY
We were looking for a mobile banking app to consolidate our banking and cryptocurrency when we discovered the hi mobile banking app
We looked at a few traditional banks like Wells Fargo, Merrill Lynch, and Charles Schwab, plus some non-traditional exchanges such as e-Toro, Robinhood, and Cash App. None matched the compatibility and convenience of hi.
Hi mobile banking app combines the convenience of mobile banking with the strength of institutional banking but allows you to trade, send, invest, and earn cryptocurrency.
You can sign up in seconds on Android or Apple to join the 3 million global users earning crypto daily with no minimum deposit.
What We Don’t Like About Traditional Banks
Fees, fees, more fees, and very little interest money was paid to us on the money they held.
According to Bankrate, the best we can expect for interest from our standard savings is 0.06%, yet inflation is currently estimated at 7.87% for Feb 2022.
Even the Lending Club’s high yield savings with a minimum of $2,500 balance will only get us 0.70%. Some might even give you a 1.2% annual percentage yield (APY) on a 5-year certificate of deposit (CD).
That’s still 6.61 percent that will get eaten by inflation, and if you need to withdraw early due to an emergency, your penalty could be six months to a year of interest.
How can we expect to get ahead by savings if inflation robs us of between 7.17 to 7.81 percent?
Plus, those same banks that are supposed to help us manage our money take so much in fees we have less money to manage.
Many online banking apps charge you monthly fees for:
- Balances below their required minimum.
- Overdrafts, even when you have overdraft protection, there’s a fee for that too.
- ATM withdrawals — at $5 or more when you use another bank, these add up quickly.
- Automatic transfers when you don’t have enough in your checking to cover the charge, and they have to move money from savings.
- Monthly maintenance.
What’s more, most give you less interest when your balance falls below their minimum.
Don’t even try to buy cryptocurrencies through most banks or credit unions. Even those known for investments, like Charles Schwab, don’t allow cryptocurrency purchases. You can get Bitcoin (BTC) trusts and buy futures and individual equities, such as Ethereum, but not individual crypto.
What We Don’t Like About Cryptocurrency Exchanges
Cryptocurrency exchanges have become the target of hackers. Many decentralized finance (DeFi) trading platforms were hit for $14 billion in crypto in 2021, according to Chainanalysis.
But many major exchanges have been hacked as well. In January 2022, Crypto.com was hacked for $30 million. Mt. Gox “lost” 850,000 Bitcoins in 2014.
In fact, ten percent of all BTC ever mined has been stolen. That’s about 1,900,000 coins that illegally changed hands. Granted, those coins were registered on the blockchain ledger, so eventually, they will be recovered, but it will take years.
“Cryptocurrency-linked crime surged to a record high last year in terms of value, with illegal addresses receiving $14 billion in digital currencies, up 79% from $7.8 billion in 2020. — Reuters.
Some exchanges are set up to relieve investors of their coins, so we must be careful and thoroughly check before we deposit a considerable amount to purchase crypto.
Why hi Mobile Banking App?
Well, for one thing, we do like the functionality of a traditional bank. Our rental contract requires twelve post-dated checks for our lease. We use a CD as our emergency savings account, debit card, and car loan through our credit union. We also like the idea of the Federal Deposit Insurance Corporation (FDIC) guarantee of our deposit.
We didn’t need big money to start hi Mobile Banking, and you won’t either. You won’t even need to change your bank; you can connect your brick-and-mortar bank or credit union or use a debit/credit card to purchase crypto and stake it for up to 40% APY. That’s huge compared to .7%.
Staking cryptocurrencies is a process that involves committing your crypto assets to support a blockchain network and confirm transactions. — The Motley Fool.
A friend introduced us to the hi mobile banking app, and although it sounded like what we were looking for, we started slowly with a small amount from our credit union debit card. Regardless of how much crypto you buy, hi will give you more every day. We love that it is user-friendly.
We’re making much more than we were at the bank. We moved our emergency savings funds to USDT, and we’re staking it at 11 percent APY in-kind with hi. That’s much better than the 0.4% we were getting.
Plus, there are often offers for free or reduced-cost travel and entertainment subscriptions with hi.
The Steps We Took
The Trust Pilot review shows a 4.2 out of a 5-star review. Considering that Binance has a 2.0 out of 5, Kucoin 1.7, Crypto.com 2.1, and Coinbase 1.6 out of 5 is excellent.
Do you see how it says, Warning! We’ve detected misuse on this page? Typically, when someone does really well investing in crypto, they try to include more than one review. Unfortunately, the opposite is true too.
Many do not understand the multiple restrictions these mobile banking apps must employ to fulfill government requirements for Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
“Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing.” — Swift.
Some get frustrated because they can’t meet the rigid identification verification policies to deposit or withdraw more significant amounts, so they write several reviews saying the company is a scam. Isn’t it much easier to believe the user doesn’t have the correct identification than companies like hi Mobile Banking, Binance, and Kucoin are scams?
“Anti-Money Laundering (AML) refers to the web of laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income. Money laundering seeks to conceal crimes ranging from small-time tax evasion and drug trafficking to public corruption and the financing of groups designated as terrorist organizations.” — Investopedia.
However, there are some that you might not be familiar with that are set up for “rug pulls” and other scams.
Rug pulls are a lucrative scam in which a crypto developer promotes a new project — usually a new token — to investors, and then disappears with tens of millions or even hundreds of millions of dollars. — Fortune.
Link for the Apple Store to download the hi Mobile Banking App and the Android link.
After the hi app download, you’ll be prompted to sign up or log in if you already have an account on your mobile phone’s Let’s Get hi Together — Next Gen Web3 Financial Services page.
When prompted to provide who invited you, answer Ivy. After that, you’ll be able to use your nickname for referrals. So, not only will you receive daily rewards, but when you refer friends and family, you’ll also receive rewards for them.
Final Thoughts About the hi Mobile Banking App
Whichever mobile banking app you are using, hi, Cash App, or those backed by a brick-and-mortar bank or credit union, you must safeguard your pin, debit card, and password.
What’s excellent about the hi Mobile Banking App is that they work in concert with your bank or credit union to continue your FDIC or other government deposit guarantee, though there is no guarantee to protect you from an investment that drops due to economic factors just as there is none for stocks, bonds, or commodities.
Indeed, although there are over three million hi Mobile Banking App users, it is not for everyone. Do your own research (DYOR).
DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser, and you should consider anything I write as informational and friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.
Note: This post contains affiliate links. Read my disclosure statement for additional information.
Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Investing, Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.
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