Product Review: Hi Mobile Banking App and Crypto Buying Source | by Stephen Dalton | April 2022

FINTECH | CRYPTOCURRENCY

We were looking for a mobile banking app to consolidate our banking and cryptocurrency when we came across the hi mobile banking app.

We looked at a few traditional banks such as Wells Fargo, Merrill Lynch and Charles Schwab, as well as some non-traditional exchanges such as e-Toro, Robinhood and Cash App. None matched hi compatibility and convenience.

Hi mobile banking app combines the convenience of mobile banking with the strength of institutional banking, but lets you trade, send, invest, and earn cryptocurrency.

You can sign up in seconds on Android or Apple to join the 3 million global users who earn crypto daily with no minimum deposit.

What we don’t like about traditional banks

Fees, fees, fees and very little interest were paid to us on the money they held.

According to Bankrate, the best interest we can expect from our standard savings is 0.06%, but inflation is currently estimated at 7.87% for February 2022.

Even high-yielding Lending Club savings with a minimum of $2,500 balance will only bring us 0.70%. Some might even give you a 1.2% annual percentage yield (APY) on a 5 years certificate of deposit (CD).

It is still 6.61 percent that will be eaten away by inflation, and if you have to retire early due to an emergency, your penalty could be six months to a year of interest.

How can we hope to progress through savings if inflation deprives us of between 7.17 and 7.81%?

Plus, those same banks that are supposed to help us manage our money charge so much that we have less money to manage.

Many online banking apps charge you a monthly fee for:

• Balances below minimum required.
• Overdrafts, even when you have overdraft protection, there are also fees for that.
• ATM withdrawals – at $5 or more when using another bank, they add up quickly.
• Automatic transfers when you don’t have enough money in your checks to cover fees and they need to take money out of your savings.
• Monthly maintenance.

Plus, most give you less interest when your balance drops below their minimum.

Don’t even try to buy cryptocurrency through most banks or credit unions. Even those known for their investments, like Charles Schwab, do not allow cryptocurrency purchases. You can get bitcoin (BTC) trusts and buy futures and individual stocks, 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 have been affected for $14 billion in crypto in 2021, according to Chainanalysis.

But many major exchanges have also been hacked. In January 2022, Crypto.com was hacked for $30 million. Mount Gox “lost” 850,000 bitcoin 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, these coins have been recorded on the blockchain ledger, so they will eventually be recovered, but it will take years.

“Cryptocurrency-related crime hit an all-time high last year in terms of value, with illegal addresses receiving $14 billion in digital currencies, up 79% from $7.8 billion in 2020. —Reuter.

Some exchanges are set up to relieve investors of their coins, so we have to be careful and check well before depositing a considerable sum to buy crypto.

Why Hi Mobile Banking App?

Well, on the one hand, we like the functionality of a traditional bank. Our lease agreement requires twelve post-dated checks for our lease. We use a CD as an 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 a lot of money to start hi Mobile Banking, and neither do you. You won’t even need to change banks; you can connect your physical bank or credit union or use a debit/credit card to buy crypto and stake it for up to 40% APY. It’s huge compared to .7%.

Cryptocurrency staking is a process of committing your crypto assets to support a blockchain network and confirming transactions. — The motley madman.

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. No matter how much crypto you buy, hi will give you more every day. We like that it is user friendly.

We earn much more than at the bank. We have moved our emergency savings funds to USDT, and we are staking it at 11% APY in-kind with hi. That’s a lot better than the 0.4% we were getting.

In addition, there are often offers of free or discounted travel and entertainment subscriptions with hi.

The steps we followed

The Trust Pilot review has a rating of 4.2 out of 5 stars. Considering Binance has a 2.0 out of 5, Kucoin 1.7, Crypto.com 2.1 and Coinbase 1.6 out of 5 are excellent.

Do you see what he says, Warning! We have detected misuse on this page? Typically, when someone invests very well in crypto, they try to include more than one review. Unfortunately, the opposite is also true.

Many do not understand the multiple restrictions that these mobile banking apps must apply to meet 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.” – Fast.

Some are frustrated because they can’t meet rigid identity verification policies to deposit or withdraw larger amounts, so they write multiple reviews saying the company is a scam. Isn’t it much easier to believe that the user does not have the correct identification than companies like Hi Mobile Banking, Binance and Kucoin are scams?

“Anti-Money Laundering (AML) refers to all laws, regulations and procedures aimed at uncovering efforts to disguise illicit funds as legitimate revenue. Money laundering aims to conceal crimes ranging from petty tax evasion and drug trafficking to public corruption and the financing of groups designated as terrorist organizations. — Investopedia.

However, there are some that you may not be aware of that are set up to “carpet pulls” and other scams.

Carpet pulls are a lucrative scam in which a crypto developer promotes a new project – usually a new token – to investors, then disappears with tens of millions or even hundreds of millions of dollars. — Fortune.

Link to Apple Store to download hi Mobile Banking app and Android link.

After downloading the hi app, you will be prompted to register or log in if you already have an account on your mobile phone. Let’s Go Together — Next Gen Financial Services Web3 page.

When prompted for who invited you, respond to Ivy. After that, you can use your pseudonym for referrals. So not only will you receive daily rewards, but when you refer friends and family, you will also receive rewards for them.

Final Thoughts on the hi Mobile Banking App

No matter which mobile banking app you use, hi, Cash App, or those backed by a physical bank or credit union, you need to protect your PIN, debit card, and password.

What’s great about the hi mobile banking app is that they work with your bank or credit union to maintain your FDIC or other government deposit guarantee, although there is no guarantee to protect you against an investment that falls due to economic factors, just as there are none for stocks, bonds or commodities.

Indeed, although there are over three million users of the hi Mobile Banking app, 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 take everything I write as an informative and friendly joke 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 major financial decisions.

Note: This post contains affiliate links. Read my disclosure statement for more information.

Stephen Dalton is a retired U.S. Army first sergeant, a journalism graduate from the University of Maryland, and a certified editor of the Chicago Manual of Style in American English. Also, a top writer in the areas of investing, nutrition, travel, fiction, transportation, virtual reality, NFL, design, creativity, and news.

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