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Pros and cons of Socios.com
Pros
Easy to use. The application is beginner-friendly and easy to set up, even for those unfamiliar with blockchain technology.
Available to use on the go. Developed as a mobile application, Socios.com is available on Google Play and Apple App Store.
Security. All token transactions are secured by blockchain technology.
Cons
No NFTs. At the time of writing, there are no NFTs and only light rumors at implementation.
US residents missing some things. Not all the features of Socios.com are available to U.S. residents, however, Socios.com is working on launching a U.S.-facing platform.
Socios.com is a decentralized sports app looking to bring football (soccer) fans closer to their clubs. The platform stands out as the world's first fan-voting and reward platform powered by blockchain technology. Socios is a mobile platform, available on both Google Play and the App Store.
Our take on Socios.com
If you're a hardcore sports fan, the Socios app might be for you. The whole idea of this blockchain app is to allow fans to feel more connected to their favorite teams, and even influence decisions.
However, the transparency on how the voting and perks work is essentially nonexistent if you're on a browser. We attempted to find more information on how the voting process actually works and weren't able to locate much, and to learn more, you have to download the app to see its full list of features.
During our research, we found that many of the features on the Socios app are unavailable to US residents — this includes buying and depositing Fan Tokens, which is an essential function of the app. It's odd, considering that many of the teams on the app are US-based.
Image source: Socios.com
Once you download the app, you're immediately prompted to choose your favorite team(s). Then, you need to buy CHZ tokens and trade them for Fan Tokens, then you can vote on things and earn rewards.
The mobile platform is easy to navigate, downloads quickly and offers a short tutorial to get you started. However, the app ratings aren't great.
The Socios.com Google Play app and the Apple app both have an average 2.8-star rating. For both platforms, there are more 1-star ratings than any other rating. The majority of unhappy reviewers report issues with logging in, funds being locked, know your customer (KYC) problems, poor customer service and the app crashing.
On the other side of the ratings, 4- to 5-star ratings report the app is fun and easy to use. Some users claim the app was originally full of bugs, but recent updates have drastically improved functionality.
For a platform that's only a mobile app, having poor ratings like this doesn't bode well, but the function and features appear to vary by country.
About Socios.com
Socios launched in 2018, and was founded by Alexandre Dreyfus, an entrepreneur and crypto enthusiast.
It's a sports app mostly targeted at soccer fans. Socios is designed to allow fans to participate in the day-to-day activities of their favorite soccer — aka association football — clubs and earn rewards for their participation.
By holding Socios Fan Tokens — purchased with the cryptocurrency Chiliz (CHZ) — you have power to influence your favorite teams' decisions, which is a first in the sporting world. Fan Tokens also enable you to unlock rewards and gain access to exclusive promotions, games and perks.
Originally, the app was geared toward soccer fans, but the platform expanded to include: basketball, gaming, fighting, motorsport, tennis, American football, ice hockey and major league soccer (MLS).
Image source: Socios.com
Socios blockchain and currency
The Socios app is built on the Chiliz blockchain. The native token is CHZ, a ERC-20 utility token. The CHZ tokens are used to buy Fan Tokens, which are fungible tokens with utility.
Get CHZ directly from the Socios app, or trade for them on third-party crypto exchanges such as Crypto.com, Binance and Coinbase. With CHZ tokens in your wallet, you can then trade them for Fan Tokens on the Socios mobile app.
Fan Tokens give owners access to services provided by the various sports clubs. Benefits include:
Fan Tokens give owners access to services provided by the various sports clubs. Benefits include:
Voting rights. Holders of the tokens get to have a say in various decisions of their favorite football club, including bus design and kit design. They can vote within polls their club carries out.
Matchday experience. Holders of the tokens get an opportunity to access the stadium during warm-ups and practice games.
Watching matches as a VIP guest. Socios.com tokens allow holders to meet team members and have online meetings with players.
Other perks include winning match tickets, uniforms or club memorabilia, and interacting with other fans around the world. While offering many benefits, the key purpose of the token is to enhance interaction between teams and their supporters.
Priorities security with a $750 million insurance fund
User-friendly user interface
Long list of features such as lending, borrowing, staking and crypto debit cards
Poorly rated customer service
Certain cryptocurrency support is geographically restricted
High withdrawal fees
Crypto.com supports a wide range of cryptocurrencies and features. Its user-friendly interface makes it a good choice for both inexperienced and experienced users.
Fees for trading are competitive, though can be high when withdrawing to an external wallet from the exchange.
There is a detailed knowledge base available on how features work, as well as Crypto.com university that teaches about various assets.
The company prioritizes security, marketing and design, but reviews suggest that customer service is lacking.
Deposit Methods
Bank transfer Credit card Cryptocurrency Debit card PayPal Wire transfer Apple Pay Google Pay SWIFT
Deposit Fees
None
Withdrawal Fees
Cryptocurrency: Fees vary
Trading Fees
Maker - 0-0.075% Taker - 0.05-0.075%
How to buy tokens on Socios.com app
The Socios.com app has a trading feature that allows you to buy Fan Tokens directly. Before buying directly through the trading feature, first you need CHZ tokens, then trade them for Fan Tokens.
CHZ tokens can also be bought directly from the Socios.com app or from crypto exchanges like Coinbase, Binance and Crypto.com.
To buy tokens using the Socios.com app, follow these steps:
Get the app. Download the app from either the Google Play or the Apple App Store. Then create a user account. The process is fast and easy, and should take no longer than a few minutes.
Get a crypto wallet. You need a crypto wallet to buy or sell your Fan Tokens. The wallet also receives your CHZ tokens that enable you to buy your preferred Fan Tokens. Chiliz recommends the ZenGo wallet.
Buy CHZ. In the app, tap Add CHZ at the top of the home screen. Enter the number of CHZ you wish to buy and the method for purchase (USD, EUR, GBP). Continue forward to purchase CHZ with a card payment. Once complete, the CHZ should appear within your app wallet.
Trade for Fan Tokens. On the app home screen tap on the Market tab. You're provided with a list of Fan Tokens associated with the teams. Select the Fan Token you want and tap Buy. Next, enter the amount of Fan Tokens you want to buy for CHZ and complete by tapping the Buy button again. Your new Fan Tokens are sent to your wallet.
Holding tokens gives you the ability to vote on things associated with your favorite teams. For example, choosing the welcome message that's displayed in your teams' locker room at a specific game, or choosing a favorite photo of a player.
What teams are available on Socios.com?
There are many teams on Socios.com, separated by sport. To date, there are over 100 teams, with plans to include more.
Sport
Teams
Football
55 teams including FC Barcelona, Juventus, Manchester City FC, A.S. Roma and Legia Warsaw.
Gaming
6 teams including Natus Vincere, Team Heretics, OG and Vitality.
Fighting
2 teams: Professional Fighters League, UFC
Motorsports
3 teams: Roush Fenway Racing, Aston Martin Cognizant F1 Team, Alfa Romeo Racing ORLEN
Basketball
28 teams including Detroit Pistons, Chicago Bulls, Indiana Pacers, LA Lakers, NY Knicks and many more.
Tennis
1 team: Davis Cup
American football
14 teams including Chicago Bears, LA Rams, Pittsburgh Steelers, LA Chargers and Atlanta Falcons.
Ice hockey
15 teams including Detroit Red Wings, Dallas Stars, New York Rangers and many more.
MLS
26 teams including FC Dallas, Chicago Fire FC, Atlanta United FC and Colorado Rapids.
Other ways to get Fan Tokens
Aside from exchanging the CHZ tokens for Fan Tokens, other ways to get Fan Tokens are:
Treasure hunt. Token Hunt is a Socios.com augmented reality geolocation feature that allows users to collect $CHZ, $SSU (Socios.com Loyalty Tokens) and Fan Tokens for free. It's a global feature, and you only need a Socios account. Tokens you find are automatically sent to your wallet.
Fan Token Offering. Fan Token Offerings, or FTOs, is a limited period when a number of Fan Tokens are made available for purchase at a fixed entry price. The tokens are released within the FTO before reaching the Socios.com marketplace. Buying tokens at a Fan Token Offering allows you to purchase them at their exact entry price.
How to sell tokens on Socios
To sell your Fan Tokens, open the app then select the Market tab on the top of the screen.
From there, you can see a button next to all the fan tokens and options to buy and sell.
Socios fees and withdraws
If you want to withdraw your CHZ from Socios.com, the minimum amount is 1500 CHZ. If you have obtained CHZ in the last 90 days, the tokens are locked until that 90-day period is over.
We could not locate any flat Socios.com market fees, but gas fees apply for buying and selling tokens.
Is Socios.com legit?
Socios.com is a legitimate sports blockchain app. Since launching, Socios.com has amassed a significant user base — an estimated 900,000 active users.
While certainly a credible application, the app and associated tokens are associated with a highly volatile cryptocurrency industry. When purchasing CHZ or Fan Tokens, price volatility should always be a consideration.
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Bottom line
Socios.com allows fans to feel closer to their favorite teams by voting on decisions directly related to them. Many believe that this is the next step in cryptocurrency and a great use-case.
However, seeing as Socios.com is entirely a mobile app, we do wish the ratings were higher — users want to make sure their assets are safe. A 2.8-star app rating isn't ideal when you're dealing with something as volatile as cryptocurrency.
Additionally, the lack of nonfungible tokens (NFTs) on this app is a bold decision. Other decentralized sport apps, such as NBA Top Shot, thrive on producing officially-licensed sport NFTs. That may be something Socios.com looks to in the future to expand the app.
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Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 400 Finder guides across topics including:
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Image source: Socios.com
Image source: Socios.com
