Mode review 2022
Mode claims to be the UK’s first investing app that lets you “shop, earn and grow your Bitcoin, all in one place.”
- Lets you buy and spend Bitcoin, and earn cashback on certain purchases
- Doesn’t offer any other cryptocurrencies
|Product Name||Mode Cryptocurrency App|
|Trading Fee||0.99% fee for buying or selling cryptocurrency|
|Deposit Fees||No deposit fees|
|Withdrawal Fees||0.0005BTC for Bitcoin withdrawal. No fee for GBP withdrawal.|
What is Mode?
Mode is a payment and investing app that lets you buy, sell and store Bitcoin, and, in future, even earn Bitcoin cashback on purchases with Mode’s partner brands. In simple terms, it’s a Bitcoin wallet meets digital banking app.
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: GBP
- Supported cryptocurrencies: 1 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
How does Mode work?
Mode is an app that lets you purchase Bitcoin instantly using your UK bank account. You can then use your Bitcoin to make purchases, and even earn up to 25% cashback with participating brands. You can also use the app to track your Bitcoin’s performance, or send and receive Bitcoin to your contacts via Mode’s peer-to-peer transfer feature.
Once you’ve signed up for an account, you’ll need to link your UK bank account using Open Banking, which can then be used to buy Bitcoin instantly, without the need for billing addresses or card details. Mode is only available to UK residents.
Where can I earn Bitcoin cashback?
Mode will let you earn up to 25% cashback in Bitcoin on any purchases made using the app at its partner brands. You can earn cashback on purchases made using either your Bitcoin or GBP.
At the moment, you can earn up to 10% cashback on purchases made through THG, which includes brands like Lookfantastic, Myprotein and The Hut, as well in the Mode merch store.
Is Mode safe?
Mode is registered with the Financial Conduct Authority (FCA)[Source 1], but your funds are not protected under the Financial Services Compensation Scheme (FSCS). Any Bitcoin you earn or purchase through Mode will be stored using BitGo, a leading cryptocurrency custodial company.
Like all other cryptocurrencies, Bitcoin is subject to extreme volatility, and there’s always a risk that you may lose the money you’ve invested.
How do I open a Mode account?
- Download the Mode app from the Apple App Store or Google Play Store
- Sign up for an account using your name, email and phone number
- Verify your email and identity
- Link your UK bank account using Open Banking
Pros and cons
- You can earn up to 25% cashback in Bitcoin
- Lets you buy Bitcoin directly in the mobile app
- Send Bitcoin to your friends via a P2P transfer
- The flat 0.99% fee isn’t the most competitive
- You may not receive the best rate when buying or selling Bitcoin
- You’ll need a UK bank account
- There’s a 0.005 btc fee when sending Bitcoin to your friends
Our verdict: Is Mode any good?
Mode is an easy-to-use app for those looking to buy and earn Bitcoin without having to jump through the hoops required by many crypto exchanges.
While it doesn’t offer any other cryptocurrencies, and it’s flat fee is on the high side, it could be a great option for anyone looking to start investing in Bitcoin, and it’s Bitcoin cashback option is an interesting added bonus.
Compare Mode against other exchanges
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.