(Last Updated on March 22, 2021)
No such thing as a free lunch.. Or is there?
No fees for trading + free debit card + FDIC insured = free Bitcoin mobile bank in your pocket
LVL has seemed to pull off the impossible by offering a 100% free trading exchange for cryptocurrency that is located in Los Angeles, California AND FDIC regulated/insured. Pretty impressive stuff and we will continue to watch if they stay ahead of the curve and offer more trading options for investors in the future.
So how do they make money?
Offering a “Premium” service for $9.00 a month and earning fees from merchants when their debit card is used.
Yes, that’s right, they also have a debit card.
LVL.co is a new type of mobile app bank account based in Bitcoin.
Mobile applications only – not for the desktop computer or the MacBook.
Extremely simple and straightforward user interface that makes crypto trading and online storage easy.
LVL App is great for the new crypto investor who wants exposure to cryptocurrency without the technical aspects and responsibilities of self-custody
Simple to use mobile application that quickly onboards the beginner investor that wants some exposure to crypto assets without learning the steeper technical curves of hardware wallets, multi-sigs, seed storage, etc etc.. This is a great way to make small spot purchases and still be able to hold them through the custodial wallets integrated in LVL with the option to withdrawal to a hardware wallet of your own later.
“Keep it simple stupid” – K.I.S.S. comes to mind when I see the layout, but it IS pretty too!
As seen above “market buying” is the only purchase method to acquire crypto.
Cannot set limits or use any leverage, not the best for swing trading or degenerate 100x leverage wannabes.
But it is great way to buy and sell smaller amounts of crypto with a multi-signature secured online wallet off your mobile phone. This can be an advantage for anyone who does not trust themselves or their technical skills enough to store their own crypto offline.
Traders Perspective on the LVL app:
- Market buys only – a lot of traders and investors are surely annoyed by this feature. Similar to Robinhood there are no limit buys, leverage, or short trades to be made.
- No Commission – buy directly at market price
- No Spread – no price gap for the exchange to earn the “spread” of money between market price and the exchange price
- No charting or real analysis tools on the app – it’s for buying and selling your BTC directly to the market for free
Investors Perspective on the LVL app:
Not your keys, not your coins!
- Great for buying Bitcoin, bad for storing it.. an online or mobile based wallet, even multi-sig, has more points of failure than offline hardware wallets
- If you trust yourself, than please do the research and self-custody your crypto assets if long term investing
- LN Strike is a faster way to purchase satoshis directly to your wallet but has low limitations to purchasing power
- LVL has much higher limits than Strike and even Coinbase for larger purchases
So far we have heard mixed results in the “autopilot” investing portfolio you can vest into on the mobile app. Some have had strong success in the first month (gains over %12) with results lagging or going slightly negative in following months.
I wouldn’t recommend pouring a ton of liquidity into the autopilot feature.. MAYBE after we see 6 or 12 months of results, otherwise your probably better off gambling that Bitcoin on altcoins you speculate have quality future utility/execution/relationships/etc.
Bitcoin is about individual freedom through financial sovereignty.
No matter how you are purchasing your Bitcoin, never leave them on an exchange or mobile app for long periods of time. The liability of hacks, failures, errors, mass data leaks, and such grows higher and higher the longer you leave your coins online.
Only leave the amount you are willing to lose or are actively trading with.
Every single satoshi you own should be in a personal wallet(s) with your own personal set of keys, unless you are actively trading them. Whether that is in a hardware wallet, your mobile phone, desktop, or laptop is up to you. But I would highly recommend getting a secure hardware wallet if you are long term investing.
Trezor, Coldcard, Ledger (sadly they have leaked a ton of sensitive customer data..) are all great hardware wallets.
See chart for U.S. States where the LVL App is available currently.
Currently you can trade cryptocurrency legally on the LVL App in the following states: Alaska, Arizona, California, Colorado, Delaware, District of Columbia, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, New Hampshire, New Jersey, North Dakota, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin, and Wyoming,