River @River is #Bitcoin-only broker for people in the United States to buy bitcoin.
What features does River have and how much does it charge in fees?
Read on
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1/22
River is only available to customers in the United States.
If you're in Europe, a good platform to buy bitcoin could be e.g. @PocketBitcoin or @relai_app.
You can use River on both mobile and desktop.
2/22
River is a custodian, but it claims all its BTC is backed 1:1, and it doesn't lend out customer funds.
It also uses its own infrastructure minimizing dependance on 3rd parties.
3/22
If you don't want to custody your own coins, River is probably one of the best options because it stores its BTC offline in multi-sig custody.
Still, keep in mind: not your keys, not your coins!
4/22
Like @aantonop said, treat exchanges like public bathrooms:
You go in, do your thing, and then get out!
5/22
Luckily, River encourages its customers to self-custody their coins.
You can set up an automated withdrawal plan.
Every time your balance exceeds an amount you specify, the coins will be transferred to your self-custodial wallet.
6/22
However, you don't want that amount to be too small.
Otherwise you might risk your UTXOs becoming unspendable in a possible high-fee environment in the future.
Learn more about UTXO management here:
x.com/teemupleb/status/1828917909529473287
7/22
River offers one free monthly on-chain withdrawal, which can become useful when Bitcoin blockchain fees rise again.
Maybe a smart stacker will accumulate for a month on River and then takes advantage of the withdrawal offer!
8/22
River also supports Lightning Network withdrawals, and they also have "River Link" feature that lets you send Bitcoin (on-chain or Lightning) payments as shareable URL web links.
9/22
Sending River Links to other River users incur 0 fees, but in case the recipient uses another wallet, the recipient will pay the transaction fees (on Lightning very negligible).
10/22
River is a good option for Bitcoiners in the US because of its fairly competitive fees and low spread (BTC price you pay closely matches the spot market price).
11/xx
The fee is 1% of the purchase, which is more or less the industry standard.
If you set up a recurring buy order, you only pay the fee for initiating the order (zero fee DCA!).
12/22
River distinguishes itself from many other exchanges by offering phone customer support.
This could be useful for beginners or possibly for older generations who are more used to a traditional banking experience.
However, you can still reach out via online chat/email.
13/22
River is fully regulated and requires KYC.
After submitting your KYC information, it will take about 1 business day before you can buy bitcoin.
You can link your bank account and buy bitcoin with an ACH transfer or a wire transfer.
14/22
With ACH the minimum amount is $100, and with wire transfer it's $5,000.
The downside of funding your account with ACH is that you can't withdraw BTC from your River account until approximately 7 days have passed.
15/22
This is because of ACH payments' settlement times.
When using wire transfers there are no holding periods before withdrawal.
River uses Plaid, a financial data company, to connect customers' bank accounts.
16/22
River has a personalized service for customers who want to buy more than $100,000 worth of bitcoin.
The company also offers services for businesses who want to buy bitcoin on their balance sheets.
17/22
Some other features on River:
✅ Target buy orders
✅ Beneficiary plan
✅ Referral program
✅ Tax reporting
18/22
Overall, River is a good option for people in the US to buy bitcoin if you're willing to KYC yourself.
River has relatively low fees, simple user interface, and it emphasizes security and encourages self-custody.
19/22
Also, it's good that it doesn't shove altcoins down customers' throats, so it's safe to be recommended to family and friends!
20/22
Here's a great video overview of River by @ian__major:
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21/22
Finally, a @TheBTC_Source podcast episode with River's founder, CEO and CTO Alexander Leishman @Leishman:
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22/22
Let's discuss it on Stacker News!
stacker.news/items/683135/r/teemupleb