The deVere crypto app launched recently, ahead of schedule. deVere is a well established global financial services and wealth management group, established in 2002. Their website states “As an independent financial consultancy with a truly global presence, deVere Group prides itself in offering clients a world-class and results-driven service.”
Regarding the launch of the app they comment “Those cryptocurrencies that have made it onto the deVere Crypto app have been painstakingly analysed and evaluated by the deVere Crypto Research Department, run by 10 of the world’s leading blockchain and crypto experts. Other companies, I believe, overlook this essential process and that we are the only ones to be doing this level and scope of research.”
They have recently launched what they are calling “…. a pioneering cryptocurrency app, available for Apple and Android. It allows users to store, transfer and exchange three major cryptocurrencies – Bitcoin, Litecoin, and Ethereum.” So let’s take a look. (since the launch 2 more coins have been added – DASH and XRP).
Downloading and registration
Downloading (I will be discussing the iOS on the iPad version) of the app was as simple as any app so no surprises there. Registration though was a different story. You have to enter the usual details such as name, email, DoB, country etc. all very straightforward. Then comes the verification code sent via email, mine went immediately to spam. Not a big deal, I have never received emails from deVere before. The big issue though is every time I went to enter the code onto the iPad the zero was offscreen and the first 2 codes had a zero! This then forces you to go back and another email is automatically sent. Because of the confusion, I ended up with 4/5 emails and a number of codes. Eventually, I recieved a code with no zero’s and signed in.
To make a fiat deposit, which I haven’t tried, seems quite straightforward. There are 3 simple requirements and they can be seen in the screenshot below.
Once the KYC procedure is complete you can then make a fiat deposit. Unfortunately, the only available option to expedite this is by bank transfer – considering this app is pioneering I would have expected a credit/debit card option at the very least.
User experience and interface
Once you open the app the interface appears very clean and simple and everything is self-explanatory. The currencies supported by the deVere crypto app are shown with a corresponding simple price chart. Those supported at this time are:
- Bitcoin BTC
- Ethereum ETH
- Litecoin LTC
- Ripple XRP
- Dash DASH
In the wallet section of the app you can easily see a summary of your holdings. Across the top of the screen you may switch between a price comparison of €, $ and £. If you tap on any particular price chart you are then taken to the ‘trading’ section of the app where you are able to place your buy or sell orders. Again this is very simple to use and would not deter or frighten even the most inexperienced crypto beginner.
The transaction fee of 0.26% is displayed on the trading page, more about fees later. That really is about it. The app is simple to use and probably great for a beginner but I wouldn’t call it ‘pioneering‘, especially not for anyone with even the smallest amount of crypto experience. You would very quickly outgrow the usefulness and cost effectiveness of this app. Also, is this the best that “…..10 of the world’s leading blockchain and crypto experts.….” can come up with?
Initially, the 0.26% transaction fee already mentioned seems competitive, maybe not to an exchange such as binance, but generally not excessive in the company of Coinbase or Kraken for example. The real issue with fees are the rates which are set/used by deVere, they are unbelievably excessive. Below are 2 screenshots taken at the same time comparing the price of BTC from 2 exchanges – deVere and Kraken. Both buy and sell rates are shown. The spread on the deVere app is around 3%, for Kraken it is a negligible 0.15% in comparison. In addition, buying 1 BTC on the deVere app is $117.27 more expensive than Kraken. If you want to sell the story gets worse, you will only receive $7915.85 for your 1 BTC from deVere. OK, Kraken may not be ideal for the complete novice but it is also not the only exchange offering these rates. You certainly have to pay for the ease of use offered by the deVere app. Find another way, there are plenty of options (see conclusion below).
deVeres CEO, Nigel Green is personally promoting the app at the moment with a code TW100 for a free credit of 10 Ripple (XRP). I used this code but there was no sign of the 10 XRP in any part of the app. This is when I decided to use the ‘live’ support option to point out the ‘zero’ bug and ask where my XRP were located. To date (9 days) I have not received any response – not very ‘live’. If the issue were more critical I wouldn’t be impressed. I accept support is an issue in the crypto world but deVere are an already established organisation with a client base of over 80,000. Surely they have that one covered already?
The app is simple to use and has an easy to understand UI so ideal for the absolute beginner. Obviously, the fees are what they are and so as a user you need to make your choice. If you want a simple multi-platform wallet to store cryptocurrency then use Jaxx. It already has Shapeshift built in and the exchange rates from coin to coin are better than those offered by the deVere crypto app. If you simply want to buy bitcoin, or a vast array of altcoins instantly with a credit/debit card, then use an instant exchange such as Changelly. Make sure you have a wallet in place first as you will need an address to send your coins.
I’m guessing the app has been developed solely for the purpose of marketing to their existing client base, who may have a passing curiosity about bitcoin simply because it hit mainstream media toward the latter part of 2017. For anyone serious about cryptocurrency there is absolutely no place in your life for the deVere app. Don’t waste your time unless you’re tempted by the free x10 XRP (code TW100), but I’m still waiting! It may be because I didn’t fully register with the required KYC but a quick message from ‘live’ support could have helped clarify that.
I also struggle with statements such as “Those cryptocurrencies that have made it onto the deVere Crypto app have been painstakingly analysed and evaluated by the deVere Crypto Research Department………..Other companies, I believe, overlook this essential process and that we are the only ones to be doing this level and scope of research.” Quite a bold statement considering the numerous experts occupying the crypto space and the number of new innovations appearing on a weekly basis.
Recently some of the larger established financial institutions are making U-turns on previous statements and actions regarding cryptocurrencies. JP Morgan is considering marketing a cryptocurrency ETF, (even after the famous statements made by the CEO Jamie Dimon condemning BTC as a fraud), describing it as a ‘holy grail’. Yes, a ‘holy grail’ for their profits. Barclays bank has been recently reported to be considering a crypto trading counter. Its a case of ‘can’t beat ’em – join em’ so long as we can clean up and profit from it in our usual ruthless and greedy manner.
- Extremely simple to use
- Nice UI
- High fees
- Poor customer service
- Many better alternatives
- Intentions of deVere
For a review of alternative exchanges please head to our review roundup.
A link is provided to the deVere iOS app below. If you have any comments on this review please leave below.
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