⚡️ Strike Bitcoin Review [2024]

Strike (one of my favorite ways to buy Bitcoin on mobile) has had a lot of big changes since I last reviewed it in 2022.

Before we dig into some of the cool new features, a huge shoutout to Strike's regulatory team for getting the app approved in the UK, Europe, and making functionality available in lots of other countries.

Here are some of my favorite ways to use Strike in 2024:

Zero-Fee DCA

A few months ago Strike launched a "No Fee DCA" feature that virtually eliminates fees for people who create long-term recurring orders.

There are some initial fees that you'll pay on your first few orders but over time those fees go to zero depending on what kind of schedule you set up (you can find all the details here)

The best part is, it's super easy to set up.

On a new buy order simply click the indicator in the top right.

This will show you a menu of order types - here we can select recurring.

Next we can create our own frequency and note when our purchases will become fee-free.

When reviewing your recurring order, note that you can purchase directly from your bank account, which is an excellent user experience.

I prefer weekly or monthly orders so that my bank doesn't have to deal with hourly withdrawals (which always kind of struck me as a red flag but I'm a moron what do I know)

Finally, you can view or cancel any open recurring orders on the Bitcoin tab home page.

Just note that if you cancel a recurring order you'll need to pay the initial fees if you choose to create a new schedule.

Limit Orders

Strike has finally incorporated limit orders (they call them target orders) - here's how they work.

If you navigate to your Bitcoin tab and try to buy or sell some Bitcoin you'll see an indicator in the top right that will let you customize your order.

Similar to limit orders on a traditional exchange like Coinbase, you need cash already in your Strike account to place a limit order.

If you don't have enough cash to cover your limit order, the button will be greyed out.

Once you've deposited cash from your linked bank account you'll be able to proceed with creating your limit order.

You can specify whatever price you'd like. Be sure to take note of the current spot price: when you're buying, your limit price should be lower than the spot price and when you're selling the limit price should be higher.

Strike will make a calculation for you in the app to show you when your order will execute.

You can also select a time frame for when you want your limit order to expire. I usually do open until canceled which basically means "keep this order open as long as possible"

Finally after you place your order you'll see your open order on the home screen of the Bitcoin tab with all your other open orders.

From here you can click on the order and cancel it if you'd like to.

Payments

The reason I originally fell in love with Strike is that it is a seamless experience that integrates your legacy financial accounts into the Bitcoin network and (more importantly) the Lightning network.

Whenever a need to make a Bitcoin payment, Strike is my go-to app, and that hasn't changed.

I've used it to take advantage of discounts over at Coinkite and other online stores that support Bitcoin and Lightning payments.

If you struggle with using or getting started with the Lightning network, I highly recommend downloading Strike

Wish List

If anyone from Strike is reading, here are some features I'd like to see included.

The limit orders and recurring DCA are awesome, and it would be great if we could combine them.

I want to set a limit order for 5% (or 1% or 10%) lower than today's spot price every day or every week repeatedly.

I'd also like to see these features exposed via the Strike API, which is still only for payments.

It would be cool to build custom bots and scripts using the Strike API and monitor our limit orders within the Strike app.

Overall, I highly recommend Strike if you haven't used it before.

It's a perfect first Bitcoin app for friends interested in getting started with Bitcoin.

If you have any questions, join my Discord or DM me on 𝕏 and I'll help get you pointed in the right direction.