Invity is a Czech Republic-based platform that compares the rates of cryptocurrencies and allows users to trade and directly convert crypto to fiat. It was formed in 2019 by SatoshiLabs, which is the same firm that created the Trezor hardware wallet.
Initially, Invity was built to only help Trezor suite users compare cryptocurrency prices and also perform transactions within the wallet. However, the platform has now been fully opened to everyone irrespective of the crypto wallets you use, and added the feature of allowing users to directly convert crypto to fiat money.
How it works
Before getting into how the Invity platform works, it is important we first note what you can do on the platform. Below are the various activities that you can perform on Invity:
- Buy cryptocurrencies instantly using a wide variety of payment methods including credit cards, debit cards, and bank transfers.
- Compare the prices of various cryptocurrencies.
- Trade and exchange cryptocurrencies.
- Convert your cryptocurrencies to local currencies so you can pay for what you need.
- Build a crypto portfolio through a crypto savings account.
- Send money internationally, instantly without needing to use third parties like banks.
From the above screenshot, you can see four tabs at the top next to the Invity logo at the top left corner: “Buy Crypto,” Exchange Crypto,” “Sell Crypto,” and “Save in Crypto.”)
The sign-up process involves linking a crypto wallet, verifying yourself using an ID, and lastly comparing your cryptocurrency of choice against the fiat currency that you want to use in purchasing and buying.
Once you buy cryptocurrency, you can then choose to trade, exchange, put your cryptocurrencies in a Savings account, sell the crypto at a profit or even convert the crypto to a local fiat currency and use the money to pay for travel, buy goods or pay for services.
Invity has proven itself as a global leader in on-ramping and off-ramping crypto users owing to the simple crypto buying process and crypto-to-fiat conversion process respectively.
Key features
The main features of the Invity platform include:
- Non-custodial – Invity does not keep custody of the users’ cryptocurrencies. Users store their crypto assets in the wallets that they link to the platform making them custodians of their crypto assets.
- Crypto Savings account – It allows users to create crypto savings accounts, deposit cryptocurrencies, and earn interest. The crypto savings account is purely non-custodial.
Coinmap
This is a nonprofit project that solely focuses on collecting lists of Bitcoin ATMs and businesses that allow people to use cryptocurrencies.
Currently, the project has about 20,000 entries and it is still growing. You can also add a new entry for free.
Users can use Coinmap’s heatmap under “MAP” to look for businesses within their location where they can use cryptocurrencies.
Pros and cons of Invity
Pros
- There is no need to go through the sign-up process to do transactions.
- It is a user-friendly platform.
- It is a one-stop platform for buying, selling, exchanging, and converting crypto.
- It has no hidden fees.
- Allows users to instantly convert crypto to local currencies.
Cons
- Invity has no mobile application yet.
- There are limited providers although the providers are verified and trustworthy.
- Invity does not support users from some countries including Iran, North Korea, and several states in the USA like New York and Hawaii.
Why should you use Invity?
As a cryptocurrency user, you require an easy on-ramp and off-ramp process to make it easy for you to buy crypto and convert them back to local currency at any moment. Invity offers a user-friendly interface designed for the non-technical trader making it easy for everyone including crypto beginners.
Additionally, Invity eliminates the hustle of searching for a third party to convert your crypto assets back to local currency for use when you want to. By using Infinity, you can instantly convert any of our crypto assets into fiat currency.
Also, besides being a trustworthy crypto exchange platform, Invity offers lower rates and a wide range of payment services.
Final Verdict
In conclusion, Invity is a trustworthy one-stop crypto platform that allows crypto on-ramp and off-ramp, crypto trading, and savings account with features specifically designed for crypto beginners.
Besides being straightforward, Invity has proven to be a secure platform for not being involved in any security issue. Also, users do not have to wait for verifications to perform transactions.
The only main undoing of the Invity platform is that it does not support users from some countries including Iran, North Korea, and some states in the USA like New York and Hawaii.