Anchor - Send and Invest Reviews

Update: I received the email that my ADA purchase was available for withdrawal. I was able to transfer my currency to my hardware wallet just fine. I ensured my vpn was disconnected. Anchor is giving me an alert that they are not able to process my brokerage account and that my name is on the waitlist but my account was already verified. I don’t know why I am getting the alert. There was no issue for me with Anchor so I’ll keep the 5 star rating and will continue to purchase ADA with this exchange.

After reading some of the latest negative reviews, I was hesitant on trying out Anchor. So far so good though.I was able to get verified quick and linked my bank account to purchase Cardano(ADA).I turned off my vpn on my phone to avoid any technical issues. I decided to invest a very small amount in case something shady occurs within this platform.

If there is no issue, I will invest more and keep my rating at 5 stars. If I come across issues, I will contact support first and depending on how well the experience is there I may lower the rating down to 1 star.

It has been weeks from the time of writing this review that I am unable to withdraw my funds or transfer my assets. Each transaction has been pending and has not fully been executed. Blockchain/Crypto technology shouldn’t take weeks or months which some have reported via Twitter feed. What makes this even more bothersome is the fact that their support team never gets back to you and has gone MIA. When I first signed up for their App a couple of months ago the service appeared to be top-notch with a couple of flaws that were being addressing. In the last 4-6 weeks from now, I don’t know what happened. Their service is completely horrible; having your funds locked up on their platform and not being able to access it is very unsettling especially when their support team is not communicating with you or at least publically addressing the issue so their customers can feel comfortable. Many have been reporting withdrawal and transfer issues and some are saying they haven’t experienced it. Either way, it’s a chance you’ll be taking. After their lack of transparency, I am no longer a fan. I suggest you proceed with caution in using their service. Very disappointing.

Anchor is riddled with bugs and random "errors" that have left multiple people i know and myself at one point out of money, they have no active helpful customer service, so if you have a problem including if your money is unwithdrawable, consider your money stolen by them bc you wont get it back, best case scenario it will take 4 months like it did with me, i have other friends who are on 6+ months of blowing up customer service with no response or updates with $5k+ stuck in their accounts with no way to acess it. Accounts get randomly locked, there is sometimes random withdrawls and what seems to be this app or another party comprimising accounts, just way too sketchy, and a complete failure of a company with no customer service, seems like a big scheme where they take peoples money every once in a while. Cant even send any crypto from wallet to wallet without them saying to contact their non existent customer service. The creators of Anchor need to be jailed and this should be a much more bigger deal than it is. Give acess to everyones accounts who got locked out for no reason/ refund those who had random unauthorized transactions. Absolutley inhumane

Very happy with my time on AnchorUSD. Haven’t had any issues with transferring money into my bank and making purchases. Hoping that anyone who has had those issues will get resolved in time. I know that there is a huge amount of people starting to flood these crypto apps and this isn’t the only app supposedly lagging in customer support. I see this as a credible app because of its support through IBM and it made me feel much more secure on taking a chance on a newer mobile app. I would say Anchor is great for investing, The interest has been great and always come through my account daily. I wouldn’t recommend to someone who is trading often because the withdrawal times are slow right now and graphs are a bit off in current market price. I’m hoping that this will get fixed in time. Overall I am pleased and can’t wait to see what updates and coins they add in the future.

I’ve sent someone 300 coins as a gift back in February. The amount was deducted from my this app account yet the intended recipient never received. I sent out an email to this app and they said that they’ll look into it. NO ONE GOT BACK TO ME!!! So I reached out to them again in April. They said that someone from wallet support would get back to me. It’s now May and still NO RESPONSE!!! A few days ago I tried a test transfer to my sons account to make sure it’s not just a problem with the previous recipient and sure enough the transfer never showed up in his account even though it was deducted from my account. This is causing a tremendous amount of fear and anxiety because I have a significant amount of money in my this app account and due to this past years shutdown, my income is limited. My biggest concern is now that my investments are seeing huge returns, will I be able to withdraw the profits without them mysteriously disappearing?! Purchasing coins works perfectly. The issue is sending, transferring, or withdrawing. My suggestion to anyone looking for an exchange to buy crypto is to avoid AnchorUsd!

I hear that you should be patient with them because of all the new popularity, heres been my experience so far, i got verified quick, great, got a couple coin and after a bit of time i sold them, alright cool. I go to withdraw the money now that i could use it and... 2-3 day wait. Alright, not a problem, i wait... and i wait some more, 3weeks go by, whats up? I send in a ticket which doesnt get answered, so I message the twitter, they get back and say the money from my bank has to be verified, i mean... alright i had to send money from my bank to buy coin but okay, i show proof of my bank approving a new transfer. Im told wait till Tuesday to withdraw and everything will work fine. Tuesday comes along, more problems spring now. Not only can i not withdraw what i earned, im being shown that the coin i sold i now equally owe back money for? I message the twitter again, im ignored, few more days pass, im ignored, now im writing a review to say: dont, its not worth it, they took my $50, Ive seen some people say their $2000 on reddit is gone, dont use this, if you want a crypto currency app use coinbase.

For the longest, this app was my go to app. 100%. Ever since the spike of people wanting to begin investing, and the exchanges getting hammered, Anchor has been far from flawless. I haven’t had crypto logos present on my screen in days. (And yes, I deleted and download Anchor again.) I got 2 emails stating my funds were deposited into my brokerage account, only to see that money over 24 hours later... and for the second time, they doubled my money in the account so I’ll have to sit back and wait for them to catch it a week later and remove the funds. Remember I said they sent 2 emails? Well, I’ve sent multiple emails in the last month trying to get assistance and have gotten 0 replies. My buddy got a reply within 24 hours. 🤷🏽‍♂️ Nothing more stressful than having to worry about money because your exchange won’t answer simple questions. Anchor is so clean and easy to use, I just hope they get things together soon. 🙏🏽

AnchorUSD is using the deposits of new clients to pay the withdrawals of other clients. AnchorUSD is insolvent and will one day have to answer for their gross mismanagement. After nearly 40k in deposits i made with the most ease, AnchorUSD is not permitting withdrawals. As of this post they are more than a month late (beyond their posted extended deadline of a week) on withdrawals totaling 3k. The remainder of my funds are forever inaccessible, because I cannot withdrawal my funds. I added a new bank to see if that would make a difference and In the verification process, AnchorUSD had no issue with their instant verification deposits into my bank that were less than a dollar each. Customer service has an auto generated response that this matter is going to be escalated and that they will get back to me with updates, and of course they never do. I recommend everyone to submit a formal complaint to the BBB, because we need to hold this company accountable. Do not use Anchor at all costs it’s not worth trading with them. Predatory business dealings alert.

I loved Anchor at first. Bank transfers were quick and easy, decent selection of coins to purchase, automatic interest payments, etc. eventually things started to fall off. The functionality is now extremely lacking. Some charts do not have views for certain timeframes (i.e- weekly shows, but not monthly), the overall view, which is a hidden feature for whatever reason, no longer works, and most importantly, you CANNOT TRANSFER YOUR FUNDS TO OTHER WALLETS. Well, ok, you can with some but not with others- ADA, ATOM and a few others WILL NEVER TRANSFER. And when you reach out to customer service, they simply do not exist. It’s tragic, really because this could be a go-to mobile exchange but is ultimately just a complete disaster. I am liquidating all my holdings (yes, I have to sell and have a taxable event because Anchor will not let me transfer to other wallets, but whatever, at this point it’s worth it) and migrating to other exchanges. Do yourself a favor and stay away from this app.

I have been using Anchor since December. I deposited a decent amount of money in my account with this app USD. They took a full week to take the money out of my checking account. I kept this for a few months and made a withdrawal just to see how that would work. It took almost an exact week to get my money back in my account. They pay the interest daily and I think it is awesome.
As far as buying crypto and stocks, I have not had any problems. I have not done a lot of it, it seems to work fine. They definitely charge a little more than the current price of the crypto.
In the end I am 100% satisfied. Where else can I get almost 8% interest. I would like to know if this is really FDIC insured. I would really like this app USD to just clarify this for us.

There’s promise here. Anchor is mostly intuitive to use, my buy limit orders were executed perfectly, but other than that support is nonexistent and this app has cost me a lot of money because it refuses to allow me to sell any coins I’ve bought through it. After buying a coin and setting a sell limit order, the coin reached that amount but never triggered the sale. I tried a slightly lower amount, didn’t work. I then tried a simple market order sell. Nothing. I contacted supported and got back a generic email saying they’ll look into it. Time is passing and the coin lost its value and now I’m out big time on money. Thanks this app!

Oh, and I’ve also been trying to send some coins I bought through Anchor to my wallet but I get an error message every time saying I need to wait 2-3 days before funds clear and can be sent. It’s been 2 weeks since I deposited money and bought through Anchor so this clearly will never work. Terrible.

Update:now 3 stars. By 7/29 managed to get a decent chunk of my money out of their app - still can’t send crypto though. Have done several USD withdrawals (had to resend my ID about 5 times though) and seem to be finally working in a timely manner. If this next chunk moves I might even keep the rest in there and make some purchases again. They finally updated their app (was almost 4 months since last update)

Update: was 1 star now 2 star. almost two months of back and forth with customer service. Appears I finally got some money to withdraw back to my bank. Still unable to move any crypto. I’ve been trying to get money and crypto out of there for over a week and it just shows processing. I’ll happily give them 5 stars if Anchor ends up working like it should. Have submitted support requests.

I signed up a few weeks ago and I was verified instantly unlike the other platforms.

Customer support has been non responsive at least for me, but it might be because they are still dealing with the sudden influx of new users from the past weeks. I had no issues depositing, buying, and selling, however, I’ve been having trouble sending my crypto to another wallet. I also transferred back some funds to my bank, but it still shown up. I’m still waiting for their response from email or Twitter.

With all that said, I plan to stick with AnchorUSD. AnchorUSD is still a pretty new platform which gives them a lot of room for growth and improvements as soon as they work out the kinks. Just be patient.

I’m level 3 verification level and I can’t upload anymore information to get more verified because I’m fully verified at the top level and when I go to buy it says I need to upload my driver’s license and other info that I have already done and am already fully verified for and it does not give me the option to upload it again because it says I already have it, I’m scared for when I sell my crypto because what if they don’t let me withdraw to my bank , I like Anchor but it’s been very weird lately ever since it said it’s transferring to a new bank . I wish it would fix problems so I can buy on Anchor again and give them money, that would get rid a lot of my fears, good app but they need to fix this problem it’s costing them money

User interface is easy to use and understand. You can do limit orders. Earn daily interest on your US Dollar balance and Crypto in your wallet. Everything about Anchor is better than Coinbase. Though there is a lag when withdrawing and depositing funds, everything eventually gets through. I’ve had to contact support through twitter and they were able to resolve everything. People bashing on Anchor need to be more patient and less rude! Its best to transfer funds/crypto late at night when the network isn’t as congested. If they can improve their support wait times and alleviate transfers getting stuck/lagging, there would really be no competition!

DO NOT USE Anchor!
Warning: this is a total rip off.
I had used Anchor to invest in both stock and crypto. Now that I am ready to transfer my cash into my bank account, Anchor will not allow me to move my money back into my linked bank account. They owe me $4,000 and will not do anything about the error message I keep getting. Anchor worked fine taking my money from my linked bank account but now that I want to transfer cash back to my account it will not allow me to move any money. Support will do nothing to help this situation and I will file criminal charges against this developer as well as the bank they use to fund the transactions. This issue has been months now that I cannot move the cash funds back to my bank account and they will do nothing to assist in getting this issue resolved.

These people should be In jail.

I made a deposit on Anchor to buy crypto in June 2021. It is now October 2021 and it has not been completed because they haven’t been able to fix an issue with their banks. They have now literally frozen all the assets on my this app account. I cannot withdraw any money or crypto I already had in this app until the pending deposit is complete. It’s been almost 5 months. How long can they just hold your money hostage??

Their support is nonexistent. It’s all through email and they pretty much ignore your inquires and direct you to their faq. I asked about withdrawing my assets and closing my account to which support replied with “we can close your account if you reply with I confirm.” They did not mention that doing so WITHOUT withdrawing would make me forfeit my money. Again, they aren’t letting me withdraw. It’s stuck there. I absolutely do not recommend AnchorUSD.

I discovered Anchor since I was searching for a new wallet. Used to use Coinbase wallet and I was not happy with it.

Recently my account got hacked and within minutes of realizing it I emailed support and right away they responded back with locking my account down and resetting it. I was shocked at how fast they responded at 1 am. Another great security feature they have is that you need to verify each address before they will let you withdraw anything. The hacker made numerous attempts to withdraw and since he couldn’t get any address verified he gave up. Fairly good experience with the support staff😊. but I’m still unsure how I got hacked

First of all, closing an account through this brokerage seems to nearly impossible for no reason. The only way you can close is through a support request in which you get a response about once every 5 days.

Secondly, my account has had a pending deposit from my bank that I was allowed to trade through AnchorUSD. This deposit has now been pending for a month and still no confirmation or action from AnchorUSD has been provided. This issue prevents any withdrawal outside of your accepted deposit values and you cannot take out any profits made from trading with said value.

The customer service availability for Anchor is a joke and based off the inability to complete transactions over the course of a month, I highly recommend anybody to seek other options for trading.

Edit- I was able to begin the withdrawal process after transferring my balance to my email and signing in through the email link. Not sure if this is what fixed the issue or if it just registered the withdrawal as a deposit due to a glitch. Other friends of mine have had no issues receiving all their earnings. I wrote this review quickly after encountering a problem and will revise it after receiving the funds. Until then.. original review in parentheses below.

(scam alert a friend recommended Anchor to me and despite being able to quickly buy coin I was unable to withdraw as it tried to deposit instead of withdrawing. There’s little customer support and the developer page is non existent. I’m just glad I didn’t invest more in this platform)

Update: still going great, support has been very responsive and helpful whenever I contacted them. However, in terms of Anchor I prefer the style of the older versions that have more useful transaction icons and thinner price-graph lines. I am confident that they will improve the UI in the future.
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Been using for months and don’t have any major complaints. The most user-friendly and simple crypto app out there for earning interest, no significant down sides. App features have improved over time, though there are some things that have yet to be added so I hope it’s still being developed.

Anchor is simple and intuitive and seems to be working as intended. However, the user interface is flawed. In several spaces on the portfolio tab, text overlaps severely. Simple oversights like that make me wonder what big thing is being overlooked.

Edit: After raising the issue, the support team quickly got in contact with me and the dev team put out a patch within a few days. Excellent response time and quality customer support.

You can’t beat Anchor. I was with Worthy Bonds for a while that gave you 5% fixed. Then I found this. Your cash is stored in Prime Trust LLC (this is the bank they use to store your USD funds) which is FDIC insured. There’s even an S&P Global article about this. Your interest is also compounded and daily distributed at around 5:30 AM every day! Also, their app is so easy to use and has a very nice UI.

Thank you this app for providing the best interest rates around, and you even earn interest on your bitcoin. What more could you ask for? Support may not be the fastest, and taking your money out may not be fast either, but when you do keep your money in, you'll love to watch it grow with their high interest rate.

Been using this for over 2 months now and it’s super reliable. No fees and great customer support. Unlike the main competition, I was immediately given interest on my deposit and able to trade. The rates are competitive and are much better than traditional banks.

Really appreciate the generous interest rates across multiple assets. Look forward future updates (would appreciate an account balance widget!)

I don’t usually write reviews but i love Anchor. The interest, low fees and the customer service 🙌🏽 thank you guys for supporting the xrp air drop or i wouldnt of found your platform i love it 🙌🏽🙌🏽🙌🏽 happy earnings!!

It’s a great app except for the variable withdrawal times. Sometimes you trigger it and approves the withdrawal immediately and sometimes it can go on for hours or days with the transaction still in pending. That’s a pretty big problem to me so I can’t give more than three stars.

Anchor is great fir parking tokens for savings level interest. However, if you buy or sell tokens do not be surprised if you lose 2% in the exchange both ways - this is why Anchor os only good for parking unused tokens and not exchanging them.

Would love to see filtering options for transactions and/or info on portfolio when you click on a crypto.

this app is cool I guess, If you have WEEKS to waste. Meaning you can purchase but can’t trade or withdraw until finalization of the transaction. Other exchanges take 2 maybe 3 days to finalize. this app takes anywhere from 5 days to 5 weeks, Totally depends on how “helpful” customer service is feeling that day 🙄

Great exchange.... the daily interest payouts is a good sell no matter how small I have gotten all my friends who are just getting into crypto to get it with AnchorUSD

Just wish they had more coins like vechain, and I can’t send over my cardano

Awesome app with a great team. Any issues their support responds quickly and will resolve any problems the user has.