Matrixport Lite Is Live! My Thoughts And Review On The Crypto App
I previously talked about Matrixport, an all-in-one crypto platform that everyday investors can use to access different products such as Fixed Income/Dual-Currency or DeFi yield farming made simple.
Matrixport security is also top-notch thanks to institutional custodial support from Cactus Custody.
If you are interested to read more on the original Matrixport review, you can read up more here before continuing.
Since then, Matrixport went on to launch their “Lite” version, which, from first glance, is targeted at beginner investors that might have found the now “Pro” version of Matrixport to be too intimidating.
It’s almost like they read my mind when I mentioned in the original post previously that the learning curve for a first-time user to navigate the app might be tough at first, but with the launch of “Lite”, they definitely eased the learning curve and ease of navigation.
To toggle between Pro and Lite, you just need to click the top left corner of the app and switch between them.
‘Lite’ Mode As A SteppinStone Towards ‘Pro’ Mode
In my view, I see the ‘Lite’ mode as a way for beginners to get familiar with the platform so they can slowly transit over to the ‘Pro’ mode of the app, which has way more features and products, but definitely more complicated.
On the ‘Lite’ page, you basically have access to their lower risk Fixed Income product with 4 main assets which are: Bitcoin, Ethereum, USD Coin and Tether (USDT).
It offers a simple UI where you see the number of days for the fixed income lock-up, and the APY (Annual Percentage Yield) that is currently offered.
While the APY might not be as attractive as other platforms but regardless a high interest rate as compared to traditional finance such as bonds or fixed deposits, I think the point of “Lite” here is to onboard new users efficiently as they have tabs that talks about how to deposit, and easy ways for you to get fiat on-ramps into crypto like Bitcoin, Ethereum or Stablecoins.
It’s Really Easy to use, In fact, Too Easy
That is pretty much all there is to ‘Lite’ mode really, but as you progress and use the app to invest in other products, you will find it very easy to navigate once you get the hang of it.
For ‘Pro’ mode, you get more features and products, which I will port over from my previous review here:
Matrixport ‘Pro’ has a wide range of product offerings for every type of investor. Aside from buying crypto using fiat currency, you can deposit your crypto directly into Matrixport as well and take advantage of their product offerings which I will summarise below.
In summary, Matrixport offer the following:
- Flexi Saving (Allow investors to earn yield on their crypto without any lock-up and earning passive income)
- Fixed Income (Allow investors to lock up their crypto for a set period of time and earn stable returns on their crypto)
- DeFi (Allow investors to participate in Matrixport handpicked DeFi Protocols such as Curve and Compound to earn higher returns without dealing with DeFi directly)
- Fund (Allow investors to invest passively into a “crypto mutual fund” of their choice and earn higher returns)
- Dual-Currency (Works similar to traditional finance, which is a sophisticated trading strategy that only institutional investors have access to but this is available to retail investors as well!)
- Loan (Allow investors to borrow crypto by pledging collateral, and also a zero cost loan features as well!)
- Leverage (Allow traders to leverage on their crypto up to 5X to maximise returns by taking a long/short position on a crypto of their choice)
- Smart Trend (Allow traders to earn more yield by betting on price movements of different crypto assets)
As you can see above, the possibilities are endless and the app caters to every kind of investor and it really depends on what you want to do with your existing crypto.
As for myself, I personally found the first 4 offerings above to be extremely attractive for a long-term investor.
Matrixport offers great security and quality crypto product all in one place
Flexi saving and Fixed Income allows us to earn a higher yield on our otherwise idle assets such as Bitcoin/Ethereum or stablecoins.
By using Matrixport’s highly secured platform to earn yield, you don’t have to worry about your funds going missing if you were to do them yourself.
This is also why other than doing DeFi myself, I am relying on centralised solutions such as Matrixport and Hodlnaut to diversify my risk and not put my crypto only in one place.
With crypto, security is once again the most important aspect.
Even if you are gaining an insane 3000% APY in a Degen yield farm, if the funds get hacked, your returns are still zero. Thus, to protect yourself from such risks, it is important to have some of your crypto allocation stored in a highly secured and reliable centralized solution such as Matrixport.
With the various product offerings, it is up to you what you wish to do and this makes it really easy for crypto investors who want to just stick to one platform for all their investment needs and call it a day.
Wallet Support for up to 20 different cryptocurrencies
Crypto wallet wise, the Matrixport wallet currently supports 20 different cryptocurrencies such as BTC, USDT, USDC, ETH, LTC, DOGE, SUSHI, LINK, and many more.
If you are not earning yield on any of the crypto mentioned above, its time for you to put those crypto to work and earn some passive yields!
How to fund your Matrixport account
To make a deposit using cash, you need to first have USD in your bank account.
The best way to obtain and do your wire transfer is to convert SGD to USD either through DBS/POSB or Standard Chartered. Reason being, they offer 0 fees for USD transfers and their spreads are pretty competitive.
Based on usage, DBS spreads are slightly better so you can keep that in mind. After you create your account and verified yourself through the KYC process, you can follow the steps here:
- In the app, click on Wire Transfer and add your bank account./ Or you can deposit USDC directly if you already have crypto with you.
- Once you fill up your bank details and proof of bank statement, you can then deposit your funds and remember to include your unique identification code for them to process your funds.
- Boom! Your funds should arrive shortly and you can start earning those sweet yields on your crypto.
*Deposits are free too!
The withdrawal is also pretty self-explanatory. Fill up the amount you want to withdraw and wait for it to be completed.
Do note: There is a withdrawal fee of $30 per transfer out so it might be a bugger if you want to withdraw out constantly.
*Update: Matrixport currently offers 2 free crypto withdrawals per month, but might be subjected to changes in the future.
The Matrixport ‘Lite’ mode is really what the name suggest: It’s VERY easy to use and in fact too simple to the fact that you only have that many things to click/navigate.
It is meant for the beginners/new users to familiarise themselves with the app, get used to it and slowly transition to ‘Pro’ mode where all the exciting products and features are.
Wallet wise, your assets are stored in the same wallet even when toggling between ‘Lite’ and ‘Pro’.
After using Matrixport for quite some time now, I found it to be really intuitive since I can find what I want in mere seconds and can start earning passive income with the click of a few buttons.
Product wise, they are definitely much better than traditional banks or insurance offerings, and given the low-interest rate environment, who doesn’t like higher yields?
Matrixport is also highly established and trusted by institutional investors and high net worth all across Asia.
With 24/7 client support and institutional class security, this platform is highly recommended for the majority of investors out there who don’t have the time and energy to deal with DeFi themselves but want the yields that are currently blooming in DeFi. (I’m talking high 2-digit APY)
Matrixport Sign Up and Referral Code
For those who are interested to sign up with Matrixport and invest into Bitcoin and more, you can click on this referral link here and enjoy a $1288 coupon free trial to try their products (you can’t withdraw this) and earn $15 in USDC when you sign up successfully and become a qualified client! (Complete KYC 2)
Mine Bitcoin Daily For Free With Your Phone Or Computer
*They also have an ongoing promotion for new users where you can deposit up to $2000 USDC (USD Coin) and earn 30% APY for 18 days! It is very very competitive even when compared to DeFi.
Just think about it, how often do you get a 30% APY product for a non-volatile, dollar-backed asset such as USDC? I rest my case. But again, please do your own due diligence, if you don’t know what stablecoins are, please research properly before doing any investments.
Matrixport ‘Lite’ Overall Rating: 8/10
Ease of Use
If the ‘Lite’ mode would be as comprehensive as ‘Pro’ mode with all the products offerings, ‘Lite’ mode would have easily gotten a 10/10 rating. But I guess I am really just nitpicking here, since you can solve this issue by just switching over to ‘Pro’ mode. Would still be nice to have more products in ‘Lite’ mode though.
There is huge potential for Matrixport to gain popularity in Singapore as they have one of the most advanced and diverse product offering that caters to any kind of crypto investor in Asia.
The institutional investors have been enjoying their privileges for the longest time while retail investors use amateur and low quality platforms. Times have changed now.
With Matrixport, retail investors can also enjoy the level of sophistication offered only to the big investors such as the Dual-Currency Product and crypto funds which were previously out of reach for most retail investors.
With top in class security, the Matrixport ecosystem will definitely thrive over the long run. Forget the marketing, the product will speak for itself. Give it a try yourself today here.
I use StocksCafe to keep track of all my investments + research on stocks. You can also view my portfolio as well as many others so you can compare your own performance with other investors. If you are interested in signing up, you can use my referral link to sign up and access premium features for 1 extra month for new users. (3 months)
For those who are already into Crypto
Want to learn how you can earn high yielding interest rates on your idle crypto assets in a secure, safe and easy manner?
Earn Yields on Those Crypto With These Platforms
You can read up more on my post here to learn more about Celsius and Nexo which give you interest on your crypto assets
Or read up more on Hodlnaut here which is a Singapore-based crypto lending platform with market beating interest rates
What is Bitcoin? Answers here
Or do your due diligence on Bitcoin in my post here where I debunk some of the myths regarding Bitcoin.
Gemini Exchange (My Favourite Crypto Exchange)
Also my crypto exchange of choice Gemini here if you are looking to buy your first crypto!
Too Many Crypto Platforms? Here’s a Crypto One-Stop Solution
If you think there are too many crypto platforms out there, here is a simple solution for you. An all-in-one app for you to earn yield, trade, invest or borrow crypto with high security and assurance. Check out my Matrixport review
What is Decentralised Finance (DeFi)?
Or do you want to learn more about DeFi in a simple to understand manner? Click here to learn more
How to Value Crypto Assets?
Learn more about how you can put a “fair value” on crypto such as Bitcoin, Ethereum and more here
Crypto Referral Links (Click and Sign Up)
Gemini Exchange: Deposits and buy US$100 or more crypto on Gemini and you will earn US$10 in BTC.
Coinhako Exchange: You can create an account by clicking the link and then enter promo code: COINGECKO when doing a buy/sell and enjoy 20% trading fees discount!
Hodlnaut: Earn US$20 in BTC/ETH/USDT/USDC/DAI for free with your first transfer of US$1000 or more in the corresponding crypto asset of your choice!
Celsius Network: Earn US$40 in BTC for free with your first transfer of US$400 or more in any crypto asset and wait for 1 month!
Matrixport: Get a $1288 free coupon trial to try their product and earn $20 in USDC when you sign up successfully and become a qualified client!
Nexo: No referral events at the moment Just sign up and enjoy this great product!
The Power of Low Fees (My US Broker!)
One huge advantage I have as an investor is paying very minute fees which can really eat into returns in the long run because I am using Firstrade to buy US Stocks which has absolutely $0 fees and extremely fast wire transfers for deposits and lightning fast trade executions.
Ever since I switch to Firstrade last year as my main investment vehicle, I saved up on a ton of fees and hence able to achieve way better returns than before. I saved up more than 5 times the fee paid in 2018, 2019 and 2020 this year due to the switch and I am really happy thus far.
Of my entire investments in 2020, fees only take up 0.1% of my entire portfolio! (2018+2019+2020 combined across all brokers)
Alright that’s it! For now, think long term, tune out the noise and avoid the temptation of gambling meme stocks, think of the companies that will do well in the long run simply find bargains/dollar cost into your positions. If you need some inspiration for companies to research, you can check out my post on 5 stocks to buy if the market crashes here.
The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.