THE MOST UNSAFE APP TO KEEP YOUR MONEY
this app 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 anchor 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 this app 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
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Finally able to withdraw
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 the app ends up working like it should. Have submitted support requests.
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 the app ends up working like it should. Have submitted support requests.
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THEY WILL HOLD YOUR FUNDS HOSTAGE DO NOT USE
I’m not sure what type of shady business they have going but I was level 3 verified with them for months…no issues. Suddenly I need a large portion of my funds and my account has “discrepancies”. Can’t transfer my crypto to another wallet, can’t cash out to my bank account, and their email support system is USELESS as either they do not reply or if they decide to reply within the next 2 weeks that offer NO SOLUTIONS OR HELP.
IF YOU LIKE YOUR MONEY STAY FAR FAR AWAY.
If anyone from Anchor would like to reach out and solve my ongoing issue and offer a VALID explanation then I’ll be open to amending this review. Till then tread water carefully with these people.
IF YOU LIKE YOUR MONEY STAY FAR FAR AWAY.
If anyone from Anchor would like to reach out and solve my ongoing issue and offer a VALID explanation then I’ll be open to amending this review. Till then tread water carefully with these people.
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This app is trash and a scam
Do not be fooled by the 7.4% APR for your non-crypto money. I have been trying to get my money out via withdrawals since late May 2021. I have been told the following:
- All withdrawals were cancelled after waiting for two weeks because they had a new banking partner.
- Use crypto withdrawals, but when I try to move money to Coinbase via a USDC exchange, I get an error message to contact support. I have been contacting support since July 2 and they have not fixed the issue.
- Last week, I heard from support that I needed to upload a front and back picture of my ID in order to do a regular withdrawal again. I did this and am now getting another error message saying simply “something went wrong” on a regular withdrawal and have now sent an email and another support ticket.
No fixes have been made and I still have been blocked at every turn to get my own money out. We have been going on one month now.
Do NOT put your money in here if you ever want to be able to access it again. This is beyond frustrating and honestly, feels like a scam where I will never see my money again.
- All withdrawals were cancelled after waiting for two weeks because they had a new banking partner.
- Use crypto withdrawals, but when I try to move money to Coinbase via a USDC exchange, I get an error message to contact support. I have been contacting support since July 2 and they have not fixed the issue.
- Last week, I heard from support that I needed to upload a front and back picture of my ID in order to do a regular withdrawal again. I did this and am now getting another error message saying simply “something went wrong” on a regular withdrawal and have now sent an email and another support ticket.
No fixes have been made and I still have been blocked at every turn to get my own money out. We have been going on one month now.
Do NOT put your money in here if you ever want to be able to access it again. This is beyond frustrating and honestly, feels like a scam where I will never see my money again.
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Delayed action on market sale option
If you’ve tried to change from standard sale to market sale in order to buy at market price and skip on Anchors hefty sale fee. Then you know exactly what I mean by delayed action. Your order will sometimes not execute for an extended period of time, by the time it does fill you’ve been cheated out of the market price and are out of luck as far as the app goes.
Customer support has asked me for a screen shot of the original market sale order but the app only shows what the order fills at. Not it’s previous promised market price. It is an extremely frustrating error to have present in an exchange app like this.
Customer support has asked me for a screen shot of the original market sale order but the app only shows what the order fills at. Not it’s previous promised market price. It is an extremely frustrating error to have present in an exchange app like this.
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The company is criminal
This criminal organization rerouted and stole over $2000 of one of my transfers from my secure wallet into this account for trading, after filing a complaint with their support team I was blown off and ignored. Even after at least a dozen emails, still no response and no solution to my situation. They gave me a false wallet address and pocketed my assets. After threatening action with the SEC and Consumer Board my trading account has been locked for withdrawing any cash assets I am holding and also preventing me from transferring other crypto into different wallets. Of course I can still deposit funds and and buy more for them to withhold from me. This company needs to be shut down.
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Deposit/Withdrawal Issues and Lack of Customer Support
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 this app 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.
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 this app 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.
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Not the best
Anchor seems cool at first - there are transaction fees, but the interest rates are good - However, don’t expect to buy or sell crypto at market value.
You will be buying above the cryptos worth, and selling below the cryptos worth. You’d have to see the future in order to know when to sell and buy to not get screwed.
Simply put, you’re better off buying crypto elsewhere. Buying above market rate WITH an additional transaction fee costs the buyer more than it should - and selling for less than your investment is worth doesn’t make sense when you could go somewhere else and get a market value sell. I’d rather sell my crypto for what it’s actually worth and get a transaction fee, than sell for less...and also get a transaction fee.
You will be buying above the cryptos worth, and selling below the cryptos worth. You’d have to see the future in order to know when to sell and buy to not get screwed.
Simply put, you’re better off buying crypto elsewhere. Buying above market rate WITH an additional transaction fee costs the buyer more than it should - and selling for less than your investment is worth doesn’t make sense when you could go somewhere else and get a market value sell. I’d rather sell my crypto for what it’s actually worth and get a transaction fee, than sell for less...and also get a transaction fee.
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Love/Hate relationship.....
For the longest, Anchor was my go to app. 100%. Ever since the spike of people wanting to begin investing, and the exchanges getting hammered, the app has been far from flawless. I haven’t had crypto logos present on my screen in days. (And yes, I deleted and download the app 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. This app is so clean and easy to use, I just hope they get things together soon. 🙏🏽
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Don’t understand the 1 star reviews
People need to be patient or atleast not complain as much. I mean my first withdrawal took longer than their expected time frame but I did receive it and I received another withdrawal sooner than their expected date. If you expected a perfect app or exchange for crypto then you will be disappointed, but I’m cool with getting interest on my usd and crypto and waiting for my withdrawals than dealing with Coinbase fees and also long withdrawal and deposit waits.
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