Mode is a cryptocurrency app allowing UK residents to buy Bitcoin and earn cashback through their approved retailers, they’re currently running a promotion which gives new users £10 in Bitcoin when they buy £20 worth of Bitcoin, within 24 hours the £10 promotion is credited and you can then keep this bonus or withdraw it making it a bit of a no brainer!
This is only applicable to:
- 18+ UK residents only.
- New Customers of Mode
- Those who understand the value of Bitcoin can go up or down (or can drop to zero), and there can be a substantial risk that you lose money
- Those depositing £20 or more into the app
Here are the steps you need to take (it will take just around 5 minutes to get to step 6):
- Click our referral link and enter your phone number (non-referral link here but you won’t get the £10)
- You will get a text message to download the app (the apps are rated 4.3/5 on iOS and 4.2/5 on Play Store)
- Verify your account (i.e. full name, DOB, proof of ID etc)
To do this tap the setting symbol bottom right, click account status, click verify and complete the process (submit ID and selfie) – FAQ guide
- Add £20 to your account (previously they required £100 deposit)
Via Open Banking and Monzo this took seconds – FAQ guide
- Buy £20 in Bitcoin
Go to the homepage and click ‘Buy +’, you will be charged a small fee (for us £20 became £19.64) – FAQ guide
- Your £10 reward should now be pending (e.g. ours shows 56,982 Sats pending)
To view this click on Rewards and it should show under pending SATS (a unit of Bitcoin)
- Wait 24 hours and this reward will go from pending to confirmed and you can then transfer this £10 reward into your Mode Bitcoin Account
After that you can do whatever you want with it, either keep it and hope it increases in value or sell it all and withdraw it (note: There is a Minimum £20 withdrawal limit)
- What is the minimum amount of Bitcoin I can sell? £20, so if you’re waiting for your £10 reward don’t sell the other £20
- What are the actual T&Cs for this offer? Read the T&Cs here
- Is this company legit? The company (44 employees), app and deal is legit, however, there are little protection if things were to go wrong, they’re not registered under the FSCS or FOS for protection. They’re on the UK Stock Exchange. The company is UK based and they’re a Registered Cryptoasset firm and are registered with the UK Financial Conduct Authority, pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended.
- If it sounds too good to be true it probably is, right? These sort of offers are what is called in the industry as loss leaders, the company plan to lose money on purpose as they know a customer on their books gives great potential in the future, e.g. if a small % of people use Mode for the future to buy/sell all their Bitcoin they would make a significant income from the fees they charge.
- What fees do Mode charge? Best to check here in case they’ve changed since we write this but 0.99% trading fee basically
- Can I refer my own friends? Yes