Today, we're reviewing Amber, a bitcoin-only exchange built for dollar-cost averaging. Being 100% focused on Bitcoin, Amber does not have any altcoins. They do, however, have many unique ways to stack Bitcoin which we'll get into.
We'll cover a wide range of topics like the fees, features, security, and more to help you decide if Amber is right for you. At RankFi, we've reviewed over 50 cryptocurrency exchanges so we know what to look for. Let's start.
Our Review
Want just the summary? Here is my two cents:
If you want somewhere to set and forget your Bitcoin purchases and don't mind paying slightly higher fees than other apps, Amber is a great choice.
Bitcoiners will love Amber if you want to dollar-cost average Bitcoin automatically. You can also set custom orders like "Buy the Dip," "Buy the Schiff," and more which you won’t find on other apps. The downsides are 0.99% trading fees and a $13/month subscription for premium features.
Where It Shines
Where It Falls Short
Overview
Coins Offered | 1 (Bitcoin) |
Trading Fee | Basic Plan: 0.99% Black Plan: 0.00% (subscription is $10 or $13/month) |
Funding Methods | ACH |
USD Deposit Fees | 0% up to 1.80% |
USD Withdrawal Fees | Not supported yet |
BTC Withdrawal Fee | 0.0003 BTC (flat) |
Notable Features | Easy-to-use Buy Bitcoin on autopilot "Buy the Schiff" and "Stack Like a Saylor" features |
What Is Amber?
Amber is a bitcoin-only exchange that makes it easy to accumulate and dollar cost average (DCA) Bitcoin. Deposits and purchases can be fully automated allowing you to stack Bitcoin with as little as $5 a month.
You can buy Bitcoin at regular intervals (daily, weekly, monthly) or set up more sophisticated automations. For example, you can set up "Buy The Dip", "Fear and Greed," and even "Buy The Schiff." So whenever Peter Schiff makes a tweet about Bitcoin, it will automatically make a purchase. They also have "Stack Like A Saylor" and other fun features that serious Bitcoiners will get a kick out of.
The Amber app is also very easy and requires zero experience to use all these features.
About Amber
Amber is based in Brisbane, Australia and was founded in 2017. They are fully compliant and considered a safe company. Their mission is to "make Bitcoin simple for serious Bitcoiners."
The company is backed by various investors like Morgan Creek Capital and others.
Some Stats:
- Founded in 2017
- 🇦🇺 Based in Brisbane, Australia
- Available in USA and Australia
- Backed by Morgan Creek Capital and other investors
User Interface
Platform & Features
Amber is a mobile-first app designed to make buying Bitcoin as easy as possible. The app is divided into two main categories: Amber Basic (free) and Amber Black ($10 - $13 USD per month) which we'll cover below.
Instant Buy/Sell
Amber's core feature is recurring purchases but you can always make instant buy/sell orders as well. Inside the app, investors can also see useful data like their return on investment, simple price insights, and estimated portfolio value.
Amber Basic
Amber Basic is the free version of the app. You can access the primary features like instant buy/sell, and automatic recurring purchases. The main drawback of the Basic plan are the fees. You will pay 0.99% trading fees and higher spreads than Amber Black. You also do not get access to the fun features like "Buy The Dip", "Buy the Schiff," and more.
Features in Basic:
- Instant Buy/Sell
- Automated recurring orders (daily/weekly/fortnightly/monthly)
- 0.99% Trading Fees
- "Standard Spreads"
Amber Black
Amber Black is their subscription service that gives users access to tighter spreads, zero trading fees, and more. The service costs $10/month if billed annually or $13/monthly (USD).
The subscription cuts the 0.99% trading fee down to 0%. So if you're investing over $1,000/month, the service will pay for itself. You also get more savings through "tighter spreads" however, there is no data or info on the difference in spreads. The subscription is pretty compelling if you'll be investing a lot. Here is a list of what you'll get:
Features in Amber Black:
- Everything in Basic
- 0% Trading Fees
- Tighter spreads
- 1 Free BTC withdrawal per month
- Auto withdraw into cold storage or another wallet
- Buy the Dip
- Sell the Pump
- "Buy the Schiff"
- Custom Automations
- Limit Orders
- And other premium features
Recurring Purchases
Dollar-cost averaging (DCA) is a well-known investing strategy where you invest small amounts regularly, rather than tying to time the market. It's proven to be one of the most effective investing strategies over the long run.
Amber has various (free and paid) automations to help you set and forget your purchases. You can have money deposited from your bank account automatically through ACH, so no input is needed.
Automations:
- Buy the Dip - Buy Bitcoin price dumps based on the settings you set
- Buy the Schiff - Automatically buy BTC every time Peter Schiff tweets about #Bitcoin
- Stack like a Saylor - Automatically buy BTC every time Michael Saylor tweets about #Bitcoin
- Fear & Greed - Buy Bitcoin when the Fear & Greed Index is showing a lot of red
- Mayer Multiple - See if Bitcoin is undervalued, fairly priced, or overpriced by comparing the current price with the 200-day moving average
Other Amber Features
- Affiliate Program
- Bitcoin Savings Calculator
- Telegram Community: https://amber.app/community/
- Newsletter: https://amber.app/newsletter/
Customer Support
Amber offers customer service via email and in-app messaging. You can reach them 5 days a week during "business hours". They boast fast response times, usually under 20 minutes. We have not tested their customer service so we cannot vouch for the quality or speed of their responses.
- Help Center: (https://help.amber.app/en/)
- Contact: (https://amber.app/frequently-asked-questions/#contact-us)
Opening An Account
Amber is a compliant exchange that requires KYC and AML verification. Simply put, you need to verify your identity to deposit, trade, and withdraw funds using Amber. The entire process is simple and takes just a few minutes to complete.
Requirements
Application Time | Under 10 minutes |
KYC | Mandatory |
Instant Verification | Yes |
Who Is Eligible? |
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Restricted States |
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Sign Up Requirements |
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Fees & Spread
Fee Type | Amount |
Trading Fee | Amber Basic: 0.99% Amber Black: 0.00% |
Subscriptions | Amber Basic: Free Amber Black: $10 or $13/month |
USD Deposits | Free |
USD Withdrawals | Not Supported |
BTC Withdrawals | 0.0003 BTC |
Other Fees | Spreads |
Deposit & Withdrawals
USD Deposit Methods
Type | Fee | Time | Limits |
|---|---|---|---|
ACH | Free | 2-5 Days | Min $20 - No Max Limit |
USD Withdrawal Methods
Not Supported Yet.
Crypto Withdrawals
Coin | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | 0.0003 BTC | ? |
Security
Company Security Features
User Security Features
Is Amber Safe?
Amber is a safe and compliant crypto exchange that's never been hacked (founded in 2017). They hold 100% of Bitcoin in cold storage with their custodian, Unchained Capital. Users also have 2-factor authentication for added protection.
⚠️ Although this platform is safe, exchanges are prone to hacks. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you own the private keys.
The Bottom Line
Amber is one of the easiest apps to accumulate Bitcoin on autopilot. They offer various features for dollar-cost averaging as well as a great user interface. However, the downsides include 0.99% trading fees, or you must pay $13/month for access to all features.
Reasons To Use Amber:
- Great U/X and easy to use
- Several Dollar Cost Averaging features
- Unique features to stack Bitcoin
Reasons Not To Use Amber:
- Relatively high fees unless you buy the subscription
- No altcoins available
- Most features are a paid subscription
Get $10 worth of Bitcoin on your first purchase
Amber App
Get $10 worth of Bitcoin with your first purchase