Strike Bitcoin App: What It Does, What It Costs, and Whether It's Right for You

More than 90% of the Bitcoin purchased through Strike gets withdrawn to users' own wallets. That statistic, cited by the company itself, tells you something important about who uses this app and why: Strike has positioned itself not as a place to park your Bitcoin, but as a bridge—a way to move money quickly between traditional finance and the Bitcoin network.

Whether that bridge is worth crossing depends on what you need. Here's what you should actually know.

What Strike Is (and Isn't)

Strike is a mobile app launched in 2020 by Zap Solutions, founded by Jack Mallers. At its core, it lets you buy, sell, send, and receive Bitcoin using the Lightning Network—Bitcoin's layer-2 solution designed for fast, cheap transactions.

The practical result: you can send money to someone in the Philippines or Mexico almost instantly, often for fractions of a cent. Lightning transactions frequently cost nothing at all, while on-chain Bitcoin withdrawals run about 1 satoshi (roughly $0.00059 at current prices). Strike also offers free on-chain withdrawals, with paid priority options if you're in a hurry.

The app is now available in over 95 countries, spanning the US, Europe (launched in 2024), Latin America, Africa, and El Salvador—where Mallers played a notable role in the country's 2021 decision to adopt Bitcoin as legal tender.

But Strike isn't a full-service exchange or a long-term custody solution. It partners with Prime Trust for 1:1 custody of funds, meaning your Bitcoin sits with a third party until you withdraw it. That's a meaningful distinction for anyone who takes "not your keys, not your coins" seriously.

The Feature Set

Strike has expanded well beyond simple buy/sell functionality:

Payments and remittances: Send dollars or Bitcoin globally. Recipients in supported countries can receive local currency directly.

Dollar-cost averaging: Set up recurring Bitcoin purchases—hourly, daily, weekly, or monthly.

Direct deposit splitting: Route part of your paycheck into USD and part into Bitcoin automatically.

Bill pay and rewards: Pay bills through the app; earn 5-15% cashback on select gift card purchases.

Stablecoin support: In certain markets like Argentina and Nigeria, Strike integrates USDT on the TRON network—useful where local currency instability makes dollar access valuable.

The New Lending Program

In May 2025, Strike launched Bitcoin-backed loans for US users. The terms: borrow $10,000 to $5 million (personal) or up to $1 billion (business), at 10% APR, with 12-month terms and a maximum 50% loan-to-value ratio. No credit checks required—your Bitcoin serves as collateral.

This matters because it lets holders access liquidity without selling their Bitcoin and triggering a taxable event. If Bitcoin's price drops significantly, you'll face margin calls or liquidation.

The Real Costs and Complaints

Strike's marketing emphasizes low fees, and for Lightning transactions, that's largely accurate. But user reviews tell a more complicated story.

Common complaints include deposit holds lasting up to seven days, occasional app glitches, and what some users describe as recent fee increases. The app's Trustpilot and Google Play reviews show a split: many praise the speed and clean interface, while others express frustration with funds being locked during verification processes.

This isn't unusual for financial apps navigating banking regulations and fraud prevention, but it's worth knowing before you expect instant access to deposited funds.

The Tradeoffs Worth Considering

Custodial model: Strike holds your Bitcoin until you withdraw it. The company reports that most users do withdraw to self-custody, but if you don't, you're trusting a third party. That's a real risk, even with reputable partners.

Volatility exposure: Strike makes it easy to hold Bitcoin, which means you're exposed to its price swings. Bitcoin has matured, but it remains volatile compared to traditional currencies.

Regulatory uncertainty: Operating across 95+ countries means navigating a patchwork of regulations. Features available in one jurisdiction may not exist in another, and the regulatory landscape continues to shift.

Inclusion vs. complexity: Mallers positions Strike as a tool for financial inclusion—reaching the unbanked, reducing remittance costs. That's a legitimate use case. But users still need smartphone access, internet connectivity, and enough financial literacy to understand what they're doing.

Who Strike Actually Serves Well

Strike makes the most sense for:

• People sending remittances to supported countries who want to avoid traditional wire fees
• Bitcoin buyers who plan to withdraw to their own wallets
• Users who want recurring purchases without managing exchange accounts
• Anyone who needs quick, cheap Lightning payments

It's less ideal for:

• Long-term Bitcoin storage (use a hardware wallet)
• People uncomfortable with custodial risk during the holding period
• Users who need immediate access to deposited funds

The Bottom Line

Strike has carved out a genuine niche: a clean, fast interface for moving money into, out of, and through the Bitcoin network. The Lightning integration works well, the fees are competitive, and features like Bitcoin-backed loans show the company is expanding thoughtfully.

But it's a tool with specific strengths and real limitations. The custodial model, deposit delays, and regulatory complexity aren't dealbreakers—they're tradeoffs. Understanding them means you can use Strike for what it does well and look elsewhere for what it doesn't.

If your goal is to stack sats and withdraw them regularly, Strike does that efficiently. If you're looking for a place to hold significant Bitcoin long-term without touching it, you'll want a different solution. The right answer depends entirely on what you're actually trying to do.