River Bitcoin Review: Bitcoin-Only Financial Institution

Description

River Financial is a Bitcoin exchange that allows you to buy Bitcoin instantly with a bank account in the US (excluding New York and Nevada). With River Financial, you can also mine Bitcoin using their Bitcoin mining hosting services. One of the standout features of River Financial is their zero-fee DCA (dollar cost averaging) program for recurring orders with daily, weekly, bi-weekly, or monthly frequency.

For high net worth individuals who regularly trade large volumes of Bitcoin, River’s higher purchase limits can offer a significant advantage. However, it’s important to consider that, while the fees are not excessively high, they can be somewhat higher than those of other exchanges, especially for smaller transactions. Additionally, the integration of the Lightning Network on the exchange facilitates fast Bitcoin transactions.

The River Bitcoin app offers Bitcoin accounts for both individuals and businesses. Funds can be deposited and withdrawn both on-chain and via the Lightning Network. Additionally, the platform provides custodial services, securely storing all Bitcoin offline in cold storage.

How River Financial Works

River Financial has a straightforward process for buying and selling Bitcoin in the US. The Bitcoin-only exchange serves individuals, private clients, and businesses. Private clients are investors purchasing over $100,000 worth of Bitcoin.

To begin, you must first create an account on River Bitcoin exchange by providing basic personal details such as name, surname, email, and password. After signing up, account confirmation is completed by clicking a link sent via email, followed by setting up two-factor authentication using a mobile phone number. Further verification of identity is required by filling in additional personal information and live selfie photo.

How to Buy Bitcoin on River

River Bitcoin exchange enables you to buy Bitcoin with a US bank account. After opening an account, you can link your bank account to fund your River account. You can fund your account via the web or the River Bitcoin app, available for both Android and iOS devices. Bitcoin transactions can be done through on-chain transactions or over the Lightning Network, provided you have a Lightning wallet.

Additionally, River offers a feature called Target Price Order, allowing you to buy Bitcoin during dips without constantly monitoring the price. For larger investments, such as those made by family offices, personal investment vehicles, trusts, and high-net-worth individuals, River’s expert team assists in purchasing over $100,000 worth of Bitcoin.

Acting as a brokerage, River app facilitates direct buying and selling of Bitcoin, charging a small spread to manage price risk and slippage inherent to Bitcoin’s volatility. You are able to set up automatic purchases at preferred intervals (weekly or monthly) without incurring fees. Additionally, you can automate buying Bitcoin at specified price points, even during periods of inactivity. Notably, River Financial exclusively serves customers based in the United States.

River Financial Features

River Financial exchange has many features to support you in your Bitcoin trading journey. Key features include the following:

• Performance Tracking Tool. This feature helps monitor and analyze portfolio performance.
• Private Client. To become a private client, you must be looking to invest more than $100,000 in bitcoin and fill in the website form. This status gives an opportunity to use the services of a Private Client Advisor.
• Tax Optimization. River makes it easy for you to quickly generate Form 1099-B (the form contains information on your taxable trades for the reporting year) and submit it directly to the IRS.
• Bitcoin Inheritance. This feature makes it possible to designate individuals, trusts, or organizations as account beneficiaries to get funds upon the death of its owner.
• Bitcoin Mining. River Mining helps clients find the most reliable hardware in the market and has technical support to set up the miner. Clients receive their profits in the form of bitcoin directly to their River account.
• River Financial Account Statements. The statements are available in print and electronic formats; they are emailed to the customer’s email address. They cover three main sections: account summary, bitcoin details, and cash and money details.
• Mobile Bitcoin Purchases. Buy, sell, and track bitcoin with River Financial’s app for iOS and Android.
• Hardware Wallet Account. This is a beta feature serving as an extension of hardware wallets. It is used to view your balance, track your investments, and generate deposit addresses. River currently supports two hardware wallet providers: Trezor and Ledger.

River Financial Limits

River Bitcoin limits are designed to ensure secure transactions. To start, there’s a minimum requirement of $10 for both buying and selling orders. For ACH deposits, there’s a weekly limit of $150,000, while the Instant Buy limit is capped at $100,000 per business day. However, there are no limits on the amount you can buy or sell in a single transaction, allowing for transactions up to $1,000,000 each time. These limits are in place to manage transactions effectively and protect users’ funds.

Additionally, there are no limits for sends and receives, providing flexibility in managing your Bitcoin transactions. If you need higher limits, you can request an increase by contacting Client Services.

River Financial Fees

River Bitcoin fees depend on how much Bitcoin you buy.

There are also bitcoin network fees when sending bitcoin. They are small but can vary depending on the transaction size and network congestion.

Is River Financial Legit and Safe?

River Financial is a trusted and secure exchange where you can safely buy, sell, and store Bitcoin. The company is licensed and regulated under US financial regulations, including FinCEN and the New York State Department of Financial Services, ensuring compliance and accountability. They use advanced security measures such as multi-signature cold storage for offline secure storage to reduce the risk of theft. River accounts require mandatory multi-factor authentication (TOTP or SMS), adding an extra layer of protection to your account.

With a 100% full reserve custody policy, all assets on River are held in a 1:1 ratio, meaning that your Bitcoin is not used or lent out. However, it’s essential to note that your Bitcoin is not FDIC or SIPC insured. For added security, it’s advisable to transfer your Bitcoin to a noncustodial wallet as soon as possible after purchasing. Bitcoin self-custody is considered the most secure option for long-term storage of your Bitcoin.

Is River Financial Best Place to Buy and Sell Bitcoin?

If you regularly trade large volumes of Bitcoin as a high net worth individual, River’s higher purchase limits could be a significant advantage. Additionally, if you engage in recurring daily, weekly, bi-weekly, or monthly buys, there are no fees associated with these transactions.

When considering the suitability of River Financial as the primary platform for buying and selling Bitcoin in the US, its security and safety features stand out as prominent strengths. They maintain a 100% full reserve and use multi-signature cold storage. Moreover, the platform ensures compliance with US financial regulations.

River Bitcoin app offer a user-friendly experience, a simple interface and features like recurring buys and target price orders. In terms of pricing, River offers competitive rates by aggregating quotes from multiple over-the-counter (OTC) desks. As a Bitcoin-only exchange, it holds particular significance for Bitcoin-only enthusiasts who prioritize a pure Bitcoin experience free from other cryptocurrencies. By focusing on Bitcoin, it avoids risks and complexities associated with altcoins, ensuring a more secure and reliable environment for users to buy, sell, and trade their Bitcoin.

One of River Financial’s standout features is its excellent customer service, with a dedicated team providing personalized support for troubleshooting and addressing user inquiries. Moreover, River Financial’s exclusive focus on Bitcoin appeals to investors with a specific interest in long-term Bitcoin holdings. Additionally, the integration of the Lightning Network enables fast Bitcoin transactions with low fees.

However, while the River Bitcoin app offers an impressive array of features and benefits, it does have some limitations. For instance, international availability is currently not present, as the app only accepts Bitcoin users from the US. Additionally, while fees are competitive, they may not be the most cost-effective option for all users, particularly those conducting smaller transactions.

River is a KYC exchange, making it unsuitable for those who are concerned about their privacy in Bitcoin transactions. The identity verification process can be cumbersome, and users have complained about their IDs being rejected without being told specifically why.

Moreover, after buying Bitcoin from River, there’s a waiting period of 7–14 days before you can transfer it to your own Bitcoin wallet. This is because ACH transfers can be reversible by the sender’s bank for up to 14 days after the transaction is made. The reason for this is to prevent fraud.

River Financial Alternatives

Several alternatives to River Financial exist, allowing you to buy Bitcoin with a US bank account. Here are some options you might explore:

• Bitstamp
• Crypto.com
• Kraken
• Swan Bitcoin
• Coinbase

More Information

• River Financial vs Swan
• Updates: @River
• Support