Overview
Strike was founded in 2020 by Jack Mallers and is headquartered in Chicago, Illinois. The platform is built around a singular focus: making Bitcoin simple to buy, send, and receive using the Lightning Network for near-instant, low-cost transactions. Unlike most cryptocurrency exchanges, Strike does not support dozens of altcoins. It is designed specifically for Bitcoin.
The Lightning Network is a second-layer protocol built on top of Bitcoin's base layer. It enables transactions that settle in seconds rather than minutes, with fees that are a fraction of what on-chain Bitcoin transactions cost. Strike leverages this technology to offer a payments experience that feels closer to Venmo or Cash App than a traditional crypto exchange. Users can send Bitcoin to anyone with a Lightning address, pay Lightning invoices, and convert between Bitcoin and their local currency with minimal friction.
Strike holds a BitLicense from the New York Department of Financial Services (NYDFS), one of the more rigorous state-level crypto regulatory frameworks in the United States. The platform is available to users in the US and the UK, with plans for further international expansion.
The app's interface is deliberately simple. Strike is not designed for active traders or people looking to chart price movements and place complex orders. Instead, it targets users who want a straightforward way to stack sats (accumulate small amounts of Bitcoin over time), send payments globally, or use Bitcoin as a medium of exchange in everyday life.
Getting Started
Getting started with Strike is quick, and most users can complete setup and make their first purchase in just a few minutes.
- Step 1: Download the Strike app from the App Store or Google Play. Create an account using your phone number and email address.
- Step 2: Complete identity verification. Strike requires your legal name, date of birth, and Social Security number (for US users). You may also need to provide a photo ID. Verification is generally fast.
- Step 3: Link a funding source. Connect a bank account via ACH or add a debit card. ACH transfers are the primary method for buying Bitcoin, while debit cards can be used for smaller, instant purchases.
- Step 4: Buy Bitcoin. Enter the dollar amount you want to convert to Bitcoin, review the transaction, and confirm. You can also set up recurring purchases to automate dollar-cost averaging.
- Step 5: Send or receive Bitcoin. Use a Lightning address, QR code, or on-chain Bitcoin address to send Bitcoin to anyone. Incoming payments via Lightning settle almost instantly.
Fees & Limits
Strike is known for its competitive fee structure. The platform charges a spread on Bitcoin purchases and sales, which is built into the quoted price. Strike does not charge separate transaction fees or commissions on top of the spread, and the spread itself is designed to be narrow compared to many competitors.
Sending and receiving Bitcoin over the Lightning Network through Strike incurs minimal fees, as Lightning transactions are inherently low-cost. On-chain Bitcoin withdrawals are subject to standard network fees, which vary with blockchain congestion.
Bank deposits via ACH are free. Purchase limits and withdrawal limits depend on your verification level and account history. Strike publishes its current fee and limit details within the app and on its website.
Security
Strike takes a custodial approach, meaning the company holds Bitcoin on behalf of users. The platform uses industry-standard security practices, including encryption of data in transit and at rest, and secure key management for custodial Bitcoin holdings.
Users can protect their accounts with biometric authentication (Face ID or fingerprint) and a PIN code. Strike also supports two-factor authentication for added security.
The company's NYDFS BitLicense requires compliance with specific security, capital reserve, and consumer protection standards. This regulatory oversight provides a baseline level of assurance regarding how the company handles customer assets and data.
For users who prefer self-custody, Strike makes it easy to withdraw Bitcoin to a personal wallet at any time, either via the Lightning Network or as an on-chain transaction.
Pros & Cons
Pros
- Lightning Network integration: Native Lightning support enables near-instant Bitcoin transfers with very low fees, making Strike one of the best platforms for Bitcoin payments.
- Simple, focused interface: The app is clean and easy to use, with no clutter from hundreds of altcoins or complex trading tools.
- Competitive fees: Strike's spread-based pricing is generally lower than what many larger platforms charge for simple buy/sell transactions.
- Recurring purchases: Automated Bitcoin purchases make it easy to dollar-cost average without manual effort.
- Easy withdrawals: Transferring Bitcoin to a personal wallet is straightforward, supporting both Lightning and on-chain methods.
Cons
- Bitcoin only: Strike does not support any other cryptocurrencies. Users looking to trade altcoins will need a different platform.
- Limited availability: Currently available only in the US and UK, which excludes a large portion of the global market.
- No advanced trading: There are no limit orders, charting tools, or order book features. Strike is a buying and payments app, not a trading platform.
- Custodial by default: While withdrawals are easy, your Bitcoin is held by Strike until you move it to your own wallet. Users who want immediate self-custody need to take that extra step.