+Invity

[Hispo]

Image: Satoshilabs

Webpage: https://invity.io/
Twitter: https://twitter.com/invity_io

About built-in Trezor's integration: https://blog.trezor.io/compare-crypto-exchanges-and-buy-bitcoin-instantly-with-trezor-e0246a6ad183

Image: Satoshilabs


Good day, today I wanted to open a discussion about +Invity, the relatively new service brought to us by Satoshilabs, for us this company does not need an introduction due to its big participation within the industry of hardware wallets. The main purpose of this thread would be share the experiences which any of us has had with this service which intended use with Trezor hardware wallets is to be able to buy, sell and even swap cryptocurrencies directly from your secured device, which sounds good on paper.

Since I believe the ownership of Trezor products among Bitcointalk hardware wallet users must be relatively high, I would like to know your experiences and opinions about +Invity, because I personally tried it once and unfortunately it felt lacklustre (I could not even finished the operation I intented to make), this was several months ago and lately, I have been curious on the general concensus of the Bitcointalk community on +Invity.

Please feel free to also discuss about other services similar to +Invity, integrated in other Hardware Wallets.

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[Pmalek]

I am not a Trezor user, but I think this partnership is something similar to what other hardware wallet manufacturers have done in the past, such as Ledger. Trezor probably takes a cut which makes the rates worse than what you would get exchanging/swapping directly on the platform in question. Then there is the similar claim that Trezor is using about remaining in custody of your coins throughout the process. More precisely, they call it "direct-to-custody trades". I am skeptical about that, the same way I was about Ledger's custody claims. Lastly, depending on the amount and maybe the taint level (ridiculous) of your coins, the exchange you use for the swap could ask you for KYC.

[Hispo]

... Lastly, depending on the amount and maybe the taint level (ridiculous) of your coins, the exchange you use for the swap could ask you for KYC.

Thanks for sharing your opinion, that was my case: I wanted to buy but it asked me for KYC which I tried to provide but it ended up not working.
I think one of the weakest points is the fact one may be needed to provide KYC several times (because they work with several partners/exchanges) which does not make sense if one can just withdraw from one's prefered CEFI.

Also I had not considered the fact Trezor took a cut on these operations, but it would make sense if they did.

[hZti]

What is more concerning to me is that they use many unknown exchanges and that should always be the highest priority even if you pay 0.5% more. The only thing that I could imagine is that the exchanges pay to be on the top spot, since they are not well known. So in fact you will not pay a cut to Trezor which would be ridiculous.

[bitmover]

Image: Satoshilabs

Webpage: https://invity.io/
Twitter: https://twitter.com/invity_io

I just clicked the website and compare some exchange rates of Brazil fiat and btc (btcbrl pair)

Their rate was ridiculous.

For 500brl  the  rate now in binance is 0.0041 btc

I saw in invite.io website 3 terrible rates, from 0.0038 to 0.0035... all of them using credit card.

They didn't even mentioned binance, Brazil biggest exchange by volume (nearly 70% of total brl volume)

[SFR10]

I would like to know your experiences and opinions about +Invity,

I've used it a few times to exchange/swap and didn't face any issues, but offers are somewhat limited and since all of those swaps weren't that big, I didn't bother to check other platforms for better rates!

They didn't even mentioned binance, Brazil biggest exchange by volume (nearly 70% of total brl volume)

You'll only see those that are currently among the "list of Invity's providers ^{[Binance isn't included]}".
^{- Personally, I hate seeing both Changelly and ChangeNow on that list [nobody should use these two]!}

[dkbit98]

Only good thing about Invity is the fact that it is made by same company who made Trezor wallet, Satoshi Labs.
This is basically created for lazy people, or when you are in hurry to exchange coins, and you accept higher fees and the risk of being asked for kyc.
I heard Trezor creators are open for improving it and enabling non-kyc exchange but that is easier said than done.

I've used it a few times to exchange/swap and didn't face any issues, but offers are somewhat limited and since all of those swaps weren't that big, I didn't bother to check other platforms for better rates!

Did you exchanged coins for coins, or you did coins to fiat transaction?
I am interested to know if you have been asked anything about kyc during this process?

[SFR10]

Did you exchanged coins for coins, or you did coins to fiat transaction?
I am interested to know if you have been asked anything about kyc during this process?

My experience only extends to exchanging BTCitcoin with a few shitcoins ^{[testing purposes]} and vice versa... Based on the offers that I got at the time, half of them had a label that I might have to go through some sort of KYC process, but luckily, none of the "other" offers asked me to do such things.

[Hispo]

Only good thing about Invity is the fact that it is made by same company who made Trezor wallet, Satoshi Labs.
This is basically created for lazy people, or when you are in hurry to exchange coins, and you accept higher fees and the risk of being asked for kyc.
I heard Trezor creators are open for improving it and enabling non-kyc exchange but that is easier said than done.

To be fair, I just made test to see how +Invity could handle a simple swap of 20$ worth of BTC to USDC (ERC-20)

They seem to be as transparent as possible when comes whether the client could encounter a KYC wall along the way, or at least that is what they try to go for.

For this specific swap I got only two offers as seen in the picture, letting to one side the lacklustre fact they keep about 2-3$, Satoshilabs try the total quantity to be received to be as explicit as possible.  

Taking those providers and searching for them on internet, we can get this:

https://es.trustpilot.com/review/changenow.io

https://www.trustpilot.com/review/sideshift.ai

So the quality of the service in this case could go from a seemly excellent service to a regular one, I'd say that is not ideal.

Also:

ChangeNOW has Bitcointalk account (with red trust) and dedicated thread:
Thread: https://bitcointalk.org/index.php?topic=2811013.0
User: https://bitcointalk.org/index.php?action=profile;u=1307188

According to trusted members of our community this service may be selectively scamming their clients ,probably those who swap large quantities of crypto, allegedly they have stolen over 100 BCH from a victim and allegedly they are being several services.

If true, this does not put Satoshilabs in a good position...


I found this thread on Reddit: https://www.reddit.com/r/CryptoCurrency/comments/8wsgir/changenowio_scam_fraudsters_have_stolen_100_bch/

I believe it is worth taking a look at it, it seems that after doxing and tracking down the people behind the exchange, the guy finally got his money back after months.