Digifox was launched by the popular crypto trader and YouTuber, Nicholas Merten, a.k.a DataDash. The platform allows the users to earn interest by investing their cryptocurrencies.
The Digifox wallet is a non-custodial smart contract wallet that offers a benefit of both CeFi and DeFi elements. The wallet is available for both iOS and Android mobile users.
Digifox, powered by Kyber, allows users to swap cryptocurrencies directly within the application. The platform is also planning to activate “multi-factor authentication,” which will create another layer of security along with your phone and email.
Installation guide (Android mobile)
Users can download the Digifox wallet mobile application from the Google Play Store (Android).
After installation, a pop-up window will appear that will let you do two different activities related to the wallet installation.
- Sign Up (Create a Wallet)
- Recover Account (Import Wallet)
Create a wallet
Choose Sign Up if you are a new user.
It will ask you to provide a few details to set up your profile like username, phone number, email ID, wallet pin, etc. It also verifies your details by sending OTPs in your phone number and email ID.
Once profile verification is done, you will be directed to the wallet landing page.
Important: You cannot access multiple accounts in a single wallet application. A user can access only one account in a wallet at a given time.
Kindly note that users are required to upgrade their wallet to Pro version (one-time fee) to unlock the full benefits of the platform.
We have already mentioned that Digifox doesn’t allow multiple wallets in a single application. So, in case you need to import a wallet, you have to first log out from an existing one.
Through this option, you can share your public address and QR code to receive tokens.
The Send option allows you to send tokens to another account. You just need to enter the recipient’s wallet address or username into the search bar. You can also use the QR code scanner available at the top corner to scan the recipient’s QR code with your phone to get the address.
As the name implies, you can swap tokens here. You can also buy coins by depositing money through a debit card or a bank account. You can also send tokens from your other wallet/exchange.
This option allows you to deposit your funds into Digifox. You can deposit either through your debit card, bank account, or from another wallet.
Users are required to do KYC checks if they choose to deposit funds via a bank or debit card. The KYC and onboarding formalities are supported by third-party providers like MoonPay and Transak.
The money that a user deposits either from their bank account or through a card into the Digifox platform will be deposited in the form of USDC, which is a cryptocurrency pegged to the U.S. dollar.
The Digifox wallet allows you to earn interest by investing your crypto.
The platform allows you to invest through:
- Centralized custody
- Provides high-interest rates
- Supports 11 markets
But before investing in Celsius, you need to apply by providing your KYC documents. The wallet application will verify your details, and after verification, you will be able to deposit funds.
Celsius supports the following markets:
As we can see, Celsius offers some high rates on different coins. You can deposit and earn from your investments.
- Decentralized custody
- Provides low-interest rates
- Supports 10 markets
Users are neither required to sign up nor need the KYC process to start earning interest with Compound.
The community tab shows current challenges and referral benefits.
Users are categorized into different levels:
- Silver Status
- Gold Status
- Platinum Status
You can share your invite link through Twitter, email, etc. Depending upon the level, users receive a different percentage of the above-mentioned benefits.
Through this option, you can add contact information or search for people by giving their wallet ID, username, or scanning their QR code.
This tab contains various profile-related settings. You can see your registered email ID and username here. It also allows you to manage wallet security, i.e., you can change wallet PIN and enable TouchID here.
Digifox addresses the current need of every common user by creating an all-in-one finance app. It allows the users to invest in various cryptocurrencies and earn interest, which is quite high as compared to traditional banking interest rates. Also, To ensure high security, the platform undergoes code audits periodically by third-party professionals. However, the application charges a fee for wallet creation (considering gas fees). The app is also relatively slow. Overall, an app with huge potential but still some way to go.
Resources: Digifox official website
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