Fold vs Phoenix

Updated: January 2026

Quick take

Phoenix is best if you want a custodial rewards card for spending and saving sats, with account‑based recovery and KYC. Fold fits if you prefer Lightning‑native self‑custody with an on‑device node and seed‑based recovery, accepting on‑chain costs for channels. Compare custody, KYC, recovery, Lightning behavior, and fee trade‑offs.

Fold vs Phoenix — full comparison (Spend Bitcoin)
Platform	Bitcoin rewards card Self-custodial Lightning Wallet
Supported Networks	Visa Prepaid debit, ACH bill pay, gift card marketplace, bitcoin buys and withdrawals Lightning only, but you can receive and send on-chain using swaps
Features	Daily Rewards Wheel and gift cards earn sats without needing the Fold Card Push to Card and bitcoin automations convert between BTC and USD in minutes Custodial custody Top rewards require an active Fold+ subscription Seamless Lightning experience Runs Lightning node on device Option to connect your own node High on-chain fees for channel creation
Custody & Control	Custodial (USD via Sutton Bank, BTC via BitGo until you withdraw) Non-custodial (runs Lightning node)
KYC Required	Yes No
Recovery Method	Custodial account with KYC; withdraw bitcoin to your own wallet Seed phrase + static channel backup
Open Source	No Yes
User Experience	N/A N/A
Interface	Mobile only Mobile only
App Ratings	iOS: 4.2 Android: Not available iOS: 4.2 Android: 4.3
Profile Founder(s)	Will Reeves Fabrice Drouin & Pierre-Marie Padiou
Company description	Fold aims to make Bitcoin accessible by integrating it into daily financial activities. It offers a Visa prepaid debit card, gift card purchases, and bill payments, all rewarding users with Bitcoin (s... Fold aims to make Bitcoin accessible by integrating it into daily financial activities. It offers a Visa prepaid debit card, gift card purchases, and bill payments, all rewarding users with Bitcoin (sats). Users can also buy Bitcoin with low or no fees, depending on their plan, and deposit Bitcoin into their Fold account for insured custody. Fold aims to make Bitcoin accessible by integrating it into daily financial activities. It offers a Visa prepaid debit card, gift card purchases, and bill payments, all rewarding users with Bitcoin (sats). Users can also buy Bitcoin with low or no fees, depending on their plan, and deposit Bitcoin into their Fold account for insured custody. What sets Fold apart is how it combines traditional finance functions like bill pay and debit card usage with Bitcoin rewards in one simple interface. Users don't need to juggle multiple apps or wallets. Rewards can be earned on nearly every transaction, from daily spending to mortgage payments, with bonus sats for gift card purchases. Fold also allows external Bitcoin deposits and provides low-fee conversions from paycheck to BTC, making it easy to live on a Bitcoin standard while minimizing taxable events. Users praise the ease of use, the ability to stack Bitcoin passively, and the clear design of the app. Some power users run most of their household finances through Fold, using the gift card section for groceries and shopping, and setting up recurring buys with leftover balances at the end of each month. The ability to earn rewards even on ACH bill pay is seen as a unique benefit. Fold's vision is to be the ultimate platform for living on a Bitcoin standard, making it easy to earn, spend, and save Bitcoin while navigating a fiat world, giving users control and flexibility without the complexity of traditional exchanges or wallets. Phoenix is designed to provide a simple, self-custodial experience for fast, low-cost Lightning transactions directly on mobile devices, emphasizing ease of use for beginners. Phoenix is designed to provide a simple, self-custodial experience for fast, low-cost Lightning transactions directly on mobile devices, emphasizing ease of use for beginners. Phoenix is designed to provide a simple, self-custodial experience for fast, low-cost Lightning transactions directly on mobile devices, emphasizing ease of use for beginners. Phoenix runs a native Lightning node on the user's device, connecting to ACINQ's node for automated channel management, eliminating the need for swaps and reducing fees for direct Lightning payments. Additionally, Phoenix allows connections to a user's own Bitcoin node for enhanced privacy. For beginners, Phoenix's intuitive UI, low-cost Lightning transactions, and self-custodial design make it ideal for those starting with Bitcoin, though channel size limitations may require occasional fee adjustments for frequent receivers. Compared to Breez's merchant-centric features or Aqua's Liquid-focused versatility, Phoenix excels in delivering a straightforward, cost-effective Lightning experience with robust privacy options.
Founded in	2019 2019
Website	foldapp.com phoenix.acinq.co
Availability	Available in United States Available globally

FAQs

Is Phoenix non-custodial and how do its Lightning fees work?

Phoenix is self-custodial and runs a Lightning node on your device. Channel creation or resizing may trigger on-chain fees, while payments are native LN. Exact amounts vary with liquidity events and network conditions, aiming for smooth day-to-day payments without manual channel tuning.

Does Fold support Lightning payments or only rewards?

Fold focuses on rewards with a custodial account, card, and gift cards. You can withdraw to your own wallet, but Fold itself is not a Lightning wallet. Its emphasis is earning and spending through its app rather than native LN payments.

Can I get a physical card from Phoenix or only from Fold?

Only Fold offers a payment card today. Phoenix is a self-custodial Lightning wallet for mobile that prioritizes native LN payments and simple recovery, not card issuance. Use Phoenix for direct Lightning; use Fold for a rewards card and custodial account features.