An Australian-based App called Bamboo is providing effortless investment into crypto, simply by rounding up your card transactions into micro payments which get invested into crypto assets Bitcoin and Ethereum.
With headquarters in Perth WA, the Bamboo team have been working hard on an investment tool which can allow everyday Aussies exposure to the crypto market with minimal effort and minimal technical knowledge.
The Bamboo app has some cool features which include:
- Simple setup – Connect your bank and let your everyday purchases turn into long-term investments. Get started in under 90 seconds!
- Put your spare change to work – Coffee for $3.50? Round it up to $4 and invest into digital assets!
- Instant top-ups – Add an instant top up to your portfolio (minimum A$50)
- Scheduled contributions – Set up a daily, weekly or monthly contribution.
- Pick a portfolio – Set your custom portfolio composition.
Good to see the app being used as Bamboo users publish their stories on Twitter.
We’ve taken a look at the Security Process of Bamboo and they use third party intermediary called Basiq (part-owned by NAB) to connect your bank account to their app. They need this to read transactions and calculate the round-ups, and ofcourse take the direct debit payments from your bank account to invest with the App.
What Banks Are Supported?
Most of the major Australia and New Zealand banks are supported including Commonwealth Bank of Australia, Macquarie Bank Limited, National Australia Bank Limited.
What are the Fees?
We’ve also taken a look at the fees. “A deposit/withdraw flat fee applies when the amount is: less than or equal to $100, the fee is $1.49. more than $100 but less than or equal to $250, the fee is $2.49. more than $250 but less than or equal to $500, the fee is $3.99 more than $500, the fee is 0.8%.All fees are inclusive of GST.”
How to Get Started with Bamboo
If you need help or have any questions you can contact their support via email at [email protected] or you can reach out to them on social media.
Also there is a refer a friend $10 bonus, see Tweet below.
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