Bamboo App Review; Micro-investing for Crypto

Investing in crypto for the first time can be daunting, but Bamboo app makes it easy to invest in Bitcoin and Ethereum, as well as precious metals, with your spare change. What makes Bamboo different though, and what are the pros and cons? Read on for the full Bamboo App review..

Verdict: Bamboo App is pricey for small balances, but it’s a great way to get started with micro investing for Crypto and precious metals. CLICK HERE for $10 of FREE Bitcoin when signing up to Bamboo!

Introduction to Bamboo App

Bamboo app is a mobile phone platform for micro-investing in cryptocurrency. It’s a simple and easy way to invest in crypto with little money. Bamboo app is not a crypto exchange, so you are not buying your own crypto. It’s also important to remember that crypto is a volatile and unregulated space, and while there is money to be made, there is also money to lose.

So here we will explore what the Bamboo App is, exactly what you can invest in through Bamboo, whether it’s safe or not, how it works, what the fees are, how you can sign up, as well as cover some of the advantages and disadvantages of investing through the Bamboo App.

CaptainFI is not a Financial Advisor and the information below is factual review information, not financial advice. This website is reader-supported, which means we may be paid by advertising on the site, or when you visit links to partner or featured sites. For more information please read my Privacy Policy, Terms of Use, and Financial Disclaimer.

What is Bamboo Investment app?

The Bamboo app is a micro-investing app for cryptocurrency and precious metal commodities including gold and silver. Micro investing apps are not new. Apps like Raiz and Spaceship have made the concept of micro-investing in shares easy for the mainstream to access. No matter how much, or little, you earn, investing in shares and now crypto is something we can all do.

Bamboo app has selected Bitcoin (BTC) and Ethereum (ETH) as the strongest of the cryptocurrencies to offer as investment options. Gold and silver is also on offer. However, as they are not a crypto exchange, you cannot buy other types of crypto.

How Safe Is Bamboo app?

When talking about the safety of a crypto app, the first thing to acknowledge is that crypto as an asset class is a volatile and unregulated space. I liken it to the Gold Rush of our time, with all the risk and reward that goes along with any patch of “Wild West”. This is why I think Bamboo App is an interesting mix of old and new “Gold Rush’ territory – crypto and, literally, gold and silver.

Crypto is not a space that everyone will feel comfortable in. But if you have a risk profile that lets you sleep at night while holding crypto, then go for it!

Now we have that public service announcement out of the way, when it comes to the Bamboo App’s safety, there are a couple of layers to the answer.

Firstly, Bamboo app is not a cryptocurrency exchange platform, so AUSTRAC regulations do not apply, like with Coinspot. However, it does fall under Australian consumer law.

Secondly, when you invest with Bamboo app, you are not directly buying BTC or ETH. This means Bamboo App holds the crypto and you buy into what they hold. Due to a lack of regulation for crypto custodians, investors are relying on platforms to choose to do the right thing, with little chance of getting money back if they don’t.

The third layer is in terms of cyber safety, and Bamboo App has given users a high degree of protection. Bamboo App gives users a level of account security akin to investment institutions. Also, Bamboo App uses the crypto custody service called Fireblocks, which is audited by Ernst & Young, giving investors a degree of accountability and security. They also hold their assets in a “cold” wallet, that’s not connected to the internet.

Bamboo app also offers a Self Managed Super Fund (SMSF) option, and Bamboo app offers a valuations and reporting feature that ensures investors are compliant with SMSF legislation.

“Ethereum, or some other Cryptocurrency is going to be the global standard of payment. It’ll be of greater value than national fiat.”

Hendrith Vanlon Smith Jr

Is Bamboo a good crypto investment app?

Whether Bamboo app is a “good” investment app, is just as multilayered as determining if it’s a “safe” app. Bamboo app has a unique selling point of micro-investing for crypto and precious metals. For some investors it will serve a purpose, for others, it won’t.

What Bamboo App definitely is, is an easy and affordable way for everyday investors to dip their toe in the crypto pool, at a low cost. In that way, it’s reducing the risk of loss from volatility and lack of regulation. Investing some loose change as a side bet on crypto gets people in the game, without losing the house.

For others, not investing in crypto right now is seen as the real risk, as crypto becomes more mainstream with long-term upside. But for those people, there are other platforms that would be more suitable, like CoinSpot, CoinGecko, or buying new releases on PancakeSwap.

As crypto becomes more mainstream, there will inevitably be more regulation brought in. So investing in crypto as part of a diversified investment strategy seems reasonable. But we’re not there yet. It’s still largely unregulated, with price highs and lows. So anyone thinking about this sort of investment needs to be tuned into their risk appetite.

How does Bamboo work?

Bamboo app links to your bank account and rounds up the cost of your daily purchases to the nearest $1 (or $2 or $5 – you get the picture) and invests that loose change for you. Bamboo app technology “sweeps” your account for your post-purchase round-ups, and transfers it to your Bamboo app account, ready for investment.

The idea is, you get all the benefits of investing long term, such as compound interest, without missing the money from your budget. The point of difference with Bamboo App compared to other micro-investing platforms is you can invest in cryptocurrency, in particular, Bitcoin (BTC) and Ethereum (ETH), plus the old stalwarts of gold and silver.

Who is the broker for Bamboo?

Unlike shares, there is no broker when you buy in. Bamboo app buys the assets, and you are buying into what they hold.

 How much does Bamboo cost?

As with any microinvesting platform, Bamboo app charges fees for deposits and withdrawals:

·        $1.49 for amounts under $100

·        $2.49 for $100 – $250

·        $3.99 for $250 – $500

·        and 0.8% for over $500

Compared to buying and selling on a crypto exchange directly, these fees don’t seem too high. You can get $10 FREE Bitcoin by signing up to Bamboo with this LINK.

What can I invest in through the Bamboo App?

Bamboo app offers a limited range of products to invest in, including BTC, ETH, Gold and Silver. You can choose how to customize your portfolio by deciding on what percentage of each, you hold.

 The main way you invest is by using round-ups from everyday transactions. You can also use top-ups that you do as a one-off, or regular transfers.

 Bamboo app also encourages traditional investment strategies such as portfolio rebalancing and dollar-cost averaging. There’s nothing new in dollar-cost averaging. It just means you buy a bit often, as a strategy to smooth out the highs and lows of price fluctuations. So if you buy into BTC when the price is high, and next week, buy in when the price is low, those peaks balance themselves out and the value of your overall holding is somewhere in the middle.

Bamboo app also offer BAM reward tokens. One thing that tends to drive up the price of crypto, is utility, or an everyday use for it. And the holy grail is to have that utility go mainstream. Bamboo app does seem to be a vehicle to help create utility for the BAM token.

Investors earn 1.5 BAM each time they top-up by $50, 4 BAM with monthly recurring payments, 5 BAM for referring a friend and the BAM rewards program requires you to hold a minimum of 2% BAM. So if Bamboo app can take crypto micro-investing mainstream, there’s potential for a lot of BAM token upside.

How do you sign up to Bamboo?

Bamboo app has mobile phone apps for iOS and Android, but no website platform. Just like any micro-investing platform, download the app, then go through the sign-up process.

You’ll need a mobile number and email address. You’ll also need to choose an individual account or SMSF. If you don’t have an SMSF and want to start one, Bamboo app has joined forces with Sequoia Superannuation who can help.

You then need to link the app to your bank account. Many Aussie banks are already synced with Bamboo app. You can also sync your super fund if you’re planning to add crypto to your SMSF.

You will have 2 Bamboo app accounts, which are the Round Up account and Funding account.

With the Round Up account, you set your round up amount, which is how much you want to have skimmed off from your bank after each everyday transaction. This is then transferred from your bank account to your Bamboo app Round Up account.

The Funding account is for when your roundups reach $50. This account is used to purchase your investment.

You also need to set up your portfolio, which is where you select BTC, ETH, Gold, Silver.

If you want to sign up and start with $10 FREE Bitcoin, you can use this LINK HERE.

“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.”

Peter Thiel, co-founder of PayPal

Advantages of using Bamboo App

• Bamboo is a simple to use, easily accessible app
• It doesn’t take much money to get started
• Automated investing makes things even easier
• Good level of account and data security measures
• The strongest cryptocurrencies are on offer – BTC & ETH
• It’s an easy way to get started with investing in crypto
• You can earn BAM tokens, further increasing your crypto holdings
• Round ups are an easy way to bump up your balance
• You can construct your custom portfolio, choosing the percentage of each holding
• Option of SMSF function
• Crypto Curious Podcast
• You can start off with $10 FREE Bitcoin by using this link.

 Disadvantages of using Bamboo App

• You aren’t buying crypto in your name
• Fees are a little high for low balances
• The crypto space is volatile
• Due to limited regulation, you are relying on the company to choose to do the right thing
• There is limited recourse if the company goes bust

Verdict: Bamboo App is pricey for small balances, but it’s a great way to get started with micro investing for Crypto and precious metals. CLICK HERE for $10 of FREE Bitcoin when signing up to Bamboo!

Final Thoughts

Investing in crypto for the first time can seem daunting. Bamboo app provides an easy and affordable way of getting started. They have a great app which lets you make tiny investments in BTC and ETH, with small amounts of money. It’s a set and forget option and doesn’t require decision making, and goes some way to free investors of the emotion that can go along with the highs and lows of the crypto market. Crypto is a volatile and unregulated space, so make sure it matches your risk profile before investing. You can read more about Cryptocurrencies on the MoneySmart website here – Cryptocurrencies – Moneysmart.gov.au

It’s a good idea to seek advice from a financial advisor before you invest in crypto or any financial products.

Financial Disclaimer

Financial Disclaimer: CaptainFI is NOT a financial advisor and does not hold an AFSL. This is not financial Advice!

I am not a financial adviser and I do not hold an Australian Financial Services Licence (AFSL). In this article, I am giving you factual, balanced information without judgment or bias, to the best of my ability. I am not giving you any general or personal financial advice about what you should do with your investments. Just because I do something with my money (or use a particular service or platform) doesn’t mean it is automatically appropriate for your personal circumstances. I do not recommend nor endorse any financial or investment product, and my usage or opinion of any product should not be interpreted as an endorsement, advertisement, or intent to influence.

I can only provide factual information based on my journey to Financial Independence, and that is provided for general informational and entertainment purposes only. I make no guarantee about the performance of any product, and although I strive to keep the information accurate and updated as it changes, I make no guarantee about the correctness of reviews or information posted.

Remember – you always need to do your own independent research and due diligence before making any transaction. This includes reading and analysing Product Disclosure Statements, Terms and Conditions, Service Arrangement and Fee Structures. It is always smart to compare products and discuss them, but ultimately you need to take responsibility for your use of any particular product and make sure it suits your personal circumstances. If you need help and would like to obtain personal financial advice about which investment options or platforms may be right for you, please talk to a licensed financial adviser or AFSL holder – you can take the first steps to find a financial advisor by reading this interview, or by visiting the ASIC financial adviser register and searching in your area.

For more information please read my Privacy Policy, Terms of Use, and Financial Disclaimer.