Bamboo App Review

Bamboo App Features

The app levies no charges on account setup or portfolio switching. However, you will pay a monthly $3.50 for maintenance on accounts that hold less than $15,000 portfolio value. Additionally, a sapphire and custom account that has more than $20000 will pay a fee of $3.50 and $4.50, respectively.

On top of that, the platform levies a fee on accounts that hold more than $15000. Additionally, their issuer fee ranges from 0.04% to 0.59% for ETF purchases. You can deposit fiat currency payments from your linked bank account to Bamboo. You can also withdraw funds when you sell your crypto or transfer funds to your connected bank account.

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Bamboo Round-Ups

Bamboo round-ups scrape together all your leftover balances from your daily purchases. All you have to do is sync your bamboo app to your bank account. Afterwards, the service rounds up all expenses to the nearest AUD. The bamboo app will then take the amount once it hits $50 and invest it in your preferred digital asset between BTC, ETH, gold, and silver.  

To perform this feat, the Bamboo app links to a bank account. It will then suck digital "spare change" from your account then quietly funnel it into an investment portfolio. As an illustration, whenever you purchase a AUD 4.20 Chai, the Bamboo app will "round up" that purchase to AUD 5 and send that excess to your investment fund of choice. Small becomes beautiful, and these cents will compound to something larger over time.

Through its partnership with Basiq, a robust financial apps and services APIs provider, Bamboo can seamlessly round up everyday transactions and invest them in your portfolio.  

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Bamboo Top-Ups

Alternatively, use the bamboo top-up feature and set recurring or one-off payments to your account. Think of it as your daily, weekly or monthly credit and debit payment. Easy, right? All you need to do is input the duration, amount, and payment day to the bamboo app. With this feature, you can invest when the market price movements are favourable or when you have extra cash in your account.

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Bamboo Dollar-Cost Averaging

The bamboo dollar-cost averaging feature eliminates FUD (Fear, Uncertainty and Doubt) driven purchases that occur due to the excessive volatility in the crypto market. In addition, dollar-cost averaging removes the need to target crypto's market highs and lows seasons when investing.

Utilize it to gradually build your holdings by investing regular amounts or money into BTC, ether, gold, or silver. In the place of one huge purchase, purchase small amounts of BTC, ETH, gold, or silver over time.

Additionally, since you are investing a fixed amount of cash regardless of the market prices, some of your purchases will occur when asset value drops. Making crypto purchases in a sell-off phase ensures profits when the asset’s prices surge.

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The Bamboo Superfund

The Bamboo app supports BTC and ETH and gold and silver standard SMSF investments. You can frequently invest in the Bamboo automated SMSF payments plan using the dollar-cost averaging feature.

Don’t worry about the strict superannuation industry ( industry) laws on the Australian SMSF sector. Bamboo has ensured all its investors comply with the SIS act. Bamboo handles the backend reporting and valuations, generating simple and accurate data for your SMSF auditor.

Note that Bamboo does not offer an in-house SMSF service. However, they have partnered with Sequoia Superannuation, SMSF experts who can help you open an account.

Bamboo Rebalancing Feature

Bamboo's portfolio rebalances feature will help users manage the risks that come with their crypto positions. This service restructures your crypto portfolio, keeping your investments safe from excess volatility and price plunges.

As an illustration, if you wanted your portfolio to sit at 50% BTC and 50% ETH and bitcoin value doubles while Ethereum remains intact, your new portfolio will rebalance to 75% bitcoin 25% Ethereum. This way, you will have more exposure to bitcoin and less exposure to Ethereum.  

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What is the BAM token?

The BAM token is Bamboo's native token. It supports the platform's reward program activities. You will, however, need to hold 2% of the BAM token on your portfolio to enjoy all Bamboo's in-app market rewards.  

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Is Bamboo safe?

Bamboo is not a digital asset exchange platform. Therefore, unlike Swyftx and CoinSpot, it is not regulated by AUSTRAC. AUSTRAC is a government body that regulates financial transactions for money laundering, tax evasion, or other crimes. However, Bamboo is a registered business, and its processes comply with Australian consumer law.

Additionally, Bamboo has partnered with Fireblock, a global leading crypto custody provider, which acts as its asset custody solution. In 2019, Fireblock obtained the SOC 2 Type II security certification from Ernst and young. Moreover, it is an anti-money laundering complaint and has secured the transfer of close to $1 trillion in digital assets.

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What are Bamboo deposit and withdrawal fees?

Bamboo utilizes a tiered fee structure based on the amount deposited or withdrawn.

• You will pay $1.49. for transactions below or equal to $100
• Transactions that fall under $100 and are less than or equal to $250 cost $2.49.
• The fee for transactions that cross the $250 level but do not cross the $500 mark is $3.99.
• Transactions that go above $500 pay a 0.8% charge per transaction

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What are Bamboo’s newest features?

Another upcoming feature is the reward functionality. You will receive BAM rewards for using the Bamboo app.

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Does Bamboo own a web-based platform?

Bamboo does not have a web-based platform. It only has an android and iOS compatible application.

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Conclusion

Bamboo not only secures your future through investments but also breaks down the complexity of crypto and precious metal investing. They have an excellent blog that has valuable investment knowledge. On top of that, the Bamboo app will update you on your investment progress through their monthly updates on their blog.