What is Bamboo Crypto
Bamboo meets the Australian market’s need for an all-rounded micro-investing app via their crypto and precious metals micro-investing products. The Bamboo app takes a different approach and utilises round-ups and the power of dollar cost averaging to make investing easy and fun. Dollar cost averaging is the ability to invest small portions of money regularly.
Bamboo allows users to choose their custom portfolio mix across various digital assets. Its micro-investment products are Bitcoin, Ethereum, Gold, and Silver. The latter two are backed by real, physical and redeemable bullion. BTC, ETH, Silver and Golds purchasing power blooms overtime, making them inflation proof and excellent safe-haven investment choices.
Bamboo App Features
Below you can find a high-level overview of the features offered on the Bamboo app.
- 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.
- 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.
- BAM Token Rewards: 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. Another upcoming feature is the reward functionality. You will receive BAM rewards for using the Bamboo app.
- Dollar Cost Averaging: The bamboo dollar-cost averaging feature eliminates FUD 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.
- SMSF: Bamboo lets users invest and incorporate cryptocurrencies and precious metals into their SMSF.
- Portfolio Customisation: Decide how to split investments into Bitcoin, Ethereum, gold, and silver with a customised portfolio.
- Rebalance: 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. For example, 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.
Is it expensive to use Bamboo Crypto?
Cryptocurrency deposits and withdrawals are not supported on the Bamboo app. The fiat currency deposit and withdrawal fees vary depending on the amount you are transferring. There is also a monthly $3.50 fee for maintenance on accounts that hold less than $15,000 portfolio value. Refer to the list below for a quick overview of Bamboo's Fee Structure.
- 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
The Bamboo app has its own native cryptocurrency, BAM, and all fees on the platform are paid with BAM tokens. If you don't have enough BAM tokens, the fees will be taken out of your next scheduled direct debit or payment. If both of those are not enough to cover the fees, Bamboo will sell or transfer the cryptocurrencies held in your account to pay the outstanding amount.
Does Bamboo offer a web-based platform?
No, Bamboo does not have a web-based platform. The application is exclusive to mobiles is both android and iOS compatible. On the Apple Store, Bamboo is rated 3.8 Stars from 200 Reviews and it is rated 4.2 Stars from 4K Reviews on the Google Play store. For Apple users, the application is supported on both iPhone and iPad.
How secure is Bamboo?
The Bamboo app operates under Bamboo 61 Pty Ltd (ABN 86 626 100 981), it is registered with AUSTRAC as a digital currency exchange. Bamboo is a registered business, and its processes comply with Australian Consumer Laws. It is considered to be a relatively safe platform and has implemented multiple security measures to ensure security of assets.
The application makes use of HTTPS for all connections between the app and server. All passwords are hashed and personal data is completely encrypted before it is stored. Bamboo has partnered with Split-Payments and Basiq to protect all its users personal data privacy, all clients information is fully protected.
The Bamboo Superfund (SMFS)
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. 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.
How do I contact customer support on Bamboo?
Unfortunately, Bamboo does not offer a live chat feature on its application but the team can be reached via email between office hours. Additionally, customer support can be reached via its multiple online communities including Instagram, Facebook, Twitter, Youtube and LinkedIn. If you would like to learn more about the platform, you can visit Bamboos FAQs.
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 seamlessly invests your change for you, taking the away the responsibility of needing to directly invest in assets.