If you have been thinking about investing in crypto but didn’t think you were pro enough, the good news is you can, thanks to consumer-friendly apps like Bamboo.
Here’s everything you need to know about Bamboo so you can make an informed decision about adding it to your home screen.
Inside this review
Bamboo is an investment app that makes cryptocurrencies accessible quickly and easily. It was designed with new users in mind, but there’s something for experienced investors too.
Note that I didn’t call it a crypto app. Here’s why.
Although users can buy and sell cryptocurrencies on Bamboo, it also has gold and silver. Although not unique globally, this is novel in Australia.
Is Bamboo safe?
Bamboo 61 Pty Ltd (ABN 86 626 100 981) is registered with AUSTRAC as a digital currency exchange. Their ABN has been active since 1st July 2018. Its headquarters are located in Perth, WA.
Bamboo’s ‘closed loop’ banking system makes the platform highly secure for investing. They partner with direct debit providers and payment processors who securely manage users’ accounts.
The app also partners with banks that provide data feeds to encrypt users’ bank details and lets them access their transaction details on the app anytime. In addition, Bamboo partners with leading institutional-grade security providers to keep customers’ investments safe.
Other security measures include restricted network access and firewalls, Two-factor authentication, and strong password controls for administrative access to all systems.
Who is Bamboo aimed at?
Bamboo is a crypto investment app designed for Australian investors, although it has aspirations to expand internationally.
You could consider Bamboo as the Raiz of crypto and precious metal investing apps since it uses round-ups to automate investments in a customised portfolio on your behalf.
Round-ups for crypto investments are relatively new and not something many exchanges offer. To me, Bamboo is more of a companion app that can be used alongside your main crypto trading platform.
Put your spare change to work with automated round-ups from linked accounts.
Compound returns by earning rewards on cryptocurrency investments.
Dollar cost averaging
Take advantage of investment opportunities with regular investments, reducing volatility and the average price paid.
Bamboo lets users invest and incorporate crypto in their SMSF. This isn’t unique to Bamboo, but it is a useful feature nonetheless.
Rebalance (control exposure to risk)
Restructure the composition of portfolios in Bamboo to find the right balance regarding risk.
Add funds when the market presents opportunities (and funds are available to invest). Top-ups are in addition to round-ups.
Flat fees are charged for deposits and withdrawals, based mainly on the amount deposited or withdrawn. There are, however, no fees for buying or selling cryptocurrencies or precious metals. All fees are inclusive of GST.
|Less than or equal to $100||$1.49|
|More than $100 but less than $250||$2.49|
|More than $250 but less than $500||$3.99|
|More than $500||0.8%|
It’s worth mentioning that many crypto exchanges do not charge for depositing fiat currency (AUD) via a bank transfer.
- Invest in crypto automatically using round-ups from a linked account.
- Ideal for beginners since there is very little manual trading outside of top-ups.
- Invest in gold and silver in addition to crypto, de-risking your investment with precious metals.
- Integrates with all the major banks and many smaller regional banks too.
- Bitcoin and Ethereum are the only cryptocurrencies available.
- Only available to Australians (for now).
The fact that there aren’t many alternatives to Bamboo pays testament to their relatively unique offering in the Australian market.
- Raiz. Invest spare change round-ups in a Bitcoin portfolio and various stock portfolios.
What Bamboo is doing is commendable. Many people think of Bitcoin — and Ethereum to a lesser extent — as a digital version of gold, but only a few platforms offer access to both.
Round-up investing is ideal for the mainstream, making it easy for anyone to invest over time. Their fees are low, although you can pay less with an exchange if you want to invest a lump sum in crypto.
If you are a crypto rookie looking for an easy way to invest in crypto, this may be an option to look into more closely.
If you already trade crypto on one of the many crypto exchanges, Bamboo can run in parallel.
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