Investing in cryptocurrency might seem like a great idea, but with so many ways to invest and dozens of crypto exchanges to choose from, it can feel overwhelming to get started. But there are a few services that help automate the entire process, making crypto investing simple for passive investors.
RoundlyX has taken the idea of investing small amounts of money and turned it into an automated crypto investing app. Similar to micro-investing apps like Acorns and Stash, RoundlyX helps users round up purchases to the nearest dollar and invest the spare change into cryptocurrency.
RoundlyX partners with top crypto exchanges to allow you to invest in crypto, making a purchase through your chosen exchange when your rounded up savings reach a certain threshold.
We have reviewed the features, pricing, security, and support of RoundlyX to help you decide if this crypto investing app is right for you.
Key Features of RoundlyX
RoundlyX has a single monthly plan that costs $1 per month for all subscribers, regardless of their account size. The monthly plan also comes with a three-day free trial for users who want to test drive the platform before signing up for the paid plan.
Here are the key features of the RoundlyX platform:
Round Ups
The core feature of RoundlyX is the ability to connect your spending accounts (bank account or credit card) and round up purchases to the nearest dollar. This rounded-up spare change is transferred to your RoundlyX account, and when it hits a certain threshold, the funds are used to purchase your choice of cryptocurrency.
Here’s how it works:
- Using a built-in financial account integration tool (Plaid), you can sign into your financial spending accounts for RoundlyX to track your spending. One of these has to be a bank account that will be used for transferring money.
- You then select which crypto exchange you want to use and connect it to RoundlyX for executing purchases. You will also select which crypto you want to purchase with your round-ups.
- When you spend on any of your connected spending accounts (credit cards, debit cards, bank accounts), RoundlyX will round up your purchases to the nearest dollar.
- The rounded-up amount is transferred from your bank account (not credit cards), and deposited on to your selected crypto exchange.
- When the deposited amount hits a certain threshold, RoundlyX will purchase your selected crypto.
Although this is the simplest way to set up RoundlyX, you can also set rules to purchase multiple types of cryptocurrency or split your funds between multiple crypto exchanges as well.
Choice of Crypto Exchanges
Because RoundlyX is not a custodian of your crypto or other assets, it connects to multiple different crypto exchanges, giving you a choice of which exchange you want to use to purchase crypto. This connection is done through a secure API (encrypted access) to your exchange account, only allowing RoundlyX to view transactions and make purchases.
Currently, RoundlyX supports the following exchanges:
- Coinbase
- Voyager
- Okcoin
- Kraken
- Binance
- Gemini
RoundlyX also partners with Prizeout, a platform that allows you to purchase gift cards at a discount. The integration allows you to round up purchases and use your balance to purchase gift cards through Prizeout.
Recurring Purchases
Investing regularly is one of the best ways to build wealth, allowing your investments to compound over time. In addition to rounding up purchases and investing your spare change, RoundlyX also offers a recurring purchase option, letting you purchase crypto on a regular schedule.
Recurring purchases are made through the same crypto exchange connections you have in place, and can be set up to make purchases on a daily, weekly, or monthly basis. For example; you can choose to set up a recurring $10 purchase of Bitcoin daily, and RoundlyX will execute the $10 purchases every day.
Quick Buy
RoundlyX allows you to purchase crypto directly from your account with its Quick Buy option. Instead of waiting for your round-up balance to grow or setting up a recurring purchase, you can select to buy crypto for any amount, and the purchase will be made on your connected exchange.
Whether you are looking to make a quick purchase while the price of crypto is lower, or you simply just want to purchase a little more in between your recurring buys, the Quick Buy option makes it easy.
Referral Rewards
As soon as you sign up for a RoundlyX account, you will have access to your own referral link. You can earn $4 in Bitcoin every time someone signs up for RoundlyX using your link, and all referrals will receive $4 in Bitcoin as well. There are no limits to referrals, and rewards are paid out monthly into your Bitcoin wallet.
Sharing your link on social media or with family and friends is an easy way to earn referral rewards.
Advantages of RoundlyX
RoundlyX takes the hassle out of investing in crypto, and also allows you to make small investments over time instead of saving up for a big investment. There are several advantages to using the RoundlyX service for crypto investing:
- Round Up Service. You can round up the spare change from your purchases to invest small amounts in crypto. This helps you invest without thinking about it, and dollar-cost average into the crypto market.
- Multiple Exchange Partnerships. RoundlyX partners with some of the best crypto exchanges to invest with, allowing you to choose your preferred exchange. The connections are secured, and you can even use multiple exchanges at once.
- Mobile App Available. RoundlyX recently launched a mobile app for both Android and iOS, allowing users to manage their account from anywhere.
- Track Other Financial Accounts. RoundlyX wants to become the Mint of crypto, and allows you to connect all your financial accounts to track everything from its user dashboard.
- Recurring Purchases. You can set up a recurring purchase of crypto for additional dollar-cost averaging into your investments.
Disadvantages of RoundlyX
Although RoundlyX offers a simple-to-use service, it is not for everyone. Here are a few of the disadvantages of using the service:
- Monthly Fee. The $1 fee per month seems low, but when you are only investing spare change, that $1 may represent a decent portion of your monthly investment. You are also still charged trading fees on the crypto exchange you choose.
- No Phone or Chat Support. If you want to speak to someone at RoundlyX, support is only available via email using an online contact form.
Final Word
RoundlyX offers a simple service for a reasonable fee, allowing you to round up your purchases and invest the difference. Although the platform is still new, it has partnered with some of the top crypto exchanges available today, and is continuing to add features.
The RoundlyX dashboard allows you to view all of your financial accounts in one place, making it similar to financial apps such as Personal Capital and Mint.com. You can also manage your account on the go with the newly-launched mobile app for both iOS and Android phones.
Bottom line: With the ability to invest in crypto with your spare change, make recurring purchases, one-time buys, and earn rewards from referrals, RoundlyX is a solid platform for beginners.