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Coinseed: An Acorn like app to micro-invest in Cryptos
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Turnus Offline
Chubby Chaser

Posts: 582
Joined: Sep 2015
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Post: #1
Coinseed: An Acorn like app to micro-invest in Cryptos
I recently downloaded and started using a new app called Coinseed. This app is very similar the Acorns app but for cryptos. You link you're credit/debit card and it automatically rounds up your purchases to the next dollar. Once your round ups reach $5.00 it takes that spare change and invests it in Cryptos market. They currently have 8 cryptos that you can invest in - either as a singular investment or you can create your own portfolio. You can withdraw the funds in USD

Deposits are currently paused as they switched banks/providers but they posted they will be resuming tomorrow.

The service is free for the first 30 days. After that it's either $1 a month or 10% of your profits (free if you don't make any money). I'm trying it for the first 30 days and then will decide if I will continue with it.

It's a quick, cheap, and easy way to get involved in the Cryptos market. Recently introduced it to a girl I've been hanging with and it appealed to her because she doesn't have a ton of cash to invest but wanted to get in on the crypto action a bit.

audentes Fortuna iuvat
12-11-2017 08:01 PM
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MikeS Offline
Alpha Male

Posts: 1,244
Joined: Aug 2014
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Post: #2
RE: Coinseed: An Acorn like app to micro-invest in Cryptos
From their FAQ:

7. How can I withdraw my money?
Make a withdrawal request, and we'll sell your cryptocurrencies and send the USD amount to your bank account.

8. Can I withdraw my cryptocurrencies?
We don't support cryptocurrency deposits and withdrawals. We'll sell your assets and send you the USD amount.

So along with Revolut that's the second suggestion on this forum today for a crypto app that seems to go against common sense in that you have no access whatsoever to that crypto. It's basically just its own little exchange where you can eventually cash out.
Might be good for a certain small group of crypto newbies, but if they gain a larger interest I'm sure they will very soon find the need to cash out and invest that hopefully extra profit they made in buying cryptocurrency they can transfer to a wallet they own.
12-11-2017 08:51 PM
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