{"menuItems":[{"label":"Which fiat and cryptocurrencies are supported?","anchorName":"#currencies"},{"label":"Which payment methods are accepted?","anchorName":"#payment"},{"label":"What's it like to use Bamboo?","anchorName":"#what-s-it-like-to-use-bamboo"},{"label":"Fees and limits","anchorName":"#fees"},{"label":"How fast will my funds be available?","anchorName":"#fast"},{"label":"Is Bamboo safe to use?","anchorName":"#safe"},{"label":"How do I create an account at Bamboo?","anchorName":"#howto"},{"label":"Bamboo in a nutshell","anchorName":"#pros"},{"label":"Compare Bamboo against other platforms","anchorName":"#compare"},{"label":"FAQs","anchorName":"#faq"}]}
Bamboo is a microinvestment app that lets you automatically invest your spare change in Bitcoin, Ethereum, gold and silver. It works by rounding up purchases to the nearest dollar, and investing the difference into the assets of your choice. Of all the ways of investing in cryptocurrencies its one of the less common ones, so keep reading to see how it stacks up.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Which fiat and cryptocurrencies are supported?
Supported fiat currencies: The currency of the linked bank account
Supported cryptocurrencies: BTC, ETH, Gold and Silver-backed tokens.
Which payment methods are accepted?
Transfers from a linked bank account
What's it like to use Bamboo?
1. Round-up your spare change
Bamboo lets you automatically round-up purchases to the nearest dollar, and use them to buy Bitcoin and Ethereum, in the balance of your choosing.
2. Create your portfolio
Create your portfolio by choosing what percentage to put at Ethereum and Bitcoin, and rebalance it as needed.
3. Manual top-up
Manually top up your account by adding to your balance.
Bamboo has its own native token (BAM). By default, fees are paid with BAM tokens. If you don't have enough BAM, the fees will be taken out of your next scheduled direct debit or payment.
If neither of those are enough to cover the fees, Bamboo will sell or transfer the cryptocurrencies held in your account to pay the outstanding fees
Deposit and withdrawal fees
You cannot deposit or withdraw cryptocurrency from Bamboo. The only deposits are fiat currency payments from the linked bank account, and the only withdrawals are when you request that Bamboo sells your cryptocurrency and transfers funds to the same linked account.
The deposit and withdrawal fees are based on the amount, and are charged for deposits and withdrawals to and from your linked bank account.
Deposit/withdrawal amount
Fee
$100 or less
$1.49
$100 to $250
$2.49
$250 to $500
$3.99
Over $500
0.8% of transaction
Each round-up deposit does not occur immediately. Rather, Bamboo queries your bank account every few days and adds up the rounded-up amount from transactions in that period of time, then pulls that amount all in one go.
According to Bamboo, it does not take a profit on cryptocurrency exchange rate margins.
When you opt to automatically round-up your purchases, the app will periodically sweep your transfers and pull the spare change. The sweep happens every time the spare change adds up to $50. You'll be able to see your progress towards the next sweep in your app.
Limits
The minimum amount you can manually top up with is $50. There is no minimum withdrawal amount.
The deposit fee on the automatic sweeps and the minimum transfers comes out equivalent to a 3% fee, which is on par with many other cryptocurrency brokerage platforms. But the equivalent fee is considerably lower for larger deposits. For example, a $500 deposit with the $3.99 transfer fee is equivalent to 0.8%, making it overall much better value overall than a similar-sized purchase at another broker.
However, you cannot withdraw your cryptocurrency from Bamboo. You can only get paid the fiat value of your portfolio (minus the withdrawal fee) to the same linked bank account.
How fast will my funds be available?
How long transfers take depends on how long it takes to send funds between Bamboo and your linked bank account. Transfers will typically be same-day for Australian bank accounts.
Transfers typically take
1 day
Is Bamboo safe to use?
Regulation. Bamboo is not a digital currency exchange so it doesn't have the same obligations as an exchange. It's not registered with AUSTRAC, but doesn't need to be. It's still covered by Australian consumer law though.
Verification. Bamboo doesn't require users to get verified, because funds will only move between the app and the linked bank account.
Security features. Bamboo holds cryptocurrency for its users, but its website does not disclose the security measures taken to protect it.
How do I create an account at Bamboo?
Download the app through the Bamboo website.
Check the terms and conditions to make sure you know exactly what to expect once you set it up.
You can deposit AUD or supported cryptocurrencies to fund your account.
Link your bank account to the app and set up (or turn off) the automatic top-ups, choose your portfolio balance and adjust the settings as desired.
Bamboo in a nutshell
Pros
Quick to start. Bamboo is a fast way to get exposure to crypto micro-investing, because you simply have to link it to your bank account.
Easy to use. Bamboo holds crypto on your behalf, making it easy enough for anyone with no tech knowledge needed
Automatic round-ups. The automatic round-ups let you set your portfolio balance and then just let it ride.
Rebalancing. You can rebalance your portfolio for free. With other systems you'd have to sell and then buy crypto to rebalance.
Can be good value. If you're mindful of the fee structures, Bamboo can offer significantly better value than other "easy" crypto services.
Includes gold and silver. You can mix some gold and silver-backed tokens in with your cryptocurrency for more diversity.
Cons
BTC, ETH, gold and silver only. There is a limited range so far.
No crypto withdrawals. You cannot withdraw cryptocurrency from Bamboo. Withdrawals are only available to a linked bank account.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Andrew Munro was the global cryptocurrency editor at Finder. During his time he covered all aspects of cryptocurrency and the blockchain. Before he became cryptocurrency editor, he was a content writer for Finder covering various topics over his nearly 5 years in the role. Prior to joining Finder he was a web copywriter. Andrew has a Bachelor of Arts from the University of New South Wales.
In this deep-dive review we look at the trading and investment options available, and assess what type of cryptocurrency investor Binance is right for.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan and read any disclosure documents (such as any Target Market Determination (TMD) and/or Product Disclosure Statement (PDS)) issued by the provider before making a decision.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
