RoundlyX Review: Acorns For Crypto?

More investors than ever are interested in dabbling in cryptocurrencies right now. But many of us don’t have tons of extra cash laying around to buy digital assets in bulk. 

With RoundlyX, you don’t need to have a large amount of cash to invest. Instead, you can purchase cryptocurrency with roundups from your spare change. 

RoundlyX provides the opportunity to slowly build your stake in digital assets over time. Here’s what you need to know about the company.

Andrew Elliott and Will Trible founded RoundlyX in 2017. The intention was to create a platform in which users could round up their purchases and use the funds to purchase cryptocurrencies.

The founders have stated that the company’s goal is to become the Mint.com of digital assets. By that, they mean they want to make it easy to link to other accounts to visualize all your digital investments in a single place.

Are you intrigued by the concept of RoundlyX? Here’s what the company has to offer. 

It can be a challenge to set aside funds to invest in cryptocurrency regularly. After all, you have plenty of other expenses to cover. But RoundlyX takes on the responsibility of regularly investing in cryptocurrency for you.

Once you link up your accounts and set your preferences, your cryptocurrency portfolio will steadily grow with the help of your spare change. Each time you make a purchase the service will round up your purchase to the nearest dollar and invest the difference.

Essentially, you can choose to set and forget this cryptocurrency investment strategy. But your budget won’t take too big of a hit to build an asset class. This is very similar to what apps like Acorns or Stash do, but for cryptocurrencies instead of stocks.

RoundlyX takes a dollar-cost-averaging approach to invest your funds. Your spare change will build up until it reaches a certain threshold. At that point, RoundlyX will move forward to execute the buy, regardless of the price your chosen currencies are selling for at that time.

Let\'s say you want to invest in Bitcoin every time your roundup balance reaches $25. If Bitcoin is down from the last time you invested in it, your $25 will buy you more fractional shares. On the other hand, if Bitcoin has risen in value, your $25 will buy you fewer fractional shares.

Dollar-cost averaging in this way is directly opposite to a \"market timing\" approach. Active traders will likely prefer to conduct technical analysis to try to predict market ups and downs. But if you plan to hold your cryptocurrency investments over the long-term, then dollar-cost averaging can help you avoid \"paralysis of analysis,\" or panic selling during market dips.

Want to learn more about dollar-cost-averaging? Check out this piece that compares the differences between dollar-cost averaging and a lump sum approach.

RoundlyX works with several existing exchanges for the secure execution of trades. All of the purchased cryptocurrencies will be stored in your chosen supported exchange. This means that RoundlyX won’t have direct access to your cryptocurrency.

Many of the most popular exchanges can be integrated with RoundlyX. A few of the options include Voyager Coinbase, Kraken, and Okcoin.

RoundlyX makes it easy to view all of your cryptocurrency holdings across all of your linked exchange accounts. The company also has plans to expand your viewpoint in the near future. Soon, you\'ll be able to track your stocks, savings, and manually-added assets as well. 

If you work with RoundlyX, the cost is $1 per month ($12 per year). But you can enjoy a free 30-day trial to see if you like it before paying for the service. Note that you\'re likely to still incur trade fees from the linked exchange(s) where your trades execute.

RoundlyX is reminiscent of spare change stock investing apps like Acorns or Stash. If you want to build a stock portfolio, then one of these apps will be a more appropriate option. But if you\'re interested in building a cryptocurrency portfolio, RoundlyX is a good choice.

If you don\'t need a spare change tool to help you save for your cryptocurrency investments, you should probably just work with a cryptocurrency exchange like Coinbase directly. By eliminating RoundlyX as a middleman, you\'ll save yourself $12 per year in fees.

You can sign up for a RoundlyX account directly on the website. First, you’ll need to provide your name, email, and country. Plus, you’ll need to create a username and password.

Once the account is created, it\'s time to link your bank account or card with the help of Plaid. This information allows RoundlyX to actually round up your purchases and use the difference.

Additionally, you’ll need to connect your cryptocurrency exchange account. RoundlyX will execute trades through the exchange.

Currently, you can only log in to your RoundlyX account via a web browser. However, the company recently said that a mobile app will be its next major rollout.

Security is always a big question when working with cryptocurrency. But RoundlyX will never have access to the assets in your cryptocurrency exchanges. So the safety of your digital assets is really in the hands of your exchange.

Additionally, RoundlyX uses Plaid to securely connect your purchase information. Plaid is used by many top financial institutions including American Express, Venmo, and Chime.

You can reach out to RoundlyX with questions through their online contact form. Additionally, the company is on Twitter @RoundlyX.

The sparse contact options may be a concerning sign for some. The company also doesn\'t have a profile with Trustpilot or the Better Business Bureau (BBB) as of yet.

If you\'re looking for a low-maintenance way to steadily build your digital asset holdings, then RoundlyX is a useful solution. You can set up the app and allow it to take the reins of building a crypto portfolio for you.

But if you want to take a more hands-on approach, then RoundlyX won’t be the right fit for you. And if you don\'t need spare change roundups to help you save, you may be better off opening an account with one of our favorite crypto exchanges and just setting up recurring investments.

Check out RoundlyX here >>