What is Soon app?
Soon is a fully automated crypto investing tool that allows users to invest in cryptocurrency without the stress of speculating. The platform uses dollar-cost averaging to invest, meaning users do not need to decide when to buy or sell. Soon also provides a standard portfolio, eliminating the need for users to spend hours researching what to buy. The tool is designed to take advantage of micro-opportunities provided by cryptocurrency through short-term volatility, buying often and selling often during small and large price upswings, taking smaller gains more frequently that add up over time. When users spend, Soon is notified and sells their highest gains to cover the transaction. Soon transfers money from the user's bank to invest in crypto and transfers earnings back to their bank weekly. With every gain sold, Soon sets a portion aside in a Tax Stash to cover the user's capital gains taxes. Soon has a strict 1 to 1 custody policy, which means that for every cryptocurrency denomination presented in the app, that exact amount is held in the user's wallet. The tool is safe, secure, and ethical, with assets held solely in the US, meeting all regulatory requirements.
Pros
- Automated crypto investing
- Uses dollar-cost averaging
- Standard portfolio provided
- Takes advantage of micro-opportunities
- Sells highest gains automatically
- Transfers money from bank
- Weekly earnings transfers
- Sets aside for taxes
- Strict 1 to 1 custody
- US Regulatory compliant
- Secure and Ethical
- Transfers earnings back to bank
- Advantage of short-term volatility
- Notifications upon spending reimbursement
- Bank-grade security protocols
- Built-in volatility shield
- Customer privacy prioritized
- 256-bit encryption for data
- Supported by Fortress Trust
- Reduced exposure to loss
- No direct crypto contagion
- No leverage of user funds
- Returns from dollar-cost averaging
- Buy-sell cycle for earnings
- Automatic portfolio diversification
- Invests in multiple crypto positions
- No emotional investing stress
- Increases user’s buying power
- Reduces emotional decision-making
- Facilitates more frequent gains
- Aggressively takes available gains
- Invests in multiple assets
- Capital gains tax consideration
- Responsible investment approach
- Automates sound investing principles
- Partnered with regulated trust
- No exposure to recent collapses
- Military-grade encryption
- Multiple fail-safe mechanisms
- Data never sold
- Incorporated in the USA
- Optimized for frequent transactions
Cons
- Lacks investment customization
- Relies on dollar-cost averaging
- Standard portfolio only
- No market trend analysis
- High frequency transactions
- Possibly high transfer fees
- Dependent on bank compatibility
- No direct crypto control
- Limited to US users
- High focus on micro-opportunities
Soon app FAQ
What is Soon app?
Soon app is a fully automated crypto investing tool that allows users to invest in cryptocurrency without the complication of speculating. The tool uses dollar-cost averaging to invest, and it also provides a standard portfolio. The app is designed to leverage the micro-opportunities provided by cryptocurrency through short-term volatility, buying often and selling often during small and large price swings and taking smaller gains more frequently.
How does Soon handle crypto investment?
Soon handles crypto investment using a system of dollar-cost averaging. This means the system spreads the total amount to be invested across periodic purchases of assets in an effort to reduce the impact of volatility on the overall purchase. The app invests regularly irrespective of the price of the digital assets when the transactions occur. This helps reduce the risk of investing a large amount in a single asset at a high price. Soon also utilizes short-term volatility, which involves buying often and selling often during small and large price upswings, which ultimately accrues smaller gains more frequently that accumulate over time.
What is a standard portfolio in Soon?
A standard portfolio in Soon is the predefined set of cryptocurrencies where the users' funds are invested. It eliminates the need for users to do extensive research about what cryptocurrencies to buy. The specific makeup of this portfolio is not disclosed on their website, but it is likely a diversified mix that seeks to maximize return while minimizing risk.
Can you explain how Soon uses short-term volatility?
Soon uses short-term volatility by buying often and selling often during small and large price upswings. This strategy is designed to take smaller profits more frequently, which over time, can accumulate into substantial gains. This approach capitalizes on the micro-opportunities provided by the volatile nature of cryptocurrencies.
How does Soon handle the user's spending?
When a user makes a purchase, Soon is notified and sells their highest gains to cover the transaction. This means, any time a user spends money, the app uses the profit from the user's cryptocurrency investments to cover these expenses. In other words, the user's daily spending is reimbursed with their crypto gains.
How does Soon interact with the user's bank?
Soon interacts with the user's bank by transferring money from the user's bank account to invest in crypto. The app also transfers the earnings back to the user's bank account on a weekly basis. This dual interaction ensures a seamless cash flow between user's bank and their crypto investments, allowing users to get weekly payouts from their crypto gains.
What is the Tax Stash in Soon?
The Tax Stash in Soon is a provision made for the user's capital gains taxes. With every gain that is sold, Soon sets aside a portion of the profit in the Tax Stash. This helps users deal with the fiscal responsibilities that come with capital gains from cryptocurrency trading.
What does 1 to 1 custody policy mean in relation to Soon?
The 1 to 1 custody policy in Soon implies that for every cryptocurrency denomination displayed within the app, the exact matching amount is held in the user's wallet. It shows that Soon gives users complete ownership of their investment, mitigating any risks associated with lending or fractional reserves.
