Tool Information
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.
F.A.Q (20)
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.
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.
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.
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.
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.
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.
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.
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.
Yes, Soon is a safe and secure tool. The assets are held solely in the US, meeting all regulatory requirements. The app also operates with a strict 1 to 1 custody policy, ensuring that the exact amount of cryptocurrency denomination presented in the app is what is held in the user's wallet. Furthermore, the wallet is managed within a regulated trust, and no user funds are hosted on or supported by external exchanges.
Soon manages compliance issues related to crypto by operating solely within the US regulatory framework and meeting all its mandatory requirements. The funds of users are not leveraged for undisclosed, risky, or foreign ventures. With a strict 1 to 1 custody policy, Soon ensures every crypto denomination shown in the app matches the exact amount held in the user's wallet, mitigating regulatory risks.
Dollar-cost averaging, as implemented by Soon, involves spreading out investments over regular intervals to reduce the impact of volatility. Rather than trying to time the market, Soon invests the same amount of dollars in crypto at each interval. This method allows the buying of more crypto when prices are low and less when prices are high, reducing the average cost over time.
Yes, Soon automates all aspects of crypto investing. The app uses dollar-cost averaging to spread out investments over time, minimizing the impact of market volatility. When users spend, the app is notified and covers the transaction by selling their highest gains. Soon also provides a standard portfolio, eliminating the need for users to decide what cryptos to buy. Finally, the app also takes care of moving money between the user's bank and their crypto investments, as well as setting aside a portion of each gain to cover potential capital gains taxes.
Soon addresses market fluctuations with its technique of leveraging short-term volatility. The tool is designed like an automated day-trading app, buying often and selling often during small and large price swings. By doing this, it can take smaller gains more frequently that add up over time. Also, by automating the investment process, Soon circumvents the emotional stress associated with volatile market trends.
Based on their website, the average returns of Soon's users from June to December 2022 were approximately 11.9%. These returns take into account inbound transfer fees but not outgoing transfer fees. It should be noted that past returns are not a guarantee of future performance, and investing always carries the inherent risk of loss.
Soon automates sound investing principles like dollar-cost averaging, diversification, and non-prediction. The tool enhances probability by investing in and tracking hundreds of crypto positions each month. When users spend, Soon checks markets to aggressively take advantage of gains that might be available. By constantly selling available gains, the app can also reduce exposure to loss. It keeps value in crypto just long enough to take gains, but not so long as to miss out on opportunities.
Soon manages crypto positions by investing in and tracking hundreds of different positions each month. These positions are opened and closed daily at different price points and across different assets. When a user makes a purchase, Soon checks the markets to aggressively snap up any gains that might be available. This strategy keeps users' exposure to cryptocurrency at a minimum, to avoid missing out on new opportunities.
Soon manages the user's wallet within a regulated trust, ensuring the highest security and compliance with regulations. The strict 1 to 1 custody policy safeguards that for every cryptocurrency denomination displayed in the app, the exact matching value is held in the user's wallet. The funds are not leveraged for undisclosed, risky, or external operations ensuring the wallet remains secure.
Soon has no direct exposure to FTX or any other recent collapses. No user funds are hosted on or supported by external exchanges. This strategy buffers Soon and its users from potential contagion risks arising from third-party platforms.
Soon is built with comprehensive security measures. It uses military-grade 256-bit encryption to protect user data and financial information. Furthermore, the developers have bank-grade security experience, with multiple fail-safe mechanisms installed to ensure user assets remain as safe as possible. The tool and its partner entity, Fortress Trust, comply with all regulatory requirements, further ensuring the safety of users' assets and information.
Soon is supported by Fortress Trust for providing custodial services. Based solely in the USA, Fortress Trust is one of the most trusted partners in the crypto industry, offering secure custodial services that ensure the safety, security, and compliance of the digital assets held by Soon users.
Pros and Cons
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
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