Skraps is a new micro-investing application that looks to break the mold of all others before it. While Acorns is great for investing your spare change in stocks and shares, Skraps takes it in an entirely new direction. With Skraps, you can invest your spare change in cryptocurrency.
As far as investing is concerned, cryptocurrency is a brand-new asset, and one that many are too tentative to touch. There is a general perception that you need a large sum of money to invest in cryptocurrency, and a large knowledge base to know which ones to invest in.
While the first statement is entirely false, the second one does ring true. You do not need to fork out your life’s savings to get involved in the cryptocurrency market. On the contrary, it is strongly recommended that you only part with funds that you are prepared to lose, as the market can be volatile.
With that said, if you are looking to take a DIY approach to cryptocurrency investing, you would need to be an expert in your own right. There are far too many digital currencies for you to choose from, and it takes extensive knowledge to know which ones to select!
For the person looking to invest just a little of the funds on the side, the hours of research required just aren’t worth it. Luckily for them, SKRAPS will take all of the hassle and all of the confusion out of low-budget cryptocurrency investing.
How does SKRAPS work?
SKRAPS is a mobile application that will automatically invest your spare change left over from card purchases into cryptocurrency. Once downloaded on your mobile device, the application will take no more than a few minutes to set up.
Once you have linked your debit and credit cards to SKRAPS, you can select how much you would like each transaction to be rounded up to. For example, you can choose to round up to the nearest 50c, $ or $2, and the balance will be sent straight to Skraps with each transaction that you make.
Under your user settings in the application, you can select the portfolio you would like to invest in, based on whether your taste is aggressive, moderately aggressive, moderate, moderately conservative or conservative. Should you struggle to choose, you also have the option to split your investments into some or all of the portfolios on offer.
Skraps does not have a minimum or maximum amount that you must invest or store in your account. In addition, it does not charge transaction fees or withdrawal fees. The only amount that you will pay Skraps is a fee of 5% of your profits made for the month. Skraps believes that fair is fair, so should you not make a profit, you will not pay a fee.
The Skraps Return on Investment
Skraps aims to bring you the highest possible return on investment for your choice of portfolio(s). It does this by splitting the risk across a wide base of cryptocurrencies available in the market and uses analytical software to predict which ones will yield the highest returns.
In this way, it is likely that you will receive a much higher return than you would from traditional banking and investment methods. However, there is always a risk associated with cryptocurrency investing, and Skraps is not able to control the direction that the market will go.
Nonetheless, through splitting the investment between a large number of cryptocurrencies, every effort is taken to ensure that your funds are exposed to as little risk as possible. In the event that one or two cryptocurrencies