Overview of Soon - Fully Automated Crypto Investing Made Easy
Soon is an automated crypto investing app that takes the stress out of investing. It uses AI and automation to handle every part of crypto investing for you.
With Soon, you simply deposit funds and the app takes care of the rest - buying crypto, selling crypto, managing your portfolio, transferring funds, and tracking taxes. All you have to do is set it up and then relax.
Soon was created by fintech veterans and is backed by respected investors like Y Combinator. The app launched in 2021 and is currently in invite-only beta.
How Does Soon Work?
Soon automates crypto investing by handling the key parts of the process:
Auto Buying
Soon automatically invests your deposited funds into crypto using dollar-cost averaging. This avoids the need to time the market.
Auto Selling
When you spend money, Soon checks your crypto holdings and sells the assets with the highest gains to reimburse you.
Auto Portfolio
Soon manages a diversified crypto portfolio for you so you don't have to pick individual assets. The portfolio is optimized for Soon's short-term investing strategy.
Auto Transfers
Soon automatically transfers funds from your connected bank account to invest and transfers earnings back weekly.
Auto Taxes
Soon tracks cost basis and sets aside a portion of gains to cover estimated taxes so you don't get hit with a surprise tax bill.
Key Features and Benefits
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Hands-free crypto investing: Soon removes the complexity and stress of crypto investing by automating the entire process for you.
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Earn passive income: By automatically investing and selling, Soon allows you to generate passive crypto income that can reimburse your spending.
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Avoid market timing: Soon's dollar-cost averaging and auto-selling take the guesswork out of when to buy and sell.
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Diversified portfolio: Soon provides a optimized, diversified portfolio so you get broad crypto asset exposure without picking individual coins yourself.
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Short-term gains: Soon's algorithm is optimized for taking advantage of short-term volatility to maximize gains.
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Easy setup: Soon is simple to set up and only takes a few minutes to connect your bank account and begin investing.
Who is Soon For?
Soon is designed for anyone who wants the benefits of crypto investing without the hassle. It's ideal for:
- Beginners who want an easy way to get started with crypto
- Experienced investors who don't want to actively manage positions
- Anyone seeking passive crypto income
- Those interested in crypto but intimidated by the complexity
- Hands-off investors looking for an "set and forget" option
Supported Integrations
Soon connects with your bank account using Plaid. It does not currently integrate with any external crypto wallets or exchanges.
Does Soon Offer an API?
Soon does not currently have a public API for third-party integrations. However, this is planned for future development.
What Are Customers Saying?
Soon currently has limited public reviews since it is in private beta. However, initial user feedback has been overwhelmingly positive. Early users praise the app's simplicity and hands-off approach to crypto investing.
Frequently Asked Questions
Is Soon available worldwide?
Soon is currently only available to users in the United States.
What cryptocurrencies does Soon invest in?
Soon's portfolio includes mainstream cryptocurrencies like Bitcoin, Ethereum, Litecoin, Chainlink, Uniswap, and AAVE.
Is my money insured or protected?
Soon uses bank-level security and encryptions to keep your money and data safe. User funds are also protected by FDIC insurance up to the legal limits.
Can I withdraw my money at any time?
Yes, you can withdraw your funds back to your connected bank account at any time with no withdrawal fees.
