Coinseed is a payment platform that helps you convert your spare change into cryptocurrencies. Find out how it works today in our review.
What is Coinseed?
Coinseed is an iOS and Android mobile app that makes it easy to invest your spare change into cryptocurrencies. You download the app, connect your bank account, create a portfolio from dozens of cryptocurrencies, then watch your portfolio grow over time.
The platform has received a flurry of media attention this past month. The iOS and Android app launched in the United States on November 21. To address demand, Coinseed has already reduced its daily deposit limit for users several times. As of December 19, the company has temporarily disabled one-time deposits after receiving too many users in a short amount of time.
Coinseed is currently only available to US users (it only accepts US bank account transfers). The company plans to expand outside the United States. To facilitate its global expansion, Coinseed has scheduled a pre-ICO for December to January.
Clearly, there’s a demand for Coinseed. Let’s take a closer look at how it works to see if it’s worth your investment.
How Does Coinseed Work?
Coinseed is a mobile app available for free for iOS and Android. You download the app for free, then connect your cards to your account. You can currently choose cards from all major US banks.
After connecting your cards, you can create a portfolio from dozens of cryptocurrencies. You can choose to invest in Bitcoin, Ethereum, and Dash, for example, in one portfolio. Coinseed will automatically collect your funds and invest them into cryptocurrencies based on your chosen portfolio rule. You may wish to invest 60% in bitcoin and 40% in altcoins, for example. Every time you send spare change to Coinseed, they’ll allocate your spare change according to that investment rule.
Here’s where the spare change factor comes into effect: Coinseed looks at all of the expenses made on your debit card or credit card, then rounds up to the nearest dollar. If you spent $41.37 at Macy’s, for example, then Coinseed will buy $0.63 of cryptocurrencies, giving your card a total charge of $42. It’s all automatic.
Coinseed only makes a purchase when the total amount of spare change reaches $5. At this point, they’ll charge your card the amount and invest it according to your portfolio.
Users can also choose the “Double Up Enabled” option to double their investment. If you activate this option, then you’ll invest $10 (2 x $5) every time your account hits the $5 limit.
Like all good investment apps, Coinseed makes it easy to track the progress of your account over time. The portfolio management screen makes it easy to see your portfolio breakdown between all currencies. You can see exactly how much of each currency you own, how much you’ve gained or lost over time, and how much each individual currency has gained or lost.
Another unique feature about Coinseed is that all user portfolios are ranked by their returns. Then, users can choose to copy the best-performing portfolios from each other.
When a Coinseed user converts his or her current portfolio to another portfolio that they wish to follow, there’s a 1% fee on the total asset value being converted. Coinseed will distribute 50% of this revenue to Coinseed (CSD) token holders each month.
On the storage side of things, Coinseed keeps 60% of its fund in cold storage. The company also uses the same secure technology as Mint, Venmo, Acorns, and Transferwise, and Coinseed doesn’t receive nor save any bank login information.
When you want to withdraw your funds, Coinseed will sell your assets and send you the equivalent amount in USD. Coinseed does not support cryptocurrency deposits and withdrawals.
The Coinseed ICO
Coinseed has scheduled a pre-ICO to facilitate its US and global expansion. As mentioned above, Coinseed (CSD) token holders will receive a proportional share of 50% of revenue generated by asset transfer fees on the planet.
A total of 5 million CSD tokens will be available through the token sale, including 1.5 million tokens for the pre-sale, out of a total supply of 10 million. The pre-sale began on December 20 and ends on January 10, 2018. Bonuses of up to 35% are available during the sale. A date for the main ICO has not yet been announced.
Pricing For Coinseed
Coinseed has a membership fee of $1 per month. This fee only applies to users who have made a deposit (i.e. there’s no charge for downloading and checking out the app; you only start to pay when you’ve made your first deposit).
There are no exchange fees when you make a deposit. However, if you’re converting your existing assets to another portfolio, then you’ll pay a 1% fee.
There is no deposit fee for US-based customers. Coinseed uses an ACH payment processor that charges $0.05 per transaction, and they cover the fee themselves.
At the moment, Coinseed doesn’t support any other countries. However, if you’re outside the United States and using a different payment method, then Coinseed will charge you a fee. They’ll explain their international fee structure in the future when they begin rolling out to more countries.
Coinseed is a cryptocurrency investment app that makes it easy to deposit your spare change into cryptocurrencies. You sign up for Coinseed, connect your bank cards to the app, then the app automatically rounds up every payment you make to the nearest dollar. Your “spare change” from each purchase is added to your Coinseed account, and you can choose to invest in one or more cryptocurrencies automatically through the app.
The Coinseed app launched for iOS and Android users in the United States in November, and it appears to be facing big demand so far. The company has scheduled a pre-ICO for December to January as it continues to roll out nationwide and worldwide.