Last updated on July 24th, 2019 at 11:08 am
savedroid (spelt with a small s) is a reasonably new app that aims to help people save money in digital currencies without the complexity of exchange sign up, wallet setup or private key handling.
The company was founded 2015 by two entrepreneurs Yassin Hankir and Tobias Zander, CEO and CTO respectively and then quickly went on to win the Fintech Start-up of the year 2017 Germany.
They currently have two apps, one of them is for the German market only, but the newest one is the crypto savings app, available worldwide.
I have recently been taking the app for a spin to see how good it is. The basic concept is that you can set a goal such as a holiday, set the desired savings, the savings then get put into cryptocurrency and you can select your own portfolio split or allow the app to dynamically change it to reduce risks and maximise profits.
The app then has what they call Smoove, or smart moves, this follows the “if this, then that” formula and you can have it autosave based on millions of combinations.
When I created a goal for an holiday in Italy I set up my Smooves to save whenever I did less than 10,000 steps per day (this is also why the app request Google Fit access if you connect with your Google account). In hindsight, I am not sure if setting that goal will help me do more steps (costing me less) or fewer steps, making me save more.
Each time you trigger the move you can have to save from 0.5 euro to 10 euros. So the savings should be small but frequent, with the aim that the deposits should be small enough for it not to have a huge impact on your daily/monthly cash flow.
Other saving goals include a car, electronics, gifts, or you can just set it to other.
For rules, there are dozens of options which include:
- Nice/bad weather
- Whenever Trump tweets
- % of purchase amounts from Amazon
- Every time you hit the snooze button on your alarm.
The whole app is an exciting concept and it works well, the cryptocurrency market is notoriously volatile, and I think everyone has wished they had invested in Bitcoin at the right time, conversely following the 2018 cryptocurrency crash most people were probably relieved they never did.
The AI features of the app reduce risk, choosing the optimal combination of cryptocurrencies. So if you have always fancied dabbling with cryptocurrency investing this could be one of the best ways to get involved. This is especially true as it is very user-friendly, you don’t have to sign up for an exchange, set up a wallet or private key.
As with any investment, you should only invest in what you can afford to lose. The crypto market is always going to be more volatile than traditional savings, but this offers a fun, relatively low-risk way of getting into crypto while also saving up for something special, and offering the potential for a significant return on investments dependant on market conditions.