Can I buy Crypto with Acorns Invest?
The Acorns investing app does not directly offer cryptocurrency trading or investing on their platform. That said, they do have a 'Bits of Bitcoin' ETF that allows investors to allocate up to 5% of their portfolio into Bitcoin only.
This method purchases synthetic Bitcoin ETFs from the market, which are contracts that track the price of the underlying BTC coin. We recommend avoiding this method to invest in Crypto because it is expensive and carries an additional layer of counter-party risk.
How to buy Crypto with an Acorns Alternative?
The best alternative in the United States to invest in Cryptocurrencies like Bitcoin, Ethereum and Solana is with the eToro Trading Platform. They offer a much wider selection of assets with over 70+ different cryptocurrencies available to trade and invest in. Their platform also offers Stocks, ETFs, Commodities, Bonds, and more, so you can easily build a well-diversified portfolio.
You can get started with these four simple steps:
- Create an account: Sign up to the eToro US trading platform & verify your identity.
- Deposit funds: Select the 'Deposit Funds' button on the bottom of your screen to deposit USD via Bank Transfer or Credit Card/Debit Card.
- Find your Crypto: Once the USD hits your account, find the Crypto you want to buy on the eToro platform with their 'Discover' tab.
- Execute your trade: Input the USD amount you want to invest and execute your trade.
What is Acorns Bitcoin ETF?
The Acorns Bitcoin ETF is backed by the ProShares Bitcoin Strategy (BITO) ETF that invests in Bitcoin futures through the Chicago Mercantile Exchange (CME). This means you are buying synthetic exposure of Bitcoin, without needing to own the cryptocurrency yourself. Customers can invest up to 5% of their portfolio into this product via Acorns.
Acorns is a micro-investing app that allows users to invest spare change from everyday purchases into a diversified portfolio of stocks and ETFs. The app is designed to help people save and invest money with very little effort or thought. The company was founded in 2012 by Walter and Jeff Cruttenden. The company is headquartered in Irvine, California. The Acorns platform has over 4 million users and has invested over $1 billion on behalf of its clients. The app is available on iOS and Android devices.
Acorns offer two investment plans: the Acorns Core portfolio and the Acorns Later portfolio. The Acorns Core portfolio is a balanced mix of stocks and ETFs that is designed to be a long-term investment. The Acorns Later portfolio is a more aggressive mix of stocks and ETFs that is meant for investors who have a longer time horizon.
In summary, while the Acorns investing app does not offer direct cryptocurrency trading or investing on their platform, they do have a "Bits of Bitcoin" ETF that allows investors to allocate up to 5% of their portfolio into Bitcoin only. However, we recommend avoiding this method due to its expensive nature and added counter-party risk. Instead, an alternative platform like eToro offers a wider selection of assets, including over 70+ different cryptocurrencies, and allows for easy diversification of your portfolio.
Acorns itself is a micro-investing app that helps users invest spare change from everyday purchases into a diversified portfolio of stocks and ETFs. The app has over 4 million users and has invested over $1 billion on behalf of its clients. Ultimately, it is important to do your research and carefully consider your investment options before making any decisions.