I found it!! Crypto baskets..the easiest way to dip your toes into crypto?
One of the most common questions i get goes something like this...
"I've heard stuff about crypto, but how do i get started?"
Until recently I don't think i have had a great answer to this question... But i recently got off the waitlist on an app that i think is the best answer to this question (to date).
So Yes, i'm totally pumping his app! and No, i have no connection or relationship or investment or special access to the people behind the app. I' m always signing up for random crypto apps and once i got off the waitlist, i found a gold mine in this one.
Enter Makara: The TLDR is that, this app provides Crypto "baskets" where you can invest really low amounts of money (i started with $100) and get exposure to a tonne of cryptos at once.
How i used it...
Pre-requisite: As of the time i am writing, you have to go to www.makara.com to sign up and get on the waitlist.
I got on the waitlist a few months ago and just got access a couple weeks ago. But hopefully there is NO waitlist OR its much quicker at the time YOU are reading this.
Step 1: Review the Baskets: Once you get access to the app, you will have the opportunity to view some options of baskets to invest in. At the time i was signing up they had 6 baskets to choose from
There were even little videos describing what is in each basket
Here is a screenshot of a ZOOM in to one of the baskets... these show some of the cryptos within that basket. But remember you are buying the basket so you don't have to focus on each individual crypto in the basket.
Step 2: Choose your Baskets Based on my personal interest i chose to invest equally (1/4th of my funds each) in 4 of the 6 baskets. Note that at this point I haven't deposited any funds yet. Just choosing my baskets.
Step 3: I deposit $100: I Deposited $100. They basically used a Plaid integration to my bank account so that i could just login to my bank and deposit the funds...
Step 4: Acquire the baskets using your deposit: The app will acquire the baskets you have chosen in the proportion you have chosen.
Note: screenshot below is actually after about a couple of weeks where the basket as a whole is up 21%. Obviously this is not something you can automatically expect. Crypto is volatile so it can also drop 21%. Start with small amounts and think LONG term.
Step 4: Set it and Forget it for 5 years also Manage basket: Given that this is about dipping your toe in the waters of crypto...I suggest only putting amounts that you are willing to lose and increasing over time as you learn more and get comfortable. I also suggest taking a long term view i.e. 5 - 10 years.
Note you can actually adjust the distribution of your funds (in my case $100) as you see fit. See below of the "manage baskets" screen
Why i loved it...
I am bullish on crypto as a whole. This basket concept allowed me to invest small amounts in a big basket some of which will do great some of which won't. But over a 5 year period im pretty sure i'll outperform the stock market.
I could invest very low amounts... in my case $100 in a big basket. This was very attractive to me from a "dip my toe in" perspective. As i get more comfortable i can add more funds.
This is one of the reasons I'm excited about the space... new products/apps get released daily/monthly and really create new/user friendly ways to get into and use crypto.... It's a fun time to be alive!! So DIP YOUR TOE in the waters... Start with $50...or $20... just start.
Get in the water!!!