What are Round Ups?
Round Ups lets you automatically buy bitcoin with your spare change. First, select Round Ups in your dashboard. Then click "Activate" and choose the external accounts you'd like to use for Round Ups.
Whenever you make a purchase with the linked account(s), the purchase amount will be rounded up to the nearest dollar. Coinbits keeps a tally of these Round Up amounts and buys bitcoin for you when the total exceeds $20.
How do you calculate the amount of spare change to invest after my purchases?
We partner with a software provider called Plaid to connect you external financial accounts to your Coinbits account. It also allows us to view the amounts and business line item names associated with your transactions.
Does Coinbits keep a record of my purchase details?
No, we do not. Each time you sign on to Coinbits, your transaction data is retrieved via Plaid.
Can I use Round Ups to accelerate my savings beyond just spare change?
There are two ways to do this:
Set a Multiplier – You can multiply your Round Ups by 2, 3, 5 or 10. For example, if you made a transaction resulting in a $0.10 Round Up, and you had your multiplier set to 2x, the transaction would result in an addition of $0.20 to your Round Up total.
Set a Whole Dollar Round Up – You can add a Round Up to purchases that happen to come out to a whole number. For example, if you made a transaction that was exactly $4.00 and you had Whole Dollar Round Up set to $0.25, the transaction would result in an addition of $0.25 to your Round Up total. This feature is managed by an on/off toggle.
How to link an account for Round Ups
Accounts used for Round Ups are shown in a list called Sources within the "Configure" button on the Round Ups page. The Round Ups from all active Sources are added together and bitcoin is purchased whenever this total exceeds $20.
To add a new Source via the Round Ups page, click "Manage" within the Configure Round Ups interface. This allows you to link additional external accounts to your Round Ups. To add an account to Round Ups, select the ellipses next to the account and click "Add to Round Ups."
How to remove an account from Round Ups
To remove an account, navigate to your Accounts page and click "External Accounts." Select the three ellipses next to the account you'd like to remove, and click "Remove from Round Ups."
How to pause Round Ups
To pause Round Ups, select the Configure button on your Round Ups page.
Click the "Pause" button.
After selecting the Pause button, your Round Ups will automatically be paused.