Review on ROOBEE by Stephen Toluwani
An Investment vehicle to the world of opportunities. Great project to be Honest
With the Advent of cryptocurrencies and Blockchain technology came the idea of investment eve outside one's location. This is one of such projects, Roobee. Roobee project serves as an investment vehicle to people who have no access to some portfolio from which to choose from while investing. The project being built upon Blockchain technology, serves it's users, proof of ownership in the form of a token for a stock or portfolio purchased. When I first got to open Roobee, The first thing that came to my mind was that this is or should be regarded as a Defi project which actually in my own personal view as opposed to that of the others, isn't. The project seems more centralised than it appears to be as they follow some set of rules that still pins them under investment laws. This although is a good thing, especially for big time investors as they know that their money will be in safe hands, but I feel this can limit a lot of people from accessing the huge features of overseas investment through KYC procedures made compulsory on Roobee. This KYC will prove a huge stumbling block to many but will also assure others of safety in investment. So it's a two sided thing.
After I signed up to this platform and ran through it's risk profile assertion status, I went ahead to make my deposit which I got restricted from due to KYC. I really wish that this is taken off the board although I will still have to go through this process because I really like what they offer. I then went out to check out its marketplace to see the kind of products that they offer and they were quite large ranging from crypto portfolios to Exchange Traded Funds ETFs, Pre-IPO among others. Most of these portfolios that are being made available to invest in actually foreign and this gives us exposure to international assets to invest in. Just for a trial, I decided to put in some IPOs into my portfolio to buy into and then I tried to see if I could be offered the option to invest $10 each for either of them for which unfortunately I wasn't able to. I don't know why it happened that way despite the fact that they boast of their $10 minimum investment and this made me to put this question to the telegram community support group of which they clarified that there are different investment drives that requires a minimum Investments that differs from their minimum $10 investment option which is actually displayed. On the marketplace, a view of portfolio performance is a good tweak for this project, allowing us to make our decisions using some of that as a parameters for guidance. This project is quite mind blowing. I hope to see more flexibility in the future though.
Pros
- Roobee offers a low entry threshold into the world of investment, $10 for a starting portfolio is a good idea to help bridge in people with less funds but are interested in the investment sector outside their country
- Payment gateways for using Roobee are diversed, ranging from Fiats to different cryptocurrencies and it's native token, Roobee
- A risk profile assertion status that helps new comers to understand their risk taking capabilities and help prevent them from making wrong investment decisions that can make them sell off at losses
- Roobee offers Pre-IPO, ETFs, Crypto portfolio etc. as investment options giving the users a diverse portfolio to chose from
Cons
- I have always had a negative assertion towards KYC being made compulsory of which Roobee does
- $10 minimum investment doesn't seem to hold for every investment option Roobee offers
