FAQ

Availability

Who can use Soon?

Soon is available to residents of the United States 18+ years of age (or the applicable age of majority and contractual capacity in the jurisdiction in which you reside).

Will Soon be available outside the United States?

Initially, Soon will only be available in the United States.

Product

What is unique about Soon’s investment strategy?

Soon is unique in that it fully automates both the buying and selling of investment assets, utilizing sound investment principles. That means you don’t have to deal with the stress of constantly speculating on the market. Once you’ve scheduled your deposits, Soon will help you establish automated, daily recurring investments. Then when you spend with your normal debit or credit cards, Soon will automatically sell your best performing, profitable asset(s) to supplement as much of each transaction as is available.

No need to track the markets, worry about the timing, or get caught up in FOMO or panic. Soon automates investing so anyone can use it regardless of experience.

Why is Soon different from a typical sweep account?

Soon is the only sweep account that can be attached to the bank of your choice, making it easy to boost your spending account by utilizing available investment gains to help you with your expenses.

Soon also allows you to add multiple credit & debit accounts. Transactions from your spending activity act as a signal to Soon to execute a trade of investments that are currently experiencing positive gains. So maximizing the amount of transaction signals with multiple connected spending accounts increases the probability that temporary gains will be cashed out, making it less likely opportunities will be missed.

Finally, Soon is initially available exclusively with crypto which has the potential to produce stronger returns than typical sweep accounts. To learn more about how Soon approaches market volatility, you can read this article.

What do I get with a Soon account?

Each Soon account is provided with custodial wallets through a Fortress account via our service partner, Fortress Trust, which connects to your bank accounts through our connection partners MX and Plaid. Our partners are among the most trusted and reliable in the industry and offer the protection you expect from leading crypto & financial services. In addition, Soon utilizes industry-leading encryption and security to ensure data is safe and secure.

Soon provides a simplified experience, connecting the infrastructure in the backend, initiating automating investments, and simplifying cash outs according to our unique spend-directed divestment formula. Soon is designed to simplify investing and make your life easier.

‍

Is Soon designed for long-term investment returns?

Soon’s primary investment strategy does not focus on long-term investments. By using Soon, you have the potential to take advantage of market gains as soon as they are available in conjunction with a spending event. In most cases, that results in shorter investment position lifecycles.

By merging the investing cycle with the cash flow cycle, the benefits of investing can be brought into the short-term and applied to the lifestyle of your choice. Because Soon invests through your cash flow, it can easily be used alongside long-term investment strategies.

Does Soon work in the evenings and weekends?

Yes, Soon is launching with crypto, which means the markets are always open! As soon as a transaction is reported to Soon, we will initiate appropriate asset trades. Soon works for you 24/7/365.

Investment Features

What assets will be available with Soon?

At launch, Soon will enable you to invest in crypto. Eventually, additional investment categories may be available.

These are the individual assets Soon will provide at launch:

Bitcoin (BTC)
Etherium (ETH)
Uniswap (UNI)
Chainlink (LINK)
Algorand (ALGO)
USD Coin (USDC)

What do I need to do when setting up my account?

You decide the amount you want to invest and the frequency at which they’d like to invest.

How is the Soon portfolio designed?

Soon is simple! There is only one standard portfolio for each user that is evenly split between all of the investment assets constituting the portfolio. E.g. if you invest $10 and there are 5 assets within the selected portfolio, each asset will receive $2

Does Soon rebalance my portfolio?

Soon’s investment strategy automatically rebalances your account as it follows your spending activity, so long as you are depositing and spending regularly. Soon’s strategy is similar to dollar-cost-averaging on the way in and dollar-cost-averaging on the way out.

Fees

What are the fees to use Soon?

Users of Soon are charged transfer fees. When onboarding funds via ACH to USDC (or offboarding via ACH out of USDC), users are charged a 3.19% fee. When transferring between cryptocurrencies, users are charged a 0.5% fee. For Soon’s automated investing & divesting service, a subscription fee will be charged. However, during Soon's beta, these subscription fees will be waived.

Do I pay for margin trading?

Soon does not engage in margin trading, nor do we make any profit off of your trade margins.

Taxes

Does Soon provide tax-loss harvesting?

Tax-loss harvesting is coming soon as a premium feature.

Will I pay short-term capital gains?

It is highly likely that short-term capital gains will be assessed as Soon is designed to take advantage of available investment gains in the short-term. However, Soon’s algorithm will always consider tax implications when making divestment decisions to ensure any gains taken are reasonably worth taking after calculating taxes.

Does Soon help me file my taxes?

Soon will provide you with the necessary documents to help you file your taxes.

Regulatory

What does Soon do to comply with regulatory requirements?

Soon approaches regulatory compliance by partnering with service providers who are licensed as trusts, custodians, money transmitters and money services businesses, and comply with all applicable regulatory requirements. Additionally, Soon ensures that data is securely stored. Soon does not provide individualized investment advice. Soon’s partner Fortress Trust is registered and regulated as a Nevada trust and holds money transmitter licenses in 19 US states.

Soon understands the importance of always earning and keeping your trust. To do so, our Company promises transparent reporting and compliance with all relevant laws and regulations.

‍

Security

Does Soon require information to open an account?

We gather the standard information all banks and brokerages require in order to verify your identity and open an account.

Is my Soon account secure?

Military-grade 256 bit encryption protects your data, especially your personal financial information. We also value your privacy. Your personal data is encrypted using methods that prevent anyone, even us, from accessing it without your permission.

Is Soon a safe way to invest?

A level of risk exists for any investment and Soon does not remove all risk from investing. However, Soon’s investment strategy is designed to reduce exposure to risk by selling assets that have increased in value, triggered by your spending activity.

Investment positions that are at a loss when your spending activity is observed will not be selected for divestment and remain in your account until the market brings them back into a gaining position. As such, the more frequently you use Soon for your investments and transactions, the more likely it may be that an asset gain will be available.

Customer Support

Does Soon provide customer support?

Yes, you can reach Customer Support via email at support@soon.app.

About Soon

Where is Soon located?

Soon is proudly domiciled in Salt Lake City, Utah; commonly referred to as Silicon Slopes