Has anyone ever used acorns here?
Summary: They advertise it as a 'invest your spare change' trading app. You build a portfolio of whatever you want invest in and are charged 5 dollars per month to use the app with accounts lower than 5,000 dollars.
Some red flags went up for me when I heard about this. Can you really make 25 dollars an investment? Considering the only stocks that go for such a low price are shit usually. They also want a lot of information from you as a consumer -- social security number, checking account access. It all feels really sketchy to me.
If you just want to play around with it the way you would the lottery (with spare change), then go for it.
Just don't use it as a way to invest large sums or, god forbid, trade. It's severely limited functionality will significantly up your risk factor.
I did some user testing for them a few years back. Glad to see they're not using that pencil-thin shit font that you can't read anymore.
Founder was a bit of a hipster and when I asked him what their investing methodology was he just said Vanguard Index Funds.
I've used it, whoever their investor is blows dick.
But basiclly what they do it take you money pool it in a larger amount of money and you get partial things. So with 5 dollars you might own 0.12 of a stock.
But they will spread it across multiple means, stocks, retail, bonds, and some other things.
I wouldn't reccomend it as a investment. I had +$500 and I had never seen it positive only negative like $15.
It and Robinhood are a waste of your time
Keep in mind that they exist to make money off of you. There are better options that give you more options
These only give neets the illusion of investing
What's wrong with Robinhood if your budget is below $10k? If you're trading with less than $10k on any other platform, you'll end up giving away quite a bit of your money % wise to fees.
>If you're trading with less than $10k
Yeah, you shouldn't be doing that to begin with.
If you're seriously interested in trading, then either sell yourself to the investment banks or save the cash pile you would need to try on your own. Serious traders don't use Robin Hood.
If it's gambling you're after then go ahead and put your pennies in to RH.
Trying to half-ass it in the middle is idiotic.
Trying to be a day trader in rovinhood is like trying to enter the Indy 500 on a go kart. That being said it's good if you just want to have long positions in a few blue chips and etfs.
It's a decent middle ground between using a stock simulator and going through a broker, or just for younger people who want to learn about the market but don't have much capital on hand.
Not sure why you're so hostile towards an iPhone app. It targets a demographic and is the best choice for that demographic.
>It targets a demographic
It sure does: ignorant people who think it's the same as buying through a broker.
Have fun being unable to sell your positions when they tank after hours. RH won't give you access, and that alone is reason enough to run.