Investing apps

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by Skydome, 15th Jul, 2018.

Join Australia's most dynamic and respected property investment community
  1. Skydome

    Skydome Well-Known Member

    Joined:
    7th Mar, 2017
    Posts:
    66
    Location:
    Tasmania
    been a while since i've been here, so hello again.

    Anyways over the past week or two i've been thinking about investment apps, I am aware of a few but am not really sure on what the go to app would be for what i want.

    What I am basically after is an app that allows me to put in as little or as much money into it as I am willing to spend, be it 1 dollar, or thousands of dollars .

    I am after something that you invest in a hedgefund that could range from as little as 100 bucks up to thousands or something that would allow me to invest in individual shares for a company but the app acts as sort of a middle man for the purchase.

    What i'd like to be able to do, is just use my paypal account for it rather than having to input bank acc details for it.

    I understand there would be commission fees on whatever profits are made or loads of advertisements and if that allows the app to be free than so it.

    I'd rather not use something that has tired memberships but something that is all open but has advertisements and commission fees (As long as commission fees are reasonable) to keep the app free.

    Any advice would be greatly appreciated and i'm not sure if there's apps outthere that suit my needs but it never hurts to ask i guess.
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    1,910
    Location:
    Australia
    Arent you just describing every web broker app? Asx $500 minimum. Hedge funds dont want small investments due to volatility and cost but there are funds of funds.
     
  3. Silverson

    Silverson Well-Known Member

    Joined:
    11th Jun, 2016
    Posts:
    416
    Location:
    Melbourne
    Are you talking something along the lines of that acorn thing? Not sure if I've got the name correct
     
  4. Chill2205

    Chill2205 Well-Known Member

    Joined:
    23rd Jan, 2017
    Posts:
    75
    Location:
    Melbourne
    Was acorns, now known as Raiz. I believe you need to link your bank account to it though
     
    Silverson likes this.
  5. pinkboy

    pinkboy Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,261
    Location:
    Brisbane, Qld
    The fees on Raiz (search 'acorns' on here) are horrendous.

    Better off opening a VAS account and bpay $100 over in regular intervals.

    pinkboy
     
  6. Skydome

    Skydome Well-Known Member

    Joined:
    7th Mar, 2017
    Posts:
    66
    Location:
    Tasmania
    Yes I am thinking of apps like acorns but I am not a huge fan of linking my bank details directly and would rather be able to use paypal.

    as mentioned i'd like to be able to invest as little or as much as I want. I under a dollar is too little lol but i'd be ok with like a 50 or 100 dollar minimum investment.

    I have in the past looked at vanguard (Is that what vas stands for?) but their minimum investment is too much, hence this thread.

    And just to add, the reason i'd rather use an app that allowed the use of paypal rather than directly linking the account is i am a bit nervous about the investing app getting hacked or etc and my details getting exposed.
     
    Last edited: 15th Jul, 2018
  7. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    1,910
    Location:
    Australia
    Yet you trust the middleman to execute your trades and keep your ownership records? This is not like buying on ebay where you physically get the goods.

    The listed vanguard fund minimum is 500, which is still a stupidly low amount. What do you achieve with a hundred dollar investment? Unless its penny shares? Might as well buy lottery tickets.
     
    Last edited: 15th Jul, 2018
  8. Skydome

    Skydome Well-Known Member

    Joined:
    7th Mar, 2017
    Posts:
    66
    Location:
    Tasmania
    Well instead of offering up no advice why not try and help?

    I'm sure there must be apps out there that meet some or all of my requirements. I guess i'd be willing to put bank acc details in but it makes me feel quite uncomfortable.

    And to me even 500 dollar investment is hefty, keep in mind we're not all ****ing loaded like you and have heaps of money just sitting around for investments. I obviously don't expect to make 30 or even 5 percent profit, but imo, if I can turn like 50 or even 100 bucks in to 53 or 105 dollars from a small investment I am happy.
     
  9. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    4,206
    Location:
    Sydney
    If you've got $5,000 to start with, the Vanguard Index Australian Shares Fund (VAN0010AU) allows additional investments of $100 via BPay and MER is 0.75%
     
  10. Skydome

    Skydome Well-Known Member

    Joined:
    7th Mar, 2017
    Posts:
    66
    Location:
    Tasmania
    I don't, hence looking for a more lower min investment or no min investment app thing, pref been able to use paypal instead of inputing my bank acc details directly but i guess beggers can't be choosers was just hoping there was an app that met the needs
     
  11. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    4,206
    Location:
    Sydney
    I would respectfully suggest that if you cannot afford $5,000 or even $1,000 to start an investment, then you can't really afford to lose even $100, let alone $1,000 or more if you were to invest in a hedge fund or similar.

    I sincerely suggest you start by saving - get an ING Savings Maximiser account or a UBank Usaver account (or use Canstar or Finder to find other similar high interest savings accounts) and put aside as much as you can afford as often as you can. The interest rates are not fantastic - but it's a safe "investment" and will allow you to accumulate more funds.

    Once you've got enough money saved, you can then withdraw a lump sum for investing into an index fund or similar - at which point you can continue to accumulate savings until you have sufficient funds for an additional investment (which will be much quicker than for the initial, larger investment).

    By the way - do you have any debt? Paying down credit cards or personal loans gives you a guaranteed return on your money which is hard to beat by investing!
     
    leonard157 likes this.
  12. Skydome

    Skydome Well-Known Member

    Joined:
    7th Mar, 2017
    Posts:
    66
    Location:
    Tasmania
    Only mortgage, that's it.

    In the past I have looked at termed deposits but decided against them.

    The point with using something acorns or whatever is if I can just put say 50 here, 20 there, 90 here it would add up, albeit slowly and if i'm lucky more quickly than using termed deposit which, from a quick gander at that ubank thing, was only like 26 dollars or some extra a year on a 1,000 deposit, so doesn't really make sense to me?.
     
  13. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    1,910
    Location:
    Australia
    So if you didnt use term deposits, did you end up saving any more without it?

    What if your unlucky? Shares and funds have downsides. Positive thinking is great but not if you cant afford the negatives.

    Think about your age and financial position. Maybe time for a rethink? What makes sense to you may not actually be right.
     
    Last edited: 15th Jul, 2018
  14. splatters

    splatters Well-Known Member

    Joined:
    14th Apr, 2017
    Posts:
    222
    Location:
    Sydney
    Both my kids use Raiz (they are 9yo and 11yo) and you can invest as little as $5 which allows them to invest their pocket money on a weekly basis. Yes the fees are high as a percentage, but $1.25pm is hardly "horrendous". Once you have a few thousand in there, you could withdraw it and invest in Vanguard on any of the trading platforms. They are both up around 11% in under 18 months which is pretty good for a managed portfolio.

    But you do need to invest via a bank account.
     
  15. Wanttoretire

    Wanttoretire Well-Known Member

    Joined:
    23rd Feb, 2017
    Posts:
    97
    Location:
    Sydney
    Are you looking for feedback for an app you want to develop yourself?
     
  16. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    4,206
    Location:
    Sydney
    Don't forget that with any investment you could easily end up with less than you've put in.

    So, you save $50 here, $20 there, $90 here and you've got $160 invested, but somehow your investment is now only worth $100 or even less?

    Sure, you could end up with more compared to a term deposit - but you could also end up with a lot less.

    You said:
    I will say it again. If you don't have money just sitting around for investments - then don't invest. Save first.

    What's more - I wouldn't even be saving up for the purpose of investing just yet. I would be making sure I had a sufficient cash buffer to get me through an unexpected financial crisis.

    Before you start investing, I suggest you aim to have 3-6 months worth of income sitting in the bank as a form of insurance. Far better to have cash earning relatively little available than to rely on very expensive personal debt or credit cards to get you through a crisis.

    Do you have an offset account or perhaps a redraw facility on that mortgage if you make additional payments? What interest rate are you paying?

    Storing money in an offset account gives you a guaranteed return on your money which far outstrips anything you can get from cash savings or a term deposit.

    Also - go buy a copy of The Barefoot Investor book - I think you'll learn a lot from it.
     
    sharon, Lancel_Bracken and Silverson like this.