As the world continues to evolve, so does technology, and with it comes innovative ways to make money. One of such ways is via investing apps that allow anyone with a smartphone or tablet to invest in stocks. With numerous options available, one has to question whether they are all legitimate.
One of the most popular investment apps on the market today is Bloom. This app aims at bringing financial power back into people’s hands by allowing them to invest in blue-chip companies through fractional shares for as little as $1.
Despite its growing popularity, many investors continue asking themselves: Is Bloom Investing App legit? In this article, we’ll attempt to answer that question.
What is Bloom Investing?
Bloom investing platform allows you to break down walls between demographic groups in terms of wealth and income levels typically needed for entry when accessing traditional investments like blue chip stocks/mutual funds/ETF’s/ etc., The application democratizes access by offering those securities at lower prices wherein people can buy fractional shares rather than full ones; hence they often pay reasonable amounts per share instead of exorbitant amounts.
With its mission statement emphasizing transparency and trustworthiness compared against other providers – more specifically regarding cost implications- their usage guarantees equal opportunity regardless if an investor’s net worth stands six figures or only a few hundred dollars. Additionally, users have several customization opportunities where they could also tailor watchlists following various equities based on personal preferences/interests/preferences within sectors such as tech (think Apple/Microsoft), healthcare (Johnson & Johnson) among others.
Is Bloom Investing Legit?
The short answer – Yes! The app was launched by fintech expert Matt Watson together with business partner Johnathan Kuttin who previously devised currency conversion platform Midpoint Holdings LTD which flourished globally since mid-2010’s. Alongside these renowned leaders first-class personnel comprise diverse backgrounds examining each strategy brought before consummation ultimately showcasing their capability everywhere from banking to wealth management. Bloom Investing app is also registered as a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), adding extra credibility.
Bloom investing offers some fundamental core tenets that many other trading apps neglect, widely highlighting transparency via their website regarding earned revenue sources- providing key details above and beyond what is requested or necessary by regulatory authorities making it easy for users to comprehend precisely how they monetize the platform while still ensuring stability and investor protection. This means investors can be sure that they’ll see exactly what’s going on and where any profits ultimately emanate from.
In terms of assets available within its ecosystem, Bloom offers clients options for 25+ popular blue-chip stocks ranging from names like Amazon/Apple/Facebook through to newer firms such as Tesla/Nio/Zoom which should please tech fans who are keeping up with developing trends. For those seeking alternatives beyond top tech performers, extended watchlists comprise numerous sectors/subsectors offering diversification potential across additional investments without externally traded funds entailing different brokerages fees cutting into margins.
One worry point regarding online investment applications could be around security; however, this scenario isn’t an issue concerning using/Bloom because all communication is fully encrypted utilizing industry-standard SSL protocols throughout every stage of deployment-level security modifications when storing customer/client financial information prevent hacker intrusion (just like traditional banks).
It’s worth noting there have been no reports about any hacks or data breaches since Bloom launched in 2020 remaining entirely credible till now. The only negative? You cannot access mutual funds on Bloom; these kind traders must look elsewhere towards institutions more adept at handling Mutual Funds though securities availability here represents far more critical evaluation points for virtually all retail investors interested in individual equity confirmation within your portfolio construction needs.
Benefits of Using Bloom
There are multiple reasons why using the Bloom investment app makes sense;
• Low minimums – starting at $1
• Variable commission rates – users can choose to pay for each trade or opt for a monthly subscription that waives all fees
• Accessible fractional shares – making investments easier and more affordable for everyone
• User-friendly interface – usable on Android and iOS platforms
Summary:
Bloom is legit investment app aiming to democratize access involving equities trading today’s modern generation by enabling retail investors free/reasonable priced trades comprising granular fractional shares stretching spending potential starting only $1. Clients are afforded versatility regarding payment options (paying commissions as per specific transaction or selecting the recurrent tariff) with extended watchlists offering diversity beyond tech earners, so joining such an ecosystem appears as entirely credible given its bespoke technology advantage relative to other providers.
Thereby, Bloom Investing App invested in is beneficial bonafide traders’ craving effortless entry into extra savings opportunities may vote confident usefulness behind this platform leaving portmanteau complex processes/tools used in conventional investment advisory architectures.