M1 Finance - Comprehensive stock trading app
Chicago-based M1 Holdings Inc provides financial services to robo-advisors and develops the M1 Finance app for Android and iOS devices. You can even use the M1 Finance platform on your desktop thanks to its user-friendly web interface. Unlike other robo-advisors, with M1 Finance you have complete control over your investment.
M1 Finance is known for its well-thought-out finance package called Smart Money Management. In addition to investing, you can use the app to borrow if you have a $10,000 investment and spend it with your M1 checking account and debit card. When it comes to
stock trading, the M1 allows you to build your portfolio however you like with impressive automated investing features. The M1 allows you to build an investment strategy for individual stocks, low-risk ETFs, or a mix of both.
Trading with M1 works through the so-called investment pie system. A pie chart contains up to 100 slices, each representing an investment such as an ETF, stock, or other circle. When you create a pie, the app automatically purchases your investment according to the percentage you choose. Premade investment Pies are also available.
Happily, M1 is totally free from trading fees. That means no maintenance payments, no trading commissions, and zero up charging for deposits or withdrawals. However, the platform will charge you for account termination if you close a retirement account early and for inactivity if you have a low balance and don`t use the app for over 90 days.
Reasons to buy
- +uses fractional shares
- +no minimum deposit
- +hands-off portfolio manager
Reasons to avoid
- -not suitable for day trading
- -inactivity fees
- -can’t trade mutual funds
Website: https://www.m1finance.com/
