Things I Do For Money - Stock Platforms Part 1 - NVSTR
As part of my adventure in making passive income and direct income so I can retire but also provide for my family and others, I’ve ventured into utilizing various stock platforms. The reason I do this is because the majority of them provide a monetary incentive with which to utilize and make the cost of stock investing far less than normal people would need to get started. The cost of doing business with these companies is usually that they utilize whatever data about you in order to reduce their cost and make their giveaways worth it for them.
I don’t mind them using my collective investing data in order to make money if they’re are going to trade off by giving me a piece of that money. The cost of this is signing up and then potentially getting friends to sign up. What I like to do is work with friends I’ve already worked with on other platforms and get a referral chain going. I also try to offer my friends other incentives like me signing up for something for them, or even do some work for them in order to trade off for a sign-up.
Anyway on to the pros and cons of this platform.
PROS: NVSTR is giving away free money. They give away a minimum of 20$ per sign up. To date, I’ve gotten about 155$ from them for free by having about 4 friends sign up. I took that and parked it into some stocks I like. The cool thing about NVSTR is that it allows you to have a friend circle and track their investments and compare them to your own so you can get suggestions and also try to utilize their suggestions. You can also create a watchlist of ideas and track the ideas of others in order to track how well the idea portfolio's are doing.
The Social aspect allows you to crowdsource Ideas from others. They also provide interesting articles for one to read and vote on whether the things affecting a company are pros or cons. I like this concept because you can get a general feel of market sentiment towards a company and also learn a bit about things that are trending about the company.
The other great thing is that they don’t charge maintenance fees for you to maintain an account like Acorns or Stash. However, these ttwo applications also
The main thing I like about NVSTR is the option to use someone else’s money to fuel my retirement and creation of Wealth. The more I can do this without using my own income the more I can create Income that will be passive as well as things I can pass down to my future children or my children in the event that something happens to me.
CONS: NVSTR unlike other new to the market trading platforms that incentivize you by doing things such as offering fee-free trading. In this instance, they charge you a 4.95 Fee per trade. This will eat into your gains from dividends and stock growth for when you have to sell stock. The other aspects of issues that I am having with this platform is that they don’t provide the option of Automatic Dividend Reinvestment. However, they don’t charge Maintenance Fees like Acorns or Stash.
One more con is even though they give you free money in order to claim it you’ll need to fund your account and you’ll have to place a trade within a year to keep the funds and leave the stocks in the account for roughly a year. I plan on transferring out my assets eventually.
The other Cons of NVSTR is that they don’t have a mobile app and so far all they have is a web platform which is a bit of a pain to me most of the new apps that are rolling out use mobile apps that I can utilize in order to access the account. This makes it vastly easier to check in and have a friendly interface that you can use. The web interface is not bad but a tad goofy in my opinion and may not be useful for novice investors but given the limited feature set I don’t think pros would want to use it at all. It would be a great introductory tool.
Overall:
Overall I like the free money, but I would like more out of the interface. Eventually, if I can’t make more off of it or make use of it to gain other useful information then I’ll likely transfer the assets to another more useful account that doesn’t have fees. I like the social aspects and the monetary incentive to sign up but you also have to place a trade within a year effectively reducing your gains and starting you at a loss unless you refer multiple people. Anyway, happy hunting everyone.
Referral Link:
https://www.nvstr.com/share/1064d1175