Are investing apps legit?

Yes 🙌  they are legitimate.

Investing apps have become increasingly popular in Australia, offering a convenient way for individuals to manage their investments and grow their wealth. Here are some of the top investing apps in Australia as of 2024:

1. Raiz -  Get $ 5 in your account when you enter this code M8EVZZ

• Description: Raiz (formerly Acorns) is a micro-investing app that allows users to invest spare change from everyday purchases into a diversified portfolio.
• Features:
• Automatic round-ups from linked bank accounts
• Diverse portfolio options based on risk tolerance
• Educational resources and insights
• Customizable recurring investments
• Fees: Monthly fees starting from $3.50.

2. Spaceship Voyager - Get $20 in your account when you enter this code S89DGX2LIN within 14 days of signing up and invest at least $10 in your chosen portfolio within 90 days of signing up.

• Description: Spaceship Voyager offers simple investment options with low fees, targeting younger investors.
• Features:
• Invest in diversified global and Australian portfolios
• No minimum investment amount
• Low management fees
• Regular performance updates and reports
• Fees: Management fee of 0.10% to 0.20% per year depending on the portfolio.

3. CommSec Pocket

• Description: CommSec Pocket is a micro-investing app by Commonwealth Bank, allowing users to start investing with as little as $50.
• Features:
• Seven themed investment options (e.g., tech, sustainability, top 200 companies)
• Low-cost trading fees
• Integration with Commonwealth Bank accounts
• Educational resources for new investors
• Fees: $2 trading fee for investments under $1,000; 0.20% for investments over $1,000.

4. Sharesies - Get $5 in your account when you use promo code: SQK98R when signing up and registering within 30 days.

• Description: Sharesies is an investing platform that makes it easy for anyone to invest in a wide range of assets with small amounts of money.
• Features:
• Invest in Australian, New Zealand, and US stocks, ETFs, and more
• No minimum investment amount
• User-friendly interface with educational content
• Regular updates and performance tracking
• Fees: Subscription fees starting from $3 monthly.

5. Pearler

• Description: Pearler is designed for long-term investors, with features that encourage regular, automated investments and financial goal setting.
• Features:
• Automated investing options
• Integration with various financial goal trackers
• Social and community investing insights
• Low brokerage fees
• Fees: $9.50 per trade, with discounts for automated investing.

When choosing an investing app, consider factors such as fees, investment options, ease of use, and the specific features that match your investment goals and strategy. Each of these apps offers unique advantages, so the best choice will depend on your individual needs and preferences. Always conduct thorough research and, if necessary, consult with a financial advisor before making investment decisions.

Another app, I personally love which is not listed above and not given enough airtime is called BLOSSOM. You can even get receive a $10 joining bonus once you invest $20 or more by simply using  joining code: "MOAB" when you sign up.

The Blossom app is an Australian fintech platform designed to help individuals save and invest their money with ease and transparency.

Here’s an overview of the Blossom app, its features, and why it might be appealing to users:

Overview of Blossom App

Blossom aims to simplify the investment process for everyday Australians by providing a straightforward and user-friendly platform for saving and growing money.

Key Features

Automated Savings and Investments

• Users can set up automatic transfers from their bank accounts to their Blossom investment accounts, allowing for consistent saving and investing without manual intervention.

Access to Fixed Income Investments

• Blossom primarily focuses on fixed income investments, offering a more stable and predictable return compared to stock market investments. This can appeal to users looking for lower-risk investment options.

Competitive Returns

• The app offers competitive interest rates on the savings invested through the platform, aiming to provide better returns than traditional savings accounts.

Transparency and Low Fees

• Blossom is committed to transparency, providing clear information about fees and returns. The platform typically has lower fees compared to traditional investment options, making it accessible to a broader audience.

User-Friendly Interface

• The app is designed to be intuitive and easy to use, making it accessible even for those who are new to investing. Users can track their savings and investment growth through a clean and simple dashboard.

Security

• Blossom prioritizes the security of users’ funds and personal information, employing robust security measures and being regulated by Australian financial authorities.

Benefits of Using Blossom

• Ease of Use: The app’s simplicity and automation features make it easy for anyone to start saving and investing, regardless of their financial knowledge or experience.
• Stability: By focusing on fixed income investments, Blossom provides a stable option for users who are risk-averse or looking for steady growth.
• Transparency: Clear communication about fees and returns helps users understand exactly what they are getting and what they are paying for.
• Accessibility: Low minimum investment requirements make Blossom accessible to a wide range of users, including those who might not have large amounts of money to invest initially.

Considerations

• Limited Investment Options: While the focus on fixed income investments can be a benefit for some, those looking for a more diverse or aggressive investment strategy might find Blossom’s offerings limited.
• Risk: Although fixed income investments are generally considered lower risk than equities, they are not risk-free. Users should understand the risks involved and consider their own risk tolerance.

Blossom is a suitable app for Australians looking for a simple, transparent, and low-risk way to save and grow their money. Its focus on automated savings and fixed income investments makes it an appealing choice for those who prefer stability and ease of use. As with any financial product, potential users should research thoroughly and consider their own financial goals and risk tolerance before investing.

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