Thanks to technology there’s an ever increasing amount of financial service companies competing for your business. This, of course, is great news for you. You now have a huge range of options when it comes to the companies you choose to do business with.
And because of the fierce competition, financial products companies are trying to differentiate themselves and appeal to certain markets.
DriveWealth is one company who appears to be targeting younger investors with their mobile investing platform.
Here’s How it Works
DriveWealth is a mobile investing platform. You can use it by logging in from your computer, or more conveniently, installing the DriveWealth app on your phone.
They offer ETFs and a limited number of U.S. stocks.
DriveWealth is very easy to use. You can search for stocks, view graphs, and buy and sell, all from your mobile device. Essentially, you can build wealth on the go!
What About the Fees?
Since there are so many brokerages competing for your business one thing you should be hyper aware of is how much you’re paying in transaction fees.
While most brokerages charge anywhere from $5-$10 per trade, DriveWealth only charges $2.99. In the investing world these are very low fees.
Another good thing to know is that there are no minimums with DriveWealth. You can invest as little or as much as you want. Either way you’re not going to get penalized based on the amount sitting in your account.
They Also Have Some Cool Financial Tools
One other thing I really enjoyed about DriveWealth is the tools they offer on their site.
They have one free investing course and also a second investing course that is free for the first thirty days.
In addition they have:
- Budget Calculator
- Net Worth Calculator
- Savings Calculator
- Cashflow Calculator
- Debt vs. Invest Calculator (<— That is super helpful for making math based money decisions.)
The tools they offer are very high quality. It’s pretty apparent that DriveWealth is on a mission to help young investors make solid financial decisions. If you’re starting from zero you can take one of their free courses and use their calculators to make some real headway on your finances.
Also, if you’re super new to investing and don’t want to jump in without first testing the waters you can sign up for a free demo account with DriveWealth. With the demo account you’ll get $10,000 in fake money that you can use to test everything out.
DriveWealth is For You If…………….
DriveWealth is for you if you want to buy and sell ETFs or stocks from the ease of your mobile phone and want to take advantage of low transaction fees.
The one major drawback of DriveWealth is that they don’t offer as many securities as some other brokerages do. However, if you’re more interested in ease of use and low transaction fees then this may be a tradeoff well worth making.
If you want to get started with DriveWealth you can sign up for an account here.
If you end up creating a DriveWealth account come back and let us know how your experience was!