Get $10 Trading Credit after Subscribing to a Monthly Plan from $2.99 Per Month @ Goodments Investment App

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AssociatedGoodments on 07/02/2019 - 10:34 goodments.com (219 clicks)
Last edited 07/02/2019 - 13:16 by 1 other user

For the remainder of February, all new Goodments subscribers will score a $10 AUD bonus to start investing with. (Our app has no minimums, so you can invest in individual stocks like Apple for as little as a couple of dollars).
If you've considered trading US shares, now's the time to start.

iOS: https://itunes.apple.com/au/app/goodments/id1275006293?mt=8
Android: https://play.google.com/store/apps/details?id=com.goodments.…

Goodments is a sustainable investment app designed to match individuals with US shares that align with their environmental, social and ethical values. Rather than paying a hefty brokerage fee per trade, as you would through traditional brokers, Goodments runs a subscription based model where you can invest with no minimum amounts for a single monthly cost.

Please note, due to AU requirements, you’ll need to start your subscription and finalise your account creation, including identity checks, before we are able to create your trading account. Once this is done, you’re $10 AUD bonus will be deposited into your trading account and available for use within 24 hours.

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  Unorthodox on 07/02/2019 - 10:54

  +2

  The fees charged to use:

  Direct Debit fee $1 (USD?) + 0.25% per transfer
  Currency conversion 0.75%

  Monthly subscription or $1 per month if no activity

  Currency conversion via the direct debit option is going to add on some extra costs for the moment.

  But what's stopping someone from using this service as a frequent trading account? ie: $13 per month is pretty good for unlimited trades.

  • 

    AssociatedGoodments @ goodments on 07/02/2019 - 11:01

    Hey Unorthodox

    Our fee to pay via direct debit is a fixed 25 cent cost. The costs you've quoted are what our original fees were last year, they've since been changed :)
    You also have the option of depositing for free using the Goodments Wallet.

    FX fees are 0.75%, however this fee is donated to charity with a small portion going to our FX provider. We do not take this for ourselves.

    There is no fee for an inactive account.

    Otherwise, you are correct, Our $13 per month plan allows for unlimited monthly trading with no brokerage fees. This means, making even just a single trade each month is more cost effective than a traditional broker.

    • 

      Unorthodox on 07/02/2019 - 11:06

      No stress, I actually grabbed that from the FAQs just now.

      Probably would be good to simplify the whole deposit process as at the moment it seems like:

      I transfer from my bank to Goodments Wallet (fee) and then from that to the Cash Trading ACC?

      I'm guessing there are fees for release back to our AU account?

      • 

        AssociatedGoodments @ goodments on 07/02/2019 - 11:12

        Thanks, I'll pass that on to the team. These FAQs might not have been updated last month when we made the change.

        That is the correct process, we are looking into other options that may be easier, without attracting fees. However, when transferring back to your Wallet, there are no additional fees.

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  JCrown9 on 07/02/2019 - 11:35

  +1

  What happens if you buy some shares. and then cancel your subscription? Do you take our shares?
  And further on this question, what happens if i spend $500 to buy amazon which is worth $1637US as of today, and i cancel my suscription. What happens to my 1/3 share?

  There was nothing in the FAQ on this?

  • 

    AssociatedGoodments @ goodments on 07/02/2019 - 11:43

    Hey JCrown9,

    Answering both of your questions: Once you've purchased shares, or fractions of a share, they are yours. All assets are held under your name and your details. If you cancel your subscription, you'll still be able to see them within the app but you won't be able to sell them without an active subscription. Your investments are also protected through SIPC in the event anything were to happen to Goodments. You can read more about this under the "Are my investments protected?" section of our FAQs.

    • 

      JCrown9 on 07/02/2019 - 11:48

      No problems.

      If you own a full share, can they be transferred to another broker as well?

      Cheers

      • 

        AssociatedGoodments @ goodments on 07/02/2019 - 15:11

        +1

        Hey,

        Shares are fully transferable.
        Additionally, this also means that any US shares you already own can also be transferred to Goodments.

• 

  quirki on 07/02/2019 - 12:23

  +3

  How does this compare to stake?

  • 

    swapsey on 07/02/2019 - 14:44

    They both use DriveWealth as their broker in US I noticed. I am currently looking into other comparisons.

  • 

    AssociatedGoodments @ goodments on 07/02/2019 - 15:18

    Hey,

    As Swapsey said, we both use DriveWealth to access the US markets.

    We include unique matching features and stock data within our app. So, although we provide you with access to the standard financial data, we also include a lot of ESG data so that you can get a better idea on how ethical & sustainable a company is. Additionally, you can choose to use our cool profile matching feature that will help to match with with shares that fit your individual environmental, social and ethical values.

    Or, if the matching is not for you, you're also free to browse and invest in over 2,000 companies and ETFs that are available on our app.

• 

  Truthbe on 07/02/2019 - 15:24

  What is the difference between this and robinhood?

  • 

    AssociatedGoodments @ goodments on 07/02/2019 - 15:33

    Hey Truthbe,

    Goodments is live and accessible to Aussies while Robinhood is not.

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  popaprozac on 07/02/2019 - 19:04

  Do you have to be 18 to use the service?

  • 

    AssociatedGoodments @ goodments on 08/02/2019 - 09:29

    Hey popaprozac,

    Yes, you'll beed to be 18 years or older.

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  Neverpayretail on 08/02/2019 - 09:11

  What about dividends? Do you recieve them and are there any disadvantages to holding dividend stocks this way?

  • 

    AssociatedGoodments @ goodments on 08/02/2019 - 09:33

    He Neverpayretail,

    Depending on the company, your dividends will either automatically be reinvested or deposited into your Goodments trading account.