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We all have important financial goals from saving up to buy a home or saving for our child’s college education to ensuring we have sufficient funds for retirement. One of the best way s to meet our financial goals is to develop a wise investing strategy.
Unfortunately, financial investing can be a complex, time-consuming endeavor for those of us who are unfamiliar with the financial world. The company Beanstox has a simple solution - here’s what you need to know.
How Does It Work?
Beanstox is an investment company with a simple goal– they want to help empower everyone to take charge of their financial future by offering financial advice, portfolio management, and automated investment services. The Beanstox App allows users to set long-term and short-term financial goals and then provides diversified portfolio management by professionals so that you know that your money is always being invested in ways that best serve you and your family.
The company has professional advisors who develop model portfolios consisting of Exchange Traded Funds (etfs) which have many benefits including relatively low management fees, flexibility, and diversification.
If you are looking to up your financial game, I’ll bet that you are intrigued by the idea of Beanstox, but you probably still have some questions. How much money can you expect to make?
Is it safe and secure to use a financial app like Beanstox? Read on because we have the answers to these questions and more below!
Cost and Price Plans
We know you are curious about how much you will have to pay for access to this investment app. The monthly fee for a Beanstox membership is currently $5.00. It is important, however, to read through the “Fees” page on the their website for more information about future costs. Beanstox notes that they may charge additional fees “from time to time,” including a potential annual fee of 0.25% for accounts with balances of $25,000.00 or more.
Competitors and Alternatives
When it comes to your finances, we know that you want to have the best tools at your fingertips. Below are details about a few investing apps besides Beanstox that may be able to help you on your journey to financial wellness.
One popular investing app is Acorns, whose mission is to help users meet their financial goals by making small investments of spare change. Acorns is designed to be easy to use – users simply connect a credit or debit card and bank account information and Acorns automatically rounds up all purchases to the next dollar and invests the extra change. Acorns offers three different pricing models: the lite version costs $1/month while the individual membership plan is priced at $3/month and the family plan costs $5/month. Depending on which membership plan you choose, you may also receive access to retirement accounts, checking accounts, and investment accounts for kids.
Acorns has earned good reviews overall. The blog Investor Junkie praises Acorns as a “painless way to save,” but does note that “it’s possible to lose money with Acorns” and states that while Acorns “hides the complexities of investing,” it is not a great app for those looking at large goals like retirement. Customers also leave great reviews of Acorns on the review site G2, where they praise the platform for offering “easy, effortless investing,” and “[making] the daunting process of investing approachable and easy.”
A second option is Betterment, a platform that helps people manage and invest money and plan for retirement. Betterment allows you to set financial goals and recommends investment strategies and portfolios that fit said goals. Like Beanstox, Betterment invests in ETF’s.
Unfortunately, many reviewers on the Consumer Affairs website were dissatisfied with their Betterment experience, offering much criticism, including “Every time I call them, I have to wait several hours on the phone,” “I recommend all to stay away from Betterment,” and “The experience…has been beyond dismal.” A Forbes review of Betterment paints the company in a more positive light, noting that Betterment offers “low advisory fees,” and allows investors to “choose different portfolios for different goals.” The Forbes review does, however, say that Betterment charges “relatively high fees for professional advice,” and points out that Betterment’s emergency fund portfolio is “risky.”
Finally, you might consider Robinhood, a trading app that provides commission-free trading of stocks, options, etfs, and cryptocurrency. Unfortunately, Robinhood has not been well-reviewed.
While the blog Investopedia praises Robinhood for it’s no-fee model, it also criticizes the company for its lack of account amenities, educational resources, and customer service.
Similarly, Trust Pilot reviewers are dissatisfied with Robinhood, giving the company a 1.8/5-star rating and offering various complaints including “There is no customer service number,” and “Over $1500.00 lost due to their negligence.” Several Trust Pilot reviewers also refer to Robinhood as a “scam” company that engages in “fraud.”
For customer support, you can submit a ticket through the Beanstox website or read through the information on their “Help Center” page.
Online Customer Reviews/Complaints
So, is Beanstox legit? Are customers satisfied? There are several places to find customer reviews of Beanstox on the internet, and the reviews are mixed.
Their customers give the app a 3.6/5-star rating on the Apple app store, where customers offer some praise for the company, saying things like “easy to set up goals for saving,” and “great for beginner investors,” but also offer up some criticism, claiming that “This app is the worst. Customer service is terrible,” and proclaiming the app to be a “waste of time.”
The Beanstox Facebook page also offers several negative reviews, with customers criticizing the app for having “a lot of bugs and missing features,” and for getting “no response,” from customer service.
Finally, the blog Make Use Of does not recommend using Beanstox. They say they are unconvinced that Beanstox is “safe if you have more than $25,000.00 in your account,” and “don’t think it’s one of the best investing apps for beginners.”
Where to Buy?
You can sign up and start investing with them on their website.
Is It Worth It?
Unfortunately, Beanstox does not seem like the best platform to use for investing. Customers are disappointed not only with the customer service but also with the functionality of the app itself. Further, there are legitimate concerns regarding the safety and security of the app. While we hope you find the right company to help you grow your wealth and meet all your financial goals, Beanstox might not be the best partner in this endeavor.