Managing Multiple Trading Platforms

I was recently asked how I validate investing on multiple platforms. I currently use Acorns, Robinhood, and M1 Finance as my online brokerages of choice.

To answer that I need to provide a quick breakdown of the three:

Comparison

  • Acorns has a brokerage fee of $1 a month that allows unlimited transactions. It takes the spare change from your debit card transactions (or any linked card for that matter) and rounds it up to the nearest whole dollar and invests the difference in ETF’s. Automatic investing of fixed contributions and a found money program are also ways to grow the account.
  • M1 is a commission free brokerage that allows you to pick a personalized basket of stocks and allots your contributions using a pie chart format. It also allows you to auto-invest and benefits from dollar cost averaging.
  • Robinhood is great for low to moderately active traders. You get 2 commission free trades a day and you have access to stocks and ETFs on the NYSE, NASDAQ, and some OTC markets. It’s good for when you want to buy or sell individual companies.

So why do I use these three platforms? Mostly because I have a few different strategies that each one is best suited for. Do I need to use all 3? Probably not, but I really like the different features for different needs. Plus using all 3 only costs me $1 a month. I also update all 3 on my Yahoo Finance profile so I have a one stop shop to look at how my portfolio is doing overall.

Another shout out to my mom for another great idea for an article!

Please feel free to ask any questions you have below.

Advertisements

2 thoughts on “Managing Multiple Trading Platforms

Add yours

    1. With a standard Yahoo account you can do a few things with your portfolio.

      1. Directly link to your brokerage to update and even place trades. Right now Robinhood only allows this. M1 and Acorns does not…

      2. Manually update your portfolio which I do weekly to reflect my current holdings.

      3. Create watchlists for stocks you are interested in.

      4. Stocks in your portfolio and watchlist create a custom news feed for a one stop shop to get news on what’s going on i your investments.

      Yahoo also provides free stock fundamentals and interactive charts that most commission based brokerages provide.

      Hopefully that helps.

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create a website or blog at WordPress.com

Up ↑

%d bloggers like this: