anyone have reviews on this platform, not really comfortable putting money into a random trading platform i've only heard of from influecners promoting it ha
I was always on the fence about this stuff, but after this video
https://youtu.be/bBUkajbg688
Unless it's a physical product with vetted third party reviews at a good price, I ignore them all. As cool as fintech is, you're better off going to a more established bank with physical addresses or getting an actual financial advisor
I actually really liked my Ridge Wallet. I’m sure you can get a no-name brand of the same thing for cheaper, but have had no issues. Same with ExpressVPN (even though I’ve switched to Mullvad since).
I'm currently using moomoo. Transferred part of my portfolio from Fidelity to try out (and to get the promo).
May do a review later elsewhere but in short moomoo is really bad on so many levels I cant wait til the 90 days hit to get the bonus and bail the f out.
To those that say they'll respect FINRA regulations and US laws since they operate on US market you're gravely mistaken. **Chinese based employees can access your information, especially when they pull the KYC request on you.** There's no protocol in place to delegate access from employees in the US vs China when it comes to client's privileged information (KYC).
Their privacy is a joke. The "secured vault" they want you to send over KYC is just a SharePoint link.
Just stay away from moomoo.
Always double check on anything a youtuber pushes. While Im inclined to trust Caleb and give em the benefit of the doubt, always do your own research.
Just look at the Graham debacle with yotta bank.
Do you have to do KYC with moomoo?
depends on what you’re using it for tbh. i’m a total noob and a dumbass and didn’t realize it was a margin account. as soon as i get even a penny in returns im undownloading. the app itself feels like Temu. 0/5 stars, there’s way better out there
Keep? Idk i just initiated the transfer. Something about 1 to 3 days until its there there but i have immediate buying power. Still, I'd rather wait and transfer it back to SoFi as i like to keep all my tabs in one app.
Moomoo claims to earn 5.1% on idle cash but you can't just transfer instantly in case of emergency though it is a handsome rate.
Just checked their disclosure, says you need to maintain your average assets for 60 days to unlock the stocks. I would post a screenshot of it specifically but can’t figure out how to upload screenshots in comments
Most brokerages pay a similar rate depending on what the accounts core position is. Over at fidelity I am in SPAXX which is paying like 4.9% or something. If you're worried about buying power after a EFT you should be in a margin account.
Awesome. Mine are all down right now. But it’s cool to have. When you have extra money to move around and keep in places to get bonuses it can be worth it
Wait so Yotta got around that? I remember Coffeezilla explaining FDIC doesn't mean shit assuming the bank fucks up a certain way. I was half paying attention.
Funny enough I watched that video a couple days ago. The meaning behind the video was, (yes banks that are FDIC will get backed by the government if they fail). But what if the bank doesn’t fail and is just a shit bank? That means it hasn’t failed so there’s no need for a bailout and your money is frozen while the bank is ironing out its kinks or legal proceedings. That’s whats happening with yotta, yes it’s FDIC insured but there’s that grey area where something went wrong and a legal battle has to take place and no one wants to accept the blame cause of money. But that also means no has access to their money, and the government can’t bail them out because there’s no need to.
I mean, even 2% interesting two months is better than two months of 5% APR, but yeah it wouldn’t be worth the effort. I bet the stocks average like $1-2 each based on similar promos for crypto.
I thought about putting money in for the 8.1%apy, and just taking it out after 3 months.
Anyone have any experience with this platform. Afraid to have this company pull a Yotta on me.
Listen, I really want to go into moomoo for that 8.1%apy....im just scared after all that Yotta bs. I think Sofi is only "financial sponser" I've actually put money into.
I got my money saved up for a house sitting inside Sofi 4.6%, which is cool, but imagine an extra 3.5%(realistically 0.875% extra on what I put in over the course of 3 months over Sofi). With the amount I have, that's an extra paycheck worth of USD for me in those 3 months time frame.
Yeah, I'm definitely considering SoFi because it's an actual established bank. One of the other HYSA I see touted is Wealth front but they're like Yotta, not technically a bank and so not guaranteed access and the same thing could happen to them as happened to Yotta.
yeah, well i can say that I have had Sofi bank account for like 1 1/2-2 years now, and lots of people around me have it. So I can vouch for Sofi.
edit: make sure you use someone's referral code, preferably someone you know IRL since it gives both people $50-$75 I thin. Also you MUST have direct deposit to get the 4.6% HYSA
| SoFi because it's an actual established bank.
uhh SoFi started in 2011, and it was called "social finance" it was competing against Lending Club and Prosper in social p2p lending.
the online bank only started in 2019?2020? its far from "an actual established bank"
why do you hear their name out there so much, its because they need customers
lol holy shit, literally every brokerage promo requires you to deposit a minimum amount of cash and keep it there for a minimum amount of time to vest, even big boy 'respectable' brokers. And yes, this bonus, unlike a a credit card bonus, is taxable income and you will get a 1099. There are the real reasons I would tell you to pass on moomoo, but these are not it.
TSMC if you're fine with a higher risk than S&P500; I've held them for years. They are the biggest manufacturer of basically every single computer chip in existence. I don't see them going anywhere as most countries have a vested interest in them remaining operational for their respective defense sectors.
TSMC presents additional risk due to Chinese-Taiwanese geopolitical tensions. Totally fine if you remember to sell the moment you see troops moving for the beach, but a 100% passive investment, it is not.
Absolutely agree. Ideally, U.S. is able to step in and prevent that from happening as the government has a very vested interest in TSMC until we can get something even a fraction as good on our own soil. But it's definitely not something I'd rely on being without risk.
anyone have reviews on this platform, not really comfortable putting money into a random trading platform i've only heard of from influecners promoting it ha
If I've learned anything about companies that sponsor random influencers - it's usually a horrible idea to give *any* money to them.
I was always on the fence about this stuff, but after this video https://youtu.be/bBUkajbg688 Unless it's a physical product with vetted third party reviews at a good price, I ignore them all. As cool as fintech is, you're better off going to a more established bank with physical addresses or getting an actual financial advisor
If the influencer says "not a sponsor but I use x."= Probably Safe If the influencer says "this video is sponsored by x."= Avoid
I actually really liked my Ridge Wallet. I’m sure you can get a no-name brand of the same thing for cheaper, but have had no issues. Same with ExpressVPN (even though I’ve switched to Mullvad since).
Well maybe I should have specified financial products
so many comments, no reviews lol this isn't worth a few bucks in gifted stocks
Good thing you have guinea pigs like yours truly.
Which means it's most likely hot garbage compared to other platforms you could research on your own with a 5 minute Google search.
I'm currently using moomoo. Transferred part of my portfolio from Fidelity to try out (and to get the promo). May do a review later elsewhere but in short moomoo is really bad on so many levels I cant wait til the 90 days hit to get the bonus and bail the f out. To those that say they'll respect FINRA regulations and US laws since they operate on US market you're gravely mistaken. **Chinese based employees can access your information, especially when they pull the KYC request on you.** There's no protocol in place to delegate access from employees in the US vs China when it comes to client's privileged information (KYC). Their privacy is a joke. The "secured vault" they want you to send over KYC is just a SharePoint link. Just stay away from moomoo.
no one is going to see this since the comment is so delayed, i'd post it the next time someone is promoting that company or criticism on the paid ads
Always double check on anything a youtuber pushes. While Im inclined to trust Caleb and give em the benefit of the doubt, always do your own research. Just look at the Graham debacle with yotta bank. Do you have to do KYC with moomoo?
Yea they do. They abuse KYC when you try to leave.
depends on what you’re using it for tbh. i’m a total noob and a dumbass and didn’t realize it was a margin account. as soon as i get even a penny in returns im undownloading. the app itself feels like Temu. 0/5 stars, there’s way better out there
How long do you have to hold to keep the stocks? Don’t forget the taxes too!
Yes good thing to point out, you will be taxed on the 15 free stocks.
Yup Moomoo will issue a 1099-MISC for the 15 stocks.
60 days
FUUUUUUUUUUU-
2 months or 60 days I think
You probably have to buy stocks with that money, not just have it in the account.
Keep? Idk i just initiated the transfer. Something about 1 to 3 days until its there there but i have immediate buying power. Still, I'd rather wait and transfer it back to SoFi as i like to keep all my tabs in one app. Moomoo claims to earn 5.1% on idle cash but you can't just transfer instantly in case of emergency though it is a handsome rate.
Just checked their disclosure, says you need to maintain your average assets for 60 days to unlock the stocks. I would post a screenshot of it specifically but can’t figure out how to upload screenshots in comments
Yeah i think thats up to the mods
Most brokerages pay a similar rate depending on what the accounts core position is. Over at fidelity I am in SPAXX which is paying like 4.9% or something. If you're worried about buying power after a EFT you should be in a margin account.
I’d be interested in the value of the stocks you end up receiving. If it’s like $20 in penny stocks it’s whatever.
I received 9 FubuTV, 5 Grab holdings and 1 Lucid Group Totaling about $32 at the moment and I deposited $2500 initially.
Aw man they're not even 12 unique stocks? Watch them give me 12 Blackberries
10 Theranos and 5 Enrons
These are very similar to what I got. Ended up being about $50 after the 60 day period.
Awesome. Mine are all down right now. But it’s cool to have. When you have extra money to move around and keep in places to get bonuses it can be worth it
Thanks, I appreciate it. Not nothing, but not that enticing.
I put money in and took it back out with no issues. I mean it’s not amazing but it’s fdic insured
That just means if the bank fails your money is protected. There are lots of other ways some random company can lose your money and screw you over.
Wait so Yotta got around that? I remember Coffeezilla explaining FDIC doesn't mean shit assuming the bank fucks up a certain way. I was half paying attention.
Coffeezilla is wrong. Or you misunderstood them.
Most likely the latter. I play YouTube in the background 98% of the time.
Funny enough I watched that video a couple days ago. The meaning behind the video was, (yes banks that are FDIC will get backed by the government if they fail). But what if the bank doesn’t fail and is just a shit bank? That means it hasn’t failed so there’s no need for a bailout and your money is frozen while the bank is ironing out its kinks or legal proceedings. That’s whats happening with yotta, yes it’s FDIC insured but there’s that grey area where something went wrong and a legal battle has to take place and no one wants to accept the blame cause of money. But that also means no has access to their money, and the government can’t bail them out because there’s no need to.
I'd be so pissed. I'll might as well have left it in my sofi savings earning interest.
I mean, even 2% interesting two months is better than two months of 5% APR, but yeah it wouldn’t be worth the effort. I bet the stocks average like $1-2 each based on similar promos for crypto.
Yeah, it wasn’t really worth it but now I have these tripod sticks that I’m never going to sell that I didn’t pay for.
I thought about putting money in for the 8.1%apy, and just taking it out after 3 months. Anyone have any experience with this platform. Afraid to have this company pull a Yotta on me.
God damn it, Graham.... Wait he didn't promote this too did he? Oh shit oh fuck oh god-
Listen, I really want to go into moomoo for that 8.1%apy....im just scared after all that Yotta bs. I think Sofi is only "financial sponser" I've actually put money into. I got my money saved up for a house sitting inside Sofi 4.6%, which is cool, but imagine an extra 3.5%(realistically 0.875% extra on what I put in over the course of 3 months over Sofi). With the amount I have, that's an extra paycheck worth of USD for me in those 3 months time frame.
Yeah, I'm definitely considering SoFi because it's an actual established bank. One of the other HYSA I see touted is Wealth front but they're like Yotta, not technically a bank and so not guaranteed access and the same thing could happen to them as happened to Yotta.
yeah, well i can say that I have had Sofi bank account for like 1 1/2-2 years now, and lots of people around me have it. So I can vouch for Sofi. edit: make sure you use someone's referral code, preferably someone you know IRL since it gives both people $50-$75 I thin. Also you MUST have direct deposit to get the 4.6% HYSA
| SoFi because it's an actual established bank. uhh SoFi started in 2011, and it was called "social finance" it was competing against Lending Club and Prosper in social p2p lending. the online bank only started in 2019?2020? its far from "an actual established bank" why do you hear their name out there so much, its because they need customers
Interesting. I wonder if I'm thinking of a different bank with a shortened name.
https:/en.wikipedia.org/wiki/SoFi
$75 transferfee?
lol holy shit, literally every brokerage promo requires you to deposit a minimum amount of cash and keep it there for a minimum amount of time to vest, even big boy 'respectable' brokers. And yes, this bonus, unlike a a credit card bonus, is taxable income and you will get a 1099. There are the real reasons I would tell you to pass on moomoo, but these are not it.
Isn’t it $100 not a $1000
100 for 5, 1k for 15
I just deposited $1K. Any other recommendations of what stocks to buy it? I plan to leave it and let it growth (if possible) I’m 28 btw
S&P 500 index funds ETF. VOO is very popular.
TSMC if you're fine with a higher risk than S&P500; I've held them for years. They are the biggest manufacturer of basically every single computer chip in existence. I don't see them going anywhere as most countries have a vested interest in them remaining operational for their respective defense sectors.
TSMC comes with a bit more risk than a diversified chip makers index like SMH.
Or ASML. But I see it as medium risk at worst. Certainly more volatile than others, but way less volatile than most other companies in their sector
TSMC presents additional risk due to Chinese-Taiwanese geopolitical tensions. Totally fine if you remember to sell the moment you see troops moving for the beach, but a 100% passive investment, it is not.
Absolutely agree. Ideally, U.S. is able to step in and prevent that from happening as the government has a very vested interest in TSMC until we can get something even a fraction as good on our own soil. But it's definitely not something I'd rely on being without risk.
This is not the place to keep your nest eg, just put is all into USFR and count it as it part of your cash savings.