Plynk Review: Turn Unwanted Gift Cards Into Investments
Review
Updated
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Plynk is an investment app designed to help make investing easier for beginners. Its goal is to help beginners start investing and learn more about finances along the way. You can open two different accounts with Plynk: a brokerage account (for investing in stocks and funds) and a crypto account (for investing in cryptocurrency).
Plynk
Plynk is an app for beginner investors allowing you to invest in a wide selection of stocks, exchange-traded funds (ETFs), mutual funds, and four cryptocurrencies.
$0 for stocks, funds, and ETFs; fees for individual crypto trades
$0
$10 welcome bonus for new customers
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5.0/5
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Full-service investing at every experience level | $0 commission for online U.S. stock and ETFs*. No account fees****. |
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4.5/5
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3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Managing your finances under one roof | $0 for stocks, $0 for options contracts |
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4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
Low fees on stocks, ETFs, crypto, and options | $0 for stocks, ETFs, and options |
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On Robinhood's Secure Website. |
This stock broker is a good fit for: Beginner traders who want an easy-to-use interface.
Plynk is a mobile app geared toward beginner investors. You can open two different accounts with Plynk: a brokerage account (for investing in stocks and funds) and a crypto account (for investing in cryptocurrency). Plynk offers an intuitive app and an educational hub for users to learn more about investing. Plynk is a service of Digital Brokerage Services LLC, and is a member of FINRA and the Securities Investor Protection Corporation (SIPC), which protects customers if their brokerage firm fails.
The Plynk app allows you to invest in a wide selection of stocks, exchange-traded funds (ETFs), mutual funds, and the following four cryptocurrencies:
There's no minimum required to open a Plynk account, and you can start investing with as little as $1. You can invest in stocks, ETFs, and crypto commission-free, but there are fees for individual crypto trades.
Plynk is currently offering a $10 sign-on bonus that will be deposited into your Plynk brokerage account within 30 days once:
Plynk has a gift card exchange program where you can turn your unused gift cards (from over 200 brands) into money to invest. If you have any unused gift cards sitting in a wallet, junk drawer, or the bottom of a purse, you can turn those unredeemed gift cards into money you can invest with Plynk.
Plynk is geared toward beginner investors. Its goal is to simplify the process while helping you learn as you go. Plynk Think is an educational hub that helps you learn one lesson at a time and get basic tips on managing personal finances. Plynk is not a robo-advisor, but through Plynk Explore you can find investments that match your interests by answering just a few questions.
Plynk only offers a brokerage account and no retirement account options. If you are interested in starting a traditional individual retirement account (IRA) or Roth IRA, then you will have to open an account with another financial institution.
While it is free to trade any stock, mutual fund, or exchange-traded fund, there is a fee to trade crypto. It is $0.50 per crypto trade for trades $100 or less, or 0.5% per crypto trade for trades above $100. If you plan on trading crypto frequently, you’ll need to account for these fees in your budget, as they can add up over time.
Plynk states that it has the discretion to temporarily waive this monthly fee, in the form of a free trial or otherwise. It will provide notice upon reinstatement of this monthly fee or general changes to its fees. This monthly fee is currently waived for all customers, but can be brought back at any time.
Plynk is for beginner traders. If you are a more advanced investor or want to trade options, then Plynk isn't for you. Plynk does not support advanced trading tools, strategies, or offer margin.
Plynk doesn't charge commissions for stock, ETF, and mutual funds. However, there are some fees traders should be aware of:
Plynk is a mobile app that was created to deliver a more intuitive investing experience. You can set up recurring investments with the app.
Plynk does not offer margin.
Plynk does not offer much research when it comes to technical or fundamental analysis. It does offer Plynk Think, an educational hub with tips and how-tos, intended to help beginner investors learn more about personal finance and how to invest.
READ MORE: Best Online Stock Brokers for Beginners
Plynk could be an excellent option for you if:
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Plynk is an investment app that offers stocks, mutual funds, ETFs, and four types of crypto. The app is aimed at beginning investors.
The Plynk app is currently free. However, a $2 monthly fee will apply to some services in the future. Commissions are charged for individual crypto trades.
Plynk currently allows you to trade four different cryptocurrencies on the app: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The Plynk app works with both iOS and Android devices. You can download it for free on the Apple App Store or Google Play Store.
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