To be honest, I don’t know anyone who does not like to save or even earn money through a safe investment option. The amount of investment depends on the risk you are willing to take; thanks to the online world, there are investment options which you can start as low as $1 and Acorns Investment App is one of these opportunities that you can take advantage of now here is the question: Is Acorns Investment App scam or it really opens new doors to online investment world?
This financial app has been launched about 5 years ago in 2014 and with a micro-investing option tries to attract new investors. During the 5 years, Acorns turned to a trustable company and it’s been recommended by many experienced investors and financial experts.
Micro-saving means you don’t need those big numbers ($10k, $50k, etc.) to start your investment journey and with what Walter and Jeff Cruttenden done (Founders of Acorns Investment App) even people with a very limited budget can take their chance for experiencing a profitable contribution.
Product Name: Acorns Investment
Official Website: https://www.acorns.com
Owner: Jeff Cruttenden & Walter
Type: Business Opportunity Based on Micro-Investing
Cost to Join: $1 to $3 Monthly ($15/Yearly)
Recommended? Yes but not for making big profit
Overall Rating: 6 out of 10
What Is Acorns Investment App All About?
When I’ve seen Acorns app for the first time, I thought that it’s similar to the Digital Payday platform which I’ve reviewed some while ago but it was not. With taking a short look at available financial apps in App store or Google Play, you’ll instantly find out that because of tons of related app out there, finding a reliable one is not as easy as you thought.
Now, in this crowded and big market, an app called could change rules of the game and stands out in the crowd but what is the unique feature of Acorns Investment which makes it different from similar apps? It’s automated! Yes, everything will be done by bots when you use this app and this is not what we’ve normally seen in similar financial apps.
This automate option decreases the risk of online investing dramatically. Many unsuccessful investments happen when an investor can’t take the right decision at the right time but when everything is done by a machine on a regular weekly or monthly basis, you don’t need to worry about human errors and the app takes the rest of the work according to the preferences you’ve already set.
To be honest, Acorns is one of the most user-friendly financial apps I’ve ever seen. The only thing you need to do is investing a small amount of cash (from $1 to $3) per 30 days and it continues as long as you have $1 million and you never see any complicated method to calculate trading fees or something like that.
There is some news that says Acorns wants to expand its business and provide this micro-saving option to other countries but at the time of writing this review article, getting benefit from Acorns Investment App is only available for people who live in the United States and are residents of this country. Although other similar apps like MoneyBox are still available for European counties but that would be nice if we residents of European counties can have something exactly the same as Acorns Investment for themselves.
How Acorns Investment Works & How to Start Investing?
Acorns Later & Acorns Core are two ways that have been introduced by this app for investing. Let’s take a look at the main method ‘Acorns Core’ first.
This investing model got a lot of attention and +1 billion dollars have been invested by people in this model. Do you remember about the automated option I’ve told you above? The eye-catching option that I’ve seen in this app for the first time? Well, Acorns Core uses that option which means, after setting up an account in Acorns Investment (which does not take more than a couple of minutes), you can start adding money to your account in a fully-automated way and this amount of money will be added to your portfolio which is created by Acorns.
But what about the Acorns Later? As its name brings, it’s a long-term investment which focuses on retirement years. Acorns will be dedicated an individual retirement account to you which saves money for your retirement and this account will be monitored and updated by Acorns on a regular basis to make sure it follows all financial goals.
Taking a short look at active investors of Acorns Later shows us that it’s trusted by more than 200,000 individuals. The same as Acorns Core, you can have an Acorns Later account just by filling out a form which can be done quickly.
Where Profit of Acorns Investment Comes From?
The main source of income for owners of Acorns is the amount of money they charge users a membership fee. It’s interesting to know that this private company has been built by two members of a family a father and a son a couple of years ago.
You may wonder to know how they could manage costs and expenses at the beginning. The answer is by attracting investors to invest in the app. Now it’s reached 4 million members which are a record for an application in the finance category and this company made more than $20 million dollars in only its first year.
They didn’t stop at this point and after 2 years they’ve expanded the app by collecting more funds which increased the total amount of investment in this company to +$30 million dollars!
This is how reliable companies work. They make an honest relationship with customers after getting the trust of investors because they know how it really worths. Acorns Investment is a company which started everything from scratch and it gets benefits from what it’s done in the past.
Pros & Cons – Is Acorns Investment App The Right Choice For You?
I would say that Acorns is absolutely the best choice for people who don’t know anything about the online investment or have only a little bit of information about it. Also if you have limited time to monitor investment opportunities, the automated feature of Acorns is another reason for taking advantage of it.
Let’s take a look at the main reasons that can encourage you to join the Acorns community and become an investor, in other words, how to know if Acorns App is the right investment way for you;
- If you don’t have much time or your knowledge about online investing is zero or very low and prefer to use an all-done-for-you app instead of learning everything by yourself then you should give Acorns Investment App a shot.
- If saving a small amount of money is more important than making money for you.
- Or if you didn’t try online/offline investing in stocks anywhere else before.
Final Word – Is Acorns Investment App Scam?
A direct answer to the above question is No, Acorns Investment app is not a scam but there’s a better question we should ask here: Is Acorns Investment app worths trying?
I think the best way to find out if investing in Acorns worths your time and money is asking opinions of other people who tried this app before. To do that you should read other reviews of Acorns Investment app but not all reviews are worth reading because some of them have been written only with the aim of getting the attention of new investors and selling this product.
For example, my personal opinion about Acorns Investment app is that it’s unnoteworthy and I prefer to invest my money and time somewhere else because of a lot of reasons but as I’ve said, this is ‘my personal opinion’ and like thousands of people who use Acorns Investment, it can be useful and beneficial for you.
Also, some professional investors believe that the amount of money Acorns charges every member as the membership fee is too high compared to similar options but Acorns charges people on the right way and from my point of view this amount of fee seems logical because almost everything will be done by the app and it saves a big amount of time for new investors. Also, to pay less fee, you need to invest a significant amount of money which is not possible for all people and since Acorns Investment wants to open the door of investing to ANYONE, some fees need to be charged to cover the expenses.
Acorns is not the only app in the world that has an automated investing system and companies like Personal Capital or SigFig provide similar robo-advisor system, however, the main reason behind using such that system is saving money regardless to human emotional acts so if are a logical person and can save significant amount of cash by controlling your emotions properly then you don’t need assistants like Acorns Investment app.
The fact is that there’re some risks involved for investing in ANY kind of market; this means technically we don’t have anything called zero-risk investment and although there are many benefits in these robo-advisors but they can’t completely remove ‘fear of investing’.
All in all, if you are new in the investment industry and want to start your journey in this business in a safe place then Acorns Investment App can show you the right direction. Setting up an account on this app is pretty easy and straight forward, it takes only a few minutes of your time and can turn you to an online investor without any complicated chart or analysis.
Sometimes having self-confidence while you’re doing something new for the first time is much more important than making profit and Acorns Investment App can definitely give you this feeling of confidence.
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Thanks for reading my article and I hope this review was useful for you and feel free to ask your questions and share your opinions in the comments below.
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