Recently, I was asked to review Passport by Drivewealth (affiliate link). Have you heard of it? It’s an app that’s available for iPhone and iPad only.
It basically puts the stock market in your pocket. It’s crazy to me that you can invest, from your phone, for apparently as little as $2.99 a trade.
You can keep track of your current portfolio:
(Which of course you’d need to do from your phone!)
Look at charts to see if you should buy a stock:
Manage your investment risk:
And my favorite, play in the stock market sandbox:
Practical Idea: Learning All About the Stock Market
One of the coolest parts of this app is the “practice investing account,” which lets you play in the Stock Market but with fake money.
You’re given $10,000 in virtual cash (sorry, not even Bitcoin!) which you can use getting comfortable with the platform, as well as getting comfortable with the whole idea of the stock market. I like the idea of teaching kids (oh, who am I kidding, even adults) how the stock market functions. You can’t earn money, but you can’t lose money either, and you learn about things like risk tolerance (yours) and the ups and downs of the market.
When you’re ready to step out of the sandbox, you can open a live account. Unlike the test account, you do not need $10,000 to start playing with the real thing. In fact, there’s no minimum amount required to start your account.
What About Fees?
Fees start at $2.99 per transaction, and that’s all you have to pay. There’s no monthly fee, there’s no ongoing minimum balance. The only thing you have to pay is a one-time tax verification fee of $5, and that’s only if you’re a non-resident of the United States.
This is a very slick app with a lot of potential. My favorite things about it are the practice area and the low fees. My hesitation is that it seems to make the stock market a little too accessible. This might be my inner fuddy duddy coming out, but I have enough respect for the market to… you know, open a computer at least! Yes, seeing that typed out makes me realize it does make me an old fuddy duddy. So, kids, get off my lawn, then check this out.
Would you put the power of the stock market in your fingertips?