Starting My Investment Portfolio Using Fee Free Loyal3
Image courtesy of cooldesign / FreeDigitalPhotos.net
I have a 401K plan as well as a pension through my employer, and my wife and I are looking at finally opening that Roth IRA this year. What we donâ€™t have is any kind of private investments.
Thatâ€™s about to change thanks to a fee free stock trading platform called Loyal3.
Did I pique your interest with the phrase, â€œfee free?â€ It certainly got my attention and is what drew me to taking a closer look at Loyal3. Where other platforms charge around $10 per transaction, Loyal3 charges nothing. Buy and sell at your heartâ€™s content and pay absolutely nothing.
The lack of fees is what initially drew me to their website, but as I took a closer look there were other features that really sold me on signing up.
- Low minimum investment amount : Users can get started, and continue to invest in increments as small at $10.
- Automatic Investment: Users can schedule automatic monthly withdrawals from a checking account to help users incrementally grow their portfolio.
- Easy to use: I signed up and made my first purchase in less than ten minutes. Users pick their stock from a list of over fifty easily recognized company icons, then enter the desired amount, and thatâ€™s it. Youâ€™re done.
Users are limited to a maximum investment of $2500 per month (Iâ€™m not in any danger of exceeding that anytime soon), and the stocks available for purchase are limited to a current list of 50+ stocks. But the advantages listed above make Loyal3 a perfect platform for investing beginners like me to start building a portfolio.
I started out with a $60 investment in the Buffalo Wild Wings restaurant chain. I LOVE the food at BWWs, plus I recently read an article suggesting it may be poised for both short term and long term growth. I plan on contributing more funds each month, increasing both my investment in BWW, as well as diversifying across other companies as well.
I thought it would be fun to report here on CleverDude once a month as to how Iâ€™m growing my portfolio, as well as how my investments are doing.
So follow along each month, and watch my money (hopefully) grow!
Do you manage your own investments using an online stock trading platform? How much in fees do you pay?
Brought to you courtesy of Brock
Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children, Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.