Investing is the best way to build wealth and stocks are one of the best options for you to start investing. It is best to invest in stocks in your teen age so that when the time comes you have enough credit in your bank account. In this “Bloom Investing App Review” we will analyse this investing app that is designed for teenagers.
What Is the Bloom Investing App?
Bloom App is a stock investing platform designed for teenagers aged between 13 and 17 years. What makes this App different from other investment apps is its range of unique features that prioritize a safe and educational experience.
This app comes with its parental control functionality that enables parents or guardians to closely monitor and guide their teenagers’ investment activities, providing an additional layer of protection and guidance.
Whether you’re a teenager looking to invest and learn about stocks or a parent wanting to educate your children about investing, Bloom App has got you covered. The app offers comprehensive education modules that empower young investors with the knowledge and skills needed to navigate the stock market successfully.
These modules cover a wide range of topics, starting from basic investment concepts and progressing to advanced strategies. This ensures that teens can learn and enhance their financial literacy as they progress through the modules.
Key Features of Bloom App
- Bloom app comes with many amazing features that make it the best choice for teenage investors.
- Teen are able to Start investing from $1
- Bloom charge $0 trade fee for buying and selling stocks
- Offer parental control on investing
- The App provides 80+ financial lesson videos
- The app uses bank-grade encryption and authentication protocols to ensure that your data remains confidential and secure.
Bloom Investing App Review: Pros & Cons
Investing apps have become increasingly popular for individuals to participate in the stock market. Bloom App is no exception, offering a platform designed for teenagers to start building their wealth and financial knowledge. However, like any other investing app, it’s important to consider the pros and cons before deciding if Bloom is the right choice for you or your teenager.
Pros of Bloom Investing App
- Educational Resources: Bloom App offers comprehensive educational modules that empower young investors with knowledge and skills to navigate the stock market successfully. This educational focus helps teens build their financial literacy.
- Parental Controls: The app provides built-in parental controls, allowing parents or guardians to closely monitor and guide their teenagers’ investment activities. This feature ensures a safe and responsible investing experience.
- Fractional Trading: Bloom App allows teens to invest in fractional shares of stocks, enabling them to build a diversified portfolio with even a small amount of money. This feature provides an inclusive and accessible investment opportunity.
- User-Friendly Interface: The app’s design and user-friendly interface make it easy for teenagers, including those new to investing, to understand the app’s features. This simplicity enhances the overall investing experience.
- Investment Tracking: Bloom App allows users to track their investments in real-time. This feature enables teenagers to monitor the performance of their portfolio, make informed decisions, and learn from their investment experiences.
Cons of Bloom Investing App
- Limited Age Range: Bloom App is specifically designed for teenagers between the ages of 13 and 17. Individuals outside this age range may not be able to access or benefit from the app’s features.
- Restricted Features: As an app targeted at teenagers, Bloom may not offer the same advanced features and options available on other investment platforms designed for adult investors. Some experienced investors may find the app’s capabilities limited.
- Dependency on Parental Control: While the parental control feature ensures a safe investing experience for teenagers, it may also limit their autonomy and independence in making investment decisions. Some teenagers may prefer more freedom in managing their investments.
- Market Volatility Risk: Like any investment platform, Bloom App is subject to market volatility and fluctuations. Teenagers should be aware of the potential risks involved in investing and should exercise caution and diligence when making investment decisions.
- Community Limitations: While Bloom App promotes community engagement, the size and activity level of the community may vary. Some teenagers may find limited opportunities to connect and interact with other investors within the app.
It’s important for teenagers and their parents to carefully consider these pros and cons when evaluating the suitability of Bloom Investing App for their investment needs and goals.
Is Bloom Investing App Legit?
When it comes to investing as a teenager, options can be limited. Many services need a bank account or have restricted features. However, it’s crucial to conduct thorough research to ensure a secure and reliable start to your investment journey. Let’s evaluate the authenticity of Bloom App, an investing and financial educational app for teens, based on ten key factors.
Minimum Account Balances
Bloom sets itself apart by having no minimum required balances. While standard rules may require a minimum deposit of $1, there are no additional barriers to entry.
Trade Commissions
Bloom charges zero-commission on investing. This means that investors can trade stocks without paying trade fees on every transaction. This allows teens to utilize their buying power for investing and making money.
Investing Capabilities
Bloom collaborates with Alpaca Markets, a trusted partner, to provide a range of investing features. These include fractional investing, digital trading for stocks and cryptocurrencies, stock alerts, dividend support etc. Bloom users can invest in stocks, ETFs, and popular cryptocurrencies.
Financial Security
Bloom prioritizes the security of user information. The app meets bank-level security standards and SSL encryption to protect data. Additionally, App allows fractional investing, zero commissions on trades, and a learning center with over 80 education modules co-created by Ivy League. These measures contribute to a high quality investing experience.
Cost
Bloom charges a subscription fee of $15 per month and $60 for 180 days from the parent. The cost, equivalent to less than $0.52 per day. Bloom Investing App proves to be a legitimate platform for teen investors. It offers a comprehensive set of features, including zero commissions, robust safety measures, extensive financial education, and reputable licensing. With Bloom, teens can embark on their investment journey with confidence, guided by an app that prioritizes their financial well-being.
Bloom Investing App Review: What does the User think about This App?
The bloom investing app for teens is only available on Apple play store. While it’s difficult to draw a definitive conclusion due to the limited number of reviews available, let’s examine the common issues and feedback from users to provide a balanced review.
One of the common issues mentioned by users is the unexpected $15 payment deduction without prior notification. This lack of transparency regarding the fee structure can be frustrating for some users. Additionally, several users have expressed dissatisfaction with the customer service and response time, citing difficulties in getting timely assistance.
On the other hand, some users have had positive experiences with the app. They highlight the educational value it provides and commend its simplicity and user-friendly interface. The educational modules and video lessons, co-created with Ivy League professors and CEOs, have been praised for being easy to understand while still being informative. Parents have particularly appreciated the opportunity to learn alongside their teenagers and have found value in the lessons.
Another positive aspect mentioned by users is the app’s commitment to safety and parental controls. Users have expressed confidence in Bloom’s ban on day trading and the implementation of risk ratings. The parental control features, such as approving each investment order, have helped parents feel secure in allowing their teens to invest.
Bloom Investing App Review: Final Conclusion
This “Bloom Investing App Review” aims to provide you with an overview of the app’s features and user experiences, empowering you to make an informed decision about whether it meets your requirements.
The Bloom Investing App offers a range of unique features tailored to teenage investors, providing a safe and educational platform to start building wealth early. It’s important to weigh the pros and cons mentioned in this review and determine whether the app aligns with your specific investing goals and preferences.
