![]() ![]() The general model of robos is to keep fees low through passive investment, that is, investing exclusively in low-fee ETFs that, rather than attempting to beat the market, as stock pickers and mutual fund managers seek to do, instead mirror the returns of a sector or index. You may want to read more about robo-advisors, but “robots” watching over your life savings is not nearly as frightening as it might sound. Toronto-based Wealthsimple is best known as a “robo-advisor,” meaning that when you invest with the company, your money isn’t actively managed by humans but rather by a computer algorithm. Have you considered Wealthsimple? Hear us out.Ĭould there really be anything better than a tiny sliver of a great public company like Alphabet? How about a tiny slivers of hundreds of great public companies. ![]() Stockpile does not represent that materials on the site are appropriate or available for use outside of the United States.” However, the company is more definitive in stating that anyone who wants to hold stock purchased through their brokerage “will need to provide certain information required by Federal law to open an Investment Account, including her name, address, contact information, date of birth, and Social Security number.” An alternative to Stockpile for Canadian investors Stockpile is somewhat equivocal in who can use the site, stating “the Service may not be available in your state or country. Stockpile’s terms and conditions specifically state that neither buyers nor receivers of Stockpile purchases may live outside of U.S. So buying $100 of Amazon stock on a credit card would cost $105.99, a nearly 6% fee. Stockpile charges $2.99 for the purchase of one stock plus a 3% surcharge if you want to use a credit or debit card for the purchase. The fees associated with buying a gift card for a stock are considerably higher, however. ![]() The company’s fee schedule on its website states, “At Stockpile, you don’t pay Wall Street fees.” Indeed, their trading fees are reasonable, at $.99 per trade. With Stockpile, you can buy a small fraction of a share in a company that would otherwise be unavailable to small investors, like Berkshire Hathaway, a company with a stock that has lately traded at over $300,000 per share. The company emphasizes that they seek to “democratize” stock ownership, which has traditionally been practiced mostly by the wealthy. ![]() After practicing law for fifteen years, Lele got the idea for Stockpile when he wanted to gift his young relatives with stocks and realized that no one was marketing fractional shares of companies with high stock prices. Stockpile was founded in 2010 by Avi Lele, who got his engineering degree from MIT and a law degree from Harvard. They also sell gift cards so that you may pass along a gift of a fractional share of a well-known company. Stockpile is a Palo Alto-based American financial startup that allows clients to buy fractional shares of publicly traded companies like Amazon, Alphabet and Nike. What is Stockpile and is it available in Canada? We’ll clarify everything you need to know below. Unfortunately, Stockpile neither operates in Canada, nor can Canadian residents convert stockpile gift cards into stock.īut there are alternatives you’d do well to consider. ![]()
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