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6 Comments

Basket Investing App for Stocks/Crypto?

Problem

I have multiple investing apps between crypto and stocks - Robinhood, Fidelity, Coinbase, Binance, ThinkOrSwim, Stash, Acorns, etc... I've used them all for one reason or another, but they're all missing one key feature:

I CAN'T SET UP RECURRING DEPOSITS THAT GET EVENLY DISTRIBUTED ACROSS MY PORTFOLIO!

Example: I own 4 Stocks and an S&P 500 ETF. Every payday I want to add $100 to my account, evenly. Sounds easy right? Nope. On most apps you need a recurring investment set up for each stock. Or it goes straight to cash and you have to move it later. Hard to setup. Harder to maintain.

Solution

I've started to build an app using the Alpaca trading platform (https://alpaca.markets/broker) that will allow you to:

1. Pick your stocks/assets (hopefully including crypto)
2. Pick your target allocation %
3. Set your recurring deposit amount/frequency
4. Literally profit

Right now its just a MERN stack app on Heroku and a landing page I made with KickoffLabs at www.fundkit.io (Needs a ton of work right now, but I needed to just start on SOMETHING).

Anyway, curious what folks think about my problem/idea. I've been a long time consumer of IH content but first time posting. Hopefully this marks the start of something cool. Appreciate any comment, thoughts, questions, or criticism!

posted to Icon for group Ideas and Validation
Ideas and Validation
on November 12, 2021
  1. 2

    Recurring deposits + pre-defined trading strategies is a real problem. I see myself using a service like this. Keep building!

    1. 1

      Thanks for the feedback!

  2. 2

    Great minds think alike ... :)) ... Co-incidentally, I had recently been looking around for something similar but in a different continent ...

    As you say, none of the apps allow "systematic purchases" (similar to SIP-Systematic Investment Plan for Mutual Funds). The apps focus on day trading.

    The law of averages suggests investing in a systematic manner (purchase small amounts on a recurring basis such as weekly, monthly bi monthly) to get the best rates. And many investment veterans (across geography) believe in it. So I think you do have a market.

    1. 1

      Just read about SIPs and you’re right on there. In my head, this is an app that essentially allows someone to build their own custom mutual fund.

      I sure have lost my share of money day trading. Hoping for a solution that at the least enables easier dollar cost averaging strategies for myself. So good to hear others might use it as well!

  3. 1

    A great app, now that would be interesting to people. Predetermined trading strategies have always been a problem. At the moment, I used online resources like investorjunkie.com to get a basic understanding of everything I need to know to trade crypto volatility. To start mining and trading bitcoin, I realized that I didn't need a degree in finance. Just learn the scheme and watch the market fluctuate. I like to be committed to analysis. Try to make rational conclusions and predictions and buy cryptocurrencies based on them.

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