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