M1: Investing & Banking Reviews – Page 8
5/5 rating based on 120 reviews. Read all reviews for M1: Investing & Banking for iPhone.
M1: Investing & Banking is free iOS app published by M1 Finance LLC
Great App
Jallen1986
Great way to get into investing. The app has practical explanations of the different investment portfolios offered that really make investing less intimidating. I’ll continue to us and recommend this app.
Wow this is so much better than other robos
Dallas Taco Expert
What I like most about this platform is the fact that I never have to place a trade, and I am always fully invested. Can’t wait to send direct deposit here once I get a new job.
Perfect for what it is intended to do.
Davidscubadiver
M1 Financial is a great solution to the vexing problem of maintaining a user-defined investment allocation across a portfolio of more than 3 investments. It also offers an excellent way to invest in a diverse portfolio of stocks and ETFs, permitting you to buy fractional shares so you can easily buy stocks like Google and Berkshire Hathaway which might otherwise be out of your price range, while still giving you the return on your money that you would earn on a whole-share portfolio. The premise is great. For example, I can have a portfolio that is 75% made up of one pie (40%VTI/35%VXUS/25%MUB) that is diversified between US/Foreign/Municipal Bonds) and 25% made up of another pie that consists of a ten stocks recommended by a financial newsletter I like (each stock being 10% if the pie). Then, whenever I transfer funds from my checking account to M1, they are invested so as to bring my portfolio in line with the 75/25 allocation across both pies in proportion to all of their slices. If the market has moved one investment out of proportion to another M1 invests so as to bring the pies back into balance. The opportunities are infinite. Of course, investments can incur substantial losses as well as return substantial gains, so don’t treat this as a bank account. M1 is not like a traditional brokerage account so you can’t use it like one. There are no limit orders, no way to place a trade when you want to (because they execute once a day, at 10 am eastern), no ability to select lots, no options, and no short selling What it excels at is, freeing your mind by allowing simple and regular trades into a portfolio as simple or complex as you like, using “pies” of your own making (or their off the shelf pies which look excellent). While you can’t select Tax lots yourself but whenever you sell, M1 minimizes gains by selling the highest cost shares of the “slices” needed to bring the portfolio to balance whenever a sale is initiated by you. This is what other brokers call Tax lot optimization rather than FIFO, and is the default at M1. Like all successful finance apps, this is no doubt just the beginning. I expect great things of M1, but even if it added no new features I highly recommend checking them out. The first $1,000 is invested at no cost so you can see how it all works and likely become a convert shortly thereafter. You can then easily see how your pies are performing separately and as a whole. They are also quick to get your money invested once a transfer is initiated. As of now, it is supported in Mint but not Personal Capital, and it does not yet Support exporting data so you can’t download to excel or Moneydance (or quicken for those still using that). I recommend this service to both novice investors and those who have been around the block and just want a simple way to manage a portfolio. The Bells and Whistles you get with other services, in my opinion, are not worth the added costs if you can keep yourself from constantly changing investment strategies at M1 Finance. That is because I would rather select my strategy than have it chosen for me and I do not want the robots to control when I sell. Daily rebalancing prevents any momentum gains. Letting things ride (to a point) when they have momentum will likely generate larger returns without taking on too much additional risk. YMMV.
Absolutely Amazing
Poprocks48
I started using M1 over a month ago. And my portfolio is up 5-6%. It’s extremely user friendly and has a low learning curve. One thing to keep in mind is that it’s an investing app, not a trading app. So if you plan on trading, it would be more useful to also utilize another platform. The app alone deserves 5 stars + the website has another feature of looking at/comparing different funds. Furthermore, I just submitted a customer support ticket and received a response and help in 36 minutes. Customer support timely and professional.
Get M1 now!!
Eeb1208
This platform has completely changed my investment portfolio in the most amazing way. For years I have worked with a big, traditional bank.. and I can’t ever imagine working with one again. M1 has saved me money, offered me more convenience, provided an opportunity for customization that is simply not available elsewhere.. and did I mention how much money this has saved me?? If you aren’t on M1 already, you are behind.
Whatever
bluearduu
I’m being forced to write this review. The app seems pretty good, although I haven’t done much. I’m just investing very small amounts to get the feel for this whole thing (I’m 18 and learning to invest on my own.) I’m curious to see how easy it will be to sell stocks when I get to that point. The 1 star is for the annoying pop-up review every two minutes in the app; aside from that it seems pretty good for someone like me.
Free, simple, powerful investing
Jethdeman
The fractional shares allows accessibility to high priced stocks and dollar cost averaging with dynamic redistribution of funds. Love it