Is the robo-advisor Acorns legit and safe to use?

Asked 3 years ago

How is Acorns as an investing app for beginners, since I don't have much experience? Would you say that it is safe? Would I be able to make money using Acorns? To be honest, it sounds almost too good t be true. What's the catch? What is better than Acorns and good for long-term investments?

Acorns Robo-advisors Automated investing service Online advisor

Andia Rispah Igobwa

Friday, September 17, 2021

There is no doubt that there are cheaper investing apps on the market, but Acorns does provide a well-rounded service. If you are new to the world of investing and want more than just a simple expense tracker with budgeting capabilities, then this might be an app for you!
Acorns was originally designed to help people save without worrying about constantly stumping up cash at intervals so that easy automatic investments can be set up.
Their stock portfolio management service has shown some excellent performance in recent years- getting your money out of one account and into another couldn't be any easier! 
The only thing experts found needing improvement was their retirement calculator, which wasn't as sophisticated as other firms' offerings.

Andrew Moran

Thursday, September 23, 2021

Yes, Acorns is safe and legitimate.
The financial services mobile application utilizes high-tech security and encryption measures to ensure your data, such as your credit card or SSN, cannot be stolen.
Moreover, the robo-advisor is regulated by the Securities and Exchange Commission (SEC). Plus, Acorns is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). 
In regards to your other questions, it is a decent investing app that allows you to invest with your pocket change. This is not something you should use for your life savings. By investing a couple of bucks without even noticing, you could eventually cash out on a handsome windfall.