Talking about Beanstox Review in today’s fast-paced world, where financial stability and growth are more important than ever, many of us are on the lookout for effective and straightforward ways to invest and build wealth. Enter Beanstox, an automated investing app that promises to simplify the investment process. But is Beanstox the right tool for you to achieve your financial aspirations? Let’s dive into an in-depth Beanstox Review to find out.
Understanding Beanstox:
What exactly is Beanstox? Simply put, it’s a Robo-advisor app designed for those seeking a hands-off approach to investing. Launched in 2018 by Kevin O’Leary of Shark Tank fame, Beanstox aims to make investing accessible and straightforward. The platform is particularly appealing to beginners, offering a set-and-forget strategy ideal for long-term wealth building.
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The Pros and Cons of Beanstox:
Pros:
- User-Friendly for Beginners: Beanstox is ideal for those who are new to investing. Its automated strategy simplifies the investment process.
- Efficient Set-Up: Opening an account is quick and straightforward, taking less than 10 minutes.
- Diversified Investment Options: The platform offers various ETF portfolios, catering to different risk tolerances and investment goals.
Cons:
- High Relative Fees: For those investing less than $500 per month, the fees can be relatively high.
- Limited Customization: Compared to buying ETFs through an online broker, Beanstox offers limited investment choice and customization.
- Customer Service Concerns: There have been complaints about customer support and the functionality of the app.
Beanstox App Rating According to Google:
Here is the graphical representation of the rating chart for the Beanstox app, as sourced from the Google Play Store. This chart includes a bar graph showing the distribution of star ratings from one to five, with the heading “Beanstox App Ratings Breakdown” and a note below indicating the overall rating of 3.8 out of 5 stars.
Beanstox Reviews: What Do People Think About Beanstox?
What does the general public think about Beanstox? The opinions are mixed. Some users appreciate its simplicity and beginner-friendly approach. However, others have raised concerns about customer service and app functionality. Online reviews show a 3.9/5 rating on the App Store and 3.8/5 on Google Play, indicating a generally favorable but not flawless perception.
Raymond Miller
October 12, 2021
Seems intuitive. I think there is a glitch during registration. It asks to verify your bank account, but requires that you verify your registration first. You need to exit the app, verify subscription, and then add funds. My recommendation, remove adding the bank account until after account validation. Also, an app tutorial would be helpful.
Charles Booz
June 30, 2022
I OPENED AN ACCOUNT AND SOMEHOW NOW I have 2 accounts. $25 each week per account. First $100 initial deposit went through quickly, but the first weekly was pending for more then a week. Finally went through, after the second weekly was due. Tried to make a withdrawal, but after pending, never went through. Closed the access so they wouldn’t get my next weekly investment. They didn’t, but I still wanted to make a withdrawal, so I had to allow my checking info. again. Took 2 weeklies, no withdraws
By Staticchaos
Too difficult to start an account
Beanstox had to have been rushed out the door. Beanstox is too difficult to start an account, offers no preview pictures of what Beanstox is about/ how it functions, and demands an initial investment without disclosing just how that investment will be growing. The most frustrating think is while entering in virtually any details, you have to scroll up and the down (sometimes several times) just to have the continue button visible. I can’t trust my money in a roboapp that doesn’t have at least a functional GUI.
By Jiten K
Poor Customer Support
I recently opened an account with Beanstox. Beanstox is not very user friendly in setting up the goals. I inadvertently set two goals. In an attempt to remove. This resulted in more money getting transferred to Beanstox than planned.
In my attempts to prevent that transfer, not sure what I did, but the next time I logged on it said “Frozen Account”. There is no number to call to resolve this issue, getting very sporadic to no help to efficiently resolve this matter. I am getting worried that I am now 2nd guessing my decision to go with Beanstox.
Is Beanstox Right for You?
Now, you might wonder, “Is Beanstox suitable for everyone?” The answer largely depends on your investment goals and preferences. If you’re a U.S. resident, over 18 years old, and have a U.S. bank account, you’re eligible to use Beanstox. It’s particularly beneficial for those new to investing or those who prefer a hands-off approach.
Understanding Beanstox Fees:
Below is a chart outlining the various fees associated with Beanstox:
| Fee Type | Amount/Description |
| Subscription Fee | $5.00 per month |
| Trading Fees | Free |
| Deposit Fees | Free |
| Withdrawal Fees | Information not explicitly stated |
| Rebalance Fees | Information not explicitly stated |
| Additional Fees | +0.25% annual fee for account balances over $25,000 |
| ETF Management Fees | Varies per ETF (Note: These fees do not go to Beanstox) |
This chart reflects the primary fees that users can expect when using Beanstox. It’s important to note that some specific fees, like withdrawal and rebalance fees, are not clearly detailed in the available information. Additionally, while Beanstox itself does not charge for ETF management, the ETFs themselves may have their own management fees, which vary depending on the specific ETF.
This chart reflects the primary fees that users can expect when using Beanstox. It’s important to note that some specific fees, like withdrawal and rebalance fees, are not clearly detailed in the available information. Additionally, while Beanstox itself does not charge for ETF management, the ETFs themselves may have their own management fees, which vary depending on the specific ETF.
Other Benefits Of Beanstox:
Some summarized benefits of Beanstox are as follows:
- Automated and User-Friendly: Ideal for beginners, offering a hands-off investing approach.
- Diverse ETF Portfolios: Caters to various risk tolerances and financial goals.
- Low Minimum Investment: Accessible starting point at $100.
- Educational Content: Features tips and guidance, especially from Kevin O’Leary.
- Convenient Mobile App: Manage investments on the go.
- Automatic Features: Includes rebalancing and dividend reinvestment.
- Regulated and Transparent: SEC-registered with a clear fee structure.
- Accessibility: Suitable for a wide range of investors.
The Bottom Line: Beanstox and Your Wealth-Building Journey:
To sum up, Beanstox presents an appealing option for those seeking a simple, automated investing route. However, like any investment platform, it comes with its set of challenges. Your decision should hinge on whether its features align with your financial goals and whether the benefits outweigh the concerns raised in user reviews.
FAQ:
How do I know what to invest in?
Beanstox helps you determine your investment choices by building personalized portfolios based on your risk tolerance and investment goals. The app focuses on ETFs and offers a range of portfolios to suit different investment strategies.
Are there any trading commissions or hidden fees?
Beanstox charges a simple monthly advisory fee and does not have trading commissions or hidden fees. However, for accounts over $25,000, there is an additional annual fee of 0.25%, plus ETF management fees which are not paid to Beanstox.
How much money do I need to start investing with Beanstox?
You can start investing with Beanstox with as little as $100. This low entry point makes it accessible for beginners or those looking to start with a smaller investment amount.