Bloom Investing: Is It Free To Access?

Do you have to pay for Bloom Investing? The answer is yes. The cost of the app is $15 per month or $120 for a year. The app is aimed at teenagers, and parents do not have to pay for the app, only the teens' accounts. The app offers an annual plan at $120 per year and a monthly plan at $15 per month. It is worth noting that the price of the app has increased over time.

There are no minimum account balances or trading commissions

The absence of minimum account balances means that users can open a Bloom investing account with any amount of money and start investing immediately. This is particularly advantageous for teenagers who are new to investing and may not have a substantial sum to invest. It also allows users to invest in stocks, ETFs, and cryptocurrencies with greater flexibility, as they are not restricted by minimum balance requirements.

Additionally, the lack of trading commissions means that users can buy and sell stocks and ETFs without incurring additional costs. This is especially beneficial for active traders who frequently buy and sell securities. By eliminating trading commissions, Bloom makes it more affordable for users to execute trades and potentially increase their profits.

The combination of no minimum account balances and no trading commissions makes Bloom a cost-effective option for individuals looking to start investing. It lowers the barriers to entry for those who want to learn about investing and build their wealth. With these features, users can start investing with a small amount of money and gradually increase their investments as they gain more knowledge and confidence.

Furthermore, the absence of minimum account balances and trading commissions aligns with Bloom's focus on education. By eliminating these financial constraints, the app empowers users to apply the knowledge they gain from the interactive lessons more freely. Users can put their learning into practice without worrying about significant upfront costs or transaction fees hindering their progress.

Parents can approve or deny trades and set limitations

Parents can play an active role in their teens' investment journey with Bloom. The app allows parents to approve or deny trades and set limitations on the types of securities their teens can trade. This feature ensures that parents can guide their teens' investment decisions and mitigate potential risks.

Bloom provides parents with the ability to monitor their teens' progress and control their investment activities. Parents can view their teens' financial lessons and keep track of their investments and returns. This level of oversight empowers parents to provide guidance and set appropriate boundaries for their teens' financial endeavours.

The app offers parental controls and safety features that allow parents to sponsor and fund their teens' accounts. Parents can utilise bank accounts or debit cards for deposits and withdrawals, ensuring a secure and convenient transaction process. Additionally, parents can set up an allowance for recurring deposits into their teens' investment accounts, promoting consistent saving habits.

Bloom's parental controls extend to the approval of stock trades. Parents can choose to approve trades manually or set up automatic approvals. This flexibility allows parents to be as involved as they prefer in their teens' investment decisions.

Furthermore, parents have the authority to determine the types of securities their teens can access. They can restrict their teens from investing in certain stocks, ETFs, or cryptocurrencies if they deem them too risky. This feature ensures that parents can curate an appropriate investment environment for their teens, aligning with their risk tolerance and financial goals.

Bloom's parental controls and approval processes provide a robust framework for parents to guide their teens' investment journey. By approving or denying trades and setting limitations, parents can actively participate in their teens' financial education and help them develop prudent investment habits.

Users can set custom price alerts

Users of the Bloom investing app can set custom price alerts on their favourite stocks to track their price movement. This feature allows users to create custom price targets to decide when to buy and sell stocks to maximise their returns. When a custom price alert is set, a push notification will be sent to the user's device when the target is met.

To create a custom price alert, users can follow these steps:

• From the Summary tab, tap the Alerts icon.
• Tap "Create new price alert".
• Enter a Target price.

Users can also view their custom price alerts by following these steps:

• From the Summary tab, tap the Alerts icon.
• Tap "View price alerts".

This feature is especially useful for those who want to stay informed about the price movements of their favourite stocks and make timely trade decisions. By utilising custom price targets, users can decide ahead of time when to buy or sell stocks, helping them to maximise their returns and make more informed investment choices.

Overall, the ability to set custom price alerts on the Bloom investing app provides users with a valuable tool to stay updated on stock price movements and make more strategic investment decisions.

The app costs $15 per month or $120 annually

The cost of the Bloom app depends on the type of subscription plan chosen. There are two subscription plans available: an annual plan at $120 per year, and a monthly plan at $15 per month. The app's pricing structure has changed over time, with some users reporting a previous annual plan price of $60.

The app's cost grants access to a range of features, including educational content and hands-on investing experience. With a focus on teaching investing to teens, Bloom offers interactive lessons, quizzes, and incentives to encourage learning. The app also provides users with the ability to trade stocks, ETFs, and cryptocurrencies, with parental controls and approval processes in place for teen accounts.

The monthly or annual subscription fee allows users to access these features without any additional charges for directly depositing funds via a bank account. However, it is important to note that Bloom charges a 5% deposit fee on investments made through debit card deposits.

While the app does come with a cost, some users have mentioned that the education, confidence, and safety it provides are worth the price. The app has received positive reviews, with users highlighting its ability to simplify complex financial concepts and provide a comprehensive understanding of investing, personal finance, and economics.

It has a 4.7/5 rating on the Apple App Store

The Bloom: Learn to Invest app has a 4.7/5 rating on the Apple App Store, with over 30,000 ratings. The app has received positive reviews from users, with many praising its educational content, user-friendly interface, and comprehensive approach to teaching investing. Several users have mentioned that the app helped them gain confidence in investing and personal finance. The app has also been commended for its safety features, such as parental controls and the ability to set price alerts.

The app offers a wide range of features, including interactive financial lessons, quizzes, and the ability to trade stocks, ETFs, and cryptocurrencies. One of its standout features is the "Learn & Earn" centre, which rewards users for completing lessons and quizzes with in-app currencies, free stocks, and raffle entries. The app also offers extended trading hours, limit and stop orders, and automatic investments into Auto-Portfolios.

While the app has received mostly positive reviews, some users have mentioned the cost as a potential drawback. The app charges a subscription fee of $15 per month or $120 annually, which may be a significant expense for some users. However, it's important to note that the app offers a wealth of educational content and tools that may be valuable for those looking to learn about investing.

Overall, the Bloom: Learn to Invest app has been well-received by users, with its high rating on the Apple App Store reflecting its popularity and effectiveness in teaching investing and personal finance to its users.

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