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FAQs
Robinhood and Acorns each have a unique target audience, but the biggest difference between the two is that Robinhood may be better for beginners looking to choose their own individual stock and ETF investments, while Acorns may be a good choice for hands-off investors who want help building a diversified, long-term ...
Is it better to invest in Robinhood or Acorns? ›
Robinhood is less costly to use. Acorns is basically an automatic investor and advisor so it may be more appealing to a less-active investors. Robinhood is an easy-to-use but feature-limited trading platform so it may be more appealing to an active investor. Both only offer users limited options for support.
Is Acorns worth the $3 a month? ›
Is Acorns Worth it? Acorns charges monthly membership fees, starting at $3 per month. Even though it is a very easy way to get started investing, if you don't make enough purchases each month to round up and set aside enough money, the monthly fee could outweigh the benefit.
Is Acorns good for long term investing? ›
While they can be used for short-term investments, they are geared towards long-term financial goals. Acorns is particularly effective for traditional IRA and Roth IRA accounts, where investments typically span many years or even decades.
Is investing in acorns risky? ›
Banking insurance: Acorns works with partners Lincoln Savings Bank or nbkc bank, Members FDIC, to make sure your funds are federally insured up to $250,000. It's also a member of the Securities Investor Protection Corporation (SIPC) which is a protection measure for customers if their brokerage firm fails.
Has anyone made money on Acorns? ›
Find our detailed assessment of the app and how Acorns works. Acorns is easy to use, but has anyone made money on acorns? Yes. Keep on reading and learn how you can maximize your usage and end up with the most bang for your buck.
What's the catch with the Acorns app? ›
No tax strategy: Unlike many of its competitors, Acorns does not offer a tax strategy. High fees on small balances: Because of its pricing structure, Acorns can have high fees on small account balances.
Why is Acorns charging me $5? ›
There are two Acorns membership tiers, both of which charge flat monthly fees: Personal: $3 per month. You get access to Invest, Later and Checking. Personal Plus: $5 per month.
Who should I use instead of Robinhood? ›
Overall, Fidelity has a much more comprehensive platform and suite of services than Robinhood. It's a well-rounded brokerage that works for all investors, including beginners. It also has the advantage of being a massive company with a solid reputation (that Robinhood lacks at times) and nearly $10 trillion in assets.
Why Robinhood is better? ›
Robinhood pros & cons
Doesn't require a monthly fee or account minimum to open or maintain a brokerage account (except for Gold account). Easy to use. No foreign transaction, inactive account, transfer or card replacement fees. Offers commission-free crypto trading with no markups and markdowns.
Over 10 million people use Robinhood as their primary trading platform.
What are the downsides of Acorns? ›
Fees at Acorns can be above-average for investors who are starting with small portfolios, however. You also won't be able to take advantage of tax-loss harvesting, a common feature at leading robo-advisors. Investors looking for more comprehensive offerings should consider Wealthfront or Betterment.
What is the average return on Acorns? ›
Furthermore, the long-term average annualised return in a balanced investment of the exchange-traded funds in which Acorns invests is closer to 7.5 per cent. Meaning that over the long-term there is a high probability that account balances of less than $200 will have all their gains eaten up in fees.
What happened with Acorns? ›
On November 2, 2010, its U.S. offices filed for Chapter 7 liquidation effectively closing the organization. ACORN members and organizers formed new organizations in at least three states while ACORN groups outside of the US continued unaffected.
Does acorns grow your money? ›
Acorns clients may not experience compound returns and investment results will vary based on market volatility and fluctuating prices. Money doesn't grow on trees. But with compound returns, money can grow on itself. It's a long-term investing principle foundational to how Acorns can work for you.
Can you day trade on acorns? ›
Like Acorns Invest, your portfolio is made up of ETFs. We found the Invest/Later nomenclature a bit confusing, since it's not as if your Acorns Invest funds are meant for day-trading or immediate use. All investing is for the long haul, whatever the goal. Acorns Debit Card.
Is Robinhood gold worth it? ›
Robinhood Gold could be worth it for some Robinhood customers. If you max out your IRA contributions every year, being a Robinhood Gold member gets you far more value than the annual membership cost. The same can be said if you tend to keep at least several thousand dollars in cash in your account.
