Is Bloom Investing Legit? A Comprehensive Review for Teens and Parents

Introduction

With the recent decline in the world economy, there has never before been a greater demand for investment platforms that cater to different demographics, both young and old. And here is where Bloom investing app comes in. A fintech app with an agenda to indoctrinate young minds with a financial mindset necessary to tackle this financial crisis. But is Bloom investing legit? The answer to this and various other facets of the Bloom investment app is what we will consider in this article.

What is Bloom investment?

Bloom unlike any other investing app is a fintech platform that takes a hand-on app approach to teaching teens about finance while initiating them into the world of investing. It is geared towards teenagers aged 13 to 17 to provide them with the knowledge and tools needed to make informed financial decisions from a young age.

Additionally, Bloom investing has over 200 interactive educational lessons taught by Ivy League professors, which serves as a valuable resource for young individuals who want to kickstart their journey into the world of finance.

Who made Bloom investing?

Bloom Investing was founded by Allan Marman and Sam Yang, two innovative minds who sought to bridge the educational gap in the investment industry. Marman said he and his cofounder had some money from jobs, but when they tried to invest it, they found there were no platforms for learning how to invest.

They were motivated by the realization that existing investment platforms were lacking a fundamental component: teaching. They recognized that while other platforms offered free stock, they often failed to provide the necessary guidance and education.

Bloom investing app review

Now that we have introduced the founders of the Bloom investing app. We will go further to give a review of the apps from the views of its many users along with our personal experience. This will further help us analyze the app’s legitimacy.

Bloom is a strong contender among other teen investment apps. This is because it successfully combines investment opportunities with a robust educational framework that empowers teens to make informed financial decisions.

However, there is one significant downer- the cost. Bloom offers its services for a monthly subscription fee of 15$ or for 10$ over a six-month subscription period. Although the app provides excellent value in terms of education and investment opportunities, the price can be very overwhelming for its users, especially when compared to other teen investment apps that are available for free.

Furthemore, Bloom also impose a 5% fee for depositing funds via a debit card, adding to a long list of expenses piled up for users that may discourage potential investors. However, with a rating of 4.7 and more than a handful of positive reviews on the Apple Play store, it is evident that its users are generally satisfied with their experiences.

Is Bloom investing legit?

Yes, bloom is a safe and legitimate app. The safety and security of an investment platform are paramount especially when it involves teenagers. Bloom prioritizes the security of its user’s account by using bank grade encryption and authentication. Additionally, account funds are insured with up to 500000$ by the Securities Investors Protection Cooperation (SPIC). This insurance provides an extra layer of protection for user’s investments.

Furthermore, Bloom has partnered with key players in the financial industry to ensure the safety and efficiency of its services. Their brokerage services are provided by Alpaca Securities LLC, a member of FINRA/SPIC, and a wholly-owned subsidiary of AlpacaDB, inc. This partnership ensures the reliability and security of the platform’s brokerage services. These partnerships are essential in building trust and providing a secure environment for teens to explore the world of finance.

What type of investment account does Bloom offer?

Most teens do not have substantial capital to invest. Therefore, Bloom offers a unique investment account for teens through the Uniform Transfers to Minor Act (UTMA) or Uniforms Gifts to Minors Act (UGMA) custodial brokerage accounts.

Furthermore, to encourage the teens to invest, bloom only demands a minimum of 1$ deposit to get started. It also allows teens buy fractional shares of stocks and ETFs for as little as 1$. In addition to that, Bloom offers stock reward for learning. This is an ideal feature that accommodates teens who might not have substantial capital to invest.

It is important to note that fractional share transactions can only be executed through market orders during regular market hours and it is quite flexible and accessible even for beginners.

What educational features does Bloom offer?

As we highlighted earlier, the principal focus of the Bloom investing app is to offer investment education and to introduce teens into a world of investing. As a result, Bloom app provides more than one hundred and fifty interactive financial lessons that are regularly updated to suit the financial trend. These lessons cover a wide range of topics which include basic financial knowledge, advanced concept, personal finance, investing, economics, cryptocurrency and about famous investors and CEOs.

Now, there is also a reward system designed by Bloom to motivate its users to learn called the “Learn & Earn”. It rewards teens by allowing them redeem in-app currencies, earn free stocks from Future 500 companies, and participate in raffles. This gamified approach makes learning about finance engaging and enjoyable.

Bloom Investing Customer Care Service

If you require assistance or have inquiries about Bloom investing, you can contact their customer support via their website at https://www.bloomapp.com.

Conclusion

Is Bloom investing legit? The answer to this has been adequately justified in this article. But to emphasize more clearly, the answer remains a resounding yes.

The Bloom investing app for teens is a powerful tool that inspires teens to craft their financial future from a very young age. With its unique blend of education and investment opportunities, Bloom has proven to be an authority in the financial investment space. To ensure its legitimacy, the app features fractional share trading, parental controls, and safety features create a secure environment for teens to become tech-savvy on their way to becoming financial giants.