As consumers, we have become accustomed to conservation netflix lists telling us what we should watch out for, what we should consider for our next Amazon purchase, but what about investing for our future? The power of recommendation engines makes its way to tailor-made offers for your investments.
Magnifi Personal is an AI-powered investment platform that offers personalized recommendations based on your search behavior. While the recommendations aren’t as robust as Netflix or Amazon, the app leverages a similar approach to make research, analysis, and stock buying more tailored and specific to your preferences.
Here’s what you need to know about it.
- Search stocks and ETFs based on category or personal interest
- Organize watchlists to improve your understanding of market movements
- Manage all your orders as if you were shopping online
$13.99 per month or $133.99 per year
What is Magnfi?
Founded in 2018, Magnifi Personal is a subsidiary of TIFIN, a company dedicated to creating engaging and personalized investment experiences using AI. Magnifi is the company’s offering for everyday retail investors who want to learn more about trading and do so with smaller investment amounts.
The app and online subscription service allow users to easily research stocks (including volatility and return metrics), manage investmentsand keeping titles on the watch list.
What does it offer?
Magnifi is a trading application designed for novice investors. It offers safeguards (such as no leverage) and presents risk and reward information for users. Here’s what else it offers.
Investment without commission
You have to pay a monthly fee of $13.99 or an annual fee of $133.99 to use Magnfi, but once you get there, you don’t pay any trading fees. You can buy stocks and ETFs through the app.
Robust search capabilities
One of the most outstanding features of Magnifi is that it gives you the ability to research investments around a theme. For example, when you enter phrases such as “companies investing in green energy” or “healthcare innovation”, Magnifi suggests relevant stocks and ETFs.
Some of the ETFs are sponsored by Magnifi, but these are disclosed via a “Sponsored” label on the ETF. Magnifi also rates the relevance of the search result.
In addition to the phrases you provide, Magnifi allows you to select from many pre-populated themes where search results have been selected. You can try this feature without opening an account.
Checkout Style Shopping Experience
Often, figuring out how to buy and sell stocks and ETFs is a challenge. Magnifi simplifies the process by offering a “payment” interface. You put stocks or ETFs in your cart, review the cart and adjust the amount you wish to purchase. When you are ready, you click on “buy”.
You can’t set up buy and sell orders to execute in the future, but most beginners don’t need that level of assistance. The buy and sell interface can be useful if traditional brokers have deterred you from investing in the past.
If you see an interesting stock or ETF, but don’t want to buy just yet, you can put the stock on your watch list. This lets you keep tabs on performance, so you can decide whether to buy it later or pass the action on to another stock on your watchlist.
Magnifi is not the platform for your retirement accounts or 529 packages. It only allows investors to invest through taxable brokerage accounts.
If you trade and make gains, you will have to pay taxes on those gains the following year. If you have overall losses, you may be able to use the losses to offset gains in other accounts or to offset capital gains in future years.
Magnifi Managed Portfolios
Magnfi Offers managed portfolios similar to an ETF for certain “innovation indices”. These portfolios include sector investments in high risk and potentially high reward sectors where you may not have the expertise to invest on your own. Sectors include:
- Big Data and Analytics in the United States
- American nanotechnology
- American robotics
- Financial Services Innovation in the United States
- US EV/AV
- Digital infrastructure and connectivity
- United States Exponential Technologies Healthcare
Although managed portfolios sound like a robo-advisor offer, these portfolios do not offer broad investment exposure. These are designed for people who want to take a small bet in a specific area of technology.
Are there any fees?
Magnifi offers a 7 day free trial, but after that you will have to pay $13.99 per month or $133.99 per year. If you use one of Magnifi’s managed wallets, the cost is 0.23% per year.
How does Magnifi compare?
Magnifi is a trading app which looks like a more curated, education-focused version of Robin Hood. While Robinhood has visualizations that entice you to spend time in the app, Magnifi has simple but useful graphs that show both risk and reward. It allows you to grow your portfolios or use managed portfolios to invest on your behalf.
Magnfi has fewer account and trading options than M1Finance Or loyalty, but it is extremely friendly to new investors. If you are not a beginner investor and because Magnifi charges fees, you can choose M1 or Ameritradewhich is one of our picks for the best investor platforms.
If you want to see more options, here are the best free investment apps reviewed by The College Investor.
How to open a Magnif account?
Provide your name, credit card information, and billing address, and you can start your free trial. Billing begins after seven days.
To start trading, you must transfer funds to your Magnifi account via electronic transfer.
How to contact Magnfi?
Magnifi’s support email address is firstname.lastname@example.org. This is the company’s primary method of support.
Its headquarters are located at 1 Pennsylvania Plaza, 39th Floor, New York, NY 10119.
Is it safe and secure?
As you start using the app, it “curates” suggestions for you based on your interactions in the app. Customizations make it more appealing to use, which can be a good thing or a bad thing. Because Magnifi emphasizes risk analysis, it generally steers people away from the worst “gaming” type behaviors that can cause problems on other apps.
However, customizations can also reinforce some misunderstandings or biases you have when selecting actions. Buy shares is not the same as buying a few things on Amazon. It is important to keep this type of commitment in mind when it comes to your investments.
Magnifi uses common safety and security practices. Multi-factor authentication is required and all data is encrypted and stored. Your investments on the platform could lose value, but you are generally protected against theft or hacking. All online platforms carry some risk of a data breach or data hack, but Magnfi’s protections are robust enough to prevent most attacks.
Is it worth it?
Overall, Magnifi’s value proposition seems aligned with its monthly and annual cost. However, there are plenty of free trading apps that also offer great user experience and investment options. M1 Finance offers similar guardrails while charging nothing.
Magnifi’s managed wallets are also a cool concept, but they’re pretty easy to find AND F that do the work of the managed portfolios.
In general, if you want someone else to select the investments for you, a robo-advisor seems like a better option than Magnifi’s Focused Wallets.
Features of Magnifi
More than 15,000 possible investments
Search for investments by category or personal interests
Magnifi Managed Portfolios
1 Pennsylvania Plaza, 39th Floor, New York, NY 10119