If you are new to investing and are looking for a cost efficient way to get started, then I have the app for you. I had heard of Loyal3 back last year but at the time I decided that it wasn’t a good outlet for my investing at the time. As I have changed over time, so has my investing strategy. Since I first learned about Loyal3, I have kept my eyes on it to see what other people thought of it and to see how legit it really was.
So when I came across Loyal 3 earlier this year, I decided that I would give it a try. It was very easy to download the app, get signed up and to link a bank account. Within just a couple of days I was able to start buying shares, free of trade commissions, through this new app. Inside of the Loyal3 app you have no access to the stock information which is something that I don’t really like but since the stock that I am buying is good solid blue chips, it doesn’t effect me a whole lot.
My biggest dislike of this app is the fact that it doesn’t tell you what your cost basis is per share. I made my own simple hack for this. I already had been using Google Sheets to do my spreadsheets here on this blog, so I just designed one for my Loyal 3 stocks. All I did was make 4 columns, one each for company name, shares, amount of money invested and cost basis. I have to change the shares and money invested but I have a formula to determine my cost basis based on the previous information. This allows me to see my cost basis and then I just compare that to the stock price.
Something else that I find note worthy is the fact that Loyal 3 collects all the different stock orders and places a batch order at 2pm. Which means that the price you see when you place the order and the price you pay, may not be the same amount. This doesn’t effect me too much based on my investing strategy. Although I do keep this in mind when I am deciding whether to place an order or not.
Overall thus far I like the app. I am using it to dollar cost average my way into some real good companies. I look forward to seeing how this turns out since it is the first time that I have employed this style of strategy this way. I would recommend this app to anyone looking to invest but who doesn’t have a lot of capital to start with. It allows someone to start getting their toes wet but not jumping straight into the deep end.