There seems to be a fundamental flaw with how you set up your investment profile. You tell it how long you want to invest, then it will set you up with a conservative or high risk portfolio. The longer the investment, the higher the risk tolerance. But there's no way to tell it "I want to take big swing by making some high risk investments for 1 year, with the hopes of a big return."
There's also no information about the companies/bonds in your portfolio.
Developer Response
Thank you for your comments. Our app is currently focused on encouraging people to save and invest for their future, not on short term big hit or miss gains and losses. As investment adviser we have a fiduciary duty to propose portfolios based on each client’s investment goals and risk profile.
Our portfolios are set up for lower risk for shorter periods of time, with the level of risk increasing as the desired holding period increases. The level of risk over the long term however is still NOT based on short term potential big returns.
As for the information on the investments in your portfolio, please click on “See Plan” and under the portfolio tab in the holdings section all funds are listed and each one links to additional information. If you have additional questions, email us at support@beanstox.com.I recently opened an account with this app. The app is not very user friendly in setting up the goals. I inadvertently set two goals. In an attempt to remove. This resulted in more money getting transferred to this app than planned.
In my attempts to prevent that transfer, not sure what I did, but the next time I logged on it said “Frozen Account”. There is no number to call to resolve this issue, getting very sporadic to no help to efficiently resolve this matter. I am getting worried that I am now 2nd guessing my decision to go with this app.
Why do you need my social even before checking app functionality or linking my bank profile???
I quit, will delete the app.
Terrible customer service and very unclear restrictions that they hide. After discovering some of the restrictions I decided to close my account. 2 months and almost 100 emails later.. still no money returned.
Would not verify my back account. Also would not transfer funds. Said I have insufficient funds which is not true.
This app had to have been rushed out the door. The app is too difficult to start an account, offers no preview pictures of what the app is about/ how it functions, and demands an initial investment without disclosing just how that investment will be growing. The most frustrating think is while entering in virtually any details, you have to scroll up and the down (sometimes several times) just to have the continue button visible. I can’t trust my money in a roboapp that doesn’t have at least a functional GUI.
Horrible customer service,There is no number to call and when you try to email you get no help. Looks like customer service people in email don’t know what they’re doing themselves.
Didnt know Kevin would put his name on some lame product like that.
I tried to invest more money but the app wouldn’t let me and customer service doesn’t know how to solve the problem.
Will be disconnecting my membership.
Definitely needs work. I attempted to cancel my membership once I realized I would have no control over my portfolio, even unlinked my bank account to avoid a withdrawal. I didn’t even have the app for 24 hours prior to my attempt at canceling. Went through the steps to cancel my membership through the app and funds were still withdrawn days later! Currently attempting to reach their customer service center which seems to be of no help whatsoever. Save yourself a headache and stay away from this app.
Developer Response
Thanks for the feedback. You are correct that despite your cancellation we were likely unable to stop the deposit from being processed. When clients initiate a transfer of funds, this is done automatically. As you mention in your post as well, we do the investing for our Clients, Beanstox is not a self-directed App. We will do a better job communicating this to users in the future. This app double withdrew money from me. Sasha, in there customer service department, did literally nothing to help me. They actually said you can get your money back in 30 days. DO NOT DOWNLOAD THIS APP. It’s a joke and will not be around long
My account made almost no money over 3 months when the market grew by like 20%. I have been waiting for my withdraw to clear for a month. They don’t want to give me my money. Not a good app in any way.
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