Gotrade Review: The Best Stock Investment App for Beginners?

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In this Gotrade review, let’s find out if this is the best stock investment app for beginners.

If this is your first time hearing about Gotrade, you don’t have to worry about it. We didn’t even know anything about stock investment.

Nowadays, people are more interested in investment than a couple of years ago. There are a lot of apps about investment out there. So, you might get confused about which apps to choose. That’s why we recommend something off the grid.

You don’t have to worry because you don’t have any experience with investment apps before. As we told you earlier, we don’t know anything about investment. But first, let’s have a basic understanding of stock investment.

What is a Stock Investment?

Stock Investment Illustration

We assume that many people don’t know about stock investments like us. So, we’ll try to explain it to you in plain English.

You already know the big public companies like Apple, Amazon, Google, and Tesla. But, did you know you can buy those companies’ shares?

Stock investment is about buying shares of ownership from public companies. By owning a small percentage of the company’s stocks, you’re investing in that company.

But, what’s a stock?

In short, stocks are pieces of ownership of a company.

Think of a company as a large pizza. You cut that pizza into 100 tiny pieces. Each piece represents 1% of the company that anyone can buy.

If you buy 10-pieces, you own 10% of that company. That’s how stock investment works.

Now, someday in the future, you’re hoping the company performs well and grows over time.

At that point, your stocks become valuable. Other investors might want to buy from you for more than your actual investment.

So, you can earn a profit if you decide to sell them.

That’s how it works.

Now, let’s dive deeper to talk about Gotrade.

What is Gotrade?

Gotrade Banner

In short, it’s a mobile brokerage that allows people to invest in fractions of US shares.

You might be asking, what does fraction mean? Here’s how it works. A fraction means you’re buying less than one share.

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Let’s say you want to buy Apple’s stocks. But, you find out that they are trading for $100/share, and you can’t afford it. Gotrade allows you to buy a fraction for 1/100th of Apple’s share with $1.

How? It turns out that Gotrade Securities Inc. works with US regulated stockbroker who fractionalizes the shares. So, now you can own a small unit from many famous companies, like Apple, Amazon, Google, etc.

Why should you use Gotrade?

Here are 7 reasons why we recommend you to use Gotrade.

  1. Product-wise, Gotrade is offering real stocks, not CFDs. So, when you invest in company stock, your name is listed as the owner. We’ll explain this later in the FAQ section.
  2. Gotrade offers you fractional share trading. You can buy any stock starting from $1.
  3. You can deposit as little as $10 to start.
  4. Gotrade is also commission-free. There are no buy or sell fees.
  5. There are no admin, custody, inactivity, or dividend fees.
  6. Gotrade also supports deposits in over 70 countries with low conversion rates.
  7. Above all, SIPC protects your account for up to $500,000.

SIPC stands for Securities Investor Protection Corporation.

Gotrade Review: How to open an account?

Opening an account is easy. You only need a government-issued photo ID, a smartphone, and about 5 minutes to do it.

You might be thinking, where exactly your funds and stocks will be held? Alpaca Securities LLC will hold all your funds and stocks. It’s their appointed clearing broker and custodian.

We researched this, and here’s what we found.

Alpaca is a member of the Financial Industry Regulatory Authority, Inc., or FINRA. You can check their background on FINRA’s BrokerCheck.

Alpaca is also a member of SIPC where your account is protected for up to $500,000. You can also visit www.sipc.org for more information.

In short, your fund is in the safe hand.

Now, we’ll explore how you can buy or sell a stock with this stock investment app.

Gotrade Review: How to buy or sell a stock?

Gotrade’s user interface is well designed and easy to use. You can buy or sell a stock in 6 steps.

Gotrade App

Step 1
Navigate to the Discover screen and search for the stock you want to trade. You can search by name to make it easier.


Discover Stock on Gotrade

Step 2
Click on the search result to find your preferred company.


Buy or Sell Stocks

Step 3
Click on the Trade button. If you already own the stock, you’ll get an option whether you want to buy more or sell it. Otherwise, Gotrade will process it as a buy.

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Gotrade Buy Options

Step 4
Set your order type. You can choose three different order types. Buy in dollars, shares, or at a limited price. We’ll this in the FAQ section.


Step 5
Input your order and tap the Preview buy button.


Step 6
Review your order and then swipe up to complete your transaction.


Even though we have never bought stocks, these steps are easy to follow.

Gotrade Review: How to track your stocks?

You can see all the stocks you own in a portfolio on your home and portfolio screen. Moreover, they will provide you with access to every transaction, such as:

  • Financial transactions: you can check every deposit, trade, withdrawal, etc.
  • Trade confirmations: you’ll get a daily recap of all trades executed on your account.
  • Monthly statements: you’ll get a monthly snapshot of your entire account.
  • Tax forms: you’ll also get an annual form to help you fill your taxes.

Gotrade Review: Fees & Charges

They do not charge you any commissions on buying stocks, ETFs, REITs, and ADRs. But, they do charge you for e-wallet deposits made via Gotrade for 3% and 5% for credit card deposits.

Every country will have different fees. So, we recommend you check the deposit method available in your country.

So, how much does it charges for withdrawal?

The withdrawal fee is $2. This fee is available for supported local currencies/countries only. But, this isn’t Gotrade’s fee. It’s a fee that they are charged to send your funds back to you.

We know that Gotrade is working to bring these down for everyone. They aim to get this down to $0 in the long run.

Frequently Asked Questions

Is it Regulated?

Yes, they are. Gotrade is a trading name of Gotrade Securities Inc., licensed by the Labuan Financial Services Authority.

Are these Contracts For Difference (CFDs)?

No. They do not offer CFDs. You will be trading actual shares directly on the NYSE and NASDAQ. In short, your name is on the list as the genuine and beneficial owner of the stock you buy. You have the rights associated with the security, such as dividends and voting rights.

What are the different order types?

Gotrade supports 3 different order types right now. Market orders in dollars, market orders in shares, and limit orders.

Market Orders in Dollars
This type of order allows you to input your order in a dollar amount, starting from $1.

Market Orders in Shares
This order type allows you to input your order in numbers of shares, starting at 0.000000001. But, subject to $1.

Limit Order
This order type allows you to input your order in share amounts starting at 1. This means fractional shares are not supported.

The goal with a limit order is to define the price you’re willing to trade at (the “limit price”). So, your execution will be at the “limit price” or better than the “limit price.”

For example, if you set an order to buy 1 share of Apple at a limit price of $100. The order will only execute at $100 or lower than $100.

What’s the difference between market orders in dollars and market orders in shares?

Let’s answer this using an example.

Let’s say it’s 6 PM Eastern Time, the market is closed, and Amazon ended the previous day at $100/share.

John enters a market order in dollars for $100. Mary enters a market order in shares for 1 share.

So, when the stock price opens at $110/share on the next day, both trades from John and Mary are executed.

John gets 0.909091 shares for his $100.

Mary gets 1 share for her $110.

That’s the difference between the two order types.

Conclusion

As we mentioned earlier, we had no idea about investment until we found Gotrade. Moreover, we didn’t know we could start investing with just $1.

So, we strongly recommend this app to everyone who wants to start in stock investment. Gotrade is user-friendly, and its interface is easy to use. More importantly, we found the registration is super fast and our funds are in the safe hand.

Here’s an example of our achievement.

Gotrade Amazon Profit
Gotrade IQ Profit
Gotrade Netflix Profit
Gotrade Tesla Profit

Also read: How To Make Easy Money While Browsing in 2022?


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Sugiya is the Writer and Owner of We Recommend. He is passionate about helping people make better decisions when buying things on the internet.

12 thoughts on “Gotrade Review: The Best Stock Investment App for Beginners?”

  1. Amazing Review! To be honest, I am very nervous about trading and I’m always researching about whether or not should I start trading with no experience. Of course, it’s never easy to search for a legit trading platform without going over budget. After reading your review, I feel confident enough to learn about stock trading and at least give day trading a try. 

    Thanks for the review! 🙂

    Reply
    • Thank you for dropping by, Terence! I’m glad that you like the review. You can try to sign-up for free and claim your $2 free stock to trade! Cheers!

      Reply
  2. I started investing in the stock market quite recently, and although I do not do day trading on a regular basis, I rather invest and leave it to grow. But I on a regular basis look at my investments to see whether I should be selling and buying something different, so I have been wondering about using an app to making it easier and quicker. 

    I was not aware of Gotrade, so will have a look at using the app. It mentions that it is for trading US stocks. So is there an app to trade other global stock non-US stock? Thanks.

    Reply
    • Hi, Line. That’s why I recommend something that is off-the-grid. Hopefully, you can try it. As for your last question, I think there are other apps that provide you with other global stock non-US stocks. But, as for Gotrade, they’re more on the US stocks.

      Reply
  3. Always been interested in stocks and investing. However I never new where to start. Then I came across this wonderful review. And after reading I decided this might be a great place to start. Learn and grow which is what I need. With that said I’m about to join. And I can’t wait

    Reply
    • Thank you, Kiersti. This is one of the best places to start if you’re interested in investing in stocks. You can claim your $2 free stock 😀

      Reply
  4. Great information about investing as little as $1.00!

    I knew about trading fractional shares. This Gotrade App looks really simple and easy to operate if you want to buy fractional shares of a high value stock with only a few dollars . Invest is your noble protection for inflation. 

    I like the feature of not charging commission to buy, maintaining the balance etc.

    Can one buy in other currencies and international companies. If I buy Australian equity in dollar not registered under NASDAQ or Nyse?

    Could you please clarify the 3%-5% fee is for using your credit card to buy the stock!

    Reply
    • Thank you for dropping by, Anusuya. 

      Glad that you like the review.

      As for the 3-5% of the fee, it depends on the credit card you’re using. Each country has a different fee.

      Reply
  5. Great article, I’ve had a little experience in investing years ago and didn’t do very well but I’ve always still had my eye on the game. These days even more so, investing in something has become even more necessary, I’ve taken a look at M1 Finance/Trading most recently but find the Gotrade platform much more beginner and user friendly.

    I will most certainly bookmark this page, thanks for sharing this valuable information.

    Reply
  6. Hi!

    I’m an expat in Indonesia (French citizen) and I own my company in Indonesia too. I want to invest in stocks market (US ETFs like VTI, for example) but I don’t know the taxation law.
    Is there a withholding tax on American ETFs (Vanguard)?
    What about the fees with IDR? I cannot find the right answer on gotrade website.
    Thanks for helping me.

    Reply
    • Hi Jack,

      Based on my experience as a Gotrade user, there is a withholding tax for dividends, and this tax is deducted at source (which means it is a tax you have to pay no matter what). I got this information from the help section on Gotrade website. About the fees in IDR, there is a small fee of $2 for local currencies which is deducted when you make a withdrawal.

      Reply

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