Pros, Cons, and Who Should Set up an Account

Overall rating

Is Plynk right for you?

Launched in 2020, Plynk is an app that focuses on simplifying the investment process for beginners. It combines an easy user interface with investment education and access to low-cost stocks, ETFs, cryptocurrencies, and mutual funds. You can also invest with unused gift card balances.

While Plynk does a great job of making the investing process approachable for newcomers, it isn’t great for those in search of robo-advisors or automated portfolio management. It’s a better platform for beginners who are ready to take things into their own hands and make their own trading decisions. 

Plynk is available on both iOS and Android devices.

Plynk vs. Robinhood

Plynk and Robinhood both cater to DIY traders in search of a simple interface, with access to investments like stocks, ETFs, and cryptocurrencies. But the two platforms also vary in several ways.

For one, Robinhood additionally lets you trade options, IPOs, and ADRs. Plus, it offers margin trading, and you can earn stock and crypto rewards on your purchases, thanks to the Robinhood Cash Card. Plynk, on the other hand, gives you an investment type that Robinhood doesn’t: mutual funds.

Robinhood also beats Plynk when it comes to fees, but Plynk’s educational rewards top Robinhood’s learning resources. You can earn credits from simply reading certain articles. For instance, if you read Plynk’s article, “Time in the market vs. timing the market,” and set a new recurring investment, the platform will match that investment up to $20.

Plynk vs. Wealthfront

While Plynk strives to make DIY trading simple for beginners, Wealthfront primarily offers robo-advice for hands-off investors. Therefore, both platforms could be solid options for beginners looking to make a smooth transition into the stock market.

But you won’t get access to stocks at Wealthfront, nor will you be able to trade cryptocurrencies like bitcoin, ethereum, litecoin, and bitcoin cash. Plynk provides cryptocurrencies, but Wealthfront offers crypto trusts (or crypto investment funds), and you can only allocate up to 10% of these in your portfolio. You’ve got much more crypto flexibility with Plynk.

Ways to invest with Plynk

Self-directed trading

DIY trading can be tricky if you don’t have any market experience. And though Plynk isn’t a robo-advisor (robo-advisors use computer algorithms and/or expert oversight to create and manage personalized portfolios for hands-off investors), it still aims to make the self-directed trading route simple for newcomers. 

The platform offers four key features:

• Plynk Explore: This tool matches you with investments that align with your preferences and goals. You’ll just need to answer a few quick questions, and the feature takes care of the rest.
• Plynk Think: This feature is best for knowledge seekers, as it offers tips and educational content on all things investing. 
• Gift Card: If you’ve got any unused gift cards lying around, you can invest with those balances (as long as they’re at least $10).
• Recurring Investments: This option is as close to automated investing as you’ll get with Plynk. It allows you to set automatic investment contributions, meaning you can schedule regular deposits into your account.

As for fees, you don’t need any minimum to open an account, but you’ll need $1 to start investing. Plus, when you first open an account, Plynk gives you a $10 sign-up bonus and three months free. After that, you’ll pay $2 per month.

The platform offers two account types: brokerage accounts and crypto accounts. Its brokerage accounts let you invest in stocks, ETFs, and mutual funds.

Plynk Crypto

Plynk has also partnered with Paxos Trust Co. to offer crypto trading. You can exchange four cryptocurrencies with Plynk Crypto: Bitcoin, ethereum, litecoin, and bitcoin cash. Plus, users who’ve already opened brokerage accounts are eligible to invest in the platform’s crypto offerings. 

Fees differ for its crypto accounts, though. For instance, it charges you a minimum of $0.50 per trade for crypto trades that are $100 and under. For trades above $100, you’ll pay 0.5%. Plynk adds these fees to the total value of your transaction. For example, the final cost for a $50 trade would be $50.50.

Like its brokerage accounts, Plynk also supplements its crypto offerings with easily accessible educational guides on crypto topics. One downside to consider, however, is that you’ll only have access to market orders. You can’t use things like limit orders to set the specific price at which you’d like you order to execute. In addition, its crypto selection — compared to DIY trading accounts like Robinhood, SoFi, and Webull — is extremely limited.

Plynk: Is it trustworthy?

Personal Finance Insider considers Better Business Bureau ratings when assessing investment platforms for trustworthiness, but Plynk doesn’t have a BBB profile at this time. 

Overall, bureau ratings evaluate how well businesses interact with clients. They also account for several other factors, including type of business, time in business, customer complaint history, licensing and government actions, and advertising issues. 

But the bureau’s ratings don’t guarantee reliability or performance. This is why it’s equally important to do your own research before setting up an account. Plynk’s record is currently clear of any major scandals or lawsuits.

Plynk — Frequently asked questions (FAQ)