Are you looking for a mobile app that allows for commission-free option trading? If so, keep on reading to learn more about Gatsby.
We’ll be going over topics like:
- How Gatsby stands out
- Benefits of using Gatsby
- Who should NOT use Gatsby
- How to get started
- Alternatives to Gatsby
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What is Gatsby?
Gatsby is a mobile app (and soon to be desktop platform) that offers commission-free option trading.
You have the ability to make trades for or against companies and ETFs with no commissions or contract fees.
What is an option?
An option is a contract that gives the purchaser the right (but not the obligation) to buy or sell an underlying asset at a specific price within a set time period.
Benefits of Gatsby
- Zero commission
- Earn rewards
- Trade with friends
- $10 account minimum to open account
- SIPC insurance
Gatsby offers commission-free option trading.
You can earn Gatsby reward points for every trade you make. You can redeem your points for gift cards at top retailers.
Trade with friends
Find out what your friends are trading and join a community
$10 account minimum to open account
You can open a Gatsby account in just a few minutes with as little as $10.
SIPC (Securities Investor Protection Corporation) can meet claims up to $500,000 with a maximum $250,000 cash claim.
Downfalls of Gatsby
- Waiting list for desktop version
- Weak customer service
Waiting list for desktop version
Supposedly there’s a waiting list of a few thousand people for the desktop version of Gatsby.
Weak customer service
There’s no direct phone line or live chat to talk to someone at Gatsby. All contact is through email at email@example.com.
Who is Gatsby for?
Someone who understands options and trading them. Gatsby does their best to make option trading as simple as possible, so even if you’re a beginner, the app is helpful. Gatsby also has a FAQ section to answer all of your questions.
Who should not use Gatsby?
If you’re looking at investing for the long-term (perhaps retirement) your best bet is probably putting money toward a 401(k) or Roth IRA, which I talk more about at the end of this post.
How to get started
- Click here on your mobile phone (since it’s only accessible via mobile app at the moment). Download the app.
- Answer a few questions to make sure you’re qualified to trade options.
Here’s a look at the inside of the Gatsby trading app.
Alternatives to Gatsby
You will hear about Vanguard time and time again due to it’s low-cost investing. It’s great for investors who are in it for the long haul and investing for retirement.
I personally have my Solo 401(k), Roth IRA, and Traditional IRA with Vanguard and love their customer service.
As much as I love Vanguard, I wish they could catch up with the times and create a user-friendly experience. Betterment’s dashboard is modernized and makes it so easy to get started investing for their retirement.
It’s great for hands-off investors, retirement investors, and investors who don’t have a lot of money to get started.
Robinhood is a trading app known for being commission-free. It has a clean and simple dashboard making it a great option for beginner investors.
With Robinhood, you can invest any amount of money, build a balanced portfolio, and trade in real time. Not only that, Robinhood also has tools to help you learn about investing in financial markets.
Click here to get a free stock. You don’t need any money in your account to get your free stock.
WeBull is a free commission trading app with many benefits and features that make it superior to similar trading apps. WeBull is designed for intermediate and experienced traders, with many tools that beginner traders will enjoy as well.
They use a commission-free structure that allows active and short-term traders to save a good chunk of money on commissions when compared to other online brokers.
If you’re ready to get started with WeBull, you can sign up for an account here. Once you deposit $100, you can get free stock worth up to $1,000.
Related: WeBull Review: Investing In Stocks
Acorns is mobile app that makes it easy to make responsible financial decisions that fit your lifestyle. The “Round Ups” tool is my favorite part of the app. For example, if you buy a $3.40 coffee from Starbucks, the Acorns app does a “Round Up” and takes the remaining $.60 and invests it.
This is how Acorns works:
- Sign up for an account in under 5 minutes. You get a $10 sign up bonus.
- Download the Acorns app and get started with no minimum investment required.
- Invest automatically.
- Set aside spare change or extra cash automatically.
- Grow your account over time with a diversified portfolio.
How To Build Wealth By Investing Course
If you’re on the fence with active trading and you’re looking to build a solid long-term retirement plan, I recommend taking the How To Build Wealth By Investing course.
For a fraction the cost of a college credit, you get information that teaches you how to have a million (or millions!) in your retirement account when you retire. I bought this course with my own money and cannot say enough good things about it.
This course will teach you how to be like Amanda (pictured below).
The Gatsby app may be a great option for anyone looking for commission-free trading with a user-friendly app. The mobile app comes with several benefits that make it stand out from other trading platforms.
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