All About Digital Gold Investment

Diversifying your investment portfolio can be effectively achieved by considering the option of investing in digital commodities. Digital gold investment, for instance, allows for a convenient and flexible approach. It enables individuals to make gradual investments in the precious metal over a specific period, all through digital channels, offering accessibility and flexibility from anywhere, at any time.

Digital gold investment represents a financial asset that closely parallels physical gold. It shares many characteristics with physical gold but exists in a digital format. In contrast to tangible gold, digital gold is securely stored in an online vault. Crucially, it is underpinned by the highest quality, pure gold.

When you acquire digital gold, the seller reserves an equal weight of physical gold in a protected vault. The minimum investment amount for digital gold is just Re. 1, and it is exclusively available through MMTC-PAMP, SafeGold, Augmont Gold, or their authorized agents and brokers.

Best Apps for Digital Gold Investment

Every digital platform offering digital gold investment has established partnerships with specific companies. These partnerships enable users to purchase, sell, or convert digital gold into physical gold. To begin investing in digital gold through these platforms, you are required to complete the KYC (know your customer) process. After your identity is verified by the platform, you can commence your digital gold investment journey. Let’s explore the platforms worth considering if you’re contemplating digital gold investment!

1. Paytm

Paytm, a prominent payment application, is the trusted choice of more than 30 crore Indians. This versatile app offers a wide array of services, including money transfers, bill payments, and the ability to check your credit scores. Additionally, it provides an avenue for investment in various financial instruments such as mutual funds, the National Pension Scheme (NPS), and 24K 99.9% pure digital gold.

In a strategic partnership with MMTC-PAMP, Paytm enables users to purchase digital gold through its platform. When you invest in digital gold, it is securely stored in MMTC-PAMP’s protected vaults. Monitoring the value of your gold portfolio on Paytm is a hassle-free task, and you have the flexibility to sell, gift, or request physical delivery of your gold holdings whenever you choose. Furthermore, Paytm offers the convenience of establishing a gold savings plan, allowing you to accumulate gold at regular intervals.

2. PhonePe

PhonePe is a versatile payment application that facilitates a wide range of financial transactions. It empowers users to conduct transfers, pay bills, and even purchase insurance. Moreover, it provides an avenue for individuals to invest in mutual funds and invest in digital gold. In this endeavor, PhonePe has established strategic partnerships with MMTC-PAMP and SafeGold, ensuring customers have access to 24K gold of exceptional purity, rated at 99.9%.

The process of buying, selling, and converting digital gold through PhonePe is remarkably swift and can be accomplished directly through your mobile device. Additionally, the app extends the convenience of secure bank-grade lockers for safeguarding your precious gold holdings. When you decide to liquidate your digital gold, you can obtain your funds instantly, albeit subject to a nominal delivery fee if you opt for physical delivery in the form of coins and bars.

3. Zerodha

Investing in Sovereign Gold bonds through Zerodha is a convenient and straightforward process. These bonds, issued by the Government of India, offer a fixed annual interest rate of 2.50%. Investors can enjoy bi-annual interest payouts, with the final interest payment being made upon maturity, along with the principal amount.

Zerodha’s Gold ETFs are particularly attractive due to the fact that they hold gold assets in the form of 99.5% pure Gold Bullion, minimizing concerns about the purity of the investment. Opting for Zerodha’s ETFs over physical gold has several advantages. It eliminates the risk of receiving a lower price due to impurities and reduces transaction costs. Furthermore, investors can invest in digital gold and ETFs in Zerodha at any time during the trading session, even in quantities as small as 1 gram.

4. Groww

Groww is a user-friendly app for direct mutual fund and stock investments. It offers a seamless way to invest in various financial assets without the hassle of paperwork, all in just a matter of minutes. In order to provide its users with access to gold, Groww has established a partnership with Augmont Gold. When you engage in transactions for purchasing or selling digital gold, these actions are directly facilitated through Augmont Gold.

To initiate your digital gold investments, you need to create an account on the Groww platform. It’s worth noting that there are no account opening fees involved, and Groww enables you to purchase gold in smaller denominations, making the process of investing in gold not only easy but also convenient and budget friendly.

Also Read: Groww US Stocks Review

5. Google Pay

Google Pay has joined forces with MMTC-PAMP to facilitate the purchase and invest in digital gold through its platform. Users can seamlessly buy, sell, and trade digital gold on Google Pay, with the option to invest in 24K gold of exceptional purity, rated at 99.9%. Following the acquisition of digital gold, it gets securely stored in your designated Gold Locker on Google Pay.

For those desiring to convert their digital gold into physical gold, a nominal delivery fee applies, and the gold coins will be dispatched to your doorstep. An appealing feature of the app is the ability to gift gold to friends and also earn gold as a reward. Rest assured, investing in digital gold via Google Pay is exceptionally secure, as all transactions are conducted using your UPI PIN codes for added peace of mind.

6. Jar

Jar, a daily savings application, is designed to instill a savings habit by effortlessly helping you save money. Its primary objective is to encourage regular investments. The app automatically channels your spare change from transactions into digital gold. What’s remarkable is that it allows you to start with a minimum investment of just Re. 1, and you can redeem this amount into your e-wallet at your convenience.

Moreover, Jar adds an element of fun to the investment process. It prompts users to play a spin the wheel game with each transaction, directing the resulting cashback into digital gold investment. The app also provides real-time updates on the value of your portfolio. This means that every time you spend, you not only save a portion of your money but also invest it in gold, ultimately contributing to your wealth creation.

The flexibility of Jar is another notable feature. You have the freedom to buy and sell the gold whenever you choose. Additionally, once you’ve accumulated a sufficient amount, you can even exchange it for physical gold coins or bars.

7. Sharekhan

Sharekhan offers a seamless and entirely digital method for purchasing Sovereign Gold Bonds (SGBs), allowing you to hold these bonds in Demat form. Moreover, there’s an added benefit – when you invest in SGBs through online payments and complete your application digitally, you receive a discount of Rs. 50 per gram.

Opting for SGBs as a digital gold investment not only eliminates the risk of theft and storage expenses but also spares you from making charges and concerns regarding gold purity. Investing in Sovereign Gold Bonds not only assures the safety of your investment but also guarantees a fixed interest rate of 2.5% per annum.

8. Tanishq

Tanishq, a Tata Group brand and one of the leading jewelry giants, has expanded its offerings to include digital gold investment in partnership with SafeGold. Through the Tanishq app and website, customers can now conveniently purchase digital gold with a purity of 24K for as little as Rs. 100.

What sets this service apart is the flexibility it offers. Customers have the freedom to sell their digital gold at any time or opt to exchange it at any of Tanishq’s 350+ stores located across India. Furthermore, unlike some other platforms, the Tanishq app imposes no additional fees for services such as locker usage or transaction processing.

With its strong association with the esteemed Tata Group, Tanishq stands as a trusted and reliable platform for acquiring gold in both physical and digital formats, assuring customers of the highest level of credibility and security.

9. Amazon Pay

Amazon, a widely used online shopping platform, offers a unique feature that allows users to invest in digital gold through Amazon Pay. This service is made possible through a partnership with SafeGold and can be accessed within the Amazon app. To buy digital gold, simply search for Digital Gold within the Amazon app or visit the Amazon Pay section.

The gold you acquire is securely stored in highly protected vaults, and you have the convenience of checking its value through the app at your discretion. The investment threshold for this offering is as low as Rs. 5, with the option to purchase up to a maximum of 30 grams of gold. Should you decide to sell your digital gold, you can do so any time after a 24-hour holding period, and the proceeds will be instantly credited to your account.

10. HDFC

HDFC Securities is a financial services company, operating as a subsidiary of HDFC Bank. Established in the year 2000, its corporate headquarters are situated in Mumbai, India. Among its diverse offerings, HDFC Securities provides users with the opportunity to invest in digital gold.

Through HDFC Securities, individuals can purchase 24K gold, not only in terms of its monetary value but also in quantity. This platform ensures that users have access to top-quality gold, which can then be securely stored in a digital locker. This digital locker offers the convenience of accessibility from anywhere and at any time, providing a safe and efficient means of managing one’s digital gold investments.

11. DigiGold

DigiGold stands out as a highly reputable application for the purchase of digital gold and silver. It offers gold and silver of exceptional quality, boasting 24K purity and an impressive 99.9% purity rating. What’s particularly appealing is that you can initiate your precious metal investments with as little as Re. 1, all at real-time market prices. Furthermore, you have the convenience of monitoring the value of your gold holdings in your wallet at any given moment.

For those interested in systematic investments, DigiGold allows you to commence a no lock-in period SIP (Systematic Investment Plan) in gold with a modest investment of Rs. 500. This provides the advantage of compounding returns over time. Should you wish to liquidate your gold holdings or convert them into physical gold, DigiGold offers the flexibility to do so. Moreover, the app distinguishes itself by not imposing any delivery charges and ensuring the prompt delivery of your gold within 3-5 days.

DigiGold extends its services to include secure physical lockers where you can safeguard your precious metals. What’s remarkable is that you can access and manage these lockers conveniently from the comfort of your home with just a single click through their user-friendly app.

12. FinPlay

Founded by two IIT graduates, FinPlay is an innovative investment platform that seamlessly merges the captivating worlds of fintech and gaming. This unique platform allows users to engage in entertaining games while earning FinCash rewards, which can be redeemed for discounted financial products available on the platform. Additionally, users can unlock various rewards, such as Amazon coupons, enhancing their overall experience.

As of now, FinPlay primarily offers digital gold as an investment option, boasting the purity of 24K gold at an impressive 99.99% fineness. This gold investment is not only secure but also ensures transparent pricing. Remarkably, FinPlay empowers its users to begin their journey into gold investment with as little as Re. 1, making it accessible to a broad audience.

Looking ahead, FinPlay has ambitious plans to diversify its offerings by introducing mutual funds and stock portfolios in the coming months. Ultimately, their vision is to establish themselves as the preferred wealth creation platform for millennials who are embarking on their journey towards financial prosperity.

13. ICICI Direct

ICICI Bank offers three distinct Gold Deposit Schemes, categorized as Short Term, Medium Term, and Long Term. It’s worth noting that, at present, the Short-Term Gold Deposit Scheme is not accessible to the bank’s customers. Individuals can select the scheme that aligns best with their requirements to enjoy interest benefits and various other perks.

To participate in these schemes, a minimum of 30 grams of raw gold is required for depositing, which can take the form of bars, coins, or jewelry. Notably, this quantity does not include any stones or other metals. There’s no upper limit on the quantity of gold an individual can deposit within the scheme. The bank typically takes about 30 days to process the deposit, starting from the time it’s accepted at the refinery or the refiner’s purity testing center. The principal (P) in these schemes is denominated in grams of gold with a purity level of 995. Interest on the gold deposits is paid out annually, either on the 31st of March or upon maturity, whichever occurs first.

14. Motilal Oswal

Motilal Oswal is a versatile financial services firm based in India, offering a range of investment options, including opportunities in gold. Established in 1987 and headquartered in Mumbai, India, Motilal Oswal enables individuals to acquire digital gold starting at just Rs. 1,000. This allows you to invest in 24k pure gold at the most competitive rates and securely store it online.

For individuals seeking a hassle-free way to invest in pure gold, Motilal Oswal offers the ideal solution. As one of India’s leading stock brokerage firms, Motilal Oswal Securities has developed the MO Investor app, renowned for its user-friendly interface, advanced features, and real-time price notifications in the market.

15. Airtel Payments

Airtel Payments Bank also offers the opportunity to acquire digital gold of the utmost purity, at 24K 99.9%, through its platform. Nevertheless, it’s worth noting that to make a digital gold purchase, you must possess an Airtel Payments Bank savings account. The entry point for investment in this digital gold is as low as Re. 1, and you have the flexibility to purchase it in grams.

Furthermore, the convenience extends to selling the gold at your discretion or having it delivered to your doorstep. It’s important to note that gold can only be delivered in quantities of one gram or more; amounts less than one gram do not qualify for home delivery. Additionally, the app provides the option to gift gold to your loved ones, adding a thoughtful touch to your financial transactions.

16. Jupiter Money

Jupiter Money is an individualized financial management application designed to empower you in taking charge of your financial well-being. Beyond merely monitoring your expenditures and assisting you in setting aside funds in designated savings pots, it offers a diverse range of investment opportunities. Among these options is the inclusion of digital gold, made possible through a collaboration with MMTC-PAMP.

With Jupiter Money, you have the opportunity to invest in digital gold boasting 24K purity at an impressive 99.9%. Buying and selling gold has never been easier, as a simple swipe enables you to execute these transactions anytime and from anywhere. Furthermore, the gold you acquire is securely stored within protected vaults, and what’s even better, there are no associated storage costs for life.

One of the standout features of Jupiter Money is its capacity to help you establish a consistent investment routine. You have the ability to automatically allocate a specified sum toward gold savings on a daily, weekly, or monthly basis. Additionally, the app provides the means to monitor the progress of your gold investments, offering insights into the accrued profits you’ve accumulated over time.

17. MMTC-PAMP

MMTC-PAMP is a collaborative effort between the Swiss bullion brand PAMP SA and MMTC Ltd, a Government of India Undertaking. This app provides an avenue for investing in 24K gold of exceptional purity at 99.9%. You have the flexibility to invest either in grams of gold or based on the current gold value. After your investment, an automated invoice is promptly generated and sent to you.

Furthermore, the app maintains a record of the digital gold’s value within your account. At the same time, MMTC-PAMP securely stores an equivalent weight of physical gold in their highly protected vault, under your name. The app offers the convenience of saving incrementally on a daily, weekly, or monthly basis to bolster your gold portfolio. You have the freedom to buy, sell, or redeem your investment at any time during the day. Should you wish to convert your digital gold into physical gold or redeem it, you will be required to cover delivery charges, and the physical gold will be delivered right to your doorstep.

18. 5Paisa

5Paisa is a user-friendly stock market trading application well-suited for both seasoned traders and novices. This app additionally facilitates investment in digital gold, and there are no hidden fees involved. Secure payment options are provided, including debit cards, credit cards, and integrated wallets.

The minimum investment required for digital gold is just Rs. 50. Once you make a purchase of digital gold, it promptly appears in your portfolio. Furthermore, you have the flexibility to sell your digital gold holdings and receive instant funds without any complications or inconveniences.

Features of Digital Gold Investment

• Authorized digital gold providers facilitate the purchase of gold using electronic payments while securely storing your gold in physical form within a protected vault on your behalf. These providers can be payment wallets or established commercial banks, all regulated by the Reserve Bank of India (RBI).
• Gold vaulting location refers to the process of acquiring digital gold from service providers who hold your gold in an overseas location. You make the purchase in Indian rupees, and simultaneously, the service provider acquires gold on your behalf in foreign currencies.
• To ensure trustworthiness, it’s advisable for the seller of digital gold to have an independent trustee registered with SEBI who conducts monthly audits to verify the gold holdings.
• Pricing of digital gold can vary between providers and is contingent on factors such as the carat purity, whether it’s 995, 999, or 9999.
• Similar to buying physical gold from a jewelry store, purchasing digital gold involves two prices – a buying price and a selling price, which are typically displayed.
• Regarding fungibility and gold delivery, digital gold can be redeemed 24/7, and some providers even offer the option to exchange it for physical jewelry. However, it’s crucial to have upfront information about the minimum amount of gold you can redeem and any associated conversion costs.

Ways to Invest in Digital Gold

Digital gold offers the advantage of eliminating concerns related to both storage and purity. These investment options are backed by physical gold, ensuring returns aligned with its spot prices after deducting associated charges. Additionally, converting digital gold into cash or purchasing jewelry is hassle-free, avoiding the deductions often associated with physical gold transactions. Notably, the ability to invest smaller sums of money is a significant draw for investors seeking to accumulate gold gradually.

1. Gold Exchange Traded Funds (ETFs)

Exchange Traded Funds (ETFs) have emerged as a straightforward method for investing in gold. Gold ETFs are essentially funds that allocate their assets to gold and can be traded on stock exchanges, similar to regular stocks. To get started with gold ETFs, investors are required to purchase a minimum of one unit, which is equivalent to one gram of gold.

Initiating a systematic investment plan (SIP) is a well-planned approach for investing in gold ETFs. As an investor accumulates a significant number of units, there is also the option to convert them into physical gold.

2. Gold Mutual Funds

Investors can introduce gold into their investment portfolios by acquiring shares in mutual funds. Some mutual funds base their holdings on international gold mining company stocks and other assets connected to the gold market, such as gold ETFs. These mutual funds closely track the price of gold as the value of the assets they hold rises and falls. Investing in these mutual funds involves expenses, including a management fee and the cost of acquiring the underlying assets. This means that investors will incur fees when holding gold mutual funds.

3. Gold Futures Contracts

Gold futures are standardized contracts traded on organized exchanges. In India, the Multi Commodity Exchange (MCX) and NCDEX are prominent exchanges for gold futures trading. Gold futures fall into the high-risk category of gold investments and are better suited for experienced investors.

The operation of a gold futures contract involves investors committing to buy or sell a specific quantity of gold at an agreed-upon price in the future. These gold futures contracts must be fulfilled by investors, either through purchase or sale, in anticipation of potential profits or losses. In any case, contract settlement occurs on the contract’s expiration date, and investors have the flexibility to buy, sell, or hold the contract until that time.

4. Sovereign Gold Bonds (SGBs)

The Government of India offers sovereign gold bonds through the Reserve Bank of India. Although not widely popular among the Indian populace, these bonds, introduced in 2015, are considered attractive due to their consistent return on investment. Sovereign gold bonds offer investors two advantages: the potential for price appreciation and a fixed 2.5% yield.

Things to Remember during Digital Gold Investment

• Minimum Investment: The minimum investment requirement varies from one platform to another. Some apps allow you to start investing with as little as Re. 1, while others set a minimum limit of Rs. 100.
• Maximum Investment: In the realm of digital gold, the maximum amount you can invest is capped at Rs. 2 lakhs.
• Locker Charges: While most apps typically do not impose locker charges, it’s advisable to verify this beforehand, as these charges can be deducted from your principal investment.
• Maximum Holding Period: Digital gold investments come with a maximum holding period of five years. Beyond this duration, you must either sell your digital gold or opt to convert it into physical gold.
• Convertibility to Physical Gold: It’s important to note that not all platforms offer the option to convert digital gold into physical gold. If you desire this conversion feature, select a platform that provides it.
• GST (Goods and Services Tax): Digital gold transactions are subject to a 3% GST, which is deducted from the principal amount. Therefore, it’s crucial to consider GST when making investment and selling decisions related to digital gold.
• Taxes on Capital Gains: When you decide to sell your digital gold, it’s essential to account for taxation. Capital gains from gold are taxable at your applicable income tax slab rate, regardless of the duration for which you held the investment.

Regulation for Digital Gold Investment

In India, the purchase and investment in digital gold are legally sanctioned and government approved. The country recognizes three government-approved digital gold vault companies:

• Augmont Goldtech
• MMTC-PAMP India
• SafeGold – Digital Gold India

These three entities hold exclusive rights to legally sell or purchase digital gold in India.

However, it’s essential to note that digital gold is still an evolving concept in India, and the government is actively working on regulating it. Presently, it does not fall under the purview of any financial sector regulator. Consequently, digital gold exists in a regulatory gray area, lacking oversight from any authority to monitor the processes involved in selling, securing, storing, and managing digital gold transactions.

This regulatory ambiguity implies that investing in digital gold in India carries inherent risks, similar to mutual funds. To mitigate these risks, it is advisable to conduct thorough due diligence on the integrity, credibility, reputation, and business model of the chosen digital gold provider before making any investments.

Is Digital Gold Taxable in India?

Investing in digital gold has become a popular choice, especially among the younger generation, due to its affordability and convenience. However, it’s crucial for digital gold investors to be aware of the tax implications associated with their investments.

If you hold digital gold assets for less than 36 months, any returns you earn are not directly subject to taxation. However, in the case of long-term capital gains, you will be required to pay a 20% tax on your returns, in addition to a surcharge and a 4% cess.

So, if you decide to cash out your investment after, let’s say, 5 years, you should be prepared to settle these tax obligations. It’s important to note that the duration of your holding period plays a key role in determining the amount of taxes you’ll need to pay.

Is Digital Gold Convertible?

To convert your digital gold holdings into physical gold, follow these steps:

Step 1: Log in to your digital gold account on the platform where you purchased the digital gold. Here, we use the digital gold platform Augmont.

Step 2: Select the option to convert your digital gold into physical gold. You can choose to have it in the form of gold coins, bars, or any other preferred form.

Step 3: Enter the amount of digital gold you wish to convert into physical gold.

Step 4: Carefully check for any additional making or minting charges that may apply. Review the platform’s terms and conditions, and look for any other charges associated with the conversion process.

Step 5: Confirm your delivery address and take note of any delivery charges. You typically have the option to have the physical gold delivered to your home or to collect it from a designated location.

Step 6: Be aware that some providers may require additional documents for verification purposes. Ensure that you fulfill these requirements to avoid any delays in the conversion process.

Step 7: Pay the final amount, which will include any delivery or minting charges.

If you have any questions or concerns regarding the conversion of your digital gold to physical gold, don’t hesitate to contact the platform’s customer support. They will provide guidance and assistance throughout the conversion process.

Pros of Digital Gold Investment

• Safe Storage: The company securely stores digital gold in high-security vaults, alleviating concerns about theft or loss. Furthermore, this eliminates the need for expenses related to physical gold locker charges.
• No Minimum Investment Requirement: There are no lower limits on investing in digital gold. You have the flexibility to invest any amount, even as low as Re. 1.
• Collateral Use: Digital gold can serve as collateral for loans. Lenders readily accept it as collateral due to its 24K purity and secure storage, streamlining the cumbersome process associated with traditional collateral paperwork and reducing the likelihood of loan rejection.
• Convenient Conversion: Digital gold can be easily converted into physical gold, providing the flexibility of exchange and the option to have physical gold delivered to your doorstep.
• Assured Genuineness: Digital gold boasts 24K purity with a certified 99.99% purity level, instilling trust in its authenticity and purity. This significantly diminishes the risk of fraud, ensuring that investors receive the full value of their investment.

Cross-Reference: Why Gold Is A Good Investment Right Now

Cons of Digital Gold Investment

• Absence of Regulatory Oversight: Digital gold lacks regulatory bodies overseeing its trading rules and regulations. This significant drawback creates ambiguous areas vulnerable to exploitation by unscrupulous individuals within the system, posing a potential risk to investors.
• Storage Time Constraints: Digital gold equivalents are typically stored in secure and insured vaults upon purchase. However, some platforms or sellers impose time limits on this storage. Upon expiration, investors are required to withdraw or sell their gold, potentially disrupting long-term investment strategies.
• Investment Upper Limits: Digital gold investments often come with predefined upper limits. Presently, most platforms cap maximum investments at Rs. 2 lakhs, restricting opportunities for substantial investments in digital gold and potential returns.
• Absence of Physical Possession and Limited Liquidity: In emergencies, utilizing physical gold as collateral or for sale is a reliable option. However, with digital gold, direct possession of the physical gold is absent, making it challenging to access and employ in urgent situations. Additionally, the liquidity of the digital gold market can fluctuate, impacting the ease and speed of converting it into physical gold or cash.

Also Read: Is Gold or Silver a Better Investment?

Investing in gold presents an opportunity to diversify your portfolios and gain security against economic uncertainties. With the potential for growth and the ease of digital transactions, it’s a beneficial option for both beginners as well as experienced investors.

The post All About Digital Gold Investment appeared first on Moneymint.

Vested Finance Review and Analysis

Vested Finance aims to democratize investment opportunities and make it more accessible for individuals to invest in global markets. Let us learn more about it.

Vested Finance Definition

Vested Finance is an online investment platform that provides global access to U.S. securities. It allows investors from around the world to easily invest in the U.S. stock market and exchange-traded funds (ETFs) through a user-friendly platform.

With Vested Finance, users can create personalized portfolios, track their investments, and benefit from fractional share investing.

Vested Finance Features

Without mentioning the features of the app, the Vested Finance review would be incomplete. So here are some of the selling points of the investment platform Vested:

• The app charges zero commission on US stocks and ETFs.
• You can buy shares in fractions rather than buying them whole.
• There are no charges for opening an account on this platform.
• There are no minimum balance requirements.
• You aren’t charged any fees for being inactive on the platform.
• There are over 1,000 stocks and ETFs to choose from on this platform.
• For a nominal fee, the app will provide you with a well-researched portfolio which could be very beneficial for you.

Is Vested Finance Legit?

You may wonder if the platform is legit or just a scam. Vested Finance does not directly invest in US stocks; they do so through US-based company Drivewealth which happens to be their brokerage partner.

Drivewealth is regulated by two regulatory bodies in the US, The Financial Industry Regulatory Authority and The Securities Investor Protection Corporation. These two bodies are both regulated by The Securities and Exchange Commission.

To put any of your remaining concerns to rest let us tell you that Vested Finance is registered with the SEC. They are a US-based company helping Indians invest in US stocks and so they are rightly registered with the correct concerned authority.

Is Vested Finance Safe?

Though the app is legit there might be concerns whether the app is safe or not. In a way investing in stocks and debentures carries a certain amount of risk but there is nothing more than that to worry about. The licenses issued by SEC, FINRA, SIPC to Vested Finance, and Drivewealth are the highest form of assurance you can get.

You should know that your account is insured for an amount of 500k dollars and half of it is available in cash. So if the worst possible thing happened and either Drivewealth or Vested Finance were to go out of business then you would still not lose any money. Viram Shah, Darwin Arifin, Eric Huynh, and Yinghan Lin founded this app in 2018. It is a PC and mobile app that Android, as well as iOS users can use to invest in US markets from India. Now you might ask why should I invest in US stocks and the reasons for the same are:

• A good chunk of Indian people use services of well-known large American companies such as Netflix, Amazon, Google, and Facebook among others and so it only makes sense to take advantage of their growth and get some benefit yourself.
• The investment done in the US market is done in dollars and so the falling value of the rupee doesn’t affect your investment.
• Earlier investing in US markets was costly and there were a lot of fees, processes, and other rules to follow. But today there are so many apps around that are not only easy to use but also locket friendly. So why should one miss out on these benefits?

Vested Finance Careers

Vested is not only a good company when it comes to investing in US stocks but also a good place to work at. And so apart from the Vested Finance review in this article, we will also mention the job openings that Vested has at the moment.

Depending on the platform you search on, you may come across a couple of openings at Vested Finance, however, on their career page they have the following positions listed as open:

1. Under Customer Success, they need an India based person for the role of Customer Success Representative.

2. They need Remote Engineers for the role of Senior Software Engineer (Full-Stack, Node.js, React.js, React Native), Senior Software Engineer (Backend), and Senior Software Engineer (Mobile, React Native).

3. They have openings for US-based, India-based, and Remote workers for the position of Graphic Designers, Marketing Communications Managers, and Performance Marketing Managers in the Marketing Department.

4. US-based, India-based, or Remote worker for Senior UI/UX Designer.

5. US-based, India-based, or Remote worker for Associate Product Manager, Product Manager, Product Manager, Growth in the Product Management Department.

6. In the Program Management Department, they have an opening for an India-based/US-based/Remote worker in the capacity of Program Manager.

7. In the Quality Assurance Department, they have an opening for an India-based/US-based/Remote worker in the capacity of QA Analyst (Manual, Automation, or Hybrid).

Those are all the Vested Finance Careers that are up for grabs at the moment.

Cross-reference: Indian women emerge as committed investors in US market: Vested Finance

Vested vs INDMoney

Launched in 2019, INDMoney is a Super Finance app. You can use this platform to save money, plan your expenditures and invest money in various assets. This is another one of those apps that allows you to invest in US stocks. The app is available on Android as well as the Apple store. With the introduction out of the way, it is time to get to business and find out who emerges as the better app from the Vested vs INDMoney comparison.

Vested Finance offers a convenient and accessible platform for global investors to participate in the U.S. stock market. With its user-friendly interface and fractional share investing feature, individuals can easily create personalized portfolios and track their investments.

The platform’s commitment to transparency, low fees, and reliable customer support adds to its appeal. Vested Finance has positioned itself as a reliable option for those seeking to diversify their investment portfolio and gain exposure to the U.S. securities market.

The post Vested Finance Review and Analysis appeared first on Moneymint.

Best Prop Trading Firms for Investments

A prop trading firm is a firm that hires professional trainers and then gives them the company money to invest in stocks, cryptos, bonds, forex, etc. These companies can provide training, retraining and professional trading tools to the traders, and in return, the traders make profits that they share with the company. Let us begin our list.

1. SurgeTrader

Founded in 2008 the headquarters of this prop firm are located in Chicago, Illinois. The company has various packages to offer to traders where you can choose a package worth as low as 25,000 dollars or as high as 10,00,000 dollars.

For any and every package you can take a share of up to 90% in profits. The profit target for you as a trader is 10% whereas the daily loss limit is also set at 4%.

2. FTMO

Headquartered in Praha, Hlavni Mesto Praha, Czech Republic, this company was founded in 2014. Again with this prop firm, you can get to keep up to 90% of your profits. The company has so far paid out more than 100 million dollars to FTMO traders.

This is a multiple award-winning company where you can create an account and trade at your own pace, to get a hold of it the company also offers you the chance to take a free trial of the platform. On this platform, you can trade assets like crypto, custom, commodities, indices, and forex.

3. The Funded Trader Program

From Fort Lauderdale, Florida, USA we have this top prop trading company that was set up as recently as 2021. Before you can begin working for them there are a few challenges that you need to ace to prove your skill and knowledge to them.

You have the chance to get up to 90% in profits and also their payments are made biweekly. Every 3 months your performance is reviewed, and you have the opportunity of increasing your account balance to 1.5 million dollars.

Also Read: 16 Largest Companies in the Finance Field

4. The Trading Pit

Having been founded in 2022 this company is headquartered in Lichtenstein and is undoubtedly one of the best prop trading firms around. To begin trading for them you simply need to register on their website and need to accept their terms and conditions.

Up to 80% of the total profit can be kept with you. The maximum capital offered by the company is not known since everything you need to know comes after registering for them.

5. Audacity Capital

Having been founded in 2012 the headquarters of this company are located in Wood Street, London, U.K. Just like any prop firm they too give away the money to investors to invest in various assets from which they make profits and split with the company.

There are six stages of investment, in stage 1 you are given 15,000 dollars whereas in stage 6 you are given 4,80,000 dollars. The target profits are 10% at all times.

For 1st three stages the commodities that a trader can trade in includes only Forex, however, people from stage 4 to 6 can trade in Forex, Indices & Commodities. The profit-sharing ratio of this company is 50:50.

6. City Traders Imperium

Trading on this platform can get you up to 70% share in profits. You can get funding of up to 4 million dollars from this company. Forex, shares, gold, and indices are some of the instruments that you can trade in on this platform.

There are 4 different plans on offer and you are upgraded to the next plan after achieving a 10% profit in the previous plan. The company also provides training programs and other necessary stuff to help the traders.

The company was founded in 2018 and its headquarters are located in City Road, London, U.K.

7. Akuna Capital

The company is active in the US and Hong Kong markets and is a professional liquidity provider as well as a derivative trading platform for crypto, stocks, and other assets.

This prop trading firm hasn’t mentioned the profit-sharing ratio. Headquartered in South Wabash Avenue, Chicago, Illinois the company was founded in 2011. They hire interns, experienced traders, and junior traders. They also provide training and educational courses for traders.

8. Chicago Trading Company

One of the best prop trading firms also happens to be a privately held company. The company has a team of operational workers, traders, quants, and technologists. The company has not mentioned its profit-sharing ratio.

This company was founded in 1995 and is headquartered in Chicago, Illinois, U.S. They employ market experience, financial expertise, risk management strategies, and proprietary technologies to succeed.

Best Prop Firms for Futures

We may have seen some of the best prop firms above, however, not all of those firms deal in the same assets. Some of the firms dealt in forex and other assets while some in equities and so on. And so, it is now time to make a separate list of some of the best prop firms for futures only.

1. Topstep

If you want to become a big deal in the world of futures and want to make good profits trading in them then Topstep might be the platform to turn to. Once you have been evaluated successfully you then get access to state-of-the-art technology, funding, and experts in trading.

The three combined provide you with all the resources that you need to succeed in the futures investment market. Be it profit sharing, customer support, or community engagement the company is highly rated in all these aspects.

The payouts are high and the options for funding include getting 50k, 100k, or 150k.

2. Earn2Trade

Once you have passed the test and got funding you get to keep up to 80% of the profits that you earn using the company capital. The platform is suited to both new and experienced traders and it is an educational platform.

Apart from futures trading the platform also offers simple trade tracking and educational materials. It is an ideal platform for futures traders and an excellent industry reputation and great educational courses make it even greater.

Their profit ratio sharing is also among the highest offered by such companies and they also have an above-average customer support rating which means that they will be there to help you with any issue that you might be facing.

3. Apex Trader Funding

For futures traders, Apex Trader Funding is a good platform because their average payout to customers since 2022 January stands at 849.784k dollars and in the same period their total payout stands at 1,27,46,755 dollars.

In the past month, they have funded no less than 15,751 PAs. 100% of profits up to 25,000 dollars belong to the trader after which you are entitled to a 90% share.

There are two payouts per month when you use this platform. You get to trade 23 hours on this platform. You can get as low as 25k dollars or as much as 300k dollars to trade on this platform based on the packages available.

Also, each package comes with a profit goal that you need to meet. You also get a 15% lifetime referral commission from this platform. This platform gives you access to various trading tools, has a solid reputation, and also has an option for fast funding.

Also Read: Fortune 100 Best Companies to Work For

4. Leeloo Trading

Leeloo Trading happens to be one of the best prop trading firms around. It is suited to futures traders who are planning on getting anywhere between 25k dollars to 300k dollars. With this platform, you have the option to go for swing trade.

Not only that but you also get to trade with flexibility and also there is no scaling or no daily drawdown.

The platform has a reach in 150 countries. The company also offers impressive profit splits and new users can even take a free trial. The trading conditions of the platform are relaxed, and it also has a solid reputation.

Best Forex Prop Firms

Now that we have covered some of the top prop firms and futures-based prop firms we have one last list with a few more names to share. Unlike the previous two lists, this one will have the names of some of the best forex prop firms.

1. Fidelcrest

Founded in 2018 and incorporated in 2020 this platform was founded by forex traders and professionals. The company headquarters are in Nicosia, Cyprus while the IT department is located in Tallinn, Estonia. Using this platform you can get up to 2 million dollars in funding. What’s great is that they offer you up to 80 to 90% of profits.

The company also offers a signup commission of up to 30,000 dollars. The traders can choose between multiple account types under normal as well as aggressive plans.

2. E8 Funding

A trader on this platform can expect to get anywhere between 25k dollars to 1 million in funds. Of the 800 plus reviews received on Trustpilot, the platform has an overall review of 4.7 stars which shows that it is a good platform for forex traders.

They happen to be one of the newest prop trading firms on the market but that hasn’t stopped them from being also one of the fastest ones to becoming the best. It is a user-friendly platform and provides traders with information that might be of use to them.

3. My Forex Funds

Not a lot of prop firms offer funds without a challenge and so that is what makes this platform one of the rare ones to do so. Traders can choose from three types of programs available to them.

The platform has also set up a support team that is available 24/7 to help you with any problem that you may come across. You can get anywhere between 10,000 dollars to 100k dollars to start trading, of which up to 50k dollars can be allotted without any challenges completed.

You can get up to 85% in profit splits. Lastly, this platform is for everyone from a new trader to an experienced trader to a professional.

4. Funded Trading Plus

One of the best prop trading firms for forex is funded trading plus. The platform has three trading programs which are experienced trader, advanced trader, and master trader.

You have a chance to get up to 90% of the profits with this platform and not just that you also get to be a part of the discord community of the platform.

Apart from forex the traders on this platform also have access to index and commodity markets while they can also invest in 250+ crypto markets. The funding on this trading platform starts from just 12.5k dollars but can go up to 2.5 million dollars.

5. True Forex Funds

If you are looking for funding of up to 400k dollars then you can find it at True forex funds once you have completed their evaluation. This happens to be one of the fastest evolving proprietary firms and has paid out more than 8.4 million to its traders in just 2023.

The average time for payout is 24 hours and their reach is in 110 countries. The platform offers high-profit splits which go up to 80%. There are only 2 stages of evaluation and so you can easily pass the two challenges and begin trading with their loss-covered funds.

6. FundedNext

If you are a full-time trader anywhere around the globe and are looking for 200k dollars in funding then you can get it from FundedNext. They cover 193 countries and have an average payout time of 5 hours. So far the company’s total payout exceeds 22 million dollars in total and they have funded more than 17 traders.

You get up to 90% in profits splits from this platform and you can scale up your plan to 4 million dollars. The platform also offers you a personal account manager.

The company’s registered and operational offices exist in southeast Asia, the USA, and UAE, and the app is available to download on both Google Play and App Store.

7. Finotive Funding

Looking for 200k dollars in funding? Check out Finotive Funding which has standard and aggressive plans to offer to you. Pass the phases and get funded where you can earn up to 95% in profit splits.

That’s not it, you can also scale up the funds to a massive 3.2 million dollars if you have what it takes to get there. The company uses the world’s most popular trading platform, MetaTrader5. Oliver Newland founded this platform in 2021 on April 23rd and their offices are located in Budapest, Hungary.

8. The5%ers

One of the best prop trading firms also happens to be one of the most highly respected prop firms in the world. They enjoy a great reputation and offer 50% in profit splits. They offer more than 1.2 million dollars in funding.

The company was established in 2016 and apart from forex they also allow you to invest up to 4 million dollars of theirs in metals and indices. The platform allows you to get instant funding in real accounts.

Also, they have frequent payouts and exceptional trading conditions. 925 people have rated the platform on Trustpilot on the back of which they boast a 4.8-star review.

These are some of the best prop trading firms that offer lucrative opportunities for investors. With diverse strategies, risk management, and advanced technologies, they provide a platform to capitalize on opportunities available in the dynamic financial markets.

The post Best Prop Trading Firms for Investments appeared first on Moneymint.

But, people usually get mixed between their meanings or decipher them in a wrong way. Various people use them conversely which is absolutely wrong. Hence, it is essential for you to know the difference between them as they have entirely distinct meanings.

Let us know in detail about their meanings, variation and how they are calculated. This would bring a clear understanding of these terms.

Difference between Face Value, Market Value and Book Value of a Share

In this article, we are going to discuss the difference between Face Value, Market Value, and Book Value of a stock or share. Let’s start with the Face value:

What is a Face Value?

It is also recognised as the par value. Face value is the value of the firm which is registered in the books and share certificate. This value reports the nominal price of the stock at the time of issuing.

For example, when a firm goes public the value of its share is Rs.10 but it may trade at a market price of Rs.100. This value would remain likewise for stocks and is really significant when the company chooses to take most of their corporate actions. It can also be termed as the original cost of the stock as it does not represent the actual market value.

One important thing to remember about the face value is that the face value of a stock does not change or fluctuates even if the company goes in for a stock split.

Why Face Value is important?

It has a vital role in the company as it is usually used for calculating interest on shares and bonds. In fact, it is also required for calculating discounts, premiums, returns and market value. This implies that when you invest or trade then it is substantial for you to know the face value of the shares.

Bond prices are usually affected by face value but they have no relation with the market price.

How to calculate the Face Value?

For calculating face value, you would require two things:

1. Equity Share Capital

2. Number of shares outstanding

The formula for calculating face value is:

Face Value= Equity Share Capital / No. of shares

Now, the question might come to your mind is that, where would you get these figures from? You can get it either from the annual reports of the company or directly from the company’s balance sheet.

Now, let us understand this with the help of an example-

If a company has raised 1 lakh equity share capital for business and it keeps the face value of one share Rs.10 and issues 1 lakh shares. For calculating it we will apply the formula:

10=100000/100000

Also Read: 12 Best Stock Market Trading Apps In India

What is Book value?

It is said to be the amount of money which would be paid to shareholders if the company gets liquidated and plans to pay off all its liabilities. Hence, it can also be said that book value is the net value of the organisation that shows in its books.

The company gets this value after they sell their assets, pay its liabilities and divide the remaining amount with the number of shares. A good to know information is that if you observe that the company’s market value of the stock goes below the book value, it is a green signal to buy its shares.

You would rarely see any fluctuation in the book value or any changes in it annually as per the performance of the business. You can also see book value for evaluating that the company’s stock is undervalued, overvalued or fairly valued.

Why Book Value is important?

If you divide the current price of the share of the company with the book value per share, you will get the price to book value ratio. This value is pretty beneficial and should be taken into the study while making an investment decision.

Book value helps the investors in finding better bargain deals on stocks particularly when they have an intuition that the company is undervalued and would grow in future, thus its stock price would also increase.

How to calculate Book Value?

There are two methods for calculating book value as there are two formulas for it. Let us understand both of them in details.

Formula 1

Book Value= Face Value + Reserves per share

Now, first, we would need to know about the “Reserves per share,” you can get this information directly from the company’s balance sheet.

You can calculate reserves per share by divining reserves to the number of shares. Hence, when you get the value put in the formula:

Book value= Rs.5 (face value) + (250.15) = 255.15

Formula 2

The second formula is:

Book Value= Liabilities/ No. of outstanding shares

For calculating the liabilities you would have to calculate total assets – total debts.

You can get this data from the company’s balance sheet. Now, you would need three things i.e

• Total Debts
• Total Assets
• No. of Shares

Hence, if a company has an equity capital of 10 crores, liabilities of 4 crores and its outstanding shares are 5 lakhs:

10 cr – 4cr/ 5 lakhs= 120

Hence 120 rupees will be the book value per share.

What is Market Value?

It is the current price of the stock which is quoted one exchange. It might or might not show the fair value of the stock. This is the amount at which market values the stock, it is also termed as the Current Market Price (CMP). Let us understand this by an example, if a stock is selling at a price of Rs.50, then this would be the market value per share of that company.

Market value vacillates continually throughout the trading period. A similar thing occurs for bonds at the bond market. This change in prices is because of various reasons such as news, results, government policies, etc. It can change a drastic switch if there is a stock split or shares consolidation.

Market value states the exact amount which the buyer pays and seller sells for each share purchased or sold. It exhibits the company’s worth and is directed by business performance. Therefore, it is one of the most important data that should be considered before stock trading.

Also Read: 7 Best Virtual Trading Simulators for Indian Stock Market

Why is Market Value important?

As the market price of the share changes every day so does the market capitalization of the company. This is one of the primary parameters that is usually used in calculations like market capital to sales. It also helps in ascertaining the capitalization of the organisation by just multiplying it with the number of shares outstanding. If the market value of the share increases a lot then it scares a lot of investors and speculators but if your company is doing well then there should be nothing to worry.

How to calculate Market Value?

There is an easy and simple formula to calculate Market value:

Market Value= current market price per share X No. of Outstanding shares

For example, if the market price of a share of the company is Rs.50 and the total number of shares is 10000.

Market value= 50*10000= 500000.

Therefore, the investors would make profit or loss would solely rely on the current market value of shares.

Where to find these values?

While calculating if you get stuck somewhere in regards to the values of assets, liabilities, reserves, etc. where would you get the information from?

There is a very simple way of getting all this information and that is by opening the website of the company on any financial website, the first thing that would come is its market value per share.

If you search a little bit more you would also get to see the face value and book value of the company.

Also Read: 9 Best Stock Screeners For Indian Investors

Difference between Face Value, Market Value and Book Value of a Stock

Comparing book value and market value

These are the two significant factors which are taken into consideration to check if the stock is overvalued, undervalued or fairly valued.

• Market value is less than book value- If the market value is smaller than the book value it indicates that the market is not too certain about the company’s growth and the investors have lost faith in the company. It can also be said that the company is not worth the value of its books or its future earnings. Although, the value investors seek for such companies as they think they are undervalued and the market is not right about its valuation.
• The market value is greater than book value- This symbolises that the market is giving a higher value to the company and its assets. It shows that the investors have full faith in the company’s growth, future, expansion and its increased profits would increase the book value of the company. Growth investors mostly seek for such type of companies.
• Market value equals book value- This shows that the company is fairly valued as the market does not find any such reason to believe the assets or liabilities mentioned in the balance sheet are fake.

Things to Remember

There are a few things that you should always keep in mind while investing or checking the company’s books-

• Book value of the corporation is the amount of capital that the shareholders will get if assets are liquidated and liabilities are settled
• A company’s market value is determined by the market based on the current stock price and the number of outstanding shares
• If the market value is less than the book value it does not signify that the market would consider that it is worth the value on its books

Recommended: 12 Best YouTube Channels for Indian Stock Market

The meaning of face value, book value and market value must have been clear by now. Hence, all of them have different meaning and should be used accordingly. Remember that face value is the least meaningful for the investor and its value is just for bookkeeping. Therefore, if you wish to invest focus on market and book value of the company’s shares.

The post Difference Between Face Value, Market Value And Book Value Of A Share appeared first on Moneymint.

There are numerous apps available in the market through which you can easily install and undeviatingly invest in mutual funds without any hassle. Investing through mobile apps is relatively easy and convenient. But, the question that comes to mind is which app is reliable and safe as you invest your hard-earned money in mutual funds.

Don’t fret; there is a solution for you. There is an easy and reliable way for you to invest in mutual funds; Groww App. Investing becomes as simple as shopping online through this app. Still, there must be various questions coming to your mind that is the app safe? How much is their commission? How to invest in them?

Here are all the answers for you regarding the Groww app so that you can invest through them without any doubt in your mind.

Is it Safe to Invest through Groww App?

About Groww App?

It is an android application from which you can comfortably spend in mutual funds. The most beneficial thing about this app is that it is simple, user-friendly, and free. For investing through this app, you would not need any paperwork, and you can invest in any company at any time.

You can buy and sell mutual funds anytime you want, plus you can also do SIP for free without paying any commission. Another advantage of investing through them is that you can also track the invested mutual funds to check the status or increase or decline in their prices.

How does Groww.in make money?

This is another question that kicks into everyone’s mind that how do they make money? A business cannot sustain itself without making earnings, and Groww app does not charge any commission from its users. The answer to this question is that they earn money by rendering advisory services and add-on premium features to its users.

Documents required for registering with Groww App

Doing registration with Groww App is very easy and simple. One thing that you would like the most about them is that there are only a few documents required for registering with them-

• Aadhar Card
• Pan Card
• Bank Detail
• Internet Banking
• Gmail account

The significant advantage of investing through them is that it is very convenient, and there is the ease of transactions as well.

Also Read: 10 Best Discount Brokers in India

Commission Structure of Groww and their charges

For the mutual funds, they do not charge any commission. They do not take any fee or commission from its users for availing their services or doing any transaction through them. But, they take a cost for added benefits such as investment advisory, premium features on the platform, etc.

Their pricing structure for additional services are-

Charges for Groww Stocks

Also Read: How to Start Investing in Share Market (Beginners Guide)

List of other charges by Groww as per their Pricing Page

Buy Stocks: ₹0 — No charges for buying Groww stocks (any quantity)

Sell Stocks: 0.01% of order amount if intraday. DP prices are applicable for Demat delivery.

All Charges

• Equity Delivery: Charged by the broker on buy orders when equity is delivered in Demat account. It is Zero on Groww.
• Equity Intraday: Charged by the broker if you buy and sell on the same day. It will be charged Rs 20/- per executed order or 0.01% of order value, whichever is lower.
• Clearing Charges: Charged by clearing members of NSSCL (clearing corporation of NSE) and ICCL (clearing corporation of BSE). It is Zero on Groww.
• AMC (Account maintenance charges): For managing your account. It is ₹25/month + GST charged quarterly. Will not be charged for dormant accounts.
• Account Opening Charges: Charged one time for opening trading and Demat account. It will be ₹200 on Groww from May 1st, 2020 onwards. It is FREE till April 30th, 2020.
• DP Charges (Buy Order): Charged by DP for crediting Groww stocks to Demat account. It is Zero on Groww.
• DP Charges (Sell Order): Charged by DP for debiting stocks from Demat account. It is ₹8 + ₹ 5.50 (CDSL Charges) per ISIN (company/ETF) per day on Groww regardless of quantity sold.
• Stamp Duty: Charged by the state government as stamp duty for contract note. It is different for each State, but the maximum is 0.018%.
• SEBI Turnover Charges: Charged at 0.0001% by SEBI (Securities and Exchange Board of India) for regulating the markets.
• Payment Gateway Charges: Charges for depositing money in Groww Balance. It is zero as of now.
• Securities Transaction Tax (STT): Charged by the government when you transact on exchanges. It is 0.1% of the order amount in the case of equity delivery and 0.025% of the order amount in equity intraday.

Other Charges

• Demat/Remat: Rs. 150 per certification + courier charges
• Failed Off-Market Demat Transactions: Rs. 50 per ISIN
• Pledge/ Unpledge of Demat Secutires: Rs. 20 + Rs. 12 per request (CDSL Charges)
• Pledge Invocation: Rs. 20
• Perodic/ Adhoc Demat Statement Request: Email: Free, Physical: Rs. 100 per request + Rs. 10 per page + courier charges
• Account Modification Request: Rs. 50
• KRA Upload/ Download: Rs. 50
• Delivery Instruction Slip: First (10 leaves): Free
• Addl (10 leaves): Rs. 100 + courier charges
• Physical CMR(Client Master Report): Rs. 20 + Courier Charges
• Physical Contract Note: Rs. 100 + Courier Charges
• Courier Charges: Rs. 100 or actual, whichever is higher.

Is Groww SEBI listed?

It is a registered adviser in the name of Finvantage Investment Adviser Private Limited based out of Bangalore. Their registration number is INA20008981.

How to withdraw money from Groww?

Withdrawing money from Groww is very simple as when you open the app, you would see an option “Withdraw,” click on that and enter the amount that you wish to withdraw, and click ok. Once you finalize the amount, the amount will be automatically deducted from the app and credited to your account.

What can you do with Groww?

Numerous things can be done through the Groww app; some of them are-

• Invest in any fund- Through them, you have an option to invest in any mutual fund that you want through AMC. They also give you an option to do lumpsum investment or setup SIP in any fund. The fixed amount will be directly debited from your account and would be invested in the mutual fund selected by you.
• Append more money in existing mutual funds- When you spend in mutual funds, you can also make further investments in the same folios with the Groww App if you aspire.
• Redeem from any stock with the click of a button- If you wish to obtain your saved money in mutual funds, that can also be done through the Groww app in just a click. Once you select the amount, it will be instantly sent to the bank account combined with the AMC.
• Cancel/Stop an ongoing SIP- In case if you face any business or personal difficulties, then you might want to omit or suspend the ongoing SIP’s in any mutual fund scheme. This can also be quickly done via the app, and you would not have to submit any papers or sign any documents for that.
• Change from regular funds to Direct mutual funds-  By any chance, if you have funded in regular funds, but now you wish to shift to direct mutual funds, you can do this as well through the Groww App.

Groww Products

Is it Safe to Invest through Groww App?

You would be glad to know that the Groww app is entirely safe and secure and is also AMFI and BSE certified. If you examine their website, they have stated that user’s data is 100% safe, and they employ bank-grade security features on their program.

This app is clearly understandable and seamless; they have also accumulated $21.4 million in series B funding in 2019 from US-based VC firm Ribbit Capital and existing investors Sequoia India and Y Combinator.

Another point that rears the faith in them is that their app has got more than five million installs on Google Play Store with an average rating of 4.5 by over 50,000 people. Hence, you can rely 100% on this app to invest your hard-earned money.

Also Read: 10 Best Mutual Fund Apps to Invest Online in India (2021)

Groww Mutual funds

In today’s time, mutual funds have become the first thing people are looking to invest in. But, many people are not aware of where to invest, what platform to opt for, and where they can get the best advice on investing? Groww is one platform where you have an option of more than 3000 companies to invest in.

Also, on this app, you have the feasibility of tracking your portfolio. Thus, you can invest in mutual funds through the Groww app without any doubt in your mind.

What if Groww shuts down?

This is one thing that would, for sure, come to your mind while investing through this app. Remember that Groww or other such apps are just the brokers for AMC’s. If they close, then the only issue you would face is doing the transactions yourself or looking for another app for doing it.

Except that everything would remain the same as your investments are not dependant on them. They are just mediators; your money would be safe as you invested in another company, not on them.

Pros of Groww App

There are a lot of benefits of using this app as it makes the process of investment pretty easy, along with that there are some more advantages such as -.

• User-friendly app
• Reliable
• No fee or commission charged
• Up to 1% higher returns
• Simple and intuitive UI

Cons of Groww App

Along with the advantages come some disadvantages as well. Although it has a very few drawbacks, let us have a look at them-

• Support is not readily available by the app.
• Would not be able to analyze funds technically and in-depth within the app

How is Groww compared to other Apps?

Groww vs. Kuvera

Both these apps are pretty similar as they are free and allow making investments in mutual funds’ direct plans. The significant difference that people find is that Groww is more user-friendly and intuitive as compared to Kuvera.

Groww vs. PayTM Money

People really like the UI of PayTM Money as their app offers a little more details than the Groww app. Another helpful thing about it is that it creates a financial layout with mutual funds. But, Groww provides better knowledgebase for its users.

Groww Customer Care number

There are various ways to get in touch with Groww, one is through their Help Page, or you can also email them directly at support@groww.in. If you want immediate help or assistance, then you can avail their live chat option as their representative is available to help you with all your queries.

Recommended: 9 Best Stock Screeners For Indian Investors

We hope this article able to answer your question “Is it Safe to Invest through Groww App“. This app is an effortless solution to invest in Groww stocks or mutual funds as its user interface is impressive; plus, there are no charges to pay for doing any transaction. Thus, even if you are new to investments and mutual funds, this app would make it easier for you to understand everything and invest easily.

The post Is it Safe to Invest through Groww App? appeared first on Moneymint.

Have you ever thought about who will own your assets and what will happen to your investments after you are no more? Death is inevitable for everyone. One or the other day, you have to die. The bitter truth of life is that death can even occur accidentally. Hence, it is indispensable to ensure your family or loved ones’ security before any catastrophe befalls us.

So, what options do we have to ensure our loved ones are protected and get all our financial gains after the owner’s death. The first option is to declare a nominee for your investments and overall wealth. In this case, after the owner’s demise, the nominee will claim all the assets and investments.

You might be thinking it is straightforward. But it is not. There is a catch!

If your legal heir is someone else who is not your nominee, in such cases, the legal heir may or may not claim your investments. The rules are different for all types of financial products. Read further to understand who will inherit your assets – Nominee or Legal Heir?

Legal Heir Or Nominee: Who Will Inherit Your Assets?

What is the meaning of Legal Heir?

The heir is an individual appointed by law for an ancestor’s property who died without making any will.

A legal heir can be any person; male, or female, who is entitled to be the owner of the deceased person’s property. They will become legal heir as per the succession laws, or the deceased ancestor has mentioned the person’s name under the will.

Who is a nominee?

A nominee is a person who you can list in your bank account or investment, including LIC’s, mutual funds, or any other investment platforms. The nominees become entitled to proceed with your investment option or bank account in case of your sudden demise. You can designate anyone to become your nominee, be it your friend, relative, spouse, parents, or kids.

Legal Rights of a Nominee and Legal heir?

The nominee is not the owner of the assets, but only the trustee, which implies the nominee is considered a caretaker of the assets. They are entitled to hold the deceased’s property and further transfer all the assets to the legal heirs. However, some individual investments are exempted that the nominee is not liable to transfer them to the legal heirs, such as shares.

The legal heirs have full rights to receive all information and ensure the timely transfer of the deceased’s person’s assets to their name if the nominee is holding the property.

Can a nominee inherit your assets?

The nominee is legally bound to transfer all the assets to legal heirs of the property and cannot inherit the deceased person’s assets. However, it is still advisable to appoint a closed family member or legal heirs as your nominee to avoid any future conflicts between them.

Also Read: What are Assets under Management (AUM)?

What is a Will?

Will is a legal document stating the owner’s desire to distribute their financial assets or investments to their loved ones after their death. Will is a document that a person makes when they are alive. It is comprised of instructions as to how they want their assets to be carried out once they die.

The person responsible for administering the estate and currently owning all the assets is stated as the executor.

Importance of Drafting a Will

It all depends upon the will outline what the executor wants to do with possessions after they die; if they wish to leave them to their family, children, another person, or group, or donate the assets to charity. It is entirely the executor’s choice, and the probate court abides by their wish specified in the will.

A will decides your loved ones’ security or the person you want to gain access to all your assets. In the absence of the will, a conflict may arise in the family, further leading to friction and brawling among all the members.

If there are no heirs or nominees of the executor, the state you reside in will decide how your property will be divided. Hence, drafting the will while you are alive is a prerequisite to maintaining future family bonding and peace of mind.

It is equally important to know that will is a legal document; it is not something you should draft yourself. It is always recommended to hire a lawyer and make him draft the will as per your desire.

Things You Should Avoid While Drafting a Will

• Your ‘Digital Estate’
• Funeral Plans
• Illegitimate gifts and requests
• Jointly held property
• Any malicious request or activity to abuse a particular person
• Life Insurance and Retirement Funds

Will and Nominations

While drafting the will, it is vital to give all your assets and investments in the same direction. It will help maintain future equilibrium among the family and not let them bicker over the property distribution or ownership transfer.

For instance, if you are drafting a will and making your wife a beneficiary for your mutual funds, always ensure that you have made them a nominee in that particular investment scheme. It will not lead to any quarrel among the beneficiaries and legal heirs.

Primary Things to Remember while Appointing a Nominee

• Always mention all the nominee details, including their full name, age, address, and relationship with you.
• Provide their specific details and particulars existing currently
• Never write the nomination in favor of your children and wife as a class.
• In case the nominee is less than 18 years old, appoint a person who can provide the nominee’s full name, age, address, and inform the relationship to the executor.

Why do you need to appoint a nominee?

The nominee is not the sole owner. You might be thinking, why exactly do we need to appoint a nominee, and how did this concept originate in the first place. Let’s understand!

When the owner dies, they would never want their assets and investments to stay with the company. They would always want to pass it on to their legal heirs. To ensure the process is followed seamlessly, they appoint a person they can trust, known as a nominee, who help to pass on the assets to the legal heirs.

But, how will a nominee facilitate this entire process? It is simple. If the nominee exists, the legal heirs do not need to accumulate and submit the documents such as proof of relation, death certificate, etc.

Furthermore, if no nominee is appointed, the legal heirs need to undergo this process repeatedly, whether there are shares, real estate properties, mutual funds, or insurance policies of the executor.

So, it is better to appoint a nominee to avoid all these complexities.

Nominations in Mutual Funds, Life Insurance, Public Provident Fund, Shares, and Bank Accounts

1. Nominations in Mutual Funds

You can nominate up to 3 people for all mutual funds. All the nominees can be registered at the time of purchasing the funds. While you fill its application form, you need to enter all the details of the nominee. Although, the nominee can be changed later by filling up another form on the mutual fund company’s website.

There are not many limitations as you can appoint a minor as a nominee. Also, non-resident Indians are eligible to be a nominee.

For every mutual fund you purchase, you get a folio number, a unique number identifying your account with the fund. Nominations in the mutual funds are at the folio level; wherein all folio units are transferred to the nominees.

2. Nominations in Life Insurance

Life Insurance policyholders can appoint multiple nominees. All the people nominated is provided with respective shares as per the policy holder’s desire. The purpose of an insurance policy is to ensure your family members’ security, so the first choice of appointing a nominee is pre-dominantly your wife/husband, children, or parents.

Suppose you nominate someone such as your friend or a third party to your life insurance policy. In that case, the insurance company will justify what insurable interest you have with the third party. They need this proof or explanation because of a clause called Principal Of Insurance Interest.

The nominee does not get any other benefit apart from receiving the policy money on the Life Assured’s death. So, always ensure that you have nominated your closed one for the easy settlement of the claim. As not mentioning any nominee in the Life Insurance policy can lead to a troublesome situation for your dependents to get the claim.

You have an option to change the nominee later by filling up a form and can even remove the nominee’s name without their consent.

3. Nominations in Public Provident Fund

The significance of nominating a person or a group of people for your PPF account is immense. Suppose your PPF account’s balance is 20 lakhs and you die without appointing a nominee, then your legal heirs will not get the sum of more than 1 lakh. Did you know this? Hence, it is recommended to always call for a nominee at the same time your PPF account is opened.

If you want to change the nominee in the future, you can opt for the name change option by filling Form F. Moreover, you cannot nominate anyone if the Ppf account is opened for a minor.

4. Nominations in Shares (Stocks and Direct Equity)

If a will does not exist, it can become quite complicated in the case of shares. If no nominee is appointed for shares, the court refuses to pass on the ownership rights to the deceased person’s legal heirs. However, this is applicable only in case of the absence of the will.

According to the Supreme Court, if the owner has not written any will, the person appointed as a nominee is considered the actual owner of the shares after the demise of the original owner of those shares. The succession laws on inheritance will not be applicable in these cases.

5. Nominations in Bank Accounts- Savings, Current, FD, and RD

Did you know FD’s also come with a nomination facility? Not only FD’s, but all accounts whether it is savings, current, or recurring deposit. While you are opening any of the accounts, you need to fill Form DA-1 to nominate a person or two. If you wish to change or remove the nominee in the future, the Form DA-2 needs to be filled.

What are Corporate Fixed Deposits? How are these deposits different from bank fixed deposits?

Corporate fixed deposits or Company Fixed Deposits is a term deposit held over a fixed period at a fixed rate of interest. Corporate FD’s can range from months to years and offer a high rate of interest compared to bank fixed deposits. Financial and non-financial institutions offer these deposits, and usually, the risk involved in these deposits is relatively high. Therefore, people prefer to invest in Corporate FD’s for a short tenure rather than investing the money for a long duration. If one wants to invest their money for a long tenure, then bank fixed deposits are the way to go.

Recommended: The Difference Between Financial Assets And Liabilities

After reading this guide, we hope you are utterly informed about the difference between the nominee and legal heir, and who will inherit your assets. 

The post Legal Heir Or Nominee: Who Will Inherit Your Assets? appeared first on Moneymint.

What is GPU?

The cryptocurrency mining was originally carried out using CPUs (Central Processing Unit), not GPU. However, GPU replaced it some years later because it had limited processing speed, rendered the mining process inefficiently, and consumed high power, leading to limited output.

GPU (Graphics Processing Unit) is solely responsible for the digital rendering in the computer system. Therefore, GPU is of utmost importance in blockchain mining as it enhances speed and accuracy because it has immense power potential. Thus, miners especially use GPU to mine the currency before forming a decentralized network of processing power.

When it comes to mining cryptocurrency, one should have a robust GPU.

How to Mine Cryptocurrency with GPU?

To embark on your magical journey with cryptocurrencies, you need to go through and require the set of things mentioned below:

• Free mining software package.
• Free private database, where your coin wallet will hold all your earnings and allow you to view all your transactions.
• Membership in an online pool. Basically, you need to join the community of well-versed miners in combining their computers to ensure income and profit consistency.
• Membership at an online currency exchange.
• Custom-built computer to mine seamlessly.
• A specialized processing device or ATI Graphic Processing Unit (GPU)
• Extensive research and development.

17 Best Cryptocurrency to Mine Now

Bitcoin is the world’s strongest and oldest Cryptocurrency. However, it is not the best Cryptocurrency to mine. You might be thinking, which one is the best coin to mine? Our team has done comprehensive research to find out the most profitable coins to mine. We have listed below the 17 best coins to mine now.

1. RavenCoin (RVN)

RavenCoin is one of the most profitable coins to mine, which primarily focuses on transforming mining decentralized. It was named after the small blackbirds in George R.R Martin’s fictional world of Westeros.

This Cryptocurrency was launched on 3^rd January 2018 (at the ninth anniversary of Bitcoin). The coin was designed to enable instant payments seamlessly. In 2019, the developers featured this coin with magnificent features such as enabled messaging, mobile wallet with seed phrase, better compatibility, voting with RVN, etc.

The primary objective of RavenCoin is to create a blockchain optimized for the transfer of assets from one person to another.

• Algorithm: Proof-of-Work
• Current Price: $0.021
• Market Dominance: 0.02%
  
• Network Hashrate: 7.61 TH/s
• Block Mining Reward: 2,500 RVN

2. Monero (XMR)

Monero is a cryptocurrency that uses the RandomX hash function. It is based on the CryptoNote protocol holding the utmost significance of equity in mining crypto. It is ranked 14^th in the cryptocurrency market list, which is also ASIC-resistant, similar to Verticoin.

The best part is that it is easy to set up a mining rig for this crypto. You just need to acquire the mining hardware along with the wallet, and you are all set to configure it.

In addition, the block time of this crypto is 2 minutes, whereas the maximum supply is not mentioned.

• Algorithm: RandomX
• Current Price: $151.61
• Market Dominance: 0.24%
  
• Network Hashrate: 2.623 GH/s
• Block Mining Reward: 0.6056 XMR

3. LiteCoin (LTC)

Litecoin is an open-source software project released under MIT/X11 license. It is a peer-to-peer cryptocurrency established in October 2011. Technically, it is identical to Bitcoin.

Mining Litecoin will never be a wrong decision as it is a robust cryptocurrency used by a comprehensive range of users. Furthermore, it uses SCRYPT protocol which means you need not buy ASIC chips; and can easily be mined with the GPU.

Besides, it is less volatile than other altcoins, making it easily exchangeable on a wide array of platforms. Furthermore, it is a high-speed coin with lower transaction fees.

• Algorithm: N/A
• Current Price: $92.99
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: 12.50 LTC

4. Ethereum Classic (ETC)

Ethereum Classic is a cryptocurrency aiming to maintain the original Ethereum blockchain. This spectacular crypto platform was launched in July 2016.

It stands at 16^th in the list of top cryptocurrencies in the world. Ethereum Classic is a modified version of Ethereum’s Ethash mining algorithm called EtcHash, supporting the DApps and Smart Contracts.

It is pretty simple to start mining this Cryptocurrency just by acquiring the wallet and a graphic card supporting this Cryptocurrency. In addition, the block time for this crypto is less than another crypto which is around 13 seconds.

• Algorithm: Etchash
• Current Price: $18.61
• Market Dominance: N/A
  
• Network Hashrate: 129.179 TH/s
• Block Mining Reward: 2.5600 ETC

5. Zcash (ZEC)

This Cryptocurrency was designed with ASIC resistance, making the task challenging for the miners to mine the coins. Zcash was established in the year 2016.

The reviews of Zcash tell us about its long-term sustainability as the value of this crypto is less fragile than other cryptocurrencies. Another good feature of Zcash is that it is equipped with more privacy features than other coins.

Traders usually prefer it as it is straightforward and hassle-free altcoin for trading and selling. Furthermore, the commissions here are very reasonable.

Zcash is categorized under easy coins to mine as its algorithm allows it to be mined using GPU.

• Algorithm: Equihash
• Current Price: $33.26
• Market Dominance: N/A
  
• Network Hashrate: 8.7082 GH/s
• Block Mining Reward: 2.5000 ZEC

Cross-reference: 5 best bitcoin mining methods to earn passive income

6. Grin (GRIN)

Unlike Bitcoin, grin does not have a limited supply which makes it attractive for miners. Grin was recently launched in 2019, allowing crypto users to mine without large investments. Besides, this Cryptocurrency has chosen to execute the Cuckoo cycle mining to be ASIC-resistant.

The process followed in Grid does not allow any residual transaction information on the network enforcing its privacy in the long run.

Grin is a lightweight application of the protocol that aims to be more scalable and less storage intensive than other privacy coins.

• Algorithm: N/A
• Current Price: $0.0441
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: 60 GRIN

7. Metaverse (ETP)

Metaverse is a China-based coin that powers the blockchain-as-a-service (BAAS) platform.

It is an open-source, public blockchain company providing digital identities, assets, properties, and oracles as an infrastructure for organizational and social needs.

This is the right time to succeed by mining this Cryptocurrency. If you convert your ETP gains into other cryptocurrencies swiftly, it becomes highly possible for you to yield higher profits.

• Algorithm: Ethash
• Current Price: $0.0219
• Market Dominance: N/A
  
• Network Hashrate: 37.82 GH/s
• Block Mining Reward: N/A

8. Bitcoin Gold (BTG)

GPU mining is incomplete without mentioning Bitcoin Gold. It is one of the best cryptocurrencies to mine using GPU launched to get rid of ASICs. Apart from kicking out ASIC miners, it also involves a minimal investment, unlike other altcoins.

The primary aim of this crypto was to lower the risk for the miner. The approach of Bitcoin Gold developers was to minimize the risk so as the investors need not throw away BTG Antminer even if the Cryptocurrency’s Price comes down drastically. The best part is you can direct your hash power to any coin you desire.

The objective of Bitcoin Gold to transform that thermodynamic energy into digital assets will be fulfilled. Thus, if you are thinking of starting mining a cryptocurrency, go for it!

• Algorithm: Zhash
• Current Price: $12.59
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: 12.50 BTG

9. Dogecoin (DOGE)

Dogecoin is a cryptocurrency made for fun with the symbol of the dog by Billy Markus. This Cryptocurrency is well ahead in the altcoin rally, which has broken many records and does not show any signs of slowing down.

Primarily, it is a fully functional cryptocurrency that can store value and be used for transactions. In May 2021, its Price surged to $0.558, which was just 0.00026 in December 2020. The coin has no supply cap, which means it is not considered a hedge against inflation.

It uses Scrypt protocol similar to Litecoin as it does not let you buy expensive machines to add doge to your portfolio. However, this does not mean you should use your pc or laptop to mine this coin. To make its mining seamless, you can use a GPU/CPU to ensure its efficient performance.

Some of the best software to mine dogecoin using GPU include CudaMiner, Cgminer, and GUIminer. Whereas, if you are using CPU to mine this coin, use the CPUminer.

• Algorithm: Scrypt
• Current Price: $0.074
• Market Dominance: N/A
  
• Network Hashrate: 712.397 T hash/s
• Block Mining Reward: 10,000 DOGE

10. Dash (DASH)

Dash is a combination of word digital and cash. The coin was released in January 2014 as Xcoin. After a few days, it changed its name to Darkcoin before finally being renamed ‘Dash’ in March 2015.

Dash is an open-source cryptocurrency providing users with the freedom to spend anywhere and move their money anytime they want. The main objective of this coin is to ensure seamless and secure money transfer transactions around the globe via PrivateSend and InstaSend.

This coin was forked from Litecoin, and Litceoicn was forked from the Bitcoin protocol. In addition, this crypto is also a decentralized autonomous organization run by master nodes (a subset of its users).

So far, Antminer A3produced by Bitmain is considered the best Dash ASIC miner.

It can be immensely profitable to mine this coin in 2021 as it is one of the most profitable coins to mine. However, it is imperative to ensure the hash rate of your mining device, electricity cost, and network range at your location as the mining profitability extremely depends upon these factors.

• Algorithm: X11
• Current Price: $43.49
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: 1.55 DASH

Cross-reference: Inside Kazakhstan’s giant crypto-mine

11. Vertcoin (VTC)

If you are looking for the best coin to mine, you can opt for Vertcoin. This Cryptocurrency uses a Lyra2RE proof-of-work algorithm to verify transactions. The coin is ASIC resistant and is categorized under the coins that can be mined using GPU.

Being ASIC resistant indicates that the founders of Vertcoin decided not to put restrictions on mine this coin. This increased the possibility of fair distribution of this Cryptocurrency worldwide without being controlled by ASIC mining firms and pools.

Vertcoin has 2 pools based on your computing power named Network 1 and Network 2. If you have more than two graphic cards, opt for Network 1. Whereas, if you have two or less two graphic cards, select Network 2. Always remember, if you choose Network 1, this coin supports NVIDIA and AMD graphic cards.

• Algorithm: Verthash
• Current Price: $0.176
• Market Dominance: N/A
  
• Network Hashrate: 3.214 G hash/s
• Block Mining Reward: 12.50 VTC

12. DigiByte (DGB)

Still, confused about which one is the best coin to mine? Mining Digibyte coin can be immensely profitable because it offers high mining rewards. Moreover, the cryptocurrency supports multiple options, be it ASIC, GPU or CPU, through which you can mine.

DigiBytie is using five different algorithms and is hard-capped at 21 billion coins. Plus, the network of this robust crypto is built on three layers named a public ledger, a smart contract ‘App Store,’ and the core protocol featuring nodes communicating to relay transactions.

The network allows SHA-256 mining. However, it restricts ASIC miners from getting exceptionally high power. The average power consumption used by this coin is 2520 watts.

The profit may vary depending upon the crypto’s market price.

• Algorithm: SHA-256, Skein, Groestl, Scrypt and Qubit
• Current Price: $0.0079
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: N/A

13. Monacoin (MONA)

Similar to Dogecoin, the Monacoin is also a meme coin having a very active community in Japan. The crypto was created back in 2013.

The miners do not require ASIC machines in order to mine this crypto. The best part is the mining of this coin involves minimal investment, unlike other heavy coins. Plus, the time taken to mine 1 block and qualify for reward is just less than 2 minutes (1.5 minutes).

One can use various software to mine Monacoin, including XMR Stak, CCMiner, Suprnova, CGMiner, and Lyra2RE (v2).

• Algorithm: Lyra2RE (v2)
• Current Price: $0.4124
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: N/A

14. Aeternity (AE)

Aeternity is one of the top cryptocurrencies to mine as it allows miners to launch and run decentralized applications or smart contracts scaling through state channels.

The stupendous platform has certain use cases, including payments, loans, decentralized finance, loT, gaming, voting, shares, and identity.

The mining of this coin is usually done using CryptoDredge and Bminer, which are considered the best software. However, you can also try mining on NiceHash and HSPMinerAE.

• Algorithm: Proof of Work
• Current Price: $0.0502
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: N/A

15. Cardano (ADA)

Cardano is a robust cryptocurrency expected to have a very bright future. The crypto is equipped with a flexible network and fast transactions providing a seamless user experience. Besides, its USPs include scalability, sustainability, and interoperability.

One can make ample money by investing in Cardano through trading, mining and ETFs. Primarily, it is a programmable blockchain that has the potential of surpassing Ethereum and Litecoin.

Cardano can serve as a platform for other applications and digital currencies. In addition, ADA releases products for identity management and product traceability. Plus, it uses Ouroboros that helps to create blocks and validate transactions occurring on its blockchain.

• Algorithm: Proof-of-Stake
• Current Price: $0.365
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: N/A

Cross-reference: Best Bitcoin Mining Software

16. VeChain (VET)

VeChain is one of the most popular cryptos for the past few months. The crypto experts believe this is an underrated cryptocurrency that has a massive potential allowing investors to earn significant returns.

At present, it is an affordable cryptocurrency, which is used to transfer value across the network. The VeChain Thor Blockchain was specifically designed for business processes and supply chain management through the use of distributed ledger technology.

• Algorithm: Proof-of-Stake
• Current Price: $0.0194
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: N/A

17. BitTorrent Token (BTT)

BitTorrent is a recognized cryptocurrency established on the Tron blockchain by the BitTorrent foundation in 2019. The platform was launched on the Binance launchpad as a TRC-10 token.

The cryptocurrency is a peer-to-peer cryptocurrency based on P2P protocol in order to transfer large files over the internet.

The lucrative cryptocurrency was developed to expand the portfolio’s competencies and is an ideal choice for value exchange, third-party app developers, and fast decentralized data storage.

• Algorithm: Proof-of-Work
• Current Price: $0.00000060
• Market Dominance: N/A
  
• Network Hashrate: N/A
• Block Mining Reward: N/A

Breakdown of Cryptocurrency Mining

Why would you think of crypto mining? Simply because with every new crypto mined, you would be rewarded with a fraction of it. As simple as that!

Crypto mining is the process of solving baffling mathematical equations to authorize crypto transactions. Some people think that crypto mining is creating a new coin altogether, but it is not right. Instead, it is the process of releasing a cryptocurrency from the total supply. It signifies you can even mine a cryptocurrency already circulating in the market.

Most of the cryptocurrencies have a limited supply of coins, due to which the value of these coins increases as the demand rises. Just like the thumb rule of the market, when demand exceeds supply, prices tend to shoot. The value also increases as the coin becomes rarer, allowing its value to increase just like gold.

Mining was popularised by Bitcoin that uses the same system to secure their blockchain. The mining industry consolidates and professionalizes, due to which it becomes quite difficult to mine coins with GPU (Graphics Processing Unit). As a result, it becomes imperative for the small miners to join bigger pools to get great rewards.

Many cryptocurrencies are mined using mining equipment: Application Specific Integrated Circuit (ASIC), designed to mine a particular crypto asset. Therefore, it might become challenging for you to compete with other proficient miners if you do not persistently upgrade the ASIC miner to the latest version, as you may not win rewards for the same coin.

Types of Crypto Mining

There are two ways to see crypto mining; based on your interests. Either you can perceive it as a process, or you may be interested in the methods used.

1. Crypto Mining as a Process

There are mainly three ways in which Crypto can be mined.

a) CPU Mining

CPU mining is processor-based mining. The best part about CPU mining is that you can exercise it by getting a CPU and getting your hands-on on the mining process. So before investing in GPU and ASIC, you can try CPU mining.

However, this mining is outdated and is not used nowadays. There are many reasons, including:

• It is extremely slow
• An average hash rate is 0.7MH/Sec
• High power consumption

CPU mining is way too inferior to ASIC and GPU mining. You may also not be able to succeed in validating transactions with it.

b) GPU Mining

It is a video card-based mining. Basically, it is the video card of your computer required for gaming.

GPU miners are flexible and have the potential to mine different cryptocurrencies. This enables you to switch between coins in case the market is bearish or bullish. In addition, it offers various advantages, especially in the fields of gaming, video editing, and streaming.

The major drawback of GPU mining is that it consumes lots of power compared to ASIC. Moreover, it involves complex computation. You might also need to be patient as t may take a while to recoup your initial investment.

c) ASIC Mining

ASIC mining works on particular algorithms. With the intent to mine Cryptocurrency, it is practiced on special equipment.

Primarily, it is a computer component built for a particular kind of application. However, it is superior to CPU and GPU in terms of performance, as it can run much faster than both, with up to 14 TH/s hash rate. As a result, it overall leads to greater profits.

2. Crypto Mining as a Method

It is an ideal choice for the miners who are not tech-savvy and just want to enjoy the show without having technical knowledge. Such miners have a different approach and conduct crypto mining with 3 different methods, including:

a) Solo Mining

As the name suggests, it is individual mining where you get to work after purchasing your own equipment. Solo miners are not dependent on other miners and get rewards each time they unlock a new coin.

Although the rewards are promising and fascinating, the competition is equally challenging for solo mining. The miners need to invest a considerable amount to purchase the equipment if they want to be the first ones to validate the transaction.

You can think of solo mining only if you have a big amount in the pocket to invest.

b) Pool Mining

Not everyone can invest ample money to mine the best coin. The developers found a solution to this problem which is pool mining.

This method facilitates the process of crypto mining and gets the rewards. To join this vast ocean of pool mining, the miner requires a server combining the computational power of all other miners who are looking forward to joining the pool. Thus, this method increases the possibility of earning handsome rewards by unlocking new coins.

c) Cloud Mining

After looking at the high-priced equipment required for mining, those who want to minimize their risks and investment options for the cloud mining option.

The major benefit of Cloud Mining is that it helps to expand crypto usability. In addition, this technology also allows crypto users to start renting computer power from industrial mining services.

Thus, it becomes easy for you to find the best Cryptocurrency to mine with minimal investment. Besides, you may also quit anytime without incurring any extra pressure of investment.

Cross-reference: How ethereum’s merge made crypto mining more sustainable

Cryptocurrency Mining Terms

Here are some important terms related to cryptocurrency mining:

• Hash Rate: A miner is provided with a chance to make a number of guesses at the hash of a block.
• GPU: GPU is designed to render a 3D design. GPU is capable of creating more guesses than CPU.
• CPU: CPUs are the brain of the computer processing information for the command given to it. Moreover, it is the cheapest way to mine Cryptocurrency.
• ASIC: Application-Specific Integrated Circuit is the chips particularly designed to mine Cryptocurrency. However, they consume heavy power but act as one of the best sources for mining.
• Mining Rig: The primary purpose of the mining rig is to increase the minor’s hash rate as it is the combination of CPU, GPU, and ASIC chips running together.
• Proof of Work: Proof of work is significant when it comes to the security of any cryptocurrency. This is because it makes it very expensive and almost impossible to cheat the crypto network. Proof of work is the process of guessing the hash and is an essential security feature for a majority of blockchain networks.

How to choose the best coin to mine now?

There are various factors that one must consider before deciding on a coin to mine. Some of them are mentioned below.

1. Number of exchanges supporting the coin

It is indispensable to check what exchanges support the coin. If the less popular exchanges support the coin, it signifies the withdrawal can only be made to the internal wallet of crypto exchanges. In this case, even if the mining seems profitable, the miner is forced to give heavy commissions to the exchanges only for withdrawals as these unrecognized exchanges are forced to work with shitcoins and rely on high commissions.

2. Ensure its legitimacy

Some countries have not legalized and banned cryptocurrency mining. It’s better to avoid the risk if your country is not allowing you illegal trading. However, in some countries, the authorities allow crypto trading with a high level of anonymity as they serve as the perfect money laundering tool. If you seem it difficult to mine a coin at the place or country you are residing in, it’s better to go for the trading option.

3. Evaluating long term use of the purchased equipment

It is essential to evaluate the long-term use of the mining equipment through which you would mine the coin.

4. The possibility of withdrawing to fiat

Remember that an exchange fee on every exchange platform allows you to convert the newly mined coins to fiat. Or you also have an option to buy famous tokens, including Bitcoin, Ethereum, or Ripple.

Mining Profitability Calculators

While you are working on the best Cryptocurrency to mine, it is important to check the profitability of each Cryptocurrency with the help of a mining profitability calculator.

Listed below are the steps that will help you find the best coin to mine effortlessly by allowing you to compare with the profitability calculator:

• Once you enter the total hashing power of your mining rigs, you can check each GPU, CPU, or ASIC chips rate. You can check all of them on the non-specialized hardware comparison.
• The next step is to enter the total power consumed by your rigs in watts.
• Then, enter the Price of your electricity in kw/hr. If you are not aware of the prices per kw, you can ask your electricity provider.
• If you have joined the paid mining pool, enter its fee.

After deducting all these expenses, the mining calculator will calculate the net profit you would expect to make per day, month, or year. Easy, isn’t it?

What are the Risks Involved in Cryptocurrency Mining?

Many issues can impair your system’s performance and risk your businesses/end-users hijacking, information theft, etc. Therefore, it is a sensitive process that to be gauged diligently. Listed below are some risks involved that should be considered before you even consider the best Cryptocurrency to mine:

1. Hackers

In the world of crypto, you may come across many professional hackers. Unfortunately, they may use their talent illegitimately, break into your mining pool, and empty the user’s wallets.

2. Electricity Costs are Exceptionally High

Once you start dealing in top cryptocurrencies to mine, the electricity bill needs to be determined. As for most of the miners, the cost of 14 cents/kw hour is immensely high. You need to consider the dollar exchange rate each day you are paying your hardware investment.

3. Drop-in Value

Just like gold and silver, it is likely your coin’s value fluctuates and changes over time. If the value falls, you may start thinking, ‘no news is good news.’

4. Misleading Mining Pool Organizers

If you get caught in the wrong trap of deceiving administrators/organizers, they may skim coins from your earnings without even letting you know. They could even take out the entire caul haul. So, just be careful and watch out!

5. Losing your Digital Wallet

Forgetting your login id or password may lead to locking yourself out. This could make you lose your digital wallet. Also, the hard drive is a crucial device that needs to be taken care of. In case it gets damaged, you may end up losing your digital wallet.

Mining vs. Staking?

You have a choice between proof of work and proof of stake. Some people think that if they can earn money by validating transactions just by staking coins, they will risk their mining investments.

You would have always heard More risk, More profit. The same is in the case of mining. Although Mining is a complicated process as compared to staking, mining is one thing that could yield stupendous outcomes and huge rewards.

It solely depends on your resources and the coins you want to invest in, and then consider whether you want to mine or stake.

So, even if you are not tech-savvy and extensive technical knowledge, you can still follow the process of the best Cryptocurrency to mine. The only thing you require is ample computer hash power.

We would recommend doing your homework to understand the aspects better before you could start mining any cryptocurrency. Even if you know how to mine crypto using GPU does not necessarily mean you would reap profits. You may also end up paying a massive loss.

In conclusion, determining the best cryptocurrency to mine is a complex task that involves considering various factors such as mining difficulty, potential profitability, market conditions, and energy costs. While there are popular cryptocurrencies like Bitcoin and Ethereum, the mining landscape is constantly evolving, and new coins with promising features and profitability may emerge.

By staying informed, considering multiple factors, and employing efficient mining practices, miners can increase their chances of achieving profitability and maximizing their earnings in the world of cryptocurrency mining.

The post 17 Best Cryptocurrency to Mine Now appeared first on Moneymint.

The idea of investing in cryptocurrencies boosted tremendously, especially from the beginning of 2021. Numerous people started trying their luck by buying crypto-assets and stocks through the world’s eminent platforms Interactive Brokers, Charles Schwab, TD Ameritrade, and many others.

With the emergence of so many platforms, it has become challenging for an investor to choose the right platform to trade.

You might have also heard about another trading platform these days named Robinhood, as predominantly it has gained recognition as it allows commission-free trades and no minimum account requirement.

Furthermore, the platform allured new investors with its flexible online brokerage policies. However, you can easily find the best Robinhood alternatives if you consider investing in crypto-assets or trade stocks. But first, let us comprehensively understand what Robinhood is and why it might not hit the mark for you.

What is Robinhood?

Robinhood is a free desktop platform and stock trading mobile app that allows you to trade stocks, cryptocurrencies, ETFs, REITs, and Options without incurring commission charges. However, the only fees charged by Robinhood are associated with ETFs and nominal regulatory fees.

The platform also features a paid account, Robinhood Gold giving you access to pre-market and post-market trading. Moreover, it also allows you to trade on margin in exchange for an account maintenance fee.

The app of Robinhood regularly unveils new products, allows you to access fractional shares and automatic contributions.

Despite all its features, the platform has also been the focus of complaints from SEC, lawsuits, and public outrage over some of its practices. Because of this, the company has paid massive penalty fees of up to $70 million in fines and restitution, levied by the Financial Industry Regulation Authority.

Why might Robinhood Not Be The Right Pick For You?

If you are looking to open an account if Robinhood, it is imperative to know the facts related to this company and the features this platform lacks in:

1. Candlestick Charting Options: Robinhood’s interface allows the investors to see candlestick charting options; however, it is hard to view shadows on the white mobile background. The platform lacks in providing clear design and aesthetics.

2. Analytic and Tools: Efficient trading platforms such as Webull, TradeStation, and Public.com want their traders to succeed by offering them useful resources and educational tools, helping the new investors to make lucrative trade. However, Robinhood lacks in providing all these trading analytic tools.

The platform allows you to create a basic watchlist and view real-time data; however, you are not provided with any stock analysis tools or educational resources to inform your investing decisions. It is something an investor sorely needs, especially the beginners.

3. Tax-Advantaged Accounts: The platform offers individual taxable accounts but does not offer tax-efficient investment accounts. It implies if you want to open an IRA (Individual Retirement Account) to save money for your retirement, you need to find a Robinhood Alternative.

4. Mutual Fund Access: Want to play safe and invest a proportion of your money in mutual funds? Do not count Robinhood in that number, as this platform does not offer you access to any mutual fund.

15 Best Robinhood Alternatives

Let’s get started with Robinhood Vs. The Alternatives:

1. Webull

One of the leading platforms, Webull, is considered to be a top-rated trading platform. The trading exchange has gained significant recognition because of its impeccable services.

The platform has designed an efficient app for iOS, Android, and desktop versions. The best part about Webull is that it does not restrict the user from keeping any minimum account balance.

Webull is featured with taxable accounts, IRAs, and even rollover IRAs are available. Plus, the platform provides a wide array of stocks, options, and cryptocurrencies to trade. Unlike, Robinhood it offers a massive range of analytic tools that are appreciated by beginners and advanced traders.

Also Read: 120 Best Affiliate Programs

2. Public

The public is a trading exchange allowing you to buy fractional shares of stocks and ETFs. This platform offers a social network where you can build your online community by following others and sharing ideas inside the investor’s community.

If you are a beginner, opting for this exchange is the right choice as you can build your own community of investors, which helps in building your confidence and gaining knowledge.

Just like Webull, it also offers commission-free trades and $10 of free stocks for signing up.

3. Fidelity

Fidelity proves out to be one of the best Robinhood alternatives. It is a powerhouse trading firm that caters to long-term investors who are consistently looking to find more options to trade. The platform provides an extensive range of stocks, ETFs, options trades, bonds, commodities, bonds, and international investments.

The best part is it charges no commission fee on US stocks and ETFs.

Unlike Robinhood, it is featured with a powerful pack of research tools, allows fractional share trading, offers a wide variety of account types, charges minimal brokerage charge, and so much more.

Even if you are not an experienced investor or a beginner, this platform is an ideal choice as it is flexible and known to grow with its investors as their investment needs evolve.

4. Acorns

Many newbies/beginner investors enter the world of trading through this platform and enjoy the $5 account bonus they get instantly at the time of signing up. This signup bonus can be further redeemed to pay their $1 account management fee.

The brokerage firm is categorized more of a Robo-advisor as it helps you to build your diversified portfolio and never lets you put all your eggs in one basket. It means it does not allow you to pick individual stocks and offers three tiers of service for 3 different flat monthly fees.

The platform offers free automatic rebalancing on all accounts. However, if you are looking to invest your money into international bonds, in that case, this platform is not for you as it provides significant exposure to build your portfolio with ESG ETFs at no additional costs.

Also Read: 12 Best Stock Portfolio Trackers

5. Charles Schwab

Charles Schwab, one of the best Robinhood alternatives for non-US citizens, is a great place, especially for individuals looking to invest a portion of their savings for retirement.

It is a leading platform offering valuable tax benefits to individual retirement accounts. In 2020, the platform managed nearly $6.7 trillion assets and was listed in one of the biggest brokerages firms, offering commission-free stock, options, ETF trades, and fractional shares of S&P 500 companies.

6. Gemini

Unlike Robinhood, which does not allow you access to receive or send crypto coins, Gemini’s focus is to promote effortless stock trading and give you full control over cryptocurrencies. It means the platform provides you more control over the digital assets you purchase, and you can easily send or receive coins directly from/into your Gemini wallet. Isn’t that great?

The app lets you trade on the move, which is launched for iOS and Android users. The best part is that the exchange offers you the renowned cryptocurrencies to invest/trade, including bitcoin, ethereum, bitcoin cash, litecoin, and Zcash.

7. eTrade

It is a platform offering commission-free trades similar to Robinhood. Once the account is registered on this exchange, you get an instant bonus.

The trading exchange also provides you a full range of investment options, including ETF, US-listed stocks, options trades, and supports professionally managed accounts and best-in-class online, mobile trading platforms.

Moreover, it is featured with a cash credit option (ranging between $50 to $2500). It means you will get a certain cashback on the amount you deposit into eTrade’s account. The cashback may vary depending upon the amount you deposit. For instance, you will get a cashback of $50 on depositing the amount between $5000-$9999 and earn $2500 on depositing more than $1,000,000.

Also Read: 60 Best Ways to Advertise Your Business

8. Interactive Brokers

The trading exchange is an excellent choice to go for if you compare it with Robinhood in every outlook. The platform is already opted for by many advanced traders who want access to a wide range of securities-related to stocks, ETFs, and options.

It is a reliable platform offering more than 100 types of trades, from limit orders to advanced options similar to algorithmic trading. The firm has also designed a robust desktop/mobile app featuring built-in trading tools such as Order Entry Wheel, Options Spread Grid, etc.

In addition, Interactive Brokers does not restrict you to keeping a minimum account balance.

9. TradeStation

Looking for high powered Robinhood alternative for non-US citizens? TradeStation is a dynamic trading exchange allowing investors to trade with analytic tools useful to seasoned investors and new traders.

The exchange allows traders to invest money in futures, bonds, stocks, mutual funds, and cryptocurrencies.

The platform is equipped with trading educational resources and brokerage services recognized by potent industry reviewers.

10. M1 Finance

M1Finance is a hybrid platform that allows users to cross between a traditional investment management service and a Robo-advisor.

One of the exquisite features offered by this platform is that it provides full control to the investors to use a ‘Pie’ system. It supports amateur traders by providing them an intuitive interface with 80+ created portfolios called Pies, pre-built for users to invest.

The brokerage firm allows you to invest in a basket of hand-picked stocks, ETFs, and REITs. You can also choose to invest in pre-built investment ‘Pie.’

Moreover, the platform also allows investors to put their money in fractional share investments and offers a $20 signup bonus.

Also Read: 33 Best Cryptocurrency Exchanges

11. TDAmeritrade

Searching for Robinhood alternatives? The list is incomplete without mentioning this powerful trading exchange, TDAmeritrade. It is a commission-free brokerage firm opted by thousands of novice investors, advanced traders, day traders, and individuals saving for their retirement.

If you are interested in more asset classes like Forex and Futures, TDAmeritrade will be a perfect fit for your requirement. The other trading options it offers include bonds, stocks, and mutual funds.

Another good aspect about this company is that it provides useful educational materials that help beginners to understand & pick stocks and investment options with their analytic tools.

You need not keep any minimum account balance. The exchange is available for iOS and Android users.

12. eToro

Signing up to eToro is hassle-free. YOu may not get the signup bonus but save plentiful money on commission-free trades.

eToro is a cryptocurrency exchange that supports over 120 cryptocurrencies to buy, store, receive, transfer, and convert 500 + pairs. To name a few crypto assets it offers include Bitcoin, Dogecoin, Ethereum, Bitcoin Cash, XRP, Litecoin, XLM, etc. However, the company claims it will add many more crypto assets in the future.

The leading social investing platform has a greater selection than other US crypto exchanges. Moreover, it facilitates investors to replicate the trades of experienced traders automatically, in real-time.

13. Stash

Stash is a micro-investing app suitable for all types of investors- novice and advanced. However, a majority of young investors looking to manage their personal finance have registered their accounts with Stash.

Besides providing personal finance solutions, the platform allows you to invest in stocks via individual stocks or ETF index funds. In addition, you can also buy a fractional share on this app.

Signing up on this exchange will offer you a $5 bonus to help you get started, as you can start investing with as little as $5.

Also Read: Top 10 Largest Stock Exchanges in the World

14. Ally Invest

It is a simplified investment platform considered to be one of the best Robinhood alternatives. The brokerage firm allows you to buy stocks and ETFs, mutual funds, bonds, futures, and options.

The magnificent features offered by Ally Invest include zero commission charge, user-friendly dashboard, easy-to-understand functionality, and Robo portfolios option. You can easily navigate the dashboard and check your profits and losses, based on which make a wise decision of making investments further.

The platform offers a quick signup process and enables you to have complete integration between your accounts.

15. Betterment

Searching for a Robinhood alternative for a non-US citizen? Betterment uses modern portfolio theory to develop portfolios showcasing utmost diversification. It is one of the reasons why this platform only allows you to invest in ETFs.

The exchange provides you with several options as a Robo-advisor, including advanced portfolio options, dedicated tax strategy (tax-loss harvesting, tax impact preview tool, and tax coordinated preview tool), and paid access to a final adviser.

Another exquisite feature offered by this spectacular platform includes automatic rebalancing on all accounts, which is monitored every day. Betterment will rebalance the drifts for you if they exceed 3%.

Overall it’s a stellar app providing its investors with IRA, trust, and a high yield cash savings account.

Also Read: 16 Best Cryptocurrency Brokers

Factors to Consider While Choosing the RobinhoodAlternatives

1. User-Friendly Interface: If the brokerage account is complex and not easy to understand, it is of no use. Even a beginner should be able to operate it and trade comfortably through it. The world’s leading investing apps provide YouTube tutorials that help newbies to understand the platform extensively.

2. Low Trading Fees: One of the significant factors before choosing the trading platform is to check its brokerage/commission fee. Not all trading platforms offer free trades like Robinhood, but you may find plenty of options allowing you to buy and sell cryptocurrencies, stocks, bonds, and ETFs for nominal commission charges.

Choosing a platform that charges high fees will impact your potential performance, taper your profits, and impact your overall performance. Hence, it is important to consider a similar low-cost Robinhood alternative.

3. Automated Investment Option: Automated investing allows an investor to trade frequently; on a daily basis. The trading platforms allowing investors to make automated investments are also called Robo Advisors. Usually, they charge lower fees and prove to efficiently meet your financial needs by saving your money each month.

4. IRA Compatibility: If you are investing money into stocks for long-term holding and saving money for your retirement, opening an IRA account will help you to minimize your tax liability and save funds.

5. Markets and Products: It is imperative to know what type of investment you are looking to make before jumping into the trading business. It implies whether you want to trade stocks,  cryptocurrencies, bonds, invest in mutual funds, forex, or go for alternative investments. This will help you make the right choice of selecting one of the best Robinhood alternatives.

6. Account Opening: Before opting for a trading exchange, always check the minimum opening account deposit required by that platform. If the minimum opening balance is high, you may go for the other trading platform with lesser opening account balances.

Another vital element to ensure is the transaction settlement time. Most brokerage firms offer a next-day settlement. However, many trading exchanges are offering same-day account credit once you authorize a deposit into your account. Being an investor, you need not wait for the funds to settle in your account.

7. Deposits and Withdrawals: The best Robinhood alternatives offer multiple means of deposit methods such as credit/debit cards, net banking, and UPI transfer. One should also check the withdrawal methods offered by the brokerage firm.

8. Mobile App: Desktop and laptops are not accessible compared to phones. Due to this, it has become extremely important for trading exchange developers to design their mobile apps.

Users can carry a phone to any place. So, you must ensure your brokerage firm has loaded vital features in their mobile app, making it easy for traders to make investments, navigate, and inform them of the latest market updates.

Is Robinhood a Scam Website?

While Robinhood claims the orders it receives from the investors are not sent directly to a market exchange. Instead, it sends them to 1 of 5 market maker companies, executing the trades on their behalf.

Robinhood is not a scam website; however, the trading exchange was alleged when plenty of illegitimate money was made of Payment for Order Flow (PFOF). Overall, it has been observed by proficient and highly experienced investors that Robinhood is not fully transparent.

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Get Started and Invest!

You can put your money with ease in any of the Robinhood alternatives mentioned above. All of the platforms may not mimic the fee structure offered by Robinhood. However, suppose you are hell-bent on maximizing your trading profits. In that case, you must choose a fleshed-out broker providing you with analytic tools, market news, and valuable data to carry out the trading process seamlessly.

If you are only looking with the platform charging no or very little commission, you can opt for Robo-advisor or automated trading platforms.

You can let us know the trading exchange you have chosen and how you reaped benefit out of those platforms!

The post 15 Best Robinhood Alternatives appeared first on Moneymint.

The truth is that it is not easy to turn $100 to $1000 in a day; it takes some hard work and dedication. But, with the advent of fast-goring technology, things have become relatively more accessible; now, you can multiply your money by doing just a few things sitting at home. Want to know how? Let’s check it out.

20 Best Ways to Invest $100 to Make $1000 a Day

Below-mentioned is a list of some of the best and safe ways of making $1000 by investing $100 in a day.

1. Savings account

Opening a high-yield savings account is best for people who do not have any extra cash for an emergency fund; hence, it is recommended to save your money. You will be able to get a good interest rate with high-yield savings accounts from any online bank.

This option is not the most exciting but is one of the best ways of investing money as it is absolutely safe. Use this medium if you want to grow your money and seek better opportunities rather than dumping it in a bank account. In fact, you can also contact your account manager and ask for his advice to invest and make cash.

High-yield savings accounts do not work like regular bank accounts. You can set up the account within minutes, plus their rate of interest is pretty high. Before choosing to invest, check various banks and opt for the one that gives more interest, has no ongoing fees, has no minimum deposit required and is safe.

2. Start a blog

This is one of the easiest methods to invest $100 to make $1000 a day. You can start a blog on anything you like and want to share your views about. For example, education, fitness, sports, etc. You can start the blog for less than $100, and it starts working within an hour.

In just a couple of years, blogging has become one of the most popular methods of making money online. All you need to do is purchase a domain name, set up a hosting plan and start creating blogs. Starting a blog is a straightforward process, plus you are also creating a positive impact on your reader’s life and making a good amount of money.

If you are not aware of how blogging works, let us understand it in detail. For example, if you wish to start a blog website on fitness, so you can write different blogs, or if you are not too good at writing, you can go ahead and hire content writers.

As you post articles on the website, initially you might not get a lot of views, but as you post informative and good-quality content, your views will increase, and you will be able to make a good amount of money through it.

3. Robo Advisors

You must be wondering what Robo-advisors are; they are AI-driven software programs that invest the money for you. They render a low-cost and flexible option to multiply your money as per your personal finance goals. In addition, it offers users online portfolio management that does not require human touch to operate your portfolio.

It has digital platforms that give automated and algorithm-driven financial planning services with no human involved. Some of the primary services it offers are tax optimization, automatic rebalancing, etc. For tax-efficient investing, you can open an investment account in Roth IRA or 401K.

The best part about it is that Robo-advisors are fully-automated and require minimal possible. It uses apps and websites to understand your financial goals and suggests you the best investment strategy. The only information that you need to provide is your age, income, family size and risk tolerance.

4. Invest in the stock market

Investing in shares can be a great way of investing and earning money. There are many people whose source of income is the stock market, and with the advent of crypto, you have even more investing options.

You need to make sure that you do not trade through brokers who charge high transaction fees as they can eat up all your profits. Instead, as a beginner, you need to opt for a broker or exchange that charges a smaller transaction fee so that you can save some money.

But, before you invest your money, get yourself educated and understand all the aspects of the share market so that you do not lose all your funds. The good part about investing in the share market is that its annual return is usually much better than the high-yield savings account. Therefore, investing in the stock market is one of the best options for making long-term investments.

Also Read: 51 Ways to Make Money Online For Beginners

5. Invest in cryptocurrency

Numerous people became rich after investing in crypto. Within just a couple of years, crypto has gained a lot of popularity because of the profits that people make from it. In addition, the price of Bitcoin has increased immensely in the last few years, so if you had invested $100, it would have become more than $1000 today.

You also need to keep in mind that the crypto world is volatile, and a lot of people think that it is just in the starting phase; therefore, it will be entirely adopted within the next few decades.

But, to date, many people have earned a massive amount of money through crypto; in fact, no bank can pay you the return that crypto offers. So, be careful while investing and invest only the amount which you can lose, do not put all your savings in the share market or crypto.

6. Start an e-commerce business

You can also begin with your e-commerce website and start selling products. In fact, if you have any products that you wish to sell, you can also post them on sites like Amazon, Flipkart, Myntra, Shopify, etc. Of course, the money you make will depend on the type of product you make and how nicely you develop your business.

You will have to make a marketing plan as to what you will sell, how you will promote it, and on which website you will post it for selling. You can sell anything such as clothes, soaps, hand-made jewelry, DIY items, etc.

It has great income potential, but the primary thing you will have to do is focus on advertising. You can post links on your social media platform or contact influencers to promote your product. This can help make a good amount of money; hence, this is the best option if you want to invest $100 to make $1000 a day.

7. Dropshipping business

This business is trending globally because of its benefits. It is one of the guaranteed ways of making a good amount of money on your investment. In fact, as per a report, various people have earned millions of dollars just dropshipping alone.

The best part about dropshipping is that you will not require keeping inventory in-store or warehouse; you can sell the products to your clients, and you even need not take care of the delivery as that is also taken care of by the seller.

You can use various platforms, like WooCommerce, Ali Express, Shopify, etc. It is a legitimate online business; all you require is to promote the company’s product; as soon as the customer places the order, the company will deliver it to the customer’s doorstep, and you will receive a good commission for that.

8. Invest in self-development

The first thing essential in life for making money in any field is investing in self-development. You can read books and newspapers or take online courses; all of this can help you find new ways of making extra income. If you are interested in writing, start your blog, or if you have any good ideas, you can also create your own YouTube channel.

All this is possible only when you research and self-analyze your interest. Also, this will help you find what is trending; this way, you will be able to start your new venture with what is most preferred by the customers. Self-development is vital to learning how to invest $100 to make $1000 a day.

9. Make YouTube videos

Creating YouTube videos is an excellent way of making a good amount of money. But, the money you earn will depend on the type of content you post and the views you get. Therefore, you need to ensure that your videos are of good quality, informative, and entertaining. Also, it would be best to keep in mind that you should post regular videos so that the customers stay engrossed.

If you become popular, you will be able to make thousands of dollars in a month, although it is a slow process. Initially, you will have to invest by promoting your content and sharing it on all social media platforms.

For starting your own YouTube channel, you will require to choose a niche for creating videos, get a good camera, or you can also use your smartphone and lights to create a professional-looking video.

10. Give walk tour activities

Yet another exciting and fantastic work that you can do on your weekend and make money. All you need to do is give tour activities; it is a fast and easy investment method. You can earn $1000 in just a couple of hours by taking the tourists in your area to the best & unexplored places plus you can also tell them the history related to it.

This is an excellent opportunity to make money if you have an interest and knowledge about the nearby places in and around your city. Let us understand this by an example when people go to a tourist place they want to know more about the place, some local information, good authentic food, etc.

You can charge around $100 for 3 to 4 hours and give them a walk around the city and give them every detail you are aware of. The calculation shows that even if she works on weekends, she will be able to make more than $1000.

Also Read: 11 Copy Paste Jobs Online Without Investment

11. Use fractional shares to buy stocks

The first thought that comes to mind when you think of investing is the stock market or trading. But you can also opt for fractional shares; they are a slice or fraction of an individual stock. People opt for this because it facilitates you to use $100 to purchase stocks that you could not have been able to afford otherwise.

In fact, the best thing is to diversify your $100 investment in different shares to make your portfolio strong and distribute the risk. Fractional shares make investing easy as here, all you need to do is tell your broker the amount you want to invest, and he will invest that for you.

Let us understand this with the help of an example if you invest $100 in a stock that is for $1000; your account will show that you own 0.10 shares of the company. Therefore, you can purchase stock in a company even if you don’t have sufficient funds to purchase an entire share.

12. Create an online course

If you want to invest $100 to make $1000 a day, why not create an online course? These days there is a massive demand for online courses as people like studying sitting at home because it provides them with comfort, saves money, and offers flexibility to choose the slot as per their availability.

You can either create your own learning website or can sell it to other well-known platforms. For creating a course, you need to ensure that you are well-versed with the subject on which you are creating the course. Therefore, thorough research and knowledge are essential for creating any course.

You can create a course on any topic you like or know about; in fact, if you are good at photography, create a course on how to take good pictures, how to buy a camera lens, etc.

13. Affiliate Marketing

This is one of the proven ways to make $100 to $1000 quickly. Affiliate Marketing has been there in the market for a couple of years now, and the number of people who use it is increasing because of the high earnings it offers.

Let us first understand how affiliate marketing works; in this, you get a commission when someone clicks on a link and makes a purchase from the brand or company you are advertising for. It is an interesting and lucrative method of making money by just sitting at your home.

By making a few efforts, you will be able to earn in six digits; the best part is that there is significantly less investment, plus you need not keep any inventory and no delivery issues; the company itself does everything. You just have to take orders, and the commission will be credited to your account. The more you sell through your link, the more you will be able to earn.

14. Enroll in a course

There are numerous online courses that you can enroll in for less than $100 and make more than $1000 from them. You can pick any course, for example, photography, writing, graphic designing, web designing, software development, etc.

You can purchase the course from any online platform and get certifications. Pick a course that can prove helpful in your career as it will help you get an increased salary in your current job. In fact, it can also help you get a job in a new field where you can drop your 9 to 5 job and work as per your flexibility.

This can be a good investment for anyone but be vigilant while selecting the course. So, by just paying a small weekly fee, you can take the course and reap the benefits in terms of money in the coming years.

15. Buy and sell on eBay

Who does not know about this online platform? It is one of the oldest, most well-known and reputed online platforms for selling. eBay provides you with an option to sell products that you get at a discounted rate at a higher price. You can sell anything and everything on eBay and make a considerable return on your investment.

Also Read: 32 Best URL Shorteners to Earn Money Online

16. Lending club

If you are looking for a higher interest rate than savings accounts, you can open an account with a lending club. It is an investment account or can also be said to be a peer-to-peer (P2P) lending service. It has different functionality than the regular savings account; you lend your money to individuals or companies who you think can multiply your money faster than you.

You will be amazed to know that it is the largest online marketplace worldwide for connecting investors and borrowers. Here you can invest your money in start-ups, real estate ventures, or any other investment option that you think is worth it.

The best part is that they give a fixed interest rate to the lenders plus your principal amount when the loan is repaid. So you will be able to make some sweet and more returns than the savings account. The minimum investment amount is $25; you can invest $100 to Make $1000 a Day.

17. Round up your savings

An app called Acorn rounds up your change automatically when you make a purchase, and it invests that money on your behalf, a pretty intelligent and easy way of investment. Therefore, all you need to do is sign up with them, and it will make the investments themselves and multiply your savings and money.

In fact, now they also allow users to select their professionally created portfolios that may work better according to the goals and risk preferences of the user. You will be surprised to know that the plan starts from $1, then it is for $3, $5, etc. You can choose the plan by checking the features you require.

The $1, i.e. the basic plan, will automatically round up your purchases and invest the spare change. In the $3 (personal plan) and $5 (family plan), you will get additional benefits such as checking and no-fee access at over 55000 ATMs nationwide.

So, the first thing you will have to do is download the app, sign up with Acorns and create your account. Then, choose the plan and start investing your money; it is recommended to opt for the personal or family plan to start off with your $100 investment.

18. Open a Roth IRA

IRA stands for an individual retirement account. This is an incredible investment option for you if you want to invest for retirement and above and beyond your company’s 401 (k). This is a retirement account that enables you to invest with after-tax dollars, and the best part is that the money multiplies tax-free, and you can withdraw it without paying any tax after reaching the age of 59.5 or beyond.

You can start investing with a smaller amount and turn them into a significant amount in just a couple of years. Let us understand this with the help of an example if you invest $100 a month in Roth IRA for 20 years. As per the organization’s S&P 500’s historical performance, the $24000 you invested will be around $120000.

So, to start off, you will need to open an IRA account, but you need to check if you are eligible or not. They have income cap limits, so if you have a higher income, you might not be able to invest. You can open your account from any well-known platform such as M1finance, Stash, etc.

19. Put in your 401 (k)

If you opt for any retirement-sponsored retirement plan or 401 (k), it can be an excellent method for investing your money. In this retirement plan, the money is directly debited from your salary and invested; you can start investing $100 a month. It is a pretty straightforward method of making an investment, yet a lot of people are unaware of it.

There are various employers that have plans matching your requirements; you can choose one and get your investment started. Let us understand this with the help of an example, if your employer matches 50% of your contributions, up to 2% of your pay. If your salary is $50000 a year, in this case, your employer will put $500 for the first $1000 that you invest. Therefore, it is an excellent profit of $100 a month that you invested.

Another benefit that you can avail of is that you also get some tax rebate if you invest in a 401 (k) account. In fact, you do not have to pay any tax on the income that you invest in the 401 (k) account.

20. Worthy Bonds

A lot of people are aware of this amazing investment plan where you can grow your funds seamlessly. Worthy is the name of a company that renders bonds to its users with a fixed interest rate of 5%. The minimum money required for investment is $10, and on a daily basis, the interest gets compounds in your account.

You can open the account easily; all you need to do is go to the official website of Worthy and choose the option for opening a new account. The best part is there are no hidden fees; the money you invest will be loaned out to the company that will positively impact the community.

The cost of every bond is $10; you can buy as many bonds as you want for investing. It is an excellent option for anyone who wants to get a 5% fixed return on their investments.

Also Read: 42 Games That Pay Real Money

Points to Remember

Here are a few points to remember as an investor so that you do not make any mistakes while investing; in fact, it can make it even better-

• If you are investing money, you need to keep in mind that along with investment comes risk as well. Therefore, before investing your money, please ensure that you can manage your personal financial responsibility well.
• Another important thing that you should remember is to pay the credit card debt or bills before making any investment. The interest rate of credit cards is so high that it will eat up all your earnings, so pay off your debt before any investment
• You can also keep an emergency fund in a savings account prior to commencing with an investment. An emergency fund provides you with a sense of satisfaction and helps you in case of any urgency or unexpected moments in your life.
• Before taking any decision, do your own research, do not go by the mouth of the word. Check the reviews, duration, interest return, etc., before investing. You can also take advice from professionals or experts in finance before investing.

One way not to invest

You have read about the ways where you should invest, but there is a way that is recommended not to invest in, and that is in penny stocks. They are low-priced stocks of small or thinly traded companies. They might have higher returns, but it has been seen that most of them are full of fraudulent activities, so it is not recommended to invest your money in penny stocks.

If you want to invest $100 to make $1000 a day, you can opt for these methods as they are fully secure and the best ways to get ROI. In fact, always select a high return method with no or very little investment required. Compare all the options before investing, do not be in a rush to invest, take your time and then make your final decision. So, all you require is the proper knowledge, planning, and dedication as there are numerous methods of making money by investing that can be quite profitable. Good luck!

The post 20 Best Ways to Invest $100 to Make $1000 a Day appeared first on Moneymint.

Wint Wealth Review

Today, there are many platforms that allow you to buy bonds and make investments in different avenues. It is important to understand all the pros and cons of these platforms and how much risk is involved in using them. We have done a detailed breakdown of Wint Wealth, so you can have utmost clarity about it. Let us get started with understanding what type of platform Wint Wealth is.

What is Wint Wealth?

It is a platform for NBFCs (Non-Banking Financial Companies) to raise financing. It gives its consumers a list of assets and a solid set of returns on their investment. Wint Wealth provides senior secured bonds from various firms directly to the consumer.

Wint Wealth has created covered bonds for retail investors, which offer increased security. In this Wint Wealth review, let us go over some of the features provided by Wint Wealth.

• Fixed/consistent returns.
• Use of physical collateral, such as gold, real estate, or automobiles.
• Framework for bankruptcy protection.
• Low Investment Requirements.

Let us understand what a senior secured bond means.

Basically, the bond is like a fixed asset. Financial securities such as bonds are owed money by their issuers to their buyers. It is the issuer’s responsibility to repay the principal amount and interest over time. A bond is of two types:

• Unsecured bonds are the ones where no security is included in the deal. If the firm ceases operations, you have very little prospect of collecting your primary funds from the company.
• A secured bond is one that has adequate security backing. As a result, if the firm fails, you have a better chance of receiving your capital back.

Finally, senior secured bonds imply that in the case of the company’s liquidation, the senior-most secured bondholders will recover their investments first. The Senior Secured Bond issued by Wint Wealth is solely based on this strategy.

Features of Wint Wealth

There are many features that make Wint Wealth the best platform for investors. As promised we will go through each feature of Wint Wealth in this Wint Wealth review.

1. Returns are higher than Fixed Deposits

The constant decline in the returns on fixed deposits has led to the rise of Wint. A Senior Secured Bond is comparable to an FD since it is a safe and secure fixed-income asset. They do, however, provide substantially higher returns than FDs, averaging 9% to 11%.

2. Investments are secure on the Platform

Due to the numerous financial industry frauds, buyers are often afraid to make direct investments. To combat this, Wint screens out the top businesses and only offers investors the most secure choice.

3. Minimum Risk

Senior secured bonds from Wint Wealth carry a fraction of the risk that the stock markets do. Wint’s investment products may be your best option if you have a low-risk tolerance or want to avoid losing your primary investment.

4. Small Ticket Size

In contrast to conventional bond investments, Wint allows ordinary investors to engage in these fixed-income products for as little as Rs. 10,000. As a result, you don’t have to spend a large quantity on these assets and may begin with a small investment to earn significant returns.

Benefits of Wint Wealth

Let us continue our Wint Wealth review by analyzing some of its benefits.

1. Diversification

If you are interested in investing, you undoubtedly know that diversifying your portfolio is important. You are protected from unforeseen stock market catastrophes because of this diversification. Senior Secured Bonds allow you to diversify your portfolio by purchasing debt with a set yield.

2. Shorter Duration

These bonds offered by Wint Wealth offer returns over a shorter length of time, just two years, in contrast to other FDs and bonds that offer returns over a longer period, often around five years.

3. Affiliation with Stock Markets

Bonds that are available for investment on Wint’s platform are frequently listed on the stock exchange. This offers these instruments a ton of liquidity.

Is Wint Wealth safe?

If you are investing in any platform, you need to know what is the risk that might be involved with that platform. We can’t complete this Wint Wealth review without answering this important question, is Wint Wealth safe? Some of the risks involved with Wint Wealth are as follows:

1. Risk of Crime by Hackers

Nobody can predict when fraud may affect a person. It has been reported that many people have been defrauded of thousands of dollars in the past. The same may be said about people’s confidence in these ties.

Wint uses a variety of techniques to provide these bindings with complete safety. First of all, they carefully choose each and every relationship. Wint only brings in low-leverage enterprises.

2. Risk of Losing Credit

Investors frequently worry that, in the event the startup fails, their money will be lost. These investors have frequently suffered significant losses as a result of the unsecured bonds. By allowing only businesses with surplus security pools to cover their raised money on their platforms, Wint Wealth eliminates this danger. You may even choose to amortize bonds, which would allow you to conveniently get your principal back in payments over a certain period.

Now you know, is Wint Wealth safe? There is enough proof to conclude that the platform is reliable and operates in investors’ best interests. It has the support of dedicated individuals. The website goes to great lengths to inform investors about the deals it offers for investment.

When evaluating the bargains on Wint Wealth, it is essential to compare them to other products that provide comparable returns. All upcoming transactions on Wint Wealth will be public issues, which means that SEBI regulations apply and the platform must adhere to the necessary procedures.

The covered bond feature gives the assets an additional degree of security above comparable NCDs on the secondary market!

Wint Wealth Fees

It is absolutely free to open your account with Wint Wealth. You need to have an account with a SEBI registered broker to get your account. In the case of assets with a fixed interest rate return of 12-14%, they will reduce your interest rate by about 2%.

Now in this Wint Wealth review, let us compare Wint Wealth vs Golden Pi. It will give you a better understanding of how Wint Wealth stands in front of its competitors.

Also Read: How to Use CRED Coins to Cash?

Wint Wealth vs Golden Pi: A Comparison 

The company Zerodha has only released one trading platform called Golden Pi, allowing traders to start trading fixed-income investments.

With Zerodha Golden Pi, traders can choose between bonds from major bond institutions, corporations in the capital market, and bank capital market divisions. Here are some differences between Golden Pi and Wint Wealth.

• The bonds available in Wint Wealth are more diversified to reduce risk factors unlike in the case of Golden Pi.
• There is a fixed income in the case of Wint Wealth, with very low risk and highly regulated bonds. Golden Pi offers returns of up to 13.5% on more risky bonds.
• You get to choose bonds as per your risk appetite with Golden Pi. There are three levels of bonds, which range from high-security with low returns to high returns with low security. In the case of Wint Wealth, security and reducing risks in bond investments are what the customers seek. Therefore, the returns remain 9-11% with a highly secure investment experience.

Given below is a table comparing Wint Wealth and Golden Pi so you can decide if Golden Pi can work as a Wint Wealth alternative or not.

Wint Wealth Alternatives

After comparing Wint Wealth and Golden Pi, let us introduce you to some more alternatives of Wint Wealth in this Wint Wealth review. Numerous platforms are available that may be used in addition to Wint Wealth.

One platform that gives access to leasing investments and offers 13–15% IRR is Grip Invest. TradeCred, which operates as a marketplace for invoice discounting, is another alternative to Wint Wealth.

People may also look at Klubworks for financing that is dependent on income. Both Lendbox and Cashkumar have developed intriguing solutions with consistent returns and no risk.

Wint Wealth is a fantastic tool for ordinary investors to diversify their holdings. A majority of investors’ portfolios contain a sizable portion of fixed deposits, which provide returns below inflation. Investment in platforms like Wint Wealth increases asset returns altogether and diversifies them.

In this Wint Wealth review, we have tried to cover every aspect of Wint Wealth. We have answered is Wint Wealth safe? So that you can be aware of the risks involved with Wint Wealth. We also did a Wint Wealth vs Golden Pi comparison and concluded our review by providing you with some Wint Wealth alternatives.

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