Is M1 Finance Worthwhile?

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When it comes to your financial wellbeing, it is a huge deal when you begin choosing which investment platform is right for you. However, there is a lot that needs to be considered such as fees, reliability, and other things that may heavily influence your finances, and you may also have plenty of questions surrounding it. Everyone has this idea in their head that if they want to invest, they must have lots of money to spare, but when they hear that M1 Finance can help you build a free investment portfolio, this may raise some questions.

You may be wondering why it is free, if there are any catches, if you will need to pay something at some point, and you may also want to know if there is a better service available. Luckily, you will find all of this information and more in this article. You should also know that having questions is awesome and the ones that are above are definitely good ones to ask. For any extra information, check out this M1 Finance review.

Who is M1 Finance good for?

M1 Finance is great for anyone looking for a reliable investing platform, however, it works specifically well for beginners due to how user-friendly it is as well as how good its goal-based investing approach is. There are still plenty of other options available for a wide range of investors, so don’t be put off because it is mainly marketed to beginners. Anyone with an interest in investing should definitely turn to M1 Finance.

It offers a fuss-free, reliable, and trustworthy service to investors no matter what their previous investing experience is. From the most experienced investors to the least experienced investors, M1 Finance offers an inclusive and affordable approach to investing for anybody. The variety of great features and accessibility makes it suitable for many types of people no matter what your end goal is.

In the world of investing, there are two types of people. Those who want to have their funds managed by a robo-advisor and those who want to control their own portfolio and both of those types of people are more than able to use M1 Finance. M1 Finance has a series of easy to understand and ready-made pie charts and gives you the opportunity to learn on the go. This investing platform is essentially all about giving investors a series of different options which means you have complete freedom of choice.

What are the pros and cons?

Here are some great pros and cons of M1 Finance that have been put together to help you out when it comes to choosing an investing platform. At the end of the day, the decision is yours, however, these pros and tips are here to guide you if you need them.

M1 Finance Pros

  • There are no trading fees and no account fees with M1 Finance
  • You can get two services for one as it acts as a robo-advisor and investment brokerage all in one service
  • There are many different types of accounts available for every type of investor
  • Investors can enjoy a hands-off approach due to the goal-based investing available through M1 Finance
  • Low account minimum
  • You can borrow against your accounts as long as the rate is reasonable

M1 Finance Cons

  • The large number of investment options and strategies can become overwhelming at times, especially for beginners
  • You aren’t able to invest in mutual funds which can be off-putting
  • You aren’t able to invest in cryptocurrencies which can be frustrating
  • M1 Finance is not suitable for active traders
  • No tax-loss harvesting 

Is it worthwhile?

Though M1 Finance hasn’t been in the investing world for long, it is very quickly making its way up the ranks and cementing itself as a reliable and trustworthy platform. Some even consider it an industry leader with a large number of significant advantages. Some advantages include:

  • Zero fees
  • Constructing your portfolio from scratch
  • Portfolio flexibility
  • User-friendly platform
  • Fractional shares investing
  • Low account minimum
  • A large range of options for all investors

Being one of the most popular investing platforms currently, along with Betterment, it is no doubt that M1 Finance is highly reliable and one of the best around right now. M1 Finance allows plenty of freedom which is highly desirable, and it seems as if there is no other option that has the same amount of flexibility. Overall, M1 Finance can put a lot into the hands of investors, especially beginners which is definitely a great trait to have in the investing world right now.

It is certainly an attractive option for many people looking for a reliable and trustworthy investing platform and in the coming years, it will likely rise significantly in the ranks. In addition to all that, M1 Finance also offers custodial accounts, fractional shares, digital banking, and margin lending. If you’re looking for the right investing platform for you, M1 Finance is certainly one of the best.

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