Interested in owning Disney, Tesla or Amazon shares? In an advanced era like now, you can own shares on the United States stock exchange even though you are domiciled citizen. The solution is to use the GoTrade app.
Well, what exactly is GoTrade? Does it work the same way as securities-based investment applications? Check out the explanation below, let's go!
What is GoTrade?
GoTrade is a trade name of TR8 Securities Inc., a company licensed to conduct business by regulatory and supervisory agencies. So, GoTrade is not a security but a service provider for buying and selling investment instruments in the United States.
Now, as a service provider for buying and selling investment instruments in the United States, GoTrade is collaborating with Alpaca Securities, LLC, an application programming interface (API) company for stock trading based in the United States.
GoTrade itself was founded by Norman Wanto, an Indonesian child who is now domiciled in Singapore together with investor Rohit Mulani. Now, this application makes it easy for us to buy shares listed on the NYSE (The New York Stock Exchange) which is intended for retail investors with a fractional scheme.
Fractional here means that the purchase of shares can be done not in the condition of 1 full share. So you can buy Netflix shares, for example, for only US$1. Cool, right?
How to Register the GoTrade App
How to register the GoTrade application is quite exclusive. You can't necessarily have a GoTrade account just by downloading the app. To be able to have an account in this application, you must first get an invitation from an existing user. This is the same as the referral code in other applications.
After getting the referral code, you only need to add personal data and proof of identity to provide registration information. Well, you at least wait at least one day for account verification.
Even if you can't buy shares because the data is considered incomplete, you can contact the GoTrade team via the intercom conversation in the application. But remember, this application is run in English.
Investment Instrument Purchase Fee
GoTrade itself does not only offer purchasing services, but also exchange traded funds (ETFs), Real Estate Investment Trusts (REITs) and American Depository Receipts (ADR). These four types of instruments can be traded with 0% commission or free of charge.
However, if you top up via GoTrade, you will be charged an international transfer of $0 – $5 per transfer duration, according to the terms of the international transfer from the bank or digital wallet that is applied to your account. Basically, the need for deposit transfers and withdrawals from and to a bank or digital wallet is carried out by GoTrade in collaboration with Rapyd, a financial services company from the UK.
You will also be charged a withdrawal fee of $4 – $12 per withdrawal if you make a withdrawal from your GoTrade balance.
To find out the fees charged for making deposits and withdrawals according to the digital wallet and bank you choose.
How to Buy Stocks on GoTrade
After you make a deposit with an amount of money in your account, you can immediately transact by owning the shares, ETFs, REITs, and ADRs you want.
Next, you can buy the investment instrument by selecting the 'Trade' button and then you will have the type of order type; buy with US dollar denomination, stock fraction and minimum price limit.
The same applies when you want to sell your investment instrument in GoTrade.
How GoTrade Earn Money
Quoted from the information on the official application, until now Go Trade makes money from commission fees from deposits in foreign currency and interest income generated from cash stored in banks.
In the future, the GoTrade team plans to have a premium paid subscription program and exchange fees using a credit card.
However, the GoTrade team claims that by generating revenue, the compensation that users receive is a low cost service offer including continuing normal trading without commission.
GoTrade Advantages and Disadvantages
The advantages of the GoTrade application include:
- GoTrade's User Interface (UI) is quite minimalist compared to other applications. Many people equate GoTrade's UI with the investment app Robinhood in the United States.
- Get a bonus of US$4 when you buy the first share
- The registration process is relatively easy and fast
- Have not charged transaction commission
- Purchase of shares from US$1
- The process of transferring deposits and withdrawals is relatively fast
Meanwhile, the weaknesses of the GoTrade application include:
- The registration process can only be done with an invitation scheme
- Relatively expensive withdrawal fee of US$12 per withdrawal
- Errors in bank details in the withdrawal process resulted in a fee of US$20
Quoted from Dailysocial, after its launch, GoTrade claims to have generated growth of 20 percent per week. This application has also earned 100 thousand registered users. Meanwhile, around 65 percent of GoTrade users claim to have invested in stocks, while the rest are novice investors.
Hey 👋 - Get $2 in free stock. Download Gotrade to invest as little as $1 in any US stock on an easy to use, commission-free platform. Use this link: