4 ms·
This is great, exactly what I was looking for, but how do I know I can trust you? I'm a bit hesitant to wire large amounts of money to a startup. Also, how do
by nekitamo 2y ago
This is great, exactly what I was looking for, but how do I know I can trust you? I'm a bit hesitant to wire large amounts of money to a startup.
Also, how do you make money?
- jjmaxwell4 2y agoWhy trust us? 1. We're working with Apex Clearing, a large US Custodian with more than $100B of assets. Your account is in your name there. 2. We're well funded and backed by reputable investors (YC, Matrix, Youtube Cofounder, and many others). 3. We are registered with the SEC as an registered investment advisor. 4. I personally am in the process of transferring nearly my entire net worth onto the platform. We eventually will charge a monthly fee as described in our Form CRS, but we are waiving this fee for the time being. Eventually we plan on making money eventually like Robinhood, M1 and other commission free trading pioneers. This means PFOF, Stock Lending, line of credit, etc. We are not currently offering these products. Please see our website for more details and our disclosures: https://double.finance https://double.finance
- nekitamo 2y agoGreat answer, thank you. Another question: do you guys support trading of fractional shares in these custom indexes? If so, what's the smallest supported share % (eg 1%, or 0.01%)?
- jjmaxwell4 2y agoYes we support fractional shares! The fraction of a stock you can buy is currently based on a dollar amount. In our case right now it's $5.10 per stock ($5 with $0.10 of room to allow for fluctuations in prices). We are looking to lower this over time though and as our daily trading volumes grows this should come down significantly.
- daxaxelrod 2y agoLove 4.
- myarr 2y agoI'd be wary about 4. I've worked at a fintech startup before where the founders boasted about how they had moved all their net worth onto the platform. Some time later over a casual chat and drinks, it turned out this was far from the truth. Don't just take people's word for it, I may be biased about startups now, but "trust but verify" is a good motto to go by.
- SkyPuncher 2y agoNumber 4 makes it sound like a scam to me. "Don't worry bro, you can trust me" type of vibe.
- dzink 2y agoPFOF is a deal breaker. If everyone but Fidelity is doing it thats a huge selling point for Fidelity. Go against the grain and do what is right for your customer if you want to have the net worth of people who care about their money and thus more trust than Robinhood.
- ahtihn 2y agoWhy would you care about PFOF as a retail investor? You're benefiting from it.
- dzink 2y agoNo you are not. Your orders are not sent to the best exchange execution possible but to market makers who pay kickbacks to your broker and give you a far worse deal with every single transaction. The cost of poor execution is much higher than a 2 dollar commission (which is what Fidelity shows). It also reduces market transparency.
- dmoy 2y agoIBKR, vanguard, and I think even Bank of America also don't do PFOF.