Most commonly asked
What is Plynk?
Plynk is an investing app designed to help make investing easier for beginners. Our goal is to help you start investing, build confidence, and grow your knowledge along the way.
Here’s what you can do with Plynk:
- Link a bank account and start trading instantly.
- Get investment ideas based on your personal interests.
- Buy up to 10 investments at once with the “Add to cart” feature.
- Set up monthly automatic investments.
What can I invest in with Plynk?
Who can use Plynk?
How much money do I need to start investing?
There’s no minimum required to open a Plynk account, and you can start investing with as little as $1.
Where can I download the Plynk app?
How do I open a Plynk account?
Opening an account is easy! Once you’ve downloaded the Plynk app, we’ll ask you some basic questions and verify your identify (for security purposes). You’ll then create a username and password to use to log in to your account in the future.
What type of account am I opening with Plynk?
When you open an account with Plynk, you’re opening what’s called a brokerage account.
It's an investing account that gives you access to the stock market. It holds the stocks, mutual funds, and exchange-traded funds (ETFs) that you invest in.
Support and pricing
How can I contact customer support with questions?
Plynk has an extensive list of account-specific FAQs in the More section of the app under Help. If you still can’t find the answer you need, you can get in touch with our support team by selecting “Contact us” in the app.
How much does Plynk cost?
The Plynk app is free for the first 3 months. After that, you’ll pay a $2.00 subscription fee each month to continue using the app.
Investing basics: Preparing to invest
Investing is simply defined as using your money to buy something (an investment) with the intention that it could grow in value. With Plynk you're able to invest in stocks, mutual funds, and exchange-traded funds (ETFs). An investment has the potential to return more money to you than you originally spent, if the investment has increased in value when you sell it. But investing is also risky; investments can lose value, which means that you may lose money. Past performance doesn’t guarantee future gains, as you've probably heard before.
How will I know how much to invest?
At Plynk, we know how important it is to be comfortable with your money and how you spend it, especially when you're new to investing! Therefore, it's a good idea to start with an amount that you're comfortable with, knowing that the value of your investment can go up or down. Fortunately, Plynk lets you start with as little as a dollar so you can get started no matter your comfort level. As you learn and feel more confident, you can invest more.
Is 1% of your paycheck too little? Learn about the power of 1.
Consistently saving, any amount, can add up over time. And, whether your saving amount is $1, $10, or $100, investing over time can give your money a chance to grow.
Should I invest a set amount on a regular basis?
Deciding on a set amount to invest on a regular basis is a great way to help you stay on track with your investing goal. In fact, Plynk will offer the ability to set up automatic recurring investments so you can set it up once and feel more confident knowing that you're regularly investing in your Plynk account.
Types of investments: Deciding what to invest in
What's a stock?
Stocks are what you hear about most often when people are talking about the “market.” Stock allows you to invest in (or “own a piece of”) a company; each piece of ownership is known as a “share,” and each share is worth a certain dollar amount that changes throughout the day as stocks are bought or sold in real time on stock exchanges. Investing by buying stock in a single company is like “putting all your eggs in one basket,” and may be riskier—but possibly also more rewarding—than investing in a “fund,” like a mutual fund or an ETF.
What's a mutual fund?
Think of a mutual fund as an investment stew. Investments, such as stocks, bonds, and other ingredients are mixed together (some funds may invest only in stocks, or only in bonds) and sold as 1 dish, creating a mutual fund. Mutual funds offer a way to buy different investments packaged together, or served together like a “dish,” and sold together as 1 entity instead of as individual companies. Investments in mutual funds change all the time, as they are managed by a team of professionals who decide which investments to buy and sell. Mutual funds often come with additional fees (some low, some high) that stocks don’t have because professional managers are making the investment selections. The price of a mutual fund is updated at the end of each business day. You can find out more about each fund’s objective and strategies in its prospectus.
What's an ETF?
An ETF (exchange-traded fund) is another sort of investment stew (or for ETFs, more commonly referred to as a “basket”), that mixes together stocks and/or bonds, and sells them for 1 price. ETFs often try to mimic a major stock index, like the S&P 500®, which represents the 500 largest companies in the United States. Since you can’t buy from the S&P 500® directly, and most likely don’t want to buy stock in each individual company, you can buy one ETF “unit” or “share” and invest in all these companies at once, trading real-time like stocks. Doing the same with mutual funds that track indexes is possible, but your mutual fund trade would be executed at the end of the day, and not in real time.
What's a bond?
A bond is essentially a loan; money that you give to a company or the government and they pledge to pay you back in the future with more money than you originally gave them. Bonds are usually lower risk than stocks or funds, which means you usually won’t earn as much as with a successful stock or stock fund selection, but you also won’t usually lose as much as with an equally unsuccessful stock or fund. Bonds, however, have their own risks, such as interest rate risk (as interest rates rise, price will fall).
Key concepts: Introducing some basic investing terms
As I prepare to invest, what are some important concepts I should have on my radar?
It's important to understand the impact that asset allocation, diversification, rebalancing, and risk tolerance will have on your investments in the short and long term.
What's asset allocation?
Asset allocation is putting your money into a combination of investment types—like stocks and bonds—to help spread your risk. An easy way to remember it is, to spread your risk, you may not want to “put all your eggs in 1 basket.”
Diversification takes asset allocation 1 step further by spreading your money between investment types with different focuses. There are different companies, industries, and business sizes for each investment option on the market—helping you spread out your risk even more. It's what helps decrease risk within your portfolio when 1 company, industry, or business performs poorly. Of course, diversification does not guarantee a profit or ensure against a loss, but it may help smooth out otherwise dramatic changes in a portfolio.
Rebalancing is an essential part of managing your portfolio. Your mix of investments will likely change over time depending on how your different investments perform. Therefore, it's important to periodically review your asset allocation to make sure it still aligns with your objectives and timeline. When it doesn’t, that’s the time to rebalance your investments.
What's risk tolerance?
Risk tolerance is the degree of uncertainty you're willing to take when you invest. It's best determined by considering several factors: how much time you have to reach a goal, your experience investing, how much your goal amount is, your other financial resources, and how much risk (including loss) you’re comfortable taking.
Micro-investing involves investing small amounts of money (even $1) to buy fractions of a share, making it easier for folks who may not have traditionally had enough money or been ready to invest.
Will I be able to micro-invest with the Plynk app?
Definitely! Micro-investing is helpful for investors who don’t want, or can’t afford, to invest a lot of money, regardless of the reason. The Plynk app is designed for beginning investors who often want to start with small amounts of money, so it’s a great fit for micro-investing.
What's dollar-based investing?
Dollar-based investing allows you to invest by the dollar rather than by the share and can be a good example of micro-investing. So instead of buying 10 shares of a company, you can buy $50 of a company. This method, otherwise known as buying fractional shares, allows you to match how much you invest with the money available in your account. On Plynk, you can buy fractional shares of stocks, ETFs, and mutual funds through dollar-based investing.