LOYAL3
Is This Your Business?1.0
1.0
Author: Kaitlyn Short
LAST UPDATED: June 27th, 2019
LOYAL3 opened its doors for business in the spring of 2008, with corporate headquarters in San Francisco, California. The company allows investors and traders to purchase and trade stocks online at no cost. LOYAL3 has a vastly experienced leadership team that is dedicated to helping even the newest investor to succeed in reaching his or her financial goals. The company is well run and has a strong board of directors and advisory board, in addition to its executive team. The company is built on the premise that anyone should have the access and ease of buying stocks in the brands they enjoy.
Top Ranked Companies
The Good
- Price
- Share options
- Ideal for new investors
Price
One item that sticks out to anyone reviewing this company is the cost. Anyone will like this news: it is absolutely free to buys stocks using LOYAL3. There are no gimmicks, no hidden fees, no surprises. Other companies might advertise such benefits, but LOYAL3 is true to its word. You won't have to pay a dime to invest with them. There are no commissions to pay at any time.Share Options
A unique aspect of LOYAL3's service is that they let you purchase fractional shares from a company. For example, a company's current share price could be $300. That means the minimum investment for 1 share you would be able to make is $50. With fractional purchasing, you can obtain fractions of shares. If you only wanted to spend $15 to purchase that company's $300 priced share then you would own 0.3 of a share. This allows you to gain some ownership with a company that may have had a share price that was too high for you to get started. You can begin investing with as little as $10. That's quite unheard of in the industry. With IPOs (Initial Public Offerings), you need a minimum $350 account balance.Ideal for New Investors
LOYAL3 is especially attractive to inexperienced, new investors. Even if you have never purchased one share of stock in your life, LOYAL3 makes it easy with a simple three-step process. And it's all done online. There's no need to spend hours filling out complicated forms or going through tedious, confusing processes. Any investor will find this simple-to-use method to his or her liking. Some investment companies may scare off new investors with a complicated platform or with high prices. This simply won't be the case with LOYAL3. Everything is straightforward and to the point. There is no guesswork or head-scratching; everything is clear and easy.Scheduling
If you so desire, you can schedule monthly investments. So, if there is a particular brand or stock your fond of, you may set up how much you wish to invest and when you wish to do it, and everything is taken care of automatically. This eliminates a great deal of time and hassle that you might not want to contend with. Of course, if you no longer wish to invest in a certain stock, you can cancel the automatic investment at any time.The Bad
- Investment limitations
- Educational resources
Investment Limitations
Currently, you may choose from a list of 63 stocks with which to invest. That's quite the limitation. Want more diversity? Want a wider selection? Too bad. That all there is. Most investors allow trading to commence the very day you sign up with their company. But with LOYAL3, you might have to wait a few days. Plus, the execution of your orders will take a day or more while most competitors happen in less than 24 hours. LOYAL3 allows you to invest in stocks and that's it. There are no retirement or educational accounts available. If you are interested in these types of investments, you'll have to take your business elsewhere. This is a huge negative, as many customers would prefer to have all types of accounts with one provider, rather than spread investments out across multiple companies. OK, perhaps this cap is fair, and many people would be fine with this ceiling. But if you're a serious investor with a bigger budget, LOYAL3 certainly isn't for you. Need to know where to allocate your funds? LOYAL3 won't provide this service.Educational Resources
Beginning investors are likely to either have little knowledge about investing or some wrong notions about the art. LOYAL3 does a poor job of educating its clients and target clients. The website does provide cursory information about investing in stocks and IPOs, but the information is very basic. There is no research, no chat room, and no webinars. If you want to know more about investing in a certain stock, you won't get that information from LOYAL3.The Bottom Line
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Youcan Trustme Cypress, TX
Loyal3 closed their company and sold my account to Folio Investing (FolioFirst) despite my instructing them to send my stocks to my broker. After much complaining FolioFirst finally sent most of my stocks to my broker and sold the fractional shares without my permission (taking into no regard how this will affect my finances and accounting (i.e. taxes)). Shady companies. Do not do business with them!
7 years ago
Quynh Lam Philadelphia, PA
This company is a SCAM. STAY AWAY!!!!
I have been trying to withdraw my fund and the system did not let me do it online, stated that I needed to call their customer service number which is a FAKE number. No one answered, call like 100 times, could not leave voice mail and said email to them at support@loyal3.com, which is also a FAKE email acct bc no one responded to me. Horrible company, I am going to sue them if by next week I still cannot transfer my money out. Worst of the worst, this is a total SCAM!!!!!
7 years ago
Mike Harris San Carlos, CA
Loyal3 is the absolute worst.
On 12/23 they experienced "technical difficulties". Two weeks ago. Since then my account has been frozen. This means I cannot get access to any of my money.
I've called them numerous times and sent them an email every day. I have not received a single response.
This is unacceptable for any reputable company much less a "financial services" one.
STAY AWAY FROM LOYAL3 AT ALL COSTS.
7 years ago
billy smith
Took over $700.00 after an "update" and reset my account to $0. No one answers the phone any it says you can not leave a message. It says to email. I'm calling securities and the I.G. of i don't get my money soon. I'm taking it all out.
7 years ago
