Kinfo, the Social Investing App, isn’t like other investment-oriented apps. Instead of functioning as a roboadvisor, one of the more popular app-based approaches to managing portfolios, or a traditional broker, Kinfo more closely resembles a social media platform. However, instead of filling your feed with photos from friends and cat videos, Kinfo touts its ability to help you make smarter trades. Is Kinfo the best trading app? Let’s take a look.
What is Kinfo?
Kinfo is an investment analysis app that lets you find an answer to a common question: how does your portfolio stack up against someone else’s?
The app is comprised of a community, not unlike a social media platform. On it, people can share non-sensitive details about their investments, giving people the ability to compare and contrast their portfolios to the holdings of others.
Additionally, Kinfo gives users the ability to receive news alerts that may impact their investments. You can review insights and analysis through the app, as well as stay on top of relevant information.
However, Kinfo is not a brokerage. While the free service lets you connect to your current brokerage account, you can’t create one through the Kinfo App. Similarly, you can’t buy or sell investments directly through the app. Instead, it’s sole function is to give you a better understanding of your portfolio and investing strategy as well as serve as a platform to help you learn from others.
How Can Kinfo Help Your Investment Success?
Kinfo users have access to information that helps them analyze the performance of their investments. Not only do you have access to analytical information through the app, but you can also compare your portfolio to other users.
With Kinfo, you can examine your investments and see how they stack up to other users. When making comparisons, you aren’t limited to just your friends and family. Instead, you can see what community members, finance and investment bloggers, and even professional investors are doing. By reviewing the portfolios of others, you have a unique opportunity to improve your performance by increasing your knowledge and refining your long-term strategy.
Additionally, the app analyzes your portfolio and provides information about your holdings. This allows you to educate yourself on your investments, which is something that can serve you well when you consider adding or selling assets.
A unique feature of Kinfo is you have options when it comes to overseeing your portfolio. If you have multiple brokerage accounts, you can choose to create separate portfolios in the app for each one.
However, you can also combine the data into a single portfolio in the app, making it easier to have a holistic view of your investments. This alone can be beneficial as it makes it easier to see the big picture.
How Does Kinfo Work?
Not unlike a social media network, Kinfo allows you to create a public profile. You can add a picture, general location, as well as a summary, similar to Twitter and Facebook. Additionally, you can share on your “wall,” giving you a place to post information or share your thoughts about investments.
As a user, you have the ability to “follow” other users, and members of the community can also follow you. You can gain insights from the information they share, potentially giving you a path for improving your strategies or identifying new investments with potential.
The app also provides users with access to a wide variety of analysis, including hedge fund results, something that is fairly rare in the investment-oriented app world. Stock ratings from a variety of sources are available through the app as well, which can be incredibly convenient.
There is also an option to set up notifications, allowing you to receive alerts for relevant new activity that relates to your investments.
Another unique offering is a page dedicated to news about insider trading. Some investors believe that activity in that area can help predict the performance of a stock, though that isn’t a guarantee.
Is Kinfo Secure?
Understandably, many people may hesitate to allow an app to access information from their brokerage account. When it comes to personal financial information, being security-conscious is wise, so Kinfo has security features to put your mind at ease.
Kinfo, itself, is secure. The company uses TradeIt, a third-party aggregator, to connect to your account and download your data securely. Further, your account login information isn’t stored by Kinfo, reducing the level of risk even more.
Additionally, when it connects to your brokerage account, it uses a similar process as some of the country’s most popular budgeting apps. Kinfo’s access to always read-only, so executing trades using the connection is impossible.
What Does Kinfo Cost?
Kinfo is completely free to use. There is no cost to join the community or download the app, so you don’t lose anything by signing up.
Are There Any Drawbacks?
Currently, one of the only drawbacks to Kinfo is that the app only supports a limited number of brokerages. However, it does connect with many big names in the industry, so many investors won’t find this to be a problem.
While Kinfo says they support most US brokers, they only list the following as compatible:
- TD Ameritrade
- Interactive Brokers
Additionally, if you are looking for a brokerage and not just a source of information, Kinfo can’t meet that need. They are not a broker, so you need an account elsewhere to make use of the app.
Otherwise, since the app provides access to free information and doesn’t cost you a dime, it can be a great resource. Just keep in mind that users aren’t all financial experts, so community-based advice may or may not be reliable. Instead of assuming that a recommendation for a user is worthwhile automatically, consider doing additional research before making any trades. That way, you can make sure that their opinion has validity before you stake your financial future on it.
Have you tried the Kinfo App? What do you think is the best trading app? Tell us about your experience in the comments below.
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