Ellevest – legit or a scam?

  • This topic has 9 replies, 2 voices, and was last updated 3 weeks ago by James Barra.
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  • #189628 Reply
    Sian35

      Hello everyone,

      Does anyone use Ellevest’s robo advisor system? Are they considered ‘good’ and ‘trustworthy’ in the online trading world?

      Thanks in advance!

      Sian

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      • #189739 Reply
        Jack

          I’ve not used Ellevest but I don’t really get what the difference is between a robo advisor and a copy trader? Why use a robo advisor over a copy trader?

          Reply
          • #189751 Reply
            James Barra
            Moderator
              DayTrading.com Team

              Hi Jack,

              Robo advisors are a more automated, passive approach to online trading that generally often prioritize building a diverse portfolio based on algorithms.

              Copy trading is more hands-on and involves mirroring the trades of more experienced investors who may specialize in certain markets, such as foreign exchange.

              Which one is right for you depends on your trading horizon and objectives. We’ve seen a surge in copy trading interest among active traders in recent years.

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            • #189768 Reply
              Christian Harris
              Participant

                Just following on from James’ comments…

                To make matters even more complicated, you’ll find that a lot of copy traders/strategy providers use automated systems (EAs/bots) themselves.

                This is especially true for forex and crypto trading.

                Stock trading is still typically done manually by retail traders.

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              • #189806 Reply
                Jack

                  What do you get better returns with out of robo advisors or copy traders using automated systems? Which is cheaper?

                   

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              • #189750 Reply
                James Barra
                Moderator
                  DayTrading.com Team

                  Hi Sian35,

                  Ellevest are not as widely known in the trading industry as some other brands, but the fact they are regulated by the SEC and FINRA in the US is a good sign that they can be trusted.

                  For other options, look at DayTrading.com’s pick of the best robo advisors.

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                  • #189911 Reply
                    Sian35

                      Ok James.

                      I like Ellevest because they look like the only firm out that actually think about the investment needs of women and how they might differ from men.

                      Thanks.

                      Reply
                    • #189916 Reply
                      James Barra
                      Moderator
                        DayTrading.com Team

                        Hi Sian35,

                        Have you looked at DayTrading.com’s choice of the best brokers for women? They have all been hand-picked after considering their offering for female traders (Ellevest features on the list too).

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                      • #190006 Reply
                        Sian35

                          Some of those firms I’ve come across before and discounted. CMC peaked my interest though. For my walk later, I’ve lined up a podcast from Denise Shull from their Artful Trader Series. I’m not sure I’ll be trading with them but I’m going to give the podcast a listen.

                          Thanks.

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                        • #190008 Reply
                          James Barra
                          Moderator
                            DayTrading.com Team

                            No worries. I hope you enjoy it.

                            Let us know how you get on with Ellevest.

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