Plynk Invest Review 2023

3.3
Plynk Invest is #35 in our broker rankings.
Flag Traders in United States welcome

Plynk is a SEC-regulated trading app for US investors. The beginner-friendly broker offers joining deals and trading from $1.

Pros

  • Low minimum deposit
  • Strong regulatory oversight

Cons

  • No demo account
  • No MT4 integration
  • Few payment methods offered
Bonus$10 Sign-Up Bonus
InstrumentsStocks, ETFs, Mutual Funds, Cryptos
Demo AccountNo
Min. Deposit$0
Payment Methods
Min. Trade$1
Regulated BySEC, FINRA
MetaTrader 4No
MetaTrader 5No
cTraderNo
OmniTraderNo
AlgoTraderNo
TradingViewNo
Trading CentralNo
AutochartistNo
eSignalNo
STP AccountNo
ECN AccountNo
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS & Android
Margin TradingNo
Volatility IndexNo
Spot TradingNo
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
TournamentsNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Social TradingNo
Copy TradingNo
Islamic AccountNo
Account Currencies
  • USD
Guaranteed Stop LossNo
Stock Exchanges
  • Dow Jones
  • Nasdaq
  • S&P 500
Crypto TradingTrade four popular cryptocurrencies with no hidden fees.
Crypto Spread$0.50 on trades <$100, 0.5% on trades $100>
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • BCH
  • BTC
  • ETH
  • LTC
Risk Warning – Your capital is at risk

Plynk is an iOS and Android-compatible mobile investing app for US citizens. It offers a range of tradeable instruments, including stocks, fractional shares, mutual funds, and ETFs, alongside jargon-free educational materials for beginners.

This Plynk app review will cover customer service methods, login security, app download details, trading fees, sign-up bonuses, and more. Find out how to start investing with Plynk.

Company Details

Plynk is a relatively new investment app that launched in 2021.

The mobile service essentially aims to simplify the investing environment to provide an intuitive experience for new traders. The low-cost solution offers educational resources, investment tips, and portfolio management all within a simple-to-use mobile application.

Plynk is authorized and regulated by the US Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA).

Trading App

You can download the Plynk app for free to iOS or Android (APK) devices. Simply search ‘Plynk’ on the Apple App Store or Google Play.

Customer reviews are generally positive with many praising the innovative design, layout, and clear portfolio performance indicators. The app is ranked 4.6/5 on the Apple App Store.

Plynk review
Plynk Invest App

Our experts were also pleased with the simplicity of the application. You can be assured of plain language, removing any complexities and confusing terminology. You can also view helpful investing tips and tricks, step-by-step guides, and illustrated charts so you can learn along the way.

Features include:

Note, advanced day traders may be put off by the somewhat basic analysis features and cartoon illustrations. For more detailed technical and fundamental analysis features, consider an alternative like eToro.

How To Place A Trade

  1. Download the Plynk invest app to an iOS or Android device
  2. Register for a live trading account
  3. Link to your bank account so you can transfer money
  4. Deposit funds using one of the supported payment methods
  5. Find investment ideas based on your interest or search instruments
  6. Select an asset and review the price
  7. Select ‘Buy Now’ or ‘Add to Cart’
  8. Enter the amount you want to invest
  9. Select ‘One Time’ or ‘Recurring Investment’
  10. Swipe to confirm the order
  11. Track your performance via the portfolio navigation bar

Note, details of how to create an account and deposit funds are covered in more detail below.

Products & Assets

Traders can access a wide selection of stocks, exchange-traded funds (ETFs), and mutual funds. Fractional shares of stocks, ETFs, and mutual funds through dollar-based investing are also available.

In 2022, the online broker also launched Plynk Crypto, meaning users can diversify into the cryptocurrency trading environment. Users can trade and hold four popular coins via Paxos Trust Co; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Note, the Plynk app supports market orders only. Limit orders are not currently available.

Trading Fees

It is free to open a Plynk account and you can start trading from just $1.

The broker offers commission-free trading on stocks, exchange-traded funds (ETFs), and mutual funds.

Fees apply when trading cryptocurrency. For trades of $100 or below, a $0.50 charge applies. For positions over $100, a 0.5% charge applies. Costs are added directly onto positions. For example, if you invest $50 in Bitcoin, you will pay $50.50.

Customers can also expect a $75 fee for a full TOA delivery. Bounced checks, payment stops, and wire transfers will incur a $15 charge.

Additionally, a SEC fee is charged for all ‘sell’ orders. As of 2022, this fee was $22.90 per $1 million. This will be paid via Plynk and will cover all SEC costs plus clearing agencies, national securities exchanges, and other self-regulatory organization fees.

Note, a monthly $2 subscription charge may be introduced in the future for some trading features.

Taxes

Plynk provides a ‘Consolidated 1099’ tax form within the mobile app. You can access your profits or funds received from the investments made in your brokerage account, which can be used to file tax statements.

Note, it is your responsibility to comply with the tax rules in your local jurisdiction.

Leverage

Our experts were not offered margin trading opportunities. This is not surprising given that the app is aimed primarily toward beginners.

Instead, you can set up recurring investments within your brokerage account meaning you can build a healthy trading balance over time.

Plynk Payment Methods

There is no minimum deposit requirement to open a Plynk account.

The broker-dealer accepts payments via bank wire transfer only. It is disappointing to see no other deposit options, particularly e-wallet services and credit/debit cards.

To link your bank account to your Plynk account:

  1. Download the Plynk app and register for an account
  2. Complete the verification details and login
  3. Select the ‘Menu’ logo
  4. Click ‘Link Bank Account’ in the ‘Activity and Banking’ section
  5. Submit your banking login credentials in the pop-out window
  6. Enter the deposit value and confirm the payment

There is a $15 wire transfer fee, which is high vs competitors like OANDA and Robinhood.

Demo Account

Plynk does not offer a demo account.

However, it is free to download the app and open an account meaning you can explore platform features without having to invest personal funds. There is also plenty of guidance and tips and tricks alongside the educational resources so you shouldn’t have any issues when it comes to opening and closing trades.

Deals & Promotions

Ongoing Plynk promotions include a $10 sign-up bonus, which has recently replaced the $20 sign-up bonus available, and a deposit match program to the value of $100. Plynk has also previously run Bitcoin sweepstakes, refer-a-friend offers, and a learn-and-earn reward.

Total bonuses available per Plynk Invest retail customer, including referral gains, are subject to a total limit of $500 per year.

Regulation & Licensing

Plynk brokerage services are offered by Digital Brokerage Services LLC (DBS). The financial services firm is registered as a broker-dealer, authorized and regulated by the US Securities and Exchange Commission (SEC). The company is also a member of the Financial Industry Regulatory Authority (FINRA).

Additionally, the financial app is a member of the Securities Investor Protection Corporation (SIPC), which protects retail customers with up to $500,000 in compensation (including $250,000 for cash claims).

Plynk crypto accounts and services are offered by Paxos Trust Company (Paxos). Crypto assets are not protected by the Federal Deposit Insurance Corporation (FDIC) or insured under SIPC.

Plynk Core Fund

Any uninvested funds in a brokerage account will be held in the Fidelity Government Money Market Fund. Although the ‘fund’ is a low-risk, safe place to hold capital, money is not deposited to a traditional bank account and is therefore not covered by FDIC insurance.

Additional Features

While using Plynk, we found the broker offers limited additional features.

Having said that, the educational resources offered by the broker-dealer are strong. The simplicity and clear guidance are ideal for inexperienced investors and those just getting started. Articles are written in plain language with integrated video support and step-by-step guidance.

Cryptocurrency Features

Crypto account holders are only permitted to buy, hold, and sell crypto in the app. Customers are currently not able to transfer, exchange or use cryptocurrencies to make payments. You are also unable to transfer crypto assets to an external wallet solution.

Plynk $20 sign up bonus

Plynk Accounts

Retail traders can select from two account types; a brokerage account (for investing in stocks, ETFs and mutual funds) or a crypto account (for investing in cryptocurrency). Both accounts can be opened free of charge.

How To Open An Account

Once you have downloaded the Plynk application from the relevant app store, you can open a live account. There are some standard investment questions required to understand your previous experience, risk appetite, and financial goals.

The broker also follows AML and KYC requirements, therefore you will need to verify your identity. Once complete, you can create username and password credentials.

Crypto Account

Once your brokerage account is verified you can apply for the crypto profile. Select the cryptocurrency logo from the app’s navigation bar.

Choose ‘Get Started’ when the pop-out ‘Ready To Open A Crypto Account?’ is visible. Review the legal terms and conditions associated with trading digital currency. Then tick the relevant boxes to confirm the terms and select ‘Open Crypto Account’.

Benefits

Our experts found several good reasons to invest with Plynk:

Drawbacks

There are also some downsides to the Plynk Invest offering:

Trading Hours

Trading hours vary by instrument. The stock market is typically open between 9:30 AM to 4 PM (ET). Any investments opened outside of these hours will be executed when the market opens the following day.

Retail investors can trade cryptocurrency within the app 24/7, 365 days a year. Note, Paxos undertakes monthly maintenance from 7 PM to 8 PM (ET) on a scheduled date. Timings are published within the application before the planned date.

Customer Service

Plynk Invest offers limited customer support options. There is no phone number or live chat service available for instant support.

The broker-dealer does provide an email address (service@plynkinvest.com) for account-specific queries. Alternatively, you can find a basic FAQ section on the website with answers to common queries such as what to do if you forgot your username and how to withdraw money from a Plynk account.

The financial services provider is also active on social media channels including Twitter, Instagram, and Facebook. Posts cover the latest company news, upcoming promos, and top tips.

Security & Safety

The broker-dealer protects customers’ personal details and transactions using firewall barriers, industry-standard encryption, and authentication procedures. It is recommended that all customers implement biometric or fingerprint login features.

Plynk Verdict

Plynk is a decent investment app with extensive educational resources. Although slightly limited in terms of advanced features, it provides a straightforward trading environment for beginners. With SEC oversight, you can also trade with confidence.

It is worth noting, however, that the range of assets is limited versus competitors. Also, the steep wire transfer fees and lack of customer support may deter new traders.

Accepted Countries

Plynk Invest only accepts traders from United States.

Compare Plynk Invest

Compare Plynk Invest with similar brokers that accept traders from your location. Among available brokers these are the most similar to Plynk Invest:

  1. Firstrade – Firstrade is a US-headquartered discount broker-dealer. With welcome bonuses, powerful tools and apps, plus commission-free trading, Firstrade Securities is a popular online brokerage.
  2. eToro US – eToro US is a social investing network and broker that offers stocks and crypto assets. Crypto Trading is offered via eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. CFDs not available in the US.
  3. Webull – Webull offers a popular online stock trading app with low fees and generous bonuses.
  4. M1 Finance – M1 Finance offers customizable and automated trading services for US investors.

Plynk Invest Comparison Table

Compare Plynk Invest With Similar Brokers
Plynk Invest Firstrade eToro US Webull M1 Finance
Rating 3.3 4 4.1 1.2 3.9
Markets Stocks, ETFs, Mutual Funds, Cryptos Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed Stocks, Options, Cryptos Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs Stocks, ETFs, OTC stocks
Demo Account No No Yes Yes Yes
Minimum Deposit $0 $0 $10 $0 $100 ($500 for IRA)
Minimum Trade $1 $1 $10 $5 $1
Regulators SEC, FINRA SEC, FINRA eToro USA Securities Inc (“eToro”) – SEC SEC, FINRA FINRA, SEC
Bonus $10 Sign-Up Bonus Deposit Bonus Up To $4000 Invest $100 and get $10 Six free stocks M1 Finance Plus free for 3 months on new accounts
Education Yes Yes Yes Yes Yes
Platforms
Leverage
Payment Methods 1 4 4 3 3
Visit
Review Plynk Invest
Review
Firstrade
Review
eToro US
Review
Webull
Review
M1 Finance
Review

Compare Trading Instruments

Compare the markets and instruments offered by Plynk Invest and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Plynk Invest Trading Instruments
Plynk Invest Firstrade eToro US Webull M1 Finance
CFD No No No No No
Forex No No No Yes No
Stocks Yes Yes Yes Yes Yes
Commodities No No No No No
Oil No No No No No
Gold No No No No No
Copper No No No No No
Silver No No No No No
Corn No No No No No
Crypto Yes Yes Yes Yes Yes
Futures No No No No No
Options No Yes Yes Yes No
ETFs Yes Yes Yes Yes Yes
Bonds No Yes No No No
Warrants No No No No No
Spreadbetting No No No No No
Volatility Index No No Yes No No

Plynk Invest vs Other Brokers

Compare Plynk Invest with any other broker by selecting the other broker below.

Plynk Invest vs

The most popular Plynk Invest comparisons:

  1. Plynk Invest vs Robinhood
  2. Plynk Invest vs eToro

FAQ

Who Owns Plynk?

Plynk brokerage services are provided by Digital Brokerage Services LLC (DBS). DBS works with its affiliated clearing broker, National Financial Services LLC (NFS).

Is Plynk Available Globally?

No – the Plynk app is available to US residents only who are at least 18 years old.

Is There A Minimum Deposit Requirement To Open A Plynk Brokerage Account?

There is no minimum deposit requirement to open a Plynk account. Retail investors can start trading from as little as $1.

Is Plynk Owned By Fidelity?

No, Fidelity does not own Plynk. Plynk brokerage services are provided by Digital Brokerage Services LLC (DBS).

Is Plynk Legit?

Yes, Plynk is a legitimate broker-dealer launched in 2021. Investment services are offered by Digital Brokerage Services LLC (DBS) working alongside clearing broker National Financial Services LLC (NFS). Both firms are registered with the US SEC as broker-dealers and are members of FINRA and SIPC.

Plynk is a SEC-regulated trading app for US investors. The beginner-friendly broker offers joining deals and trading from $1.