What is MyWallSt and is it available in Canada?

What is MyWallSt?

MyWallSt is a popular US investment research app with more than 2 million downloads as of 2019. The app provides easy-to-read information on stock performance and investment concepts, making it perfect for beginner investors who want to direct their investments but need a helping hand. The MyWallSt company was originally named Rubicoin back in 2013 but was rebranded to MyWallSt in early 2019.

MyWallSt is not a brokerage, so users can’t buy and sell investments through the platform. However, users can connect their trading accounts with other brokerages to MyWallSt. The app comes with a free trial, after which a monthly or yearly subscription fee is charged.

Who is MyWallSt best for?

• New investors. Specifically created for new investors, MyWallSt provides recommendations and investment advice.
• Investors with individual stocks. If your money is in mutual funds or other investments and you want to start making your own investment choices, MyWallSt could help you get started.

What are the benefits of MyWallSt?

MyWallSt offers investment knowledge and education, including:

• Companion app. Learn by MyWallSt is free and offers 40 beginner lessons in investing.
• Knowledge backed by success. The company claims to have an annual return of 44% over the last 5 years and 24% over the last 11 years.
• Competitive pricing. MyWallSt is available for USD$29.99 per 3 months or USD$79.99 a year, which is substantially less than paying an investment adviser for similar recommendations. (Note these amounts are current as of January, 2021.)

What should users watch out for?

The MyWallSt app has its strong points, but it also includes the following drawbacks:

• Short free trial. MyWallSt’s one week trial is shorter than other investment advice platforms.
• Limited information. Those who are already familiar with the stock market may find that the information available isn’t as comprehensive. There’s a lack of information on stocks and other investments like mutual funds and exchange-traded funds.

How to get started

The signup process is pretty straightforward:

1. Go to the app store and search for MyWallSt.
2. Click Install.
3. Click Get Started.
4. Create an account.
5. Review and accept the Terms & Conditions.
6. Select the Watchlist tab.
7. Click Subscribe to Start Free Trial.
8. Review the free trial terms and click Subscribe & Start Free Trial.

• See screenshots of the application form

  

  

  

Eligibility

Anyone in the US is eligible to download and use the app. Unfortunately, this means that Canadian users cannot signup unless they’re living in the US.

Required information

Users don’t need to There’s no required information to download MyWallSt. For the subscription process, MyWallSt uses the information connected to users’ app store account, such as their email addresses and US credit card information. The app will automatically link this, giving users an option to review and change their credit card information during the free trial.

MyWallSt reviews and complaints

MyWallSt is not accredited or rated by the Better Business Bureau. It has a 4.4 star average from 729 reviews in the Google Play Store, as of January 2021. There’s mainly positive reviews online, but there are some negative reviews centered around the app’s limited information and fees for using a brokerage account.

What to do after signing up with MyWallSt

Once users have downloaded the app and started their free trial, they can begin to familiarize themselves with the service in the following ways:

• Download the companion app. Learn by MyWallSt is a separate educational app that provides access to 40 investment lessons.
• Listen to the Stock Club Podcast. Listen to the company’s experts for extra investing insights and the latest investing trends.
• Check out the blog. The Stock Market 101 and Your Investing Life blogs are a great source of extra information and advice from MyWallSt.
• Connect a brokerage account. Users can connect their brokerage accounts to the MyWallSt app to make investments based on its recommendations.

Ready to start trading? Compare online trading platforms in Canada

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Bottom line

MyWallSt offers investment information for new investors looking to make informed decisions and become more familiar with the stock market. However, the app may be lacking depth for some users.

Want to learn more about investing? Check out our guide to investing for your future or take a look at our list of top stock trading games to have some fun while honing your skills.

Frequently asked questions

• Is MyWallSt regulated?

  No. MyWallSt is a technology platform that provides general information on investing.

• Can users open a brokerage account through MyWallSt?

  No. Users can open a brokerage account online through its affiliated company, DriveWealth, where they’ll have to provide their Social Security numbers, financial statements and employment information.

• Are there any fees or commission charges?

  No. MyWallSt doesn’t charge any fees or commission charges, though the brokerage account might charge a separate fee or commission.

• Can users connect their brokerage accounts to MyWallSt?

  Yes. MyWallSt can connect to some brokerage accounts where users can make trades and investments.

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