This options-only mobile platform allows you to add and interact with fellow investors.Gatsby sets itself apart with free options trading and a social feed that allows you to follow the actions of other investors. But its customer support is limited and it doesn’t offer access to stocks, bonds or funds.
- Consider Gatsby if you’re an experienced options trader and feel confident conducting your own research.
- Look elsewhere if you’re new to investing or want a robo-advisor platform.
Stock trade fee
Minimum deposit to open
What's in this review?
What investments does Gatsby offer?Gatsby keeps things simple, organizing its platform around a single investment product:
- Options. Make commission-free trades for or against companies and ETFs.
Who is Gatsby best for?
With options-focused investing and a platform exclusively for mobile, Gatsby is best suited to:
- Experienced investors. Gatsby’s lack of market research resources means the platform is best suited to experienced investors who know how and where to conduct external research.
- Options investors. Considering it’s the only thing available for trade on the platform, Gatsby is best suited to those looking to buy and sell options contracts.
- Millennial investors. Gatsby targets up-and-coming investors in the Millennial generation with its Twitter-like social feed.
How easy is it to use?
Sign up for Gatsby by downloading its mobile app, available for free on both Android and iOS devices. Complete the application process in just a few minutes with $10 to get started.Gatsby users report a sleek, user-friendly platform that’s less cluttered than many of its competitors. You’ll need to conduct in-depth market research elsewhere, but investors seem to appreciate the clean interface that’s easy to navigate when you’re ready to take action.
What does the app look like?
The app has a clean and simple interface, with just four tabs:
- Me. This is an overview of your account.
- Everyone. This social feed shows you what trades other people on the platform are making. Use it to track popular stocks to get a heads up on which companies to look into. You can also heart trades in the feed, but when we checked, no trades had more than 2 hearts, which suggests it’s not a popular feature.
- Trade. A list of trending stocks and an option to search companies by name.
- Account information. Displayed as “…” in the app, access your account information, pending orders, trading history and other documents. It’s also how you transfer money in and out of your account.
What research does it provide?Gatsby offers a limited amount of research on its platform. At the top of each company’s page is the current stock price along with a graph showing the price over time. Under that are three tabs — Me, Everyone and News.
The only useful research is in the News tab, which contains a feed of quotes and articles about the company and its shares, mostly from Seeking Alpha and The Motley Fool.
Pricing and feesGatsby doesn’t charge commissions on US equities and options contracts, but standard fees from the SEC and Financial Industry Regulatory Authority (FINRA) apply. The absence of fees on options contracts is rare in the industry, but not unheard of — Robinhood offers commission-free options trading. Most providers charge an additional $0.65 per contract, as well as one-time fees if your option is exercised or assigned to you.
Commission-free options trading is certainly a perk, but you’ll want to keep an eye out for the following administrative costs:
|Minimum deposit to open||$10|
|Stock trade fee||$0|
|Option trade fee for US-listed and OTC securities||$0|
|LQT fee||$0.05 a contract|
|Account transfer fee||$75|
Is Gatsby safe?Gatsby’s securities are offered through ViewTrade Securities, Inc. — a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). ViewTrade has been registered with the SEC since 1999 and is licensed in 52 US states and territories.
How does Gatsby keep my money safe?
Through its partnership with ViewTrade Securities, Gatsby brokerage account investments are protected up to $500,000, including up to $250,000 in cash balances. Gatsby secures sensitive information through Hypertext Transfer Protocol Secure (HTTPS) and stores customer data on encrypted servers. It also offers investors the option to use PIN codes, facial recognition and fingerprinting to further secure their account.
Customer reviews and complaints
With no Better Business Bureau page or Trustpilot presence, we turn to Google Play and the Apple App Store for customer feedback on Gatsby’s platform.
As of April 13, 2020, Gatsby scores a favorable 4.4 out of 5 on Google Play and 4.3 out of 5 on the Apple App Store. Granted, these scores are based on collections of 92 and 48 reviews respectively, but feedback is promising for this up-and-coming trading platform.
Customers speak highly of the platform’s clean interface and responsive customer service team, but complain about the platform’s lack of research and beginner resources.
Pros and cons
- No commission or contract fees. Take advantage of fee-free options trading.
- Low minimum deposit. Open an account with just $10.
- Social feed. Add friends to your Gatsby social feed, see what they’re buying and make comments on trades.
- Rewards points. Earn points on each trade and cash them in for gift cards at popular retailers.
- Limited investment options. As of this writing, Gatsby’s platform only supports options trading.
- Limited research. Gatsby doesn’t offer market reports or resources, so you’ll need to conduct your own research through a third party.
- Limited customer support. Gatsby’s customer service is limited to email inquiries — a hefty drawback considering how time sensitive online trading is.
How do I sign up?
To open an account with Gatsby, you must be at least 18 years old and a US citizen. You have to sign up through a mobile device:
- Go to the Apple App Store or Google Play and download the Gatsby mobile app.
- Enter your email address and phone number.
- Confirm your email address by entering the six-digit confirmation code sent to your inbox.
- Create a password.
- Enter your full name, birth date, Social Security number, citizenship and employment status.
- Answer Gatsby’s disclosure and investment questions.
Once your application is reviewed and approved, deposit a minimum of $10 to fund your account.
How do I contact Gatsby support?
You can contact Gatsby support by:
- Phone. Call 203-842-8729 weekdays from 8:30 a.m. to 5 p.m. ET.
- Email. Fill out a secure online form on Gatsby’s website for a response from the customer service team.
Compare other stock trading platforms
If you’re interested in breaking into the world of options trading, Gatsby could be a viable option, offering commission-free trades, a social feed and rewards points on eligible trades. But the platform is still new and may need to expand its investment options and market research before it can compete with the offerings of some of the better-established platforms.
Before you apply, compare your options to find the trading platform that best fits your investment goals.