OpenFolio Reviews - What Is It?
DO NOT USE OpenFolio!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
OpenFolio is a social media website that focuses on assisting its members to share their investing opinions and ideas freely among one another. It was founded by Hart Lambur and Yinon Ravid, former Wall Street bond traders. The service promises to provide users with the connectivity, openness, and collective intelligence that will help them to gain ideas and insure that their investing decisions are worth risking. According to the company's founders, the idea for Openfolio was created due to their experiences in the field, where their colleagues would discuss investing ideas and share their opinions. One day, they realized that they needed to create a place where investors would come not only to share their ideas, but also to see how the portfolios of their colleagues were performing. Finally, we all learn from successes and faults of each other.
You will need to sign up for your Openfolio account with the help of your Twitter, Facebook, or email information. After that you can link it your brokerage account. As a result, your information will be aggregated to the site's database of more than 25,000 pages - one for each U.S. mutual fund, ETF, stock, and closed. Your information can be subdivided depending as you wish. This will allow you to see how your investments stack up against other people in different industries, age categories, and even by colleges. Every time you log in to the site, your performance is updated to confirm your current performance. Don't worry because your financial information is invisible to other Openfolio members. Instead, it is displayed in percentages, never in dollar amounts. Other people will be able to see individual components, such as your bonds, mutual funds, stocks, and ETFs. In other words, they see only what you are investing in.
Customer Reviews - Does OpenFolio Really Work?
There are really a lot of real users' reviews about their experience of using Openfolio online. Most of these people like the service very much and recommend it to others. There are things they especially appreciate about this social website. Like traditional social networks, the users are able to see financial information of other members and even to send "connect" requests to each other. You can limit viewable activity to those inside and outside of your network, though. This unique investing website claims to be suitable for investors of different levels due to its usage of "collective intelligence" that intends to help each user to study experiences of such professional experts as Buffett and Icahn. Besides this PC-based platform, the company also offers a free app for iDevices.
OpenFolio can be beneficial for different categories of users. According to BusinessInsider's writeup about the website, they noted that it might be a little scaring for 401(k)-only investors, however, it can be a great option for active and well-informed investors. The matter is that most of the discussions on Openfolio focus on individual stock and fund activity that could be unclear to a beginner who has no knowledge in the field. Even though you might get a lot of wonderful investment advice on the site, this is not a brokerage company where trades can take place. Instead, it is you who will decide which recommendations are more suitable for you. Your Openfolio account is connected with your brokerage account, so other users will see how your trades acted out in the real world.
Most investors appear to be pleased with Openfolio. The company has a positive online reputation among its customers and has been featured in popular publications such as Bloomberg, TechCrunch, TIME, Yahoo!, and some others. InvestorJunkie reported that they enjoyed the functionality and usability of the website, and the ability to receive investment knowledge from top names in the sphere for free. The author noted that the website provides information about what its users are actually doing. According to Financial News, the company's team regularly analyses information from 20,000 investors and more than 500 teachers. Teachers tend to perform better than beginners within the financial world. This can be a worthy lesson that you may learn from experienced investors. Goldman Sachs said that Openfolio encourages users to make their own investment decisions. Let me remind you that Openfolio Corp is based out of New York, New York. However, it is not listed with the Better Business Bureau. Here are some of the actual customer reviews.
"I am completely satisfied with my membership in openfolio. They use fidelity and motif to encourage their customers. This app was extremely easy to download. I am pleased with the fact that is can see all investment ranks and details on a daily, monthly and quarterly basis. Top 25 of investors is so brilliant! You should join this website to improve your investment abilities."
"I like Open Folio for a few reasons. First, it gives me the option to decide how much I want to share with other members. Personally I do not feel comfortable sharing my potfolio with the whole world; I usually choose to share with my friends only. It is like Facebook or Twitter. You can also decide how active you want to be in the community. The service is absolutely free. It is a powerful tool that has greatly improved my investment skills."
"I have been using Openfolio for a few months already and I don' regret downloading this app. It was really simple to do but what is more important is that I can see the experience and performance of other investors. I often use crowd-sourced information to estimate risk levels and to learn what can be used to succeed in investing."
My Final Summary
Openfolio is a worthy social website that offers access to investing information and different kinds of results provided by other members of the site. The site guarantees bank level security due to the 256-bit SSL encryption for all information transfers. Brokerage information is safely stored on the site by a third party. The website carries a purely informative character. It means that no one can withdraw funds, trade, or transfer money from an account. Openfolio is free. There are no joining or maintenance fees. No one will try to sell you anything on the website.
There are more than 25,000 individual pages on this website, one for every U.S. stock, mutual fund, ETF, and closed-end fund known by the site. If you want to add anything else to the site, just let them know about it. It is hard not to recommend a website that offers an exchange of valuable investment strategies, ideas, and portfolio positions. The user can freely apply this information to your investments. Since the site is free to join and use, and is voluntary to take part in, I can certainly recommend Openfolio to all people who want to be aware of the latest financial information.
Openfolio Pricing and Rates
Opening and using an Openfolio account is completely free. You can sign up easily and quickly using your Twitter or Facebook accounts, or your email address. At present, the company is considering adding fee-based features.