Bloom: Learn to Invest
Introducing Bloom, the investing app that TEACHES you how to invest! Bloom is a platform designed for young adults and teens who want to learn, earn, and invest to grow their wealth and knowledge. With a community of over 1 million users, Bloom offers interactive financial lessons on topics like investing, money, credit, saving, and more. Users can start with the basics and progress to advanced lessons on concepts such as diversification, dollar cost averaging, cryptocurrency, and fundamental analysis. Quizzes and stock rewards are provided to test knowledge and encourage learning.
In terms of investing, Bloom allows users to open a real investing account in just a few minutes. They can invest in over 5,000 stocks and ETFs with zero commissions. Teens aged 13-17 can invest with parental approval using UTMA/UTGMA custodial accounts. Users can start investing with as little as $1, thanks to fractional shares. Additionally, Bloom offers the option to invest in cryptocurrencies like Bitcoin and Ethereum. Features such as conditional and recurring orders, price alerts, and easy deposits and withdrawals make investing simple and convenient. Account security is ensured with SIPC insurance, bank-grade encryption, and authentication.
Earning rewards is another aspect of Bloom. Users can earn up to $75 in free stocks by passing the "Investing Basics" quiz. "Oinks" can be earned by completing financial lessons and quizzes, and they can be exchanged for real rewards such as stocks, raffle tickets, and gift cards. The app also offers games like "Guess the Stock," "Card Game," and the "Stock Simulator Tournament" to earn more Oinks. Completing quests like buying the first stock and sharing Bloom with friends also allows users to earn additional rewards.
For parents of teens, Bloom provides a valuable educational resource. Investing and personal finance are not typically taught in schools, but Bloom fills this gap by offering 200+ financial lessons crafted by Ivy League professors and business leaders. Parental controls and options are available to monitor and guide teens' financial journeys. Parental approval can be given for stock trades, progress on financial lessons can be viewed, the types of assets teens can buy and sell can be controlled, and investments and returns can be monitored. Flexible and safe funding options are provided, allowing parents to add funds to their teen's account with a bank account or debit card, or to set up an allowance on Bloom for recurring deposits. SIPC insurance, bank-grade encryption, and authentication ensure account security.
Families with more than one teen can easily manage multiple accounts on Bloom, as up to 5 teens can be added to the same account at no additional cost. Bloom is a comprehensive app that aims to educate, empower, and support young adults and teens in their financial journeys.