If you’ve been keeping up with the buzz around AI (Artificial Intelligence), particularly its implications in investing, you might be curious if you can leverage this technology for your benefit.
One potential avenue is through a stock trading app named Streetbeat. Utilizing AI, Streetbeat functions as a personalized investment advisor, accessible on mobile devices via Google Play and The App Store. Although the download is free, a yearly or monthly subscription fee applies for the service.
Table of Contents
- What Is Streetbeat?
- How Does Streetbeat Operate?
- Investment Strategies on Streetbeat
- Additional Features
- Pricing Scheme of Streetbeat
- Pros & Cons of Streetbeat
Pros:
Cons: - Target Audience of Streetbeat?
- Alternatives to Streetbeat
- FinChat.io
- Jarvis Invest
- Zumma
What Is Streetbeat?
Streetbeat is an investment application leveraging generative AI to offer personalized investment guidance. As an AI platform, it allows you to either develop your own investment strategies or follow others’. This is achieved by collecting data on different approaches and formulating a custom strategy akin to what you may anticipate from a personal investment advisor or a robo-advisor.
Their service claims to enable users to follow the investing patterns of U.S. Congress members or even GreenTech leaders. Users are free to invest in specific funds or create a brand-new strategy.
Currently, Streetbeat only supports investment strategies using individual stocks or exchange-traded funds (ETFs). It isn’t designed for options trading or other asset classes, though future capabilities may change this.
How Does Streetbeat Operate?
Available for iOS users on The App Store, the Streetbeat mobile app is compatible with iPhone and iPod iOS 13.0 or later and Mac devices with macOS 11.0 or later. Android users can also access it on Google Play, where more than 100,000 users have downloaded the app.
Streetbeat offers the choice to create a brokerage account via the platform, powered by Alpaca Securities LLC, or link the app to popular discount brokers. With the app integrated with a brokerage account, investors can utilize a range of tools and features like “Copilots”.
Investment Strategies on Streetbeat
Currently, Streetbeat offers ten different general investment strategies through its Copilots feature and an option to build your own. You can select from multiple AI-driven methods or personalize one according to your investment objectives and preferences.
Additional Features
Features include SmartPilot, Multi-Brokerage Support, Zero Management Fee, Account security, and customer service.
Pricing Scheme of Streetbeat
Streetbeat begins with a seven-day free trial, after which users can choose an annual fee of $120 or monthly at $12.50.
Pros & Cons of Streetbeat
Pros:
- Enables investors at all skill levels to leverage AI technology
- Integrates with popular investment brokers
Cons: - The service is new, with strategies still under development
- Limited to individual stocks and ETFs only
Target Audience of Streetbeat?
Streetbeat is suitable for all levels of investors, from novices to experts. However, given their comprehensiveness and raw data volume, they may be overwhelming for new investors.
Alternatives to Streetbeat
Alternative AI-driven investment advisories worth checking out include FinChat.io, Jarvis Invest, and Zumma. Regardless of the AI-driven investment service chosen, tread lightly as this is a fresh and untested field. It’s advisable to invest a small sum and monitor things closely.