M1: Investing & Banking

A beautifully designed app that lets you invest however much money you want in any stock. Given the ability to purchase fractions of stocks and to rebalance portfolios to reflect your desired weights, this app is my absolute favorite for long-term retail investing. No fees, easy and fast deposits AND withdrawals! For those of you who already tried other no-fee investment platforms, you would know that easy and fast withdrawals are very rare. I must also say that I am very impressed with how reliable customer service is. The M1 team almost always responded to my emails the next day. Rarely they would take two days to get back to me. I never had to wait longer than two days. I am very satisfied with how M1 operates and if it is not evident already, highly recommend this app to all friends who are interested in long-term retail investing.

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At first I heard lots of good things about M1 finance. Me and couple friends decided to invest little money and see how it works.. I opened an account and M1 finance also offered an early access option to M1 spend which sound really good. I paid for early access to checking account and I didn’t hear anything not even an email to update me on status of my account, I called the customer service number and I was told that oh submit 2 type of document and you should be good within 2-3 business days. Week passed no news, I called back and customer service like submit the documents in PDF format and again wait for 3-5 business days. Week passed no news no email or call or notification. I called again and they were like oh your address on utility bill doesn’t match your address in driver license which is B.S. they asked for bank statement I sent that and 3 days later I’m calling they said wait 3-5 more business days. If you call the customer service twice with same number they will hang up on you. They did it to me twice when I called and someone name John picked up the phone, the minute I told my name and the issue that I want to address he hanged up on me. When I sent an email all I get reply that check our features with M1 Plus and wait 3-5 business days. Looks like one auto reply for all. To me it looks like bunch of kids running this so called business M1.

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So I started an Roth IRA account not knowing that when I liquidate it wild cost me $100 no matter the account size. Anytime you are to liquidate your account(s) they will charge you $100 so this app really isn’t free and doesn’t provide you with a sense of security because I did not know about this $100 fee until I tired to liquidate everything from my IRA account I started with them so I could consolidate to my Fidelity account which is where most of my money is. I do not find this to be fair and it was not disclosed to me when I signed up so I liquidated my IRA and my regular accounts that I had with them and I will never do business with these crooks ever again. I just lost $100 from my IRA because I choose to consolidate my IRA accounts. On top of that, they would not let me withdraw my money as a IRA rollover. They said I had to choose “premature” and they would change it on their end so I don’t get taxed. I doubt they would do that because once a liar always a liar. I have reached out to them many times about this policy because not even bigger company’s like TD or Fidelity will charge you a fee for liquidating your account so why should this small no name company charge me $100? Stay away from them. They are crooks and unless they give me back my $100 this review will remain.

I’ve been trying for over two weeks to get started with M1 investing. When I downloaded the M1 app on my iPhone I noticed the content was a little different from what I’ve been seeing on the M1 tutorials and website desktop. I’m new to investing so I choose M1 because it looked user friendly, however the mobile app navigation looks very different, aside from that their is no image of the pie chart anywhere. I’m not sure how to choose slices to make up my portfolio. The mobile app doesn’t give you any detailed information on individual stocks, bonds or other securities to help you set this up. Is there a later version of this app? I even tried to update, but I keep getting the same screen up my app. why isn’t the apps content the same as the website and all it’s tutorials. I really want to use the M1 investing platform but I’m a bit confused by this. I tried contacting support but no one has gotten back to me to explain the issue.

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M1 was great in the beginning. No fees! Free trades, good mobile app and website. Trading only once every 24 hours took getting used to. Pie concept works once you understand what it can and cannot do. Have been using them since Feb 2019 and first ticket , they were responsive, within a couple of days. I did not like the answer then but I understood it. Now I have hit a BUG with M1. Something happened when I added a new sub pie to my portfolio. I only have about 60 total slices and every slice at least $2 but I get an error every time I try to change, add, remove a slice. Actually happened to 2 portfolios the same day. I opened a ticket, waited 2 days, no response so I opened another ticket. No response. I have two accounts with them that are both broken/frozen and no hope of it getting better. If they fix this, I could give them 5 stars. This Friday, i will be broken for a week, and will drop to 1 star and ask for refund. Investor beware.