LANSING, Mich. (WLNS) – Trading assets online has exploded in the past year or so, especially with the Gamestop stock fiasco late last year.
The question is, should you do it?
Local money expert Stephen Schiestel says: maybe.
It depends on what you’re doing, he said.
If you’re fully funding your IRAs and using money from retirement type accounts. Robinhood and other online trading platforms don’t work with these kinds of funds.
Schiestel said that using apps like Robinhood can help diversify an already existing portfolio, but only a small part of it. This helps mitigate any damage done if your investments go awry.
When trading individual securities, losing all of your invested money is a real possibility, said Schiestel.