Welcome to my detailed Domain Money review article (DomainMoney.com).
In this Domain Money review, which is a “newish” (or at least a new kid on the block) type of investment platform, which differentiates itself from traditional investment platforms and even many of the so-called “newer” investing platforms that have only been around for a couple years (which is ancient in tech years).
In this review, I’ll cover who Domain Money is, what they do, how they’re different, how they’re the same, costs associated with the platform, benefits (pros), cons, and my personal opinion and what I think about the Domain Money investment app and platform at the very end.
Okay, let’s do this!
What is Domain Money (DomainMoney.com)?
Domain Money is an all-in-one investing program that is known for its professionally managed portfolios and minimal fees on tiny cryptocurrency deposits.
Domain Money strives to provide all investors with hands-off, professionally managed stock and crypto portfolios.
We’ll go over the following topics in this Domain Money review:
- The workings of Domain Money.
- Various investment choices available.
- The Pros.
- The Cons.
- Alternatives to Domain Money
Domain Money is a new investment program that allows you to invest in stocks, cryptocurrency, and non-fungible tokens (NFTs).
You can build your own portfolio or choose from a selection of five actively managed portfolios.
You can’t buy NFTs directly, but you may use these actively-managed methods to get exposure to NFTs (and other metaverse-related cryptocurrencies).
The program has a lot of potential, but it presently lacks key features like earning interest on crypto holdings, making withdrawals to external wallets, and investing through an IRA.
Benefits and Advantages of the Domain Money Investment App
Pros of DomainMoney.com:
- Currently, 47 different cryptocurrencies are supported.
- The actively managed funds have a proven track record, although one that is restricted.
- The actively managed portfolios have no performance fee.
- With a $5 minimum deposit, the crypto trading cost is 1.49 percent.
- Within the app, you can contact live customer service.
Domain Money Disadvantages
Cons of DomainMoney.com:
- There is no interest earned on cryptocurrency holdings.
- The Android app is still in the works.
- Many essential functionalities are still unavailable.
- There are no retirement accounts available (like an IRA).
- Only equity and crypto assets are permitted.
- Outside of a tax-advantaged account, you’re investing in a tax-inefficient way.
Go to Domain Money for more information.
What I’ll cover in the following sections:
- Features of Domain Money
- Investing in stocks
- Trading in Cryptocurrencies
- Portfolios that are actively managed
- Titan vs. Domain Money
- Alternative Crypto Exchanges vs. Domain Money
- Is Domain Money a Good Investment For You?
Features of Domain Money
Domain Money: Investing in stocks
Domain Money provides commission-free stock trading on a self-directed basis.
- Stocks and ETFs have no trading fees.
- $5 is the minimum trade amount.
- Is automatic transfer possible? Yes, you can do it on a daily, weekly, bi-weekly, or monthly basis.
- There are fractional shares available.
- The two types of orders are Market and Limit Orders.
Most major competitors, such as M1 Finance, Robinhood, and Webull, now offer commission-free trading as standard for new investment apps.
The self-directed stock trading services provided by the Domain Money investment app are simple.
Extended trading hours, the ability to trade options and futures contracts, and complex order types are not currently available on the Domain Money platform.
Domain Money: Trading in Cryptocurrencies
Domain Money allows users to trade cryptocurrencies on their own terms.
The following are some important details about trading cryptocurrency on Domain Money:
- There are currently 47 different cryptocurrencies to choose from.
- Trading costs for cryptocurrencies are 1.49 percent.
- Can You Transfer from a third-party wallet? At this time, they’re unable to provide this service.
- The minimum cryptocurrency trade is $5.
- Is automatic transfer possible? Yes, you can do it on a daily, weekly, bi-weekly, or monthly basis.
One significant feature that Domain Money has promised will be added shortly is the option to transfer funds to an external wallet.
To transfer payments to an external bank, you must first convert your cryptocurrency to USD.
Domain Money is a good option for consumers who invest little amounts of money in crypto on a regular basis, with a trading charge of 1.49 percent.
Many of the largest crypto exchanges charge both a flat cost of between $1 and $2 each trade and a percentage-based fee, as detailed in more detail below.
Smaller investors will find investing tiny sums in crypto to be prohibitively expensive due to these fees.
Smaller investors will pay less because Domain Money charges a flat fee of 1.49 percent.
Example #1, Domain Money Fee Comparison – Investing Fee for a $10 Investment:
- Domain Money: $0.15
- Coinbase: $0.99
- SoFi: $0.13
Example #2, Domain Money Fee Comparison – Investing Fee for a $50 Investment:
- Domain Money: $0.745
- Coinbase: $1.99
- SoFi: $0.63
Domain Money Portfolios that are Actively Managed
You may invest in one of Domain Money’s four actively managed portfolios right now.
- Domain Edge: A cryptocurrency-only portfolio that is actively managed.
- Domain Metaverse: A stock and cryptocurrency portfolio that invests in metaverse-related assets. NVIDIA, Meta Platforms, and Microsoft are among the stock picks. Ether, Polygon, and Filecoin are the three largest crypto assets in the portfolio.
- Domain Balanced: A portfolio that is split 50/50 between stocks and cryptocurrencies.
- Domain Access: 80 percent stocks and 20% cryptocurrency make up this portfolio.
Domain Money’s portfolios have only been around for a year and have a one-year track record.
Each of these portfolios is actively managed, with frequent buying and selling.
While this can help you increase your profits, it does have tax implications because every transaction is a taxable event.
Domain Money isn’t currently offering IRAs, so it’s not exactly a tax-advantaged investment.
Titan vs. Domain Money
Titan Invest is the program that most nearly mimics what Domain Money has to offer.
Titan, like Domain Money, provides professionally managed equities and cryptocurrency portfolios.
Differences Between Titan Invest & Domain Money Investment App
Titan Invest:
- Management Fee: 1%
- Performance Fee: 0%
- Trading on your own terms? No, only Titan’s pre-made portfolios are available for investment.
- Are there any IRAs available? Yes.
- Lock-ups: None.
- Minimum account balance: $100
Domain Money:
- Management Fee: 1%
- Performance Fee: 0%
- Trading on your own terms? Yes, available.
- Are there any IRAs available? No..
- Lock-ups: None.
- Minimum account balance: $100
One feature of Domain Money that sticks out is the option to self-direct your investments.
Titan exclusively allows investors to put their money into managed funds, which comprise four equities funds and one cryptocurrency-only fund.
You can self-direct all or a portion of your assets using Domain Money, as well as use their professionally managed portfolio alternatives.
Titan, on the other hand, stands out because it allows you to invest through an IRA. Without needing to form a self-directed IRA, this is a simple method to invest in bitcoin within a retirement account.
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Alternative Crypto Exchanges vs. Domain Money
Domain Money is a cryptocurrency investment platform that allows users to invest in 47 different cryptocurrencies.
While this isn’t as expensive as Coinbase or Gemini, it’s still a substantial sum.
Webull and SoFi, for example, both list less than 30 different cryptocurrencies on their platforms.
What else stands out is their 1.49 percent trading fee on every buy.
While this is on the high end for those investing huge amounts of money, it is on the low end for those investing little amounts of money.
Exchanges like Coinbase and Gemini typically charge both a flat trading cost ranging from $1 to $2 and a percentage-based fee ranging from 1% to 2%.
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As a result, when investing little amounts, you may be charged a 10% transaction fee.
Domain Money does not impose a fixed fee, making their cryptocurrency trading platform appropriate for small-scale investors.
However, as of right now, you are unable to withdraw your cryptocurrency to an external wallet. As a result, any withdrawals must be converted to cash, which may result in taxable gains.
Is Domain Money a Good Investment Platform for You?
Domain Money is a company to watch.
The app was only made available to the general public in January 2022.
Many essential features, such as borrowing, crypto savings accounts, external withdrawals to a private wallet, and IRAs, are lacking if you download it now.
To their credit, Domain Money mentions borrowing, crypto savings accounts, and crypto withdrawals as upcoming features — though no news on IRAs yet.
It’s difficult to justify using this as an all-in-one trading app until these functions are included. If you’re wanting to diversify into crypto with a taxable account and prefer a hands-off approach, their actively-managed portfolios are worth checking into right now.
Adam Dell, the inventor of Domain Money, was previously the head of product at Marcus by Goldman Sachs.
The startup has a long list of early backers, including Salesforce CEO Marc Benioff (the founder of Salesforce).
With the staff they’ve put together, the question isn’t so much if these features will be introduced, but when.
When they’re added, the combination of a professionally managed stock and crypto portfolio and the opportunity to build your own personalized self-directed portfolio will help the platforms stand out in a crowded market.
Thanks for reading my Domain Money Review!
Hopefully you found it useful. If you’ve used the Domain Money app and have anything you want to add, please do so in the comments below. It’s much appreciated!
Wanna learn more?
==>> Click here to visit Domain Money’s official website.
