Magnifi is an intelligently designed marketplace that allows investors to access data-backed information about various investment opportunities. The company combines standard brokerage tools with artificial intelligence (AI) to promote financial competence. Magnifi distinguishes itself from the crowd by offering an AI-powered search feature and an AI-powered investment assistant. Magnifi offers a technology-forward platform that aims to promote confident and capable long-term financial investments.
- Long-term investors
- Individuals interested in personalized assistance
- New investors that are eager to learn how to start investing
- Access to an AI-powered investing assistant with a Magnifi Personal account
- Commission-free investing
- Over 15,000 possible investments
- Available mobile application
- Limited methods of communication with customer service
Magnifi Ratings at a Glance
Magnifi provides a useful selection of product offerings. The company stands out from the competition by emphasizing the usage of AI within its brokerage platform. Magnifi uses AI to generate searches and provide investing assistance. When first interacting with the AI assistant, you can select from a list of commonly asked questions. Account holders also have the opportunity to learn about relevant market insights. The AI assistant is conversational, which means that account holders can ask fully formed questions about the markets. For example, the AI assistant can assist with providing comparisons, crafting portfolios and planning for retirement by responding to questions on several topics such as a customer’s portfolio, market concerns and previous investment performances.
Investors have access to a varied selection of over 15,000 different investments such as ETFs, stocks, and mutual funds. The company has a search engine that allows account holders to obtain key data points from knowledgeable analysts and keyword relevance.
You can also search and discover investment opportunities based on category or personal interest. For example, you can search for ESG, and Magnifi will surface results ranked on a stock or fund's exposure to ESG. As another example, you can search for companies that have track records of sustainability and Magnifi will rank results on an actual relevance to your search.
Magnifi provides a premium account and a free account to appeal to more price-sensitive investors. The premium account helps investors learn about important financial strategies and terms. In addition to learning financial strategies, the premium account offers historical information related to the market and an AI investment assistant.
The company promotes streamlined access to investing tools by coupling AI with key financial tools and knowledge. Magnifi is accessible as a website and a mobile app.
Magnifi’s product offerings are specific, which allows the company to focus on providing a high level of quality. The company offers investors the opportunity to use accessible, streamlined tools in order to make meaningful long-term investments.
Magnifi has strong customer service. It provides several methods of communication to its customers. The company maintains a strong social media presence, offers an email address for inquiries and provides multiple physical addresses.
Magnifi keeps a presence on platforms such as Twitter, Instagram, LinkedIn and Facebook. Social media is becoming increasingly important as more tech-savvy generations use platforms to interact with and locate brands that meet their needs.
The company encourages customers to send questions and concerns to its email address. Inquiries are usually resolved within a day. The company does not have a visible phone number for customers who prefer to have a live interaction with a customer service representative. The website does not have a clearly designated customer service page but places the email address designed to assist with inquiries in a prime location near the bottom of the home page.
In the event of an individual’s application including incorrectly entered information, a member of the Magnifi team will assist. Depending on the request, the Magnifi customer support team can resolve the concern within a day.
When selecting a brokerage, consider reading the customer reviews placed on the company website as well as third-party websites to gain a more well-rounded understanding of the company. Currently, Magnifi does not have enough customer reviews to indicate a pattern of behavior. With time, third-party websites such as Trustpilot will collect enough information to paint a more accurate description of Magnifi’s customer service.
Overall, Magnifi mentions an expedited response time when it comes to addressing inquiries and a strong social media presence. However, the company has room for improvement in terms of offering a larger selection of interactive customer response methods.
Magnifi uses security software such as Okta and Plaid. Plaid is a San Francisco-based financial services company designed to promote security and privacy. Magnifi understands the importance of security and enlists the help of industry professionals to effectively safeguard information.
The company can benefit from further explaining its security process to customers to promote trust and a sense of transparency. Multi-layered security remains an essential area of interest for investors as hackers continue to search for weaknesses within financial companies.
Safety is increasingly becoming a key consideration for investors. When investing, follow common best practices to augment a brokerage’s security features. For example, consider using different passwords for financial accounts to better safeguard against compromised passcodes. When it comes to security, it’s better to be safe than sorry.
Magnifi offers a free account as well as a subscription service called Magnifi Personal.
The free account doesn’t require a monthly fee. Investors enjoy commission-free investments. Users can read commentary written by experts and use educational tools such as trending financial content. The free membership has a standard amount of features, such a streamlined approach proves useful for newer investors.
Magnifi doesn’t charge excessive fees on non-managed accounts. Non-managed accounts do not pay transaction fees or advisory fees.
The Magnifi Personal account offers features such as access to an AI-powered investing assistant. Such tools can prove useful when actively comparing various investments. The AI-powered investing assistant can be used as needed to accommodate a schedule that works best for every investor. Magnifi Personal account annual subscriptions offer a one-month trial period where you can use the tools for free. Annual subscriptions cost less than $140. For Magnifi Personal subscriptions that are billed on a monthly basis, customers can enjoy one free trial week of service. Monthly subscriptions cost $14, but prices are subject to change.
Magnifi attracts experienced and new investors. There is no fee to create a Magnifi account.. Depending on the subscription, you can try the service for free for a period of time.
Magnifi’s mobile app is available on Google Play and the Apple App Store. It is free to install. The mobile app allows users to discover, compare and purchase investments with commission free investing. U.S. citizens must be at least 18 years old to invest.
The mobile app offers useful tools to explore and compare potential investment opportunities. For example, investors can compare investments based on a range of key factors such as risk and return.
It’s important to note that the number of reviews for the mobile app remains relatively low.
Magnifi’s website platform and mobile application have a strong user experience. You can quickly open an account and link your bank. The company uses intelligently crafted AI to provide useful search results and assistance. Magnifi’s website is relatively straightforward, but key details could be more clearly organized to boost comprehension.
The website has room for improvement in terms of providing tools to successfully troubleshoot questions. Offering website visitors the resources necessary to solve their questions on their own can decrease the number of email requests sent to the customer service team.
The accounts focus on providing top research and data to the investor. The company uses multiple styles of presentation to showcase data. For example, Magnifi provides information using helpful charts as well as graphs to create a visual representation of changes in numbers and percentages. The visual cues offer assistance when comparing potential investments and make it easier to understand factors such as risk and return.
The website and mobile app provide a comprehensive experience that places the investor in the driver’s seat. You get access to a wide range of tools that allow them to compare, research, and ultimately make an informed investment.
Magnifi earns a total score of 4.5 out of 5. The company has notable product offerings, affordable pricing and a useful mobile app.
The product offering includes two different account options. A Premium subscription allows investors to access helpful tools such as an AI assistant and market research. Both accounts allow you to research various investment opportunities such as stocks.
Pricing remains affordable with accounts starting as low as $0 per month. Subscriptions can be purchased on an annual or monthly basis to allow investors the freedom to decide how long they intend to use an account.
While Magnifi manages to stand out from the crowd, its user experience and customer service have room for growth. For example, the website provides a minimal amount of communication methods that could create a barrier for customers that prefer to use the phone or a live chat box. Customer service replies promptly to inquiries. The website design does not include a specific section dedicated to answering frequently asked questions for non-account holders, which could potentially detract from the experience. The company offers incentives such as free trial periods linked to specific subscriptions to potentially entice new users.
Magnifi is a platform designed to allow investors from all levels to access top-tier resources. The company focuses on using data in an approachable manner to streamline decision-making. The combination of AI and financial data allows investors the opportunity to collect important information on their schedule and create the portfolio of their dreams.
Magnifi vs. Competitors
Before investing, compare Magnifi with other top brokerages and platforms such as Merrill Edge, Robinhood and Fidelity. Magnifi and its competitors provide the resources necessary to invest for the long term. Magnifi offers AI assistance to investors interested in better understanding the market, while platforms such as Robinhood emphasize a more self-directed approach. Magnifi is a great option for DIY investors who want to make their own investing decisions, but would like access to data, intelligence, and personalized guidance. Magnifi’s incorporation of AI into a competent research engine uniquely positions the company when compared to other brokerages such as Merrill Edge and Fidelity. Research options to select the best online brokerage.
Frequently Asked Questions
Is Magnifi legit?
Yes, Magnifi is a legitimate company that allows people to open a brokerage account. Investors can invest to build future financial growth. Magnifi is owned by the TIFIN Group, which strives to combine AI with beneficial investment intelligence.
What is AI?
AI stands for artificial intelligence, and it refers to the intelligence of machines such as computers. AI machines learn from previous experiences.