Contributor, Benzinga
April 23, 2024
Streetbeat
Overall Rating:
securely through Streetbeat's website

Streetbeat is a fintech company that aims to change investing by using a combination of financial technology and software. The company, located in Palo Alto, California, offers a mobile app that has manual and auto-trading. Investment opportunities range from standard investments such as stocks and exchange-traded funds (ETFs) to cryptocurrencies. Streetbeat uses a client-focused approach that implements data solutions and artificial intelligence (AI) to build financial investment solutions. 

Best For
  • Individuals interested in auto-trading
  • Investors from various skill levels
Pros
  • No trading commissions
  • Investments can begin as low as $1
  • Bonuses extend to $10,000
  • Less than 1% management fee for strategies
Cons
  • Fees can accumulate on larger accounts

Streetbeat Ratings at a Glance

Customer Service
Security
Pricing
Mobile App
User Experience
Streetbeat

Streetbeat Product Offering 

Streetbeat offers a mobile app that focuses on AI, which is increasingly being used to better serve investors interested in investing and stock trading.

Streetbeat was designed to bring key information and investment strategies to the ordinary investor. The company uses algorithms that harness alternative data sets such as credit card usage, social sentiment and app usage to create an impressive wealth of data. This data works to strengthen the company’s algorithms and predict short-term movements. The company has four granted patents and 13 pending patents centered around intellectual property. As the saying goes, knowledge is power. 

The app offers manual trading in stocks and cryptocurrencies and actively managed strategies that leverage its unique technology. The Earnings Calls strategy uses data and algorithms to identify opportunities and automatically trade quarterly earnings calls for around 2,000 stocks. In addition, Streetbeat offers an automated Bond Ladder strategy and additional theme-based strategies with automated trading features. Investors can trade an ample range of investments from the convenience of a single app.  

The company uses AI to explore action (fundamental) and reaction-focused (systematic) investing. Action-centered investing uses past data to make future predictions. Reaction-focused investing examines how timely ripples in the market are created by active investors. Streetbeat’s algorithms are designed to analyze a massive amount of data to behave similarly to action and reaction investors. 

The breadth and quality of the product offering are strong. The app uses an algorithmic auto-investing strategy to remain competitive when exploring a wide selection of investments.

New AI Technology From StreetBeat

With StreetBeat’s new ChatGPT AI tool, you can ask Streetbeat to create any trading strategy you like in under a minute. The AI tool uses generative technology and market data to create personalized investment strategies based on your preferences.

Investors can submit text or speak aloud to create an audio query in the app. This intuitive system will then generate a list of potential investment strategies for you, allowing you to automatically manage funds within any strategy while also tracking performance through the site’s investment tracking and analysis features.

New Tuition Program

The Streetbeat Tuition Rewards Program allows account holders to earn points which can be redeemed for tuition credits at over 450 participating colleges and universities in the United States. In this case, 1 Tuition Reward Point equals $1 in tuition reduction. Plus, these points can be used for children, grandchildren, nieces, nephews, stepchildren and godchildren of the account holder or by the account holder themself. What’s more, they never expire.

Here’s how it works:

  • Streetbeat members earn 5,000 points per year on an annual subscription of $159.
  • Streetbeat members earn 400 points per month on a monthly subscription of $19.99.
  • Streetbeat members earn 1,000 points on the first $1,000 deposit made.
  • Streetbeat members receive yearly 10% of their Assets Under Management (AUM) in points.
  • For each friend you invite to Streetbeat, both Streetbeat members and invited friends earn 1,000 points each.

Streetbeat Customer Service

Streetbeat has a wide selection of customer service options intended to intelligently address the needs of customers. The company has multiple methods of communication such as email, chat and video. One-on-one video and chat are available. Investors with a basic account can reach out to customer service using email and will receive a response in an hour or less in many cases. 

The company interacts regularly using social media. Streetbeat has an extensive presence on multiple social media platforms such as Instagram, Discord, Reddit, LinkedIn and Twitter.

The company has some room for improvement in terms of customer reviews. A few customers on Trustpilot claimed that it was a difficult and time-consuming procedure to withdraw funds. Although normal withdrawals take 3 to 5 business days, when a user changes bank account from the one used to deposit funds, the process can take a bit longer. Customers who positively reviewed the company expressed satisfaction with the intuitive and convenient app design. 

Overall, Streetbeat offers various methods of communication that contribute to a positive customer service experience. The company excels in building an interactive presence on social media platforms. 

Streetbeat Security

Streetbeat understands that investors require a high level of security when investing through mobile apps. Streetbeat uses account-linking platforms, including Alpaca Markets, Plaid and Onfido, to bolster confidence. Onfido is a technology company that uses AI to verify identities and safeguard against fraud. Plaid is a California-based company designed to transfer financial information to apps. Streetbeat works with leading companies to maintain a secure app and quality product offering. 

Alpaca Markets empowers businesses to craft trade algorithms and improve apps. 

Note: Alpaca is a member of the Securities Investor Protection Corporation (SIPC), which offers fraud protection of up to $500,000 (including $250,000 for claims for cash). 

Streetbeat is regulated by the U.S. Securities and Exchange Commission (SEC). The SEC is a government agency that focuses on safeguarding the market against manipulation. Alpaca Securities LLC is a registered broker-dealer with the Financial Industry Regulatory Authority (FINRA). You can check the background of Alpaca on FINRA’s BrokerCheck.  

The company has a high level of transparency when it comes to app security. Streetbeat places its privacy policy, terms of use and disclosure library in an easy-to-access location near the bottom of the website’s homepage. 

Streetbeat Pricing

Streetbeat offers investment and pricing rates that vary depending on the type of account. For example, the fee schedule beginning February 2023 mentions that a basic account charges about $3 per month, including a 0.2% management fee. The premium account charges $9 per month and a 0.15% management fee. The gold account costs $99 per month but charges no management fee. 

Monthly charges and management fees are relatively small. Compare fee structures prior to opening an account. The account fees depend on the investments within an account. You may face additional fees such as execution charges, transaction charges and wire fees. Deposits are free in the U.S. via ACH and in Europe via Currencycloud, although Currencycloud does charge a conversion fee. Streetbeat doesn't participate in payment for order flow (PFOF).

Barriers to entry remain low. Streetbeat does not have a minimum investment.

Streetbeat Mobile App

The company offers a free mobile app that’s accessible on Google Play and the Apple App Store. The intuitively designed app assists users while streamlining the investing experience. Investors receive a bonus when first downloading the app.

Customer sentiment regarding the mobile app remains highly positive. Customers mentioned that they enjoyed the app tools that make knowledge accessible. Streetbeat aims to provide investors with the necessary tools to feel empowered when investing. Investors that left reviews on the mobile app available on the Apple App Store mentioned satisfaction with timely notifications and intelligently designed updates. The mobile app allows investors to access applicable investment strategies based on the data usually only available to professionals. 

The mobile app clearly states what information is collected. For example, certain types of collected data can be linked back to a user’s account such as usage data, user data, financial information and contact information. 

While using the app, investors have the power to trade without commission fees and create recurring investments. Investors interested in creating a recurring investment can select the frequency, payment method and investment strategy. In addition to building consistent investments, the automated strategies help craft a strong portfolio. 

The mobile app ranks highly in terms of features, customer sentiment and functionality. Streetbeat understands the importance of growth and continues to expand the number of available mobile app features.

Streetbeat User Experience

Streetbeat has a strong user experience that’s supported by an intuitive platform design, integrated AI and multiple strategies. The company was designed with customers in mind, placing the customer at the center of the mobile app’s investment features.

The company has several strategies intended to best address and assist investors with long-term and short-term investment goals. For example, Streetbeat has multiple one-click strategies that allow investors to easily allocate funds while the app handles the trading. The company strives to provide investors with a wealth of strategies intended to best meet the needs of the current market. 

In terms of ease of use, customers of the mobile app positively mentioned the design and intuitive placement of key features. The mobile app has an approachable layout that allows beginner and expert investors the opportunity to better navigate market data.

Streetbeat earns high marks for user experience by placing customers first. The company’s emphasis on customer-centric service provides investors with access to continuously improving data and technology. 

Streetbeat vs. Competitors

Streetbeat has a few similar competitors such as M1 Finance and Magnifi. M1 Finance and Magnifi have financial apps that can be downloaded onto smartphones. Although all three companies help you organize your finances and invest on your own, Streetbeat stands out from the crowd by offering a trading app intended to take advantage of hedge fund tech and data.

  • Streetbeat
    Best For:
    Auto Trading
    securely through Streetbeat's website
  • M1 Finance
    Best For:
    Customizable Auto Investing
    securely through M1 Finance's website

    Brokerage products and services are offered by M1 Finance, LLC, Member FINRA/SIPC, and a wholly-owned subsidiary of M1 Holdings, Inc. ✝Your free trial (a $30 value) begins the date you enroll in the M1 Plus subscription, and ends 3 months after (“Free Trial”). Upon the expiry of the Free Trial, your account is automatically billed a monthly subscription fee of $10 unless you elect annual billing of $95 or cancel your subscription under your Membership details in the M1 Platform

  • Magnifi
    Best For:
    AI Investing
    securely through Magnifi's website

Streetbeat

Streetbeat earns a total score of 4.5 out of 5. The company has an excellent app, provides a strong user experience and uses notable security features. Streetbeat understands the importance of constant innovation by combining AI with a wealth of relevant data and solutions to ensure that traders and investors have all the necessary tools to feel confident. 

In addition to investing innovations, Streetbeat strives to create a secure trading platform that’s protected by multiple security-focused companies. The mobile app implements security features intended to safeguard investors from fraud while offering a strong user experience. In terms of user experience, customers have access to an intuitively designed app that implements algorithms designed to help the daily investor. 

Streetbeat has room for improvement regarding pricing and customer service. The fee structure combines percentage charges and flat fees that may deter price-sensitive investors. The company has multiple account types intended to appeal to various price points and customer needs.

Streetbeat remains an excellent and accessible platform for all types of investors. Its sophisticated strategies, vast amount of data and use of AI provide a personalized and statistically backed approach to the market. 

Content is sponsored by Streetbeat.

Frequently Asked Questions

Q

How does Streetbeat work?

A

Streetbeat is a fintech company that provides hedge-fund-level data and resources while offering manual and auto-trading opportunities. The company is considered a client-focused investment advisor. 

Q

How do you get a Streetbeat bonus?

A

Use the referral link to get a Streetbeat bonus when you create your account and deposit $100 or more.Streetbeat also offers a deposit bonus where the more you deposit the higher the bonus — terms and conditions  apply. It can take around 24 hours for a bonus to post.

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