Published on August 12th, 2019 | by William Charles60
Matador App – 2.5% APY, Free Stock Trading & $20 Referral Bonus (iOS)
Matador App is another stock trading platform that is currently only available via an iOS app. They also offer a cash management account that offers 2.5% APY on balances up to $10,000. Matador claims that this is protected by SIPC insurance, but we’ve seen issues with competitors like Robinhood.
If you use a referral link to sign up and deposit $20 you’ll also receive a $20 bonus. The person referring you will also receive a $20 bonus (can refer up to 25 people). Feel free to share your referrals in the comments.
Personally I’m staying away from all of these smaller apps for now, Matador has received $6.5 million in funding from Accel & Greycroft but I don’t really see many if advantages over something like Robinhood. The 2.5% APY account is interesting, but I’m not that confident that the SIPC insurance will actually cover it with the issues Robinhood & Betterment have faced.
Matador’s main differentiation compared to those products seems to be the social side of seeing what your friends have purchased. Personally I have no interest in seeing what my friends purchased and wouldn’t really want them to be able to see that information from me either. In addition I find these app only offerings to be extremely limiting, why not just have a desktop solution as well so Android users aren’t completely excluded?