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Bitcoin, other cryptocurrencies a solid long-term investment, says Timmins financial advisor – CTV Toronto

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TIMMINS –

Cryptocurrencies are continuing to gain mainstream attention, and a financial advisor in Timmins told CTV some northerners have been asking whether to invest.

Jason Gervais said with thousands of digital coins available now, he believes crypto is the future, though he adds that it’s a high-risk market.

People are able to purchase the actual coins through various online marketplaces, but Gervais suggests beginners start with looking at federally-regulated ‘exchange traded funds’ (ETFs) on the Toronto Stock Exchange that track the prices of the two most popular coins — Bitcoin and Ethereum.

“It is high-risk, but if people want to start investing in cryptocurrencies, there’s two of them that are now available on an actual trading platform,” Gervais said.

Investing in crypto ETFs is a safer option, he said, since purchasing the actual coins can open less-experienced people up to online theft.

Gervais wouldn’t suggest the market for people with goals like retirement, but he believes people thinking in the long-term may find it rewarding.

Timmins resident Robert McColeman is fairly deep in the crypto market, having invested in several coins. He said with countries and banks now looking into digital currencies and the technology that powers them, it’s exciting to specify late about the future of crypto.

 

“Right now, all of us regular people are trying to guess which (coin) is going to be the winner or if it’s going to be involved in the future,” McColeman said.

The prices of cryptocurrencies can fluctuate quickly and drastically, making it an unreliable form of payment for goods and services, said Gervais, making it primarily an investment opportunity.

He would advise strongly against pouring your life savings into crypto, but Ryan Rheault claims he was able to quit his job thanks to investing in digital currency.

Rheault said he’s involved in a community of other crypto investors and offers advice to others looking to get started, saying it’s been a fulfilling journey for him.

“It’s been life-changing,” Rheault said. “It’s given me so many rewards and so many achievements in life that I never thought. Like I was working at Detour (Mine) for the longest time, I never thought I could get out of work.”

That said, the idea of cryptocurrencies is not for everyone and some northerners are content with leaving the emerging market alone.

That’s the case for Timmins resident Jason Mark, who said some of his friends invest in crypto, but he doesn’t feel the need to explore it.

“I just kind of stick with the cash that I can see, rather than this online stuff,” Mark said.

Investors like Taran Bassan said starting small and slow through online trading platforms like Wealthsimple and Robinhood can allow people to test the cryptocurrency waters and see if it’s for them.

That’s how she got her start, she said.

“I think I only put a hundred dollars in the first time around and just kind of played around with it,” Bassan said. “I think that’s how everybody should start off, just playing around with it.”

Gervais notes that he normally doesn’t recommend investing in cryptocurrency to his clients, mainly consisting of seniors.

But for people who have the time and are willing to spare the money, he advises that people only invest what they are willing to lose.

“(Crypto is) not going anywhere, I’m a believer in it, but it’s definitely volatile,” Gervais said.

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Israeli developer of popular apps for creators nabs $130m investment – The Times of Israel

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Lightricks, a Jerusalem-based software startup that makes photo and video editing apps, raised $130 million in a Series D investment round at a valuation of $1.8 billion, the company announced on Sunday.

The round was co-led by New York-based global private equity and venture capital firm Insight Partners and Hanaco Venture Capital, with participation from existing investors Goldman Sachs Asset Management, Clal Tech, Harel Insurance and Finance and Greycroft. New investors Migdal Insurance, Altshuler Shaham and Shavit Capital also participated in the round.

Founded in 2013, Lightricks developed a number of photo and video editing tools that are widely popular with content creators on social media networks, especially Instagram, the highly visual content platform owned by Facebook. The company’s suite of 11 apps including Facetune, Facetune Video, and Videoleap has over 500 million downloads worldwide across Android and Apple users, Lightricks has said.

Facetune, the company’s flagship app used to enhance and retouch photos (think tooth whitening and blemish removal) has previously earned accolades such as Apple’s App of the Year and Google Play’s Best of the Year. The app VideoLeap, which offers powerful editing tools for video content, is one of the most widely used tools to create Tik Tok content, the company indicated.

The apps are geared for individual consumers, beginners and professionals, as well as businesses and brands. Lightricks uses a freemium model for the tools, which offers some functions for free while other features require payment to unlock.

Dr. Zeev Farbman, co-founder and CEO of Lightricks, told The Times of Israel on Sunday that business and brand customers present a huge opportunity for the company as it establishes itself “not just as a toolmaker but also a service provider for content creation.”

“We are looking to help people and businesses draw in their audience and engage with them,” he said.

The company said in a statement that it will use the fresh funding to expand and create new platforms and tools for content creators in an effort to “become a one-stop-shop for resources including creative tools, services, and monetization opportunities.”

Farbman said the funding is a sort of “war chest” with which to acquire similar or related companies and startups to leverage their user base for Lightricks’s growth.

He estimated that the company might be “ready for IPO [initial public offering] in about a year.”

Lightricks’ Facetune app. (Courtesy)

“Our mission has always been to continuously strive to bring creators the most advanced technology and help them find new ways to express themselves,” Farbman said in the company statement. “The rise of the creator economy has only exacerbated the need of mobile users to streamline the content creation and monetization processes. With this latest funding, we’re able to help elevate our users’ creativity and capabilities with continued advancements to our technology and offering.”

The creator economy — an industry of bloggers, influencers, brands, photographers and videographers monetizing their online presence — has an estimated total market size of $100 billion and has seen $1.3 billion in funding for US creators in 2021 alone, according to New York-based research firm CB Insights.

Lightricks reported “tremendous growth” over the past year with the COVID-19 health crisis driving people to tap their creativity “to express themselves and earn income during the pandemic.” The company says it saw a 90 percent increase in app usage across its creativity tools in the US alone.

Worldwide, it says, its users develop over a billion creations per year on the company’s apps.

Farbman confirmed that Instagram is the biggest platform for users of Lightricks’ tools “with Tik Tok playing a bigger part overall and Snap seeing a resurgence.”

“The creator economy has changed the way we, as a society, experience social networks,” said Pasha Romanovski, co-founding partner of Hanaco Ventures. “Audiences constantly consume information through the different content channels daily. Lightricks’ platform enables creators to have a broader, more professional and higher-quality set of tools to optimize content.”

Lightricks was founded by Farbman, Nir Pochter, Yaron Inger, Amit Goldstein, Itai Tsiddon, almost all with a computer science or artificial intelligence background. The company is headquartered in Jerusalem with offices in the UK. Most recently, Lightricks opened an office in China to focus on tapping into the country’s huge potential user base. The company employs approximately 500 people.

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Applications now open for 2022 Halton Region Community Investment funding – Oakville News

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Community organizations can now submit applications to the Halton Region Community Investment Fund (HRCIF) for non-profit human service programs and initiatives that enhance the health, safety and well-being of Halton residents. Applicants must describe how they will incorporate the latest COVID-19 public health guidance and how their program or initiative aligns with Halton’s overall approach to community safety and well-being.

“We are pleased to support the important work of local non-profits through the Halton Region Community Investment Fund,” said Regional Chair Gary Carr. “I would like to thank these organizations for delivering vital services to some of our most vulnerable residents and working alongside us to keep Halton a safe and healthy community.”

Funding is available in single year and multi-year grants through two categories:

  • Category One: Provides up to one year of funding, to a maximum of $30,000. Non-profit, charitable or unincorporated community organizations can apply to fund short-term, small capital and/or innovative projects.
  • Category Two: Provides up to three years of funding to registered charities for programs and initiatives.

Organizations that meet eligibility criteria may submit one application in each funding category. The initial application deadline for both categories is Monday, November 1, 2021 at 2 p.m. Additional opportunities to apply for HRCIF funding will be available in 2022 for programs and initiatives that help respond to emerging community needs.

The Region will host three virtual information sessions to help community organizations learn about the HRCIF and the application process:

  • Friday, September 24 from 10 a.m. to noon
  • Wednesday, September 29 from 2 to 4 p.m.
  • Tuesday, October 5 from 6 to 8 p.m.

For more information about HRCIF guidelines, upcoming virtual information sessions and the application process, please visit the HRCIF webpage on halton.ca or call 311.

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Don't know how to invest your extra cash? Let a robot do it for you. – USA TODAY

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Stock Market 101: Basic strategies investors use to profit off stocks

Before jumping into the market, here’s what first-time investors should know about stocks, capital gains and mistakes to avoid.

For My Money, USA TODAY

Let’s say you have a pile of cash that you’re ready to invest.

If you’re like me, you probably don’t want to spend all your time with your eyes glued to a screen, actively trading on Robinhood. You want your money to grow, but you don’t want to think about it all the time. Maybe the idea of interacting with an investment professional gives you anxiety, or the fees sound like a lot.

You’re not alone.

A study of 3,000 U.S. adults conducted by Vise, a technology-powered investment management platform built for advisers, that was given exclusively to USA TODAY found that the biggest barrier to working with an adviser is concern about how much it would cost (43%).

Here’s what I did: I skipped the personal investment adviser and got a robot to build my portfolio.

Roboadvisers, digital apps that use algorithms to build investment portfolios​​​​​​, are an increasingly popular vehicle for investing, especially for young adults who want a tool that is uncomplicated and mobile-friendly.

You can download an app and fill out a survey about yourself with questions like your age, income and risk tolerance. Based on those responses, roboadvisers generate a portfolio of stocks and bonds for you to maximize your long term returns.

These investment vehicles can scale dramatically with little marginal cost because the portfolio is generated by algorithms. Since they cut out the human element of investing, they can service millions of customers at once with just a few lines of code.

Many roboadvisers are designed with young investors in mind, specifically millennial and Gen Z clients. 

Gen Zers, born between 1997 and 2012, began entering the workforce shortly before the COVID-19 pandemic hit and when unemployment rates were at historic lows. Jobless rates subsequently skyrocketed and then have leveled off. And those workers are starting to save for retirement at an unprecedented young age, according to Transamerica Center for Retirement Studies, a nonprofit organization.

Similar to millennials, born between 1981 and 1996, these young Americans are saddled with student loans and credit card debt but want to invest for retirement and build up savings.

Study reveals: Student debt is a potentially crippling liability for college grads

“Millennials and Gen Z grew up digitally native, and they expect to be able to manage their money the same way they order stuff from Amazon or call a car on Uber,” says Kate Wauck, chief communications officer at Wealthfront, a roboadvising company. “These young investors don’t want to have to pick up the phone or walk into a stuffy office to manage their money.”

►Millennials quit their jobs to day trade: Here are the risks and rewards

►Gen Z turns to TikTok for financial tips: But regulators warn of investment schemes

Most investors want a financial adviser but don’t trust robos

Despite familiarity with digital tools among young investors, the same study by Vise showed that nearly half of Americans (48%) trust human financial advisers, compared with just 11% of Americans who trust roboadvisers.

Two percent of total respondents and 4% of 18- to 24 year-olds used roboadvisers. Three percent of respondents from 25 to 49, 1% from 50 to 64 and 0% of 65 and older had tried roboadvisers.

By contrast, 41% of people over 65 say they work with a financial adviser, compared with 26% of Gen X, 17% of millennials and 14% of Gen Z.

“People, young or old or anything, trust a human being, especially with their most personal asset, which is money,” explains Samir Vasavada, founder and CEO of Vise and a member of Gen Z himself.

Robo options to consider

Despite low adoption rates, a wide variety of roboadvising options exist depending on your investment goals.

SoFi Invest allows customers to invest with just $5 and charges no management fee, according to The RoboReport from the second quarter of 2021. On average, the roboadvisers in the report charged a 0.35% management fee.

InteractiveAdvisors is another option that provides portfolios for sustainable and socially responsible investments if you care about buying from companies that share your values. Betterment also has some options for ESG (environmental, social and corporate governance) investing, including Climate Impact, Social Impact, and Broad Impact.

Betterment is great for first-time investors with its “intuitive dashboard” and “excellent suite of educational tools,” says The RoboReport.

Wealthfront has the best financial planning tools, according to the report, including features to model one’s home purchase and future net worth.

Axos Invest and SigFig have the best annualized performance, according to Nerdwallet data from December 2017 to June 2020. 

Other roboadvisers aim to change the financial landscape for new investors, including women. Ellevest, for instance, is a roboadviserbuilt by women and tailored for female investors.

Roboadvisers: pros & cons

To be sureroboadvisers have their fair share of benefits, as well disadvantages. 

Roboadvisors tend to charge fairly low rates and employ Nobel-prize winning algorithms on your money.  However, unlike traditional financial advisers, roboadvisers aren’t as personalized to your specific goals, says Vasavada. They also don’t have a long track record to prove their success.

So far, roboadvisers have mixed annual returns from 1% to 5%, according to NerdWallet.

“I would give roboadvisers about 25 years before comparing their returns to the traditional method,” says Danetha Doe, financial expert and creator of Money & Mimosas, a financial wellness platform.

Despite uncertainty around roboadvisers, Doe encourages women to invest as early as possible.

“Roboadvisers have made investing accessible to more people. As we move into a more inclusive economy, I am in full support of folks who choose to work with a roboadviser,” Doe says. 

Roboadvisers are heavily regulated and are considered a safe investment vehicle. They must register with the Securities and Exchange Commission and are subject to the same securities laws and regulations as human advisers. Most roboadvisors are also members of the Financial Industry Regulatory Authority, a brokerage watchdog and Wall Street’s self-regulatory arm.

►Gen Z takes on debt to invest in market boom: Here are the risks

►Millennial parents join crypto craze: Should you? Here’s what experts say

Vasavada believes that the future of the personal investment industry lies in a hybrid approach, where technological solutions like roboadvising are paired with human investment advisers.

On one hand, advisers will have to evolve by incorporating technology and tailoring their services to younger investors. On the other hand, roboadvisers are beginning to incorporate more human services to their platforms, Vasavada points out.

For instance, E*TRADE built in a 24/7 online chat on its mobile and web platform, while Merrill Guided Investing added educational resources and financial planning tools.

“I think that the future of the space is still with financial advisers. However, I think there’s a place for roboadvisers. And I think that roboadvisers are here to stay,” Vasavada says.

Ultimately, the key draw of roboadvisers is their convenience. You could set one up on a Sunday just sitting in your bed on your phone, which is precisely what I did.

When conducting research on young investors, Wealthfront found that many of them enjoyed not having to interact with anyone.

“We’ve designed our product so everything can be done right in our app through software,” says Wauch, “Since day one, our clients have told us, ‘We pay you not to talk to me.'”

As a young investor and roboadvising client myself, I couldn’t agree more.

Michelle Shen is a Money & Tech Digital Reporter for USATODAY. You can reach her @michelle_shen10 on Twitter. She uses Wealthfront as a roboadviser.

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