Ellevest – legit or a scam?

This topic has 9 replies, 2 voices, and was last updated 3 months ago by James Barra.

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September 9, 2024 at 09:07 #189628 Reply
Sian35
Hello everyone,

Does anyone use Ellevest’s robo advisor system? Are they considered ‘good’ and ‘trustworthy’ in the online trading world?

Thanks in advance!

Sian
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- September 10, 2024 at 11:46 #189739 Reply
  Jack
  I’ve not used Ellevest but I don’t really get what the difference is between a robo advisor and a copy trader? Why use a robo advisor over a copy trader?
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  - September 10, 2024 at 11:54 #189751 Reply
    James Barra
    Moderator
    
    DayTrading.com Team
    Hi Jack,
    
    Robo advisors are a more automated, passive approach to online trading that generally often prioritize building a diverse portfolio based on algorithms.
    
    Copy trading is more hands-on and involves mirroring the trades of more experienced investors who may specialize in certain markets, such as foreign exchange.
    
    Which one is right for you depends on your trading horizon and objectives. We’ve seen a surge in copy trading interest among active traders in recent years.
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  - September 10, 2024 at 13:05 #189768 Reply
    Christian Harris
    Participant
    Just following on from James’ comments…
    
    To make matters even more complicated, you’ll find that a lot of copy traders/strategy providers use automated systems (EAs/bots) themselves.
    
    This is especially true for forex and crypto trading.
    
    Stock trading is still typically done manually by retail traders.
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  - September 11, 2024 at 10:05 #189806 Reply
    Jack
    What do you get better returns with out of robo advisors or copy traders using automated systems? Which is cheaper?
    
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- September 10, 2024 at 11:49 #189750 Reply
  James Barra
  Moderator
  DayTrading.com Team
  Hi Sian35,
  
  Ellevest are not as widely known in the trading industry as some other brands, but the fact they are regulated by the SEC and FINRA in the US is a good sign that they can be trusted.
  
  For other options, look at DayTrading.com’s pick of the best robo advisors.
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  - September 12, 2024 at 11:08 #189911 Reply
    Sian35
    Ok James.
    
    I like Ellevest because they look like the only firm out that actually think about the investment needs of women and how they might differ from men.
    
    Thanks.
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  - September 12, 2024 at 11:20 #189916 Reply
    James Barra
    Moderator
    
    DayTrading.com Team
    Hi Sian35,
    
    Have you looked at DayTrading.com’s choice of the best brokers for women? They have all been hand-picked after considering their offering for female traders (Ellevest features on the list too).
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  - September 13, 2024 at 10:03 #190006 Reply
    Sian35
    Some of those firms I’ve come across before and discounted. CMC peaked my interest though. For my walk later, I’ve lined up a podcast from Denise Shull from their Artful Trader Series. I’m not sure I’ll be trading with them but I’m going to give the podcast a listen.
    
    Thanks.
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  - September 13, 2024 at 10:07 #190008 Reply
    James Barra
    Moderator
    
    DayTrading.com Team
    No worries. I hope you enjoy it.
    
    Let us know how you get on with Ellevest.
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