Stockpile--buy stock for 3$+3%
Sep 19, 2015, 2:12 am
#1
Original Poster
Join Date: Jan 2012
Location: ORD
Posts: 986
Stockpile--buy stock for 3$+3%
If anyone is interested in using stock purchases to meet minimum spend, it looks like Stockpile is finally open to the public (https://www.stockpile.com/).
It's no Loyal3, as it charges a pretty decent fee--more than Plastiq charges for sending a rent/mortgage payment--but if you buy in large amounts, it ends up being just a bit more. I don't enjoy driving around to do MS, and sometimes my expenses+rent isn't enough to meet all my minimum spends, so I might end up using this occasionally.
It's no Loyal3, as it charges a pretty decent fee--more than Plastiq charges for sending a rent/mortgage payment--but if you buy in large amounts, it ends up being just a bit more. I don't enjoy driving around to do MS, and sometimes my expenses+rent isn't enough to meet all my minimum spends, so I might end up using this occasionally.
Sep 19, 2015, 11:34 am
#2
Join Date: Sep 2014
Location: Metro ATL
Posts: 359
If anyone is interested in using stock purchases to meet minimum spend, it looks like Stockpile is finally open to the public (https://www.stockpile.com/).
It's no Loyal3, as it charges a pretty decent fee--more than Plastiq charges for sending a rent/mortgage payment--but if you buy in large amounts, it ends up being just a bit more. I don't enjoy driving around to do MS, and sometimes my expenses+rent isn't enough to meet all my minimum spends, so I might end up using this occasionally.
It's no Loyal3, as it charges a pretty decent fee--more than Plastiq charges for sending a rent/mortgage payment--but if you buy in large amounts, it ends up being just a bit more. I don't enjoy driving around to do MS, and sometimes my expenses+rent isn't enough to meet all my minimum spends, so I might end up using this occasionally.
Jan 4, 2016, 12:53 pm
#4
Join Date: Sep 2009
Posts: 32
there's another one along with stockpile.com called sparkgift.com that charges similar fees.
Just trying out stockpile.com today and it looks like they are limiting my orders already (after ONE order). They said to call the customer service line when I tried to order a second card... nah I'll just try again tomorrow
Just trying out stockpile.com today and it looks like they are limiting my orders already (after ONE order). They said to call the customer service line when I tried to order a second card... nah I'll just try again tomorrow
Jan 4, 2016, 10:51 pm
#5
Join Date: Jun 2014
Posts: 65
Did you have any success with breaking even / profiting with Loyal3 to MS? I didn't like how they settled the stocks at the end of day and with the markets so volatile now (down 2% today) it just seems like an unnecessary risk IMO to go this route
Jan 5, 2016, 1:32 pm
#6
Join Date: Sep 2009
Posts: 32
there's another one along with stockpile.com called sparkgift.com that charges similar fees.
Just trying out stockpile.com today and it looks like they are limiting my orders already (after ONE order). They said to call the customer service line when I tried to order a second card... nah I'll just try again tomorrow
Just trying out stockpile.com today and it looks like they are limiting my orders already (after ONE order). They said to call the customer service line when I tried to order a second card... nah I'll just try again tomorrow
Feb 8, 2016, 4:56 pm
#7
Join Date: Sep 2009
Posts: 32
Some differences between stockpile.com sparkgift.com now that I've tried both out.
stockpile.com:
lesser stock choices but you can manually search for stocks and funds that are not in their categories/lists... I think they mostly stick with larger market cap stocks and funds
$1000 daily limit for gifts to a single e-mail address
buying/selling/trading all on the single website stockpile.com
pretty easy to withdraw funds to bank but they might put a hold if you cash out all at once and ask you to call them.
Market orders for stock are executed at 4pm eastern but you need to submit the order by 3pm eastern in order to have them processed.
sparkgift.com:
much more stock and fund choices than stockpile. You can buy small-cap, micro-cap, many penny stocks and all sorts of ETFs with sparkgift
$2000 daily limit on gifts to a single email address, their web forms are not blocking over the limit orders at the moment but they are flagged for manual review.
you need to setup another account with folio broker to manage your stocks
withdrawals: I haven't tried one yet but it seems you need to call them manually to get one processed or ask them to grant you "money mover" access on folio broker to get withdrawals processed.
Market orders are processed at 11am eastern and 2pm eastern. Folio also gives you to option to place market and limit orders at any time for $10 commission unless you subscribe to their monthly/annual package then it's $3 commission.
Similar fee structure for both. At the moment, I prefer sparkgift.com due to the choices in equities even though they appear to have slightly higher fees. Also, I haven't tested their withdrawal system yet so it might be an issue. I'll update this thread once I get more results.
Should you use either of these for manufactured spending? No, not really, unless you're really good at picking stocks and want the risks associated with the markets. Both seem like workable platforms but newbies definitely need to be wary of the risks, especially with the market this year.
stockpile.com:
lesser stock choices but you can manually search for stocks and funds that are not in their categories/lists... I think they mostly stick with larger market cap stocks and funds
$1000 daily limit for gifts to a single e-mail address
buying/selling/trading all on the single website stockpile.com
pretty easy to withdraw funds to bank but they might put a hold if you cash out all at once and ask you to call them.
Market orders for stock are executed at 4pm eastern but you need to submit the order by 3pm eastern in order to have them processed.
sparkgift.com:
much more stock and fund choices than stockpile. You can buy small-cap, micro-cap, many penny stocks and all sorts of ETFs with sparkgift
$2000 daily limit on gifts to a single email address, their web forms are not blocking over the limit orders at the moment but they are flagged for manual review.
you need to setup another account with folio broker to manage your stocks
withdrawals: I haven't tried one yet but it seems you need to call them manually to get one processed or ask them to grant you "money mover" access on folio broker to get withdrawals processed.
Market orders are processed at 11am eastern and 2pm eastern. Folio also gives you to option to place market and limit orders at any time for $10 commission unless you subscribe to their monthly/annual package then it's $3 commission.
Similar fee structure for both. At the moment, I prefer sparkgift.com due to the choices in equities even though they appear to have slightly higher fees. Also, I haven't tested their withdrawal system yet so it might be an issue. I'll update this thread once I get more results.
Should you use either of these for manufactured spending? No, not really, unless you're really good at picking stocks and want the risks associated with the markets. Both seem like workable platforms but newbies definitely need to be wary of the risks, especially with the market this year.
Mar 3, 2016, 7:01 pm
#8
Join Date: May 2014
Location: YYZ
Posts: 527
Stay away from Stockpile... borderline scam artists. It seems like its run by 1 guy. He won't release my funds and claimed he needed to speak with me, now he wont return my calls. Luckily the funds were purchased via a credit card so I can dispute the charge as fraudulent. Stay away