Flahmingo review

Please note: All information about Flahmingo has been collected independently by Finder and this product is not available through this site.

Flahmingo is a mobile-first trading app that lets you buy fractional shares in high performing US companies. You won’t pay commission fees and you can get started with as little as $0. Our Flahmingo review gives you the pros and cons of the platform before you sign up to get on the waitlist.

Quick take

• Choose Flahmingo if you want to trade US securities and you’d like to track your portfolio performance in various sectors.

• Choose something else if you want to trade more than just stocks and ETFs, you want to trade of US stocks, or if you want to start trading immediately (Flahmingo is still taking a waitlist).

What is Flahmingo?

Flahmingo is a mobile trading app that is centered around diversification through fractional shares. It lets you build up to 10 separate portfolios called pies. These pies are made up of slices, which consist of company shares or exchange-traded funds (ETFs). Each pie can hold up to 100 slices – or 100 different stocks and ETFs.

For example, you might create a “tech” pie and invest in 3 different stocks. In that pie, you could have fractional shares in Apple, Google and Amazon. You would just need to indicate what percentage of your pie you want to go to each share to allocate your funds.

Who is Flahmingo best for?

Flahmingo is best for beginner investors who want to buy fractional shares in US securities on a mobile-only platform. It could be a good choice for you if you’d like to save money on commissions, you want to reduce your currency conversion fees and you want to be prompted to diversify your holdings.

What features does Flahmingo offer?

Flahmingo is not yet available for use, but you can sign up for the waitlist. It comes with the following features:

• US securities only. Invest in over 2,200 US securities, but be aware that Canadian securities aren’t available.
• No commissions. Pay zero commissions to trade equities and ETFs.
• Fractional shares. Buy into high priced and high performing US companies, even if you can’t afford the whole share.
• Sector-specific portfolios. Build portfolios based on your own interests – invest in anything from fashion and tech to green energy and fast cars.
• No minimum balance. Open an account and start investing with as little as $0.
• Scheduled deposits. Set up recurring deposits to build up your various portfolios.

How easy is it to use Flahmingo?

It’s very easy to use the Flahmingo app due to its simple mobile interface and easy-to-build portfolios. Once you get through the waitlist, you can sign up for an account and load in as little as $0 to start buying stocks. Set up auto deposits and track your progress from there. You can also learn more about the stock market with Flahmingo Central, an in-app education hub.

Flahmingo app

Flahmingo doesn’t currently have its investment app available in the Apple Store or Google Play. This should be released soon, but there’s no official launch date posted at this time.

There is a news and referral app which has a 3.8 rating in the Apple Store. You can use this app to refer friends, read investment news and get the latest updates about Flahmingo.

Flahmingo fees

You won’t pay monthly fees or commissions to trade ETFs and stocks with Flahmingo. This is unique in a market where the standard buy/sell price for investments is between $4 and $10 per trade. You will need to budget for foreign exchange fees for US stocks and ETFs, however this will be a one-time forex fee since you are able to hold USD in your account.

The only other commission-free platform in Canada is Wealthsimple (though MogoTrade is also in development).

Flahmingo pros and cons

Is Flahmingo legitimate?

Flahmingo is a legitimate trading platform operating out of Calgary. It isn’t currently registered with the Investment Industry Regulatory Organization of Canada (IIROC).

Instead, securities in Flahmingo accounts are insured for up to $500,000 by the Securities Investor Protection Corporation (a US regulator), and for up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).

How do I sign up?

If you meet all the eligibility criteria and are ready to start investing with Flahmingo, follow the steps below:

1. Visit the Flahmingo website and enter your email to join the waitlist.
2. Flahmingo will send you an email with your own custom referral link.
3. Download the Flahmingo referral app on the Apple Store (not currently available with Android). The launch date for the trading app is not yet announced.
4. Once you get an invite to start trading, create an account and fill out personal information and banking details as required.
5. Get verified and load funds into your account to start trading.

How do I contact Flahmingo support?

There’s no phone number you can call to get support with Flahmingo at the moment. However, you can reach out to an agent on live chat by visiting the company’s website.

Bottom line

• Use Flahmingo if you want to trade ETFs and fractional shares in US companies, without paying commissions.
• Flahmingo offers sector-specific portfolio building software but it only lets you hold investments in TFSAs. You can get started with as little as $1.
• Choose something else if you’re interested in more complex investments like options or futures, or if you’re not willing to wait for access to trading.

Frequently asked questions

• Is Flahmingo good for beginners?

  Yes. Flahmingo is a good fit for beginners because it offers a very simple approach to investing. All you need to do is choose from a list of US securities and build your choices into sector-specific “pies”. It’s easy to buy and sell stocks with no commissions, and you can learn about investing with in-app video resources.

• Why do I need to go on a waitlist?

  Flahmingo seems to be unrolling its services slowly to avoid overwhelming the app and to make sure that it can troubleshoot any issues that may arise. It indicates that it will roll out the app throughout the first quarter of 2022, but it’s unclear when the app will officially launch.

• Is Flahmingo safe?

  Flahmingo is safe to use since it is registered with the Securities Investor Protection Corporation (a US regulator), and by the Canada Deposit Insurance Corporation (CDIC). This means your investments will have protection if Flahmingo goes bankrupt.

• What types of accounts can I hold with Flahmingo?

  You’ll only be able to hold TFSAs with Flahmingo at this time. RRSPs, RRIFs and cash accounts should be available in the future. For now, this means you won’t need to pay taxes on your revenue but you’ll need to keep TFSA contribution limits in mind.