Licensing & Insurance
Bloom accounts are registered with Alpaca Securities LLC which is a member of Financial Industry Regulatory Authority, Inc. (FINRA). You can check the background of Alpaca Securities on FINRA's BrokerCheck. Through Alpaca Securities, Bloom is also a member of SIPC - securities in your account are protected up to $500,000 and cash is protected up to $250,000.
That’s top quality and 6 figure protection for your teen investor. We use Plaid, Inc. to link your bank accounts, and will never store your online banking credentials. Security and safety is the most important priority to Bloom. We hold ourselves to the highest industry standards to ensure this is the case.
Beyond bank-grade security and SSL protection, Bloom offers $0 commission investing, has a $0 account minimum and has $0 fees on bank transfers (with only a 5% transaction fee on debit cards, which is standard across brokers).
Bloom also provides teen investors with the latest, greatest and safest investing features, including fractional investing, ETFs, the top 5 crypto currencies and scheduled orders for after-market transactions.
Bloom uniquely has a wide variety of customizable parent controls, allowing parents or custodians of the account to limit stocks based on risk level, approve or deny crypto or manually approve individual stock orders.
With a powerful application, learning to use it is important. In 2021, 36% of Gen Z adults scored as low as 51% on a financial literacy test. These four fundamental financial concepts—risk diversification, numeracy, inflation, and compound interest—were used to gauge competence.
Bloom has 80+ financial education lessons, styled like Instagram Stories to help teens become financially savvy effortlessly. The lessons cover all four fundamental finance concepts and beyond. Teens can learn about personal finance, investing, the basics of economics, crypto and even famous investors and CEOs.
Bloom also works with Ivy League professors and successful CEOs to produce bite-sized video lessons. Teens can test their new skills on Bloom’s “Learn & Earn” center to participate in reward raffles and even earn fractional stocks from Fortune 500 companies. Parents can monitor their teen’s education progress, accuracy and upcoming learning roadmaps.
In exchange for assisting your teen in establishing a solid financial foundation, learning personal finance, and supporting their wealth building journey, Bloom has a $15/mo subscription. Bloom also offers $60 up front for every 180 days! The subscription is charged to the parent, so the teen can focus on building wealth as their parent supports their journey.