Want to trade stocks? Have no clue how? Roboinvest is the latest startup to launch out of New York for casual, insecure or curious traders. Like Union Square Ventures company Covester, Roboinvest is a social investing platform built on top of ETRADE that lets users “look over the shoulder of top investors” and follow their moves, sort of like AngelList does for startups and Currensee does for foreign exchange trading. The startup had a soft launch on Friday and opened officially yesterday.
It is illegal to invest $100 in a startup in exchange for equity or options unless you’re an accredited investor.
Still, a website for crowd investing launched today: WeFunder.com. Even though the law that would make it legal is still being debated in the Senate, TechStars alumni and Startup Workaway co-founders Nicholas Tommarello and Nick Plante went ahead and built WeFunder and wrote a business plan anyway.
“We’ve built out the crowd-investing platform in advance of the law passing, and have put in a lot of thought into how to best protect small investors,” Mr. Tommarello wrote in an email.
A disclaimer on the site reads:
Wefunder is a crowd-investing platform for startups. Until the current law is changed (hopefully soon!), our invite-only beta is only open to accredited investors.