Chase You Invest Review 2019

Chase You Invest is a discount brokerage service released in 2018 by J.P. Morgan. The parent company, J.P. Morgan is a US investment bank and is also listed on the New York Stock Exchange. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Chase You Invest is considered safe because the parent company, J.P. Morgan has a long track record, is listed on stock exchange, has a banking background, and is regulated by top-tier regulators.

Recommended for beginners and buy and hold investors focusing on the US stock market.

Chase You Invest pros and cons

Chase You Invest offers low trading fees, including commission-free mutual funds and 100 commission-free stock and ETF trades. The account opening is seamless, fully digital, and fast. Chase You Invest is offered by J.P. Morgan which holds a banking license and is listed on a stock exchange.

Chase You Invest is available only for US residents. It offers only stock, ETF, bond, and mutual funds. Lastly, the research tools are really basic as the charting tools are limited, the recommendations and analytical tools are missing.

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Chase You Invest review
Fees 5 stars

Chase You Invest has low trading fees and low non-trading fees. It offers 100 commission-free trades for US-based stock and ETF trades in the first year after the account opening. You can also trade with mutual funds for free.

We ranked Chase You Invest's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo relating to broker fees. What you need to keep an eye on are trading fees, financing rates, and non-trading fees.

• Trading fees occur when you trade. These can be commissions or spreads.
• Financing rates or overnight rates are charged when you hold your leveraged positions for more than a day. A leveraged position means that you borrow money from the broker to trade.
• Non-trading fees include things like withdrawal fees or inactivity fees.

We also compared Chase You Invest's fees with those of two Chase You Invest alternatives, Robinhood and Interactive Brokers. This selection is based on factors like products offered, client profile, fee structure, etc.

Let's start with the trading fees.

Trading fees

The Chase You Invest trading fees are low for all asset classes.

J.P. Morgan debuted Chase You Invest in 2018 as a commission-free service. It is true for mutual funds which are completely commission-free. However, at US-based stocks and ETFs, you can only make up to 100 commission-free trades in the first year. The bonds have fees, but they are very low.

If you compare the commission-free offers with Robinhood, you can see that Robinhood has zero commission for all asset classes and there is no time limit.

Stock fees and ETF fees

Chase You Invest has generally low stock trading fees. 

The 100 commission-free trades are available for all new clients for one year. If the one year or the 100 trades expire, the commission is $2.95 per trade. In this review, we calculated with this commission level because this is the standard commission level after the first year.

There are cases when you can have more commission-free trades:

• if you are a customer of Chase Premier Plus Checking, you have 100 free trades at each year, not only in the first
• if you are a customer of Chase Sapphire Banking / Chase Private Client / J.P. Morgan Securities line of business / J.P. Morgan Private
  Bank, you have $0 commissions for all online trades, not limited to the quantity or the time

Fund fees

Chase You Invest charges no fees for mutual funds. It is superb and not usual among the brokers. Robinhood doesn't offer mutual funds.

Bond fees

Chase You Invest has generally low bond fees.

The bond fees are calculated as $1 per $1000 par value. There is also a $10 minimum and a $250 maximum.

Financing rates

You can't trade on margin, or in other words, you can't hold leveraged positions. Because of this, financing rates at Chase You Invest are not applicable.

Non-trading fees

Chase You Invest has low non-trading fees. It charges no account fee and inactivity fee.

There is no withdrawal fee if you have an account at Chase or use ACH transfer. The withdrawals to other banks using wire transfer cost $30. We tested Chase You Invest as a Chase client, so we had no withdrawal fee.

Chase You Invest review
Account opening 5 stars

Account opening at Chase You Invest is seamless and fully digital. Your account will be opened within a day. On the flip side, the account opening is available only for US clients.

Can you open an account?

Only US residents can open an account at Chase You Invest.

What is the minimum deposit at Chase You Invest?

There is no required minimum deposit in the case of Chase You Invest Trade account. This is ideal if you plan to invest smaller amounts.

If you would like to use Portfolio Builder, you shall have a $2,500 minimum account balance.  

Account types

Chase You Invest has 4 types of accounts:

We missed the corporate accounts at Chase You Invest.

In this review, we have tested the Individual Brokerage Account. For the account opening, we used a Chase checking account.

How to open your account

The account opening is user-friendly, fully digital, and fast. It took 1 day for us with the already existing Chase checking account, however, non-Chase clients shall be treated in the same way. This simplicity and speed are not usual for US brokers, e.g. the account opening at Interactive Brokers is very complicated.

At first, you have to go through a 6-step registration process which takes roughly 25 minutes. During this registration, you have to provide some personal information and there are questions about your trading experience.

During this process, you have to verify your identity and residency by filing or answering the followings:

• At least 18 years old
• Social Security Number
• Driving license, ID or passport for identity check
• Bank statement or utility bill for proof of residency

Chase You Invest review
Deposit and withdrawal 2 stars

Chase You Invest deposit and withdrawal can be improved. You can use only bank transfer and there is a high fee for wire withdrawals if you are a non-Chase client. As a plus, there is no deposit fee and transferring money is easy and user-friendly.

Account base currencies

Your account will be denominated in USD. It's not a surprise as Chase You Invest offers its service only in the US. 

In comparison with the competitors, you can see that Interactive Brokers has much more base currencies, while Robinhood is almost the same. 

Why does this matter? Two things. First, if you fund your account in the same currency as your bank account, you won't be charged a currency conversion fee. Second, if you trade assets in the same currency as your account base currency, you will not have to pay a conversion fee.

A convenient way to save on the currency conversion fees can be to open a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

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Deposit fees and options

Chase You Invest charges no deposit fees if you have a Chase banking account or use ACH transfer. Wire transfers from other banks cost $30. 

The deposit conditions are similar to the competitors of Chase You Invest.

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from sources which are on your name.

Withdrawal fees and options

Similarly to the deposit, Chase You Invest charges no withdrawal fees if you have an account at Chase or using ACH transfer, but only bank transfer is available. Wire transfers from other banks cost $30.

How long does it take to withdraw money from Chase You Invest? We tested the bank transfer withdrawal and it was completed within 1 business day.

How do you withdraw money from Chase You Invest? You can withdraw money from Chase You Invest by following these steps:

• Log into the account
• Select "Pay & Transfer"
• Select "Transfer money"
• Select the You Invest Trade account as "Transfer from" and the other account as "Transfer to"
• Add the amount you wish to withdraw
• Initiate the withdrawal

Account transfer

Besides the money transfer, you can also use account transfer to transfer your cash and/or securities from an external account. Chase You Invest charges $75 for account transfers.

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Chase You Invest review
Web trading platform 3 stars

Chase You Invest has a mediocre web trading platform. It is very easy-to-use and has a great search function. However, it misses important features, like two-step authentication, clear fee report and price alerts.

Chase You Invest has one web trading platform. If you are a Chase client, you can do banking transactions, not just trading.  The web trading platform is available in English and Spanish.

Look and feel

The Chase You Invest web trading platform provides good user experience and design. The platform is not customizable.

Login and security

Chase You Invest provides only a one-step login authentication. 

However, when you first login on a new device, you have to register the new device, ie. laptop, phone, etc. During the registration, you get a code via text, email or phone and with this code, you can register your new device. After the registration, you can access your account using your regular ID and password combo.

Search functions

The search functions work as you would expect. When you start typing a company's name or asset's ticker, a list of the relevant results appear.

Placing orders

You can use the following order types:

• Market
• Limit
• Stop
• Stop Limit

If you are not familiar with the basic order types, read this overview.

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til end of the day (GTD)
• On the Open / Close
• Immediate or Cancel

Alerts and notifications

You cannot set alerts and notifications.

Portfolio and fee reports

Chase You Invest has a clear portfolio report but lacks a clear fee report. The fee report would help you to see how much costs you paid to the broker.

You can also find a pie chart which shows how much your portfolio is diversified. 

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Chase You Invest review
Mobile trading platform 4 stars

Chase You Invest offers a great mobile trading platform. In functionalities and design, it is the same as the web trading platform.

Though the web and the mobile trading platforms are really similar to each other, we overweight simplicity and easy-handling at mobile trading platforms. That is why Chase You Invest mobile trading platform has a bit higher score than the web trading platform.

The mobile trading platform of Chase You Invest is available both on any iOS or Android devices. We tested it on iOS. The mobile trading platform is available in English only.

The major difference compared to the web trading platform is that you can't trade with bonds through the mobile trading platform. It was very strange to us.

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Chase You Invest review
Desktop trading platform

Chase You Invest does not offer a desktop trading platform.

Chase You Invest review
Markets and products 2 stars

Chase You Invest has limited product portfolio. It offers stock, ETF, fund, and bond. It lacks forex, options, futures, or CFD. Furthermore, the offered products cover only the US market.

Chase You Invest has average fund and bond offers but lags behind in stock and ETFs.

Stock and ETF

Chase You Invest will give you access to around 5,000 stocks and ETFs. It is much less than at Interactive Brokers, but almost the same than at Robinhood. The stock and ETF offers cover only the major US stock exchanges.

Usually, we benchmark brokers by comparing how many markets a broker cover. We could not figure out how many exchanges Chase You Invest covers. If you are planning to trade with small US stocks or with non-US stocks, it is best to contact their customer support first. 

You can't trade with low-priced stocks or “penny stocks”.

Fund

Chase You Invest offers ~3,300 funds. It is generally average, but if you compare with Interactive Brokers' ~10,000, it lags behind. Robinhood doesn't offer funds.

Bond

You can trade with ~22,000 bonds. Similarly to funds, it is generally average but lags behind Interactive Brokers' ~110,000 available bonds. Robinhood doesn't offer bonds.

Portfolio Builder

Chase You Invest offers also a service, called Portfolio Builder. It is kind of a mix of mutual funds and robo-advisory. It is great if you need help to manage your investments.

First, you have to answer questions about your investment goal, risk tolerance, and time horizon. Based on your answers, Portfolio Builder creates a portfolio.

There is a $2,500 minimum amount to start Portfolio Builder.

Chase You Invest review
Research 2 stars

Chase You Invest research tools are user-friendly but limited. You can find fundamental data and a great screener tool. However, sophisticated charting tools and the recommendations are missing.

The research tools are available in English and can be found in the Markets section.

Recommendations

Chase You Invest does not provide recommendations.

Fundamental data

Chase You Invest offers fundamental data. For the majority of the assets, you can see only basic fundamental data. For example, the company profile, market capitalization, Beta, P/E ratio, etc.

You can also find detailed analysis, called Company report for the biggest US companies, like Apple or GE. This report is made by the J.P. Morgan research team. 

Charting

Chase You Invest has poor charting tools. You can only add technical indicators and compare the chart with other assets' charts, but can't add trendlines and other useful charting editor tools. 

There are only ~20 technical indicators. It is limited, especially if you compare with Interactive Brokers' 119 indicators.

News feed

The news is OK. It is easily readable but lacks visual elements, like charts or pictures. It is provided by Comtex, a third-party.

Other research tools you will enjoy

Chase You Invest offers a high-quality screener tool. This screener helps you to filter the assets. There are a lot of filters you can use. For example, you can filter for the sector, market capitalization, performance, etc.

At the funds, you can find a rating provided by Morningstar, a third-party. This rating ranges from 1 to 5 stars and describes how well a fund performs compared with similar funds. The top 10% of funds receive 5 stars, while the bottom 10% receive 1 star.

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Chase You Invest review
Customer service 2 stars

You can contact Chase You Invest support team only by telephone or if you visit a branch. The email and chat support are missing. As a plus, the telephone support responds quickly and provides relevant information.

The telephone support is available in English and Spanish.

There is a lot of Chase branch throughout the US. If you visit a branch, you can contact with a JP Morgan adviser or ask your Chase representative/private banker for general information,

The Customer Support is available from Monday to Friday from 8 AM to 9 PM and Saturday from 9 AM to 5 PM ET. We missed 24/7 availability.

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Chase You Invest review
Education 3 stars

Chase You Invest's education section offers a bunch of videos and articles. The content has high quality and is easy to navigate. On the negative side, the demo account and the platform tutorial videos are missing.

At Chase You Invest you can learn in the following ways:

• General educational videos
• Quality educational articles

General educational videos cover the basic concepts for beginners such as what do stock market and diversification mean.

There are also articles you can read. The articles cover a lot of topics, from the investment jargon to the invesment strategies and planning.

Inside the account, each page contains a FAQ, a Glossary and a summary page, super-easy to understand the covered topics and functions.

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Chase You Invest review
Safety

Chase You Invest is regulated by top-tier US regulators SEC and FINRA. You are also protected by a high investor protection amount, $500,000 which includes $250,000 for cash.

Is Chase You Invest regulated? Yes, it is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). It's also a member of the Securities Investor Protection Corporation (SIPC).

Chase You Invest is based in the USA and released by J.P. Morgan in 2018. Is Chase You Invest safe? To be certain, it is best to check two things: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

This is important for you because the investor protection amount and the regulator differ from entity to entity.  With Chase You Invest this is not an issue though as all customers are covered by J.P. Morgan Securities LLC. 

The SIPC investor protection protects against the loss of cash and securities in case the broker goes bust. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash.

Background

J.P. Morgan, Chase You Invest's parent company was established in 1985. It is considered a long track record. The longer the track record of a broker, the more proof we have that it has successfully survived previous financial crises.

J.P. Morgan has also a banking license, and as such, it is subject to tougher regulation than brokers.

Furthermore, J.P. Morgan is listed on the New York Stock Exchange. It is a big plus for safety as financial statements regularly and transparently released.

Having a parent company with a banking background, being listed on a stock exchange, and regulated by top-tier regulators are all great signs for Chase You Invest's safety.

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Chase You Invest review
Bottom line

Chase You Invest fees are great. You can trade with mutual funds for free and new clients have 100 commission-free trades for US-based stock and ETF in the first year. The account opening is easy, fully digital, and fast. J.P. Morgan is Chase You Invest's strong parent company. It has a banking background and listed on the New York Stock Exchange.

Chase You Invest has some drawbacks though. It is available only for US clients. The product portfolio is limited, covering only US markets and the stock, ETF, bond, and fund asset classes. Lastly, the research tools are basic. 

As the account opening is seamless, and Chase You Invest offers commission-free mutual funds and 100 commission-free stock and ETF trades, feel free to try it.

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