What is MyWallSt?
MyWallSt is a maker of financial investment tools designed to transform anyone into an informed, confident investor.
Is MyWallSt Regulated?
No MyWallSt is not regulated. MyWallSt is a technology platform providing you with general information on stocks and provides a technology link so that you can access your brokerage account to trade via your smartphone.
MyWallSt does not provide advice to you and does not provide any advisory services.
MyWallSt does not take orders from you to buy or sell stocks and does not place orders with brokers.
What makes MyWallSt different?
MyWallSt helps people shape their financial future by making it simple to start investing. We give straight forward instructions on how to buy shares and clear choices on what stocks to buy throughout your investing life. This information will help you to make your own investment decisions to invest in the stock markets.
The information that MyWallSt provides about the financial markets and stock in general and is not based on your personal circumstances. MyWallSt does not advise you on what shares to buy.
MyWallSt also provides a technology link so that you can access your brokerage account via your smartphone. MyWallSt does not take your orders to buy or sell stock and does not place your orders with brokers. MyWallSt has no discretion over what you decide to buy or sell.
What do I need to get started?
The mobile apps that MyWallSt have created are available on iOS for iPhone, iPad and iPod Touch and across all Android devices.
Who can use MyWallSt?
Anyone with an iOS or Android device can download and use our apps. There's no fee to download either app.
There may be restrictions on whether you can open a brokerage account or access your brokerage account via your smartphone. Any restrictions will be set out in the terms and conditions with your broker. It is your responsibility to read and understand your terms and conditions with your broker.
If you have any questions, you should contact your broker.
Will users be able to access their financial accounts on their computers as well as phones?
MyWallSt is a mobile-first company. At the moment users can only access their MyWallSt account on iOS or Android compatible devices.
What information do I need to open a MyWallSt account?
Depending on which brokerage option you choose you will be required to give different information, but there's nothing that overly complex.
MyWallSt is not a party to any account relationship you have with your broker. You should contact your broker if you have questions on this.
What information do I need to open a brokerage account?
Depending on which brokerage option you choose you will be required to give different information but brokers require things like social security numbers for US applications & a full resident address and employment details for both US and NON US applications..
Your broker will request this information from you when you open a brokerage account.
Does MyWallSt have access to my social security number?
No. This is only required by your broker for account set-up in the U.S. and is not required by MyWallSt. MyWallSt is not a party to your relationship with your broker-dealer.
Does MyWallSt have access to my brokerage account?
We do not have direct access to your brokerage account or your account details. You issue instructions to your broker for the buying and selling of stocks through our apps.
MyWallSt provides the technology link so you can access your brokerage account via your smartphone.
MyWallSt does not take orders on your behalf and place them with your broker. MyWallSt has no control or discretion over any of your trading activities through our apps.
Does MyWallSt have access to my bank account?
No. We don’t have any access to your bank account.
Does MyWallSt have access to my personal information?
We don’t have access to any personal information you share with your broker. The only information we have access to is the information you provide to us with when signing up to our newsletter (name & email address).
How is user information protected?
We never store or save any of your broker information, and your session is completely closed as soon as your order is sent to your broker.
Is any of my information stored on MyWallSt’s servers?
We only store information linked to your MyWallSt profile and not your stock brokerage account.
Buying and Selling Stocks
Can I buy and sell stocks using MyWallSt?
Yes, you can buy and sell stocks via your smartphone using the MyWallSt app. The MyWallSt app provides a technology link to your brokerage account so you can buy and sell stock from your smartphone.
I already have a brokerage account, can I use the MyWallSt app to access my account from my smartphone?
If you already have a brokerage account, you can use the MyWallSt app to link your smartphone to your brokerage account using a third party platform called TradeIT.
What if I don’t have a brokerage account?
If you don’t have a brokerage account, the MyWallSt app gives you the option to open a brokerage account with DriveWealth by providing a link to DriveWealth’s platform.
Before opening a brokerage account with DriveWealth you will receive DriveWealth terms and conditions that will govern your brokerage account arrangement. You must make your own decision on whether you want to open a brokerage account with DriveWealth. DriveWealth can determine whether or not you can open a brokerage account with them.
MyWallSt does not recommend or provide any advice on the merits of opening an account with DriveWealth. MyWallSt will not be a party to any brokerage arrangement you enter into with DriveWealth.
What is the transaction fee going to be?
There are no transaction fees to use the MyWallSt app because the MyWallSt app only provides a link from your smartphone to your brokerage account and does not take any orders on your behalf.
Transaction fees apply for other brokers, including DriveWealth, and will vary depending on who you use. These fees will be set out in your terms and conditions with your broker.
If you have any questions about transaction fees you should contact your broker.
How much or how little can I invest using MyWallSt?
You can invest as much as you like up to limits set by your broker and set out in your terms and conditions with your broker.
Can I sell my stocks at any time?
Yes. Stocks can be sold at any time as long as the stock exchange is open and subject to the terms and conditions you have with your broker.
How many stocks can I invest in using MyWallSt?
MyWallSt does not limit the number of stocks you can invest in. The amount of stock you can invest in depends on your brokerage account.
How do I withdraw money from my account?
All brokers have different fund withdrawal processes so it’s best to consult with your broker.
When will I be charged transaction fees?
Your broker applies the transaction fee at the time of purchase/sale. MyWallSt does not charge any transaction fees as it is not involved in the purchase/sale of your stock.
Taxes and Fees
Do I have to pay taxes on money I make through my brokerage account?
All transactions that you make via your smartphone are subject to the same taxes that apply to buying stocks through any broker. Please consult the fees of your broker for further information.
Are there withdrawal fees?
Withdrawal fees are subject to the policies your broker has in place. Please consult the fees of your broker for further information.
Will I be charged a fee for an inactive account?
Inactive account fees are subject to the policies your broker has in place. Please consult the fees of your broker for further information.
What versions of iOS do your apps support?
We support iOS versions 11.0 +
Fees and Commissions
Are there any fees involved?
Both our apps are free to install. It's also free to register for a DriveWealth account through the MyWallSt app. There are no monthly minimum fees, or required ongoing minimum account balance.
If you are not a US citizen there is a one-off fee of $1.50 for processing your W-8BEN form, during DriveWealth account registration, which is a legal requirement by the IRS.
Please consult DriveWealth if you have questions on brokerage fees and commissions: http://help.drivewealth.com
What is a W-8BEN form?
A W-8BEN is a tax form, which is used to certify that you are not a United States citizen or resident alien. (Non-United States citizens/residents are exempt from United States tax on capital gains and interest, but are subject to United States withholding tax on dividends based on their country of origin). There is a one-time $1.50 processing fee for this certification, which will be debited from your initial deposit.
Are there commission charges?
MyWallSt does not charge any commissions.
For DriveWealth commission charges range from $0.99 to $6.99 to buy and sell shares.
For trades over 556 shares the commission is calculated at .0125 per share.
Please consult DriveWealth if you have questions commission charges: http://help.drivewealth.com
What are the trading hours and US market holidays?
Trading hours are the normal NYSE market hours - 9:30 AM to 4:00 PM Eastern Time Mondays through Friday (14:30 -21:00 UTC/GMT).
Who is DriveWealth?
DriveWealth LLC is a FINRA and SEC regulated broker. A member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org
Please consult DriveWealth if you have questions on its regulated status: http://help.drivewealth.com
What is FINRA?
FINRA is dedicated to investor protection and market integrity through effective and efficient regulation of the securities industry. FINRA is not part of the government. They are an independent, not-for-profit organization authorized by Congress to protect America’s investors by making sure the securities industry operates fairly and honestly. For more information visit https://www.finra.org.
What currency is my account in?
Your broker account is a US dollar based brokerage account.
How secure is my MyWallSt account?
We never store or save any of your broker information, and your session is completely closed as soon as your order is sent to your broker. We only store information linked to your MyWallSt profile and not your stock brokerage account.
How secure is my DriveWealth account?
With protected customer accounts and encrypted personal data, DriveWealth prides itself on the security they provide to you. They are FINRA and SIPC members.
Please consult DriveWealth if you have questions: