We rarely tested a phone app on our website but the Qooore app got my attention because it boasts to be an AI-powered investment app built for millennials and Gen Z.
The global pandemic has created a new generation of investors which are younger and more bullish about their financial prospects. They are hungry for access to investing ideas and education, however, they are also overwhelmed with news, tools and educational materials available on the Internet. That could lead to investing decisions without any research at all. It would be the biggest mistake when joining the market, especially when many stocks have reach all-time highs.
Many of the young investors don’t know how to use technical analysis to determine potential entry and exit signals, therefore, they are facing bigger risks with their investments. The Qooore app makes investing more interesting as it states to be the TikTok in the investment world. It offers AI-powered solutions in a gamified format, making the investment process as easy as swipe.
Once you open the app, you will just need to tap or swipe to view market news, take quizzes, and most importantly, receive investing insights provided by AI and a group of professional traders. It is very difficult to judge these insights without seeing real results, so I watched the following stocks to test the system: Coinbase, Disney, AMC, Tesla, and Target. The following screenshots were taken after the market closed on April 19th. If I followed the instructions, I would have profited from Tesla and taken losses from Disney, AMC, and Target trades, at least until 2 days later.
Obviously, the results are mixed; You should follow those insights by your own risks because you are not guaranteed to profit in this unpredictable market. They are based on knowledge of some professional analysts and powered by AI but a lot of professional traders are still losing money in this market. Your investment decisions shouldn’t rely solely on these advice; The app just can give you some ideas to invest when you want to buy individual stocks and absolutely don’t know where to put your money in.
I really like the fun and intuitive interface, however, there are still much room for improvement. At the moment, I just can swipe up or down to view different insights or news; I can’t save those insights for later use even after adding them to favorites. Besides, I still need to go to my trading app to make an order; This trading feature probably will be added soon and you will soon be able to buy or sell stocks without leaving the app. Soon we can connect to trading accounts like Robinhood, Acorns, or Charles Schwab. Some more upcoming features include customizable avatars, live streaming, and portfolio tracking. Another downside is that the news are too concise; There is also no way to click on the news to read a full article. On the educational part, there are still a lot of limitations because the quizzes are too simple; Investors should still see other materials like books, articles, or videos available online.
The Qooore app is free to use and it is available on both Android and iOS. I tested it on my Samsung and iPhone and it works great. The Android version doesn’t allow me to log in at this time but it doesn’t make any difference because many features are not available. The app has a lot of potentials but it is not ready for prime time yet, I really hope their developers will add new features to make the app more useful and educational.
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