Streetbeat Review 2024: Your AI Copilot for Stock Market Investing

Streetbeat

8

Product Rating

8.0/10

Strengths

  • Allows investors at all levels to partake in AI technology
  • Flexibility to choose between a custom investment strategy or one based on other investors
  • Integrates with popular investment brokers, or you can open a brokerage account directly through the app

Weaknesses

  • The service is new, and strategies continue to be in the development phase
  • Investments are currently limited to individual stocks and ETFs only
  • There’s no indication if the service is available for retirement accounts, like IRAs

If you’ve been reading or hearing about the hype surrounding AI (artificial intelligence) – especially as it relates to investing – you may be wondering if there’s a way you can benefit from the technology.

One possibility is a stock trading app called Streetbeat. Streetbeat uses AI to act as a personalized investment advisor and is available for mobile devices on both Google Play and The App Store. It can be downloaded for free, but the service does require an annual or monthly subscription fee.

Table of Contents
  1. What is Streetbeat?
  2. How Does Streetbeat Work?
  3. Streetbeat Investment Strategies
  4. Streetbeat New Account Promo Code Bonus
  5. Streetbeat Deposit Bonus
  6. Other Features
    1. Streetbeat Pricing
  7. Streetbeat Pros & Cons
    1. Pros
    2. Cons
  8. Who Is Streetbeat For?
  9. Streetbeat Alternatives
    1. FinChat.io
    2. Jarvis Invest
    3. Zumma
  10. FAQs
  11. Can Streetbeat Work for You?

What is Streetbeat?

Streetbeat is an investment app that uses generative AI to provide personalized investment advice. It serves as an AI platform that lets you either create your own investment strategies or follow the investment patterns of others. It does this by gathering data on different strategies and developing a custom strategy similar to what you might expect from a personal investment advisor or a robo-advisor.

screenshot of streetbeat on app store

Streetbeat claims that their service can be used to follow the investing patterns of members of the U.S. Congress or even GreenTech leaders. You can invest in specific funds or create your own strategy from the ground up.

At present, Streetbeat can only provide investment strategies using individual stocks or exchange-traded funds (ETFs). Though it may have the capability in the future, it is not designed for options trading or other asset classes.

NOTE: Several competing reviews indicate the Streetbeat service extends to cryptocurrencies. However, we could not find any reference to cryptocurrencies, either on the Streetbeat website or on Google Play or the App Store. There is, however, a cryptocurrency risk disclosure link on the website issued by Alpaca Crypto LLC, Streetbeat’s investment broker partner. 

Streetbeat has a rating of 4.7 out of five stars among iOS users on The App Store and 4.2 out of five stars among Android users on Google Play. The service is not rated by the Better Business Bureau, but it does have a rating of 4.5 out of five stars from Benzinga and 4.3 out of five stars from Business Insider. That’s all despite being a relatively new technology.

Streetbeat is offered by Nowcasting.ai Inc., out of Palo Alto, California, and was founded in 2020. StreetBeat LLC is registered with the Securities and Exchange Commission as an investment advisor as of May 2023.

Learn More About Streetbeat

How Does Streetbeat Work?

The Streetbeat mobile app is available for download by iOS users on The App Store and is compatible with iPhone and iPod iOS 13.0 or later and Mac devices with macOS 11.0 or later. The app may even be more popular among Android users on Google Play, where it has been downloaded by more than 100,000 users.

Streetbeat gives you the option either to create a brokerage account through Streetbeat powered by Alpaca Securities LLC or to connect the app to popular discount brokers. Once the app is integrated with a brokerage account, investors can use a suite of tools and features, including “Copilots.” The latter is a series of proprietary and curated trading strategies that enable you to go beyond traditional investing. 

It’s also possible to connect the app to multiple brokerage accounts, which can be done simply by tapping “Connect Brokerage Account” when you are registering the service. Streetbeat will make the connection automatically and then act as a proxy between the investor and the broker.

Streetbeat is working to integrate the service with many brokerage accounts, and the list is expanding steadily. At the present time, the app connects with the following popular brokers:

Once you’ve downloaded the app, signed up for the service, and connected it with a brokerage account, you can begin using its AI capabilities to develop your own investment strategies.

Streetbeat Investment Strategies

Streetbeat currently offers ten different general investment strategies through its Copilots feature and the possibility to build your own. As mentioned, you can choose from multiple AI-driven strategies or develop a your own by describing your investment goals and preferences.

Examples include:

  • U.S. House and Congress Buys: Tracks the performance of stocks purchased by members of the U.S. Congress or their families.
  • Generative AI: Invest in companies engaged in generative AI. You may be getting in on the ground floor of an industry with the future potential of the Internet itself.
  • Diversified Growth Bonds: Focuses on a blend of US Treasuries and corporate bond funds, emphasizing reduction of interest rate risk. This version specifically targets the post-pandemic era.
  • Growth Titans: Focuses on long-term growth by investing in green technology and renewable energy companies.

Streetbeat New Account Promo Code Bonus

Streetbeat has recently offered a bonus for new accounts when you sign up with a promotion code.

If you sign up and enters the bonus code WALLETHACKS, you will be entered into a lottery where you will get anywhere from $10 - %5,000. This bonus amount is deposited into your account immediately but you can’t withdraw it for three months.

You can decide to invest it or keep it as cash and wait.

Streetbeat Deposit Bonus

If you have a large amount to deposit, you can get an additional bonus based on that.

The bonus you receive is on this schedule:

Deposit AmountBonus Amount
$500 – $999.99$20
$1,000 – $9,999.99$50
$10,000 – $49,999.99$100
$50,000 – $99,999.99$250
$100,000 – $499,999.99$1,250
$500,000 – $999,999.99$4,000
$1,000,000 – $4,999,999.99$8,000
$5,000,000+$14,000
You must hold your assets at Streetbeat for one year.

Other Features

SmartPilot: SmartPilot keeps your portfolio current by monitoring real-time data, including market news and price changes.

Multi-Brokerage Support: Connect the app with multiple brokerage accounts, including Robinhood. 

Zero Management Fee: Streetbeat charges only a flat annual or monthly subscription fee. There are no advisory or management fees based on the value of assets under management, as many traditional investment advisors and robo-advisors charge.

Account security: If you open a Streetbeat brokerage account with Alpaca Securities LLC, your account will be protected by SIPC insurance for up to $500,000 in cash and securities, including up to $250,000 in cash.

Customer service: The company can be contacted through the app, but there is no indication on the website or elsewhere of the availability of phone contact. Email contact is available at [email protected].

Learn More About Streetbeat

Streetbeat Pricing

Streetbeat starts with a 7-day free trial to give you an opportunity to check out the app to see if it’s a good fit for you. Once the free trial ends, you’ll have the option to choose to pay annually or monthly:

  • Annual fee of $179, which is less than $15 per month, or,
  • Monthly fee of $25, which works out to be $300 a year

Paying the subscription fee annually will save you $121 per year.

If you open a brokerage account with Alpaca, they indicate a transaction fee of $8 per $1 million in trading activity. Though that’s not the commission-free structure most brokers use today, it’s low enough that it will barely register in your trading activities.

Streetbeat Pros & Cons

Pros

  • Allows investors at all levels to partake in AI technology
  • Flexibility to choose between a custom investment strategy or one based on other investors
  • Integrates with popular investment brokers, or you can open a brokerage account directly through the app

Cons

  • The service is new, and strategies continue to be in the development phase
  • Investments are currently limited to individual stocks and ETFs only
  • There’s no indication if the service is available for retirement accounts, like IRAs

Who Is Streetbeat For?

The company claims that Streetbeat can be used for investors at all levels, from beginners to advanced. But after reviewing the service, it seems a bit complicated and possibly overwhelming for new investors, given the sheer volume of raw information and data.

Another factor making it better suited to advanced investors is that the service is clearly designed to assist self-directed investors, not only in choosing which investments to make but even in facilitating frequent trading, an activity that is not recommended for new or intermediate investors. 

Learn More About Streetbeat

Streetbeat Alternatives

Streetbeat is one of a growing number of AI-driven investment advisories, so there are alternatives to choose from. As is the case with Streetbeat, the alternatives are likewise new and largely unproven. AI-driven investing itself is a new and fast-evolving concept. With that in mind, here are a few Streetbeat alternatives worth checking out.

FinChat.io

FinChat.io is an AI-driven investment service that acts something like a stock analyst. It describes itself as “ChatGPT for investors.” However, it provides access to a limited number of companies (about 800, though the list includes most of the bigger ones). But it does provide tracking of more than 100 well-known investors. 

Currently, the service is free to use, which may give it some value as an AI-investing testing ground for those looking to explore the advantages provided by artificial intelligence.

Jarvis Invest

Based in India, Jarvis Invest works something like a robo-advisor in that it starts by determining your risk tolerance before it begins designing investment strategies. From there, it analyzes millions of financial metrics in creating customized portfolios. The service has a particular emphasis on risk management through continuous (“24/7”) monitoring. 

Jarvis Invest has also partnered with dozens of major brokerage firms to enable you to integrate the service with one of your favorite platforms. They offer a selection of more than 2,000 stocks. It’s not clear if this Jarvis Invest is available worldwide or if it’s limited to investors in India alone.

Zumma

Zumma is an AI-driven service that goes beyond investments and acts as something of a personal assistant with finances in general. It’s designed primarily for residents of Latin America, so it may or may not be available worldwide. However, the website indicates it operates with partner broker-dealers registered by the SEC in the US.

Zumma is designed to help you make smarter financial decisions. It does this by analyzing data and providing recommendations based on your financial goals. That can include retirement planning, investing, and other major money decisions. Much like Streetbeat, Zumma is available for download for iOS and Android devices.

Regardless of the AI-driven investment service you choose, we recommend you tread lightly. AI-driven investing is a very new and unproven universe. Therefore, it’s best to invest a small amount of money and watch things closely.

FAQs

How much does Streetbeat cost?

Streetbeat offers a 7-day free trial period, after which they charge $25 per month or $179 paid annually. Unlike many investment apps, Streetbeat doesn’t charge any management fees based on assets under management (AUM).

How long does it take to withdraw from Streetbeat?

According to Streetbeat, it can take up to 6 business days for withdrawals to appear in your linked bank account. This is due to a multi-step withdrawal process. Depending on the bank you deal with, transfers may take even longer.

Which countries does Streetbeat support?

Streetbeat supports users from 32 different countries, including the United States, United Kingdom, France, Germany, Denmark, Estonia, Iceland, Ireland, Italy, Spain, and Sweden. Visit Streetbeat’s website for the full list of countries.

Learn More About Streetbeat

Can Streetbeat Work for You?

Will Streetbeat be the pot of gold at the end of the investment rainbow? That remains to be seen, and you should view any new technology with a measure of skepticism.

But if you’re interested in taking advantage of AI in managing your investments, Streetbeat is a good place to start. The only way to know if AI can deliver on its promises will be to give it a test run.

If you want to try Streetbeat, I recommend taking advantage of their seven-day free trial. If you need more time, sign up for a month or two and see how it works for you. Otherwise, cancel the service and wait until you’re ready to take the plunge yet again.

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About Kevin Mercadante

Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed "slash worker" – accountant/blogger/freelance blog writer – on OutofYourRut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides "Alt-retirement strategies" for the vast majority who won’t retire to the beach as millionaires.

He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering workarounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the "savings barrier" and transitioning from debtor to saver.

Kevin has a B.S. in Accounting and Finance from Montclair State University.

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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