Goodments App For 'Socially Conscious' Investors

Want to make investment decisions based on more than just financials? Goodments is an investment app for ‘socially conscious’ investors, which makes it easy to invest sustainably and ethically.

What is Goodments?

Goodments was founded in Australia in 2017, and was designed to bring a socially conscious generation of Millenials more choice in sustainable investment options. In 2021, Goodments officially joined the Douugh company, but continues it mission to create a more sustainable future by making it easy for people to invest in ‘good business’.

Through the Goodments app, investors can select from over 4,500 international shares and ETFs (Exchange Traded Funds), traded through the US. The apps filters out companies that are directly involved in mining, tobacco, fur or military and weapons products. The app is available for download on the App Store and Google Play.

How can you invest with Goodments?

You can invest through the Goodments app if you are an Australian resident, 18 years or older. To set up an account you’ll need a few pieces of identification and will need to provide some basic details about yourself. Once you’re all set up, you will have exposure to thousands of sustainable, ethical or responsible US stocks and ETFs.

The app also has some features that can allow investors to be more hands-off, including auto-pilot and automatic top-up. Auto-pilot is available for investors who wish to set up regular monthly investments to help grow their portfolio and take advantage of dollar cost averaging. To ensure that you always have funds to invest with, automatic top-up will debit your nominated account each month on your selected date until you cancel the recurring payment.

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What are the fees you will incur using the Goodments app?

Goodments does not charge transaction or brokerage fees, however there is a quoted FX rate when converting funds from AU$ to US$ and there may be transactional fees charge should a payment fail or your account goes into deficit. Another fee to consider is the US$5 fee to set up an account.  For a full list of fees and charges it is always recommended that you read the Goodment’s Financial Services Guide.

So, should you invest with Goodments?

Goodments is all about allowing investors to invest ethically and sustainably, so if this suits you Goodments could be a good option.  However, it is worth bearing in mind that everyone’s ethics are different. Therefore, if you are looking to invest ethically you need to decided what ethics matter to you and what industries you don’t want put your money towards, and scrutinise your investments options accordingly  – within and outside of the Goodments app.

Goodments offers a number of notable features that aren’t available on all share trading platforms. But before deciding on which platform to use you should consider your own personal needs, where you are on you investment journey and what support you may need. It’s also helpful to compare Goodments with other online share trading platforms available.