MyWay Mobile App Review

MyWay Wealth – An Overview

MyWay Wealth is a new generation Mutual Funds marketplace online. It provides an online platform for buying and selling Direct Mutual Funds, as well as the opportunity to invest in Insurance, Gold, ELSS, and NPS. The company was founded and run by IIM alumni, Subramanya SV and Anand Dalmia.

Subramanya SV was serving a venture capitalist at the Bessemer Venture Partners, where he took care of all the technology-related investment of the company in India. He also has a variety of experience at renowned brands such as Snapdeal, Bharat Matrimony, and TaxiForSure.

Whereas Anand was working more than a decade in the investment banking industry with reputed names like Macquarie, Avendus, and UBS, before both of them came together to establish MyWay Wealth.

MyWay is a technology-oriented firm, and they believe in the use of innovative solutions to come up with the most efficient ways of serving their clients. The MyWay Mobile App is a live example of the cutting edge technology tool offered by them. We will cover a short review of the MyWay App, including its salient features, pros, and cons.

Let’s begin!

MyWay Wealth Mobile App

MyWay App is an advanced mobile platform that serves a wide range of financial products in one place. The users can invest in Direct Mutual Funds, Insurances, Digital Gold, ELSS, and NPS with a single app.

The best part of the MyWay app is that it doesn’t involve any fees for its services. MyWay app offers Zero Commission on all significant Direct Mutual Funds. It also facilitates the Zero paperwork process for all these services.

MyWay app is available for all Android Smartphone users, and the app downloaded from the Google Play Store for free. There are over 100k active users of the MyWay app. Its download file size is also minimal, i.e., just 27MB.

The users of MyWay app has left more than 100o reviews on the Play Store for your convenience. Additionally, the overall rating of this app is 4.2 stars, which are quite outstanding.

Salient features of MyWay Wealth App

• All your data and information in the app is highly secure – this app has a safety feature of password-based login only.
• The Smart Funds Recommendation Engine of MyWay Mobile App helps you find out the best funds based on their past performance. With the MyWay app, users can invest in funds that have outperformed the market.

This engine got built based on technical, financial research, and years of historical data.

• Portfolio rebalancing – This is a unique feature for covering your risks on a timely basis by balancing the portfolio.
• Users can invest in more than 5000 Direct Mutual Funds by themselves using the app. There is no need for any external help for starting, stopping, or modifying any SIP.
• Real-time monitoring and tracking of the portfolio and holding are available anytime, anywhere, at the convenience of your fingertips.
• Paperless procedures – Opening an account and completing the KYC formalities at MyWealth app can be done in a matter of minutes.
• A bucket is full of Mutual Funds. The app has 5000+ Direct Mutual Funds available from over 40 different AMCs.
• Instant redemption feature allows you to sell the funds and withdraw the money directly into your saving bank account.
• Mutual Fund investment can be made in Lumpsum and SIP formats. Investment options start with Rs 1000 only.

MyWay app Pros and Cons

Here is a thorough comparison of the merits and demerits of MyWay Mobile App.

Pros

1. This app has a sophisticated user interface design, which provides a seamless experience for the users.
2. Password-based login makes it highly secured.
3. Multiple financial products are available in a single place.
4. Funds from more than 85 reputed AMCs are available.
5. Investments can start for as little as Rs. 1000.

Cons

1. This platform doesn’t offer its users to trade or invest in the stock market.
2. Customer support is average.
3. Login is required every time you switch between other apps.

Conclusion

Upon considering all the essential features, merits, and demerits of the MyWay Mobile App, we would conclude that it is one of the best mutual funds platforms available in India. People whose investments focus on mutual funds and gold rather than stocks, they should choose the MyWay Wealth Mobile app.

MyWay App FAQs

Q. Is this app available for free?

A. Yes, the MyWay app is entirely free of any cost for downloading and using. The app can be downloaded by the android smartphone users directly from the Google Play Store. However, additional transaction charges and taxes might be applicable as per the usage after you install this app. These are mostly mandatory government charges.

Q. Do I have to open an account with MyWay Wealth for using the app?

A. Yes. All the users are required to sign a Mutual Fund account and complete the KYC formalities. These processes are paperless and straightforward to perform.Just a few eKYC documents and identity-related documents can be uploaded online. And an instant account can be opened within the app.

Q. Does the MyWay Wealth provide any advisory services?

A. No, MyWay Wealth is purely a Mutual Fund investment platform. Hence they don’t provide any advisory service. Yet, they facilitate a smart fund engine. It gives recommendations on the best mutual funds in the market. It is based on extensive technical research and historical data—these recommendations used for picking the right stocks.

Q. What is a Zero Commission Mutual Fund?

A. Mutual Funds are a basket of bonds and stocks, organized in a specific allocation, and the experts manage these funds at AMCs (Asset Management Companies). For the services provided, AMCs charge a fee in terms of the commission, and it gets generally adjusted in the payment which you make. However, at MyWay, there is no commission charged on any of the funds. It is zero commission mutual funds investing.

Q. How to open an account with MyWay Wealth?

A. The account opening process at MyWay Wealth is straightforward. They facilitate both online and offline account opening procedures to suits the needs of their users. If you choose the online account opening, you will be required to submit KYC and identity documents, and you can get an instant account. However, if you select the offline process, account activation may take up to a few days.