Crypto

Crypto, stocks, precious metals – how will the new Lydia app trading tool work?

Lydia’s mobile application will be enriched with a new Trading section. This tool, available at the end of 2021, will allow you to invest in companies and cryptocurrencies from one euro.

Gone are the days when Lydia was only used to refund food paid for by a friend with a simple mobile transfer. Money pot, ephemeral virtual cards, express loans, paid savings … Lydia has gradually added many tools to her service. The app is now taking its first steps on a new playing field. In a press release, the company announced, on November 22, 2021, the launch at the end of the year of a trading tool for stocks and cryptocurrencies for individuals.

Lydia will add to its offering a tool to invest in companies and cryptocurrencies.

What will Lydia invest in?

To create her Trading tool, Lydia partnered with the BitPanda company. The service will allow people to invest in more than 200 assets, Lydia says on her site. Lydia clients will have access to various categories of assets, including cryptocurrencies (bitcoin, ethereum, etc.). They will also be able to invest in American and European companies (in particular French CAC40 companies).

Lydia’s trading tool will also allow you to invest in funds called ETFs. These ETFs are funds that track the performance of a stock index (the CAC40 for example), buying the different shares that compose it. Finally, it will be possible to invest in precious metals (gold, silver, platinum) through Lydia.

Who will be able to trade cryptocurrencies and stocks on Lydia?

Lydia promises to sign up for the service in 5 minutes. Only French tax resident users with a verified Lydia account will be able to access the service. They will not need to provide any additional documents to start using the new option. They will simply be asked to “provide personal information, read warnings, and accept contract documents,” Lydia says on her site.

How will trading on Lydia work?

Individuals will be able to carry out their commercial operations 24 hours a day, 7 days a week with “a defined price even when the markets are closed”. Thus it will be possible to buy or sell in the afternoon and on weekends, at a certain price. Lydia will also allow you to invest very small sums since it is possible to trade from a single euro “thanks to fractional investment, which allows you to buy a fraction of a share”. Customers will be able to directly use the money stored in their Lydia account and withdraw the money instantly, the company said in its press release.

The operation of Lydia’s crypto and stock trading tool, on its own, promises to be pretty straightforward. It will be possible to access the service from the application’s home page or in the account carousel. Lydia clients will have access to a catalog of assets that they can navigate through a search system or the categories offered (Companies, Cryptocurrencies, ETFs, precious metals). “The lists are ranked by performance during the year, and most of the data displayed is also calculated throughout the year, allowing users to plan their investments,” Lydia emphasizes.

By selecting an asset, it will be possible to show its performance during the year, as well as a graph showing the performance in different periods. Then you just have to indicate how much you want to buy or sell. The number of shares corresponding to the amount entered will be displayed automatically. Please note that buy and sell transactions will be included in Lydia’s monthly transaction limits (20 for the free offer).

Lydia’s commercial service will be available by the end of the year. To be informed as soon as it is launched, it is possible to register on the company’s waiting list.

Photo credit of the one:
Lydia

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