Spaceship offer two different products, Spaceship Voyager and Spaceship Investment. Spaceship Voyager is their Super Investment Fund and the other is an everyday cash investment fund.
We’ve noticed plenty of people all running into the same issue, signing up for one product and then either download the wrong app or try logging into the wrong website. It’s confusing and something they need to fix. But in keeping with the theme,
Spaceship’s offerings and product features are as convoluted as their app and web portal. Realistically we were not clear as to exactly what we were getting into.
We threw $640 at the Spaceship cash investment fund. So far we’ve seen $18 shaved off our initial investment and with very little explanation as to why.
The app is so basic that the first screen aims to offer you industry news, in most cases the news is irrelevant and takes away from the investment feel of things. The second tab gives an overview of how the companies your money is invested in are performing. The screen gives a misleading overview for the year and in most cases shows big 31% gains.
Select a company and look deeper you will notice some companies are not really performing all that well. In fact, A2 Milk is down 1.4%, Activision down 3.2% and Adobe down 5.0%, this might attribute to the $18 lost so far on the initial investment.
Spaceship does not offer the reporting and information needed to make sound choices, at the moment we’re wondering if we HODL (hold on for dear life) and see if our investments start to improve or do simply get out not and try and make back that lost money elsewhere.
You also get a false sense that your money is increasing with their ‘Investment Plan’ option that direct debits a set amount of money weekly, fortnightly or monthly into your Spaceship account.
The biggest gripe so far with Spaceship is that every new payment into the account does not get allocated to shares for approximately 1 week. So if you saw the market down and wanted to throw some more cash in to obtain shares while cheap, you would more than likely miss the boat by about 4 days.
Our opinion is that Spaceship has a lot of work to do before the platform becomes realistically usable. We’re not seeing any increase in investment right now, maybe in a years time.