From Greg Wilson, chief analyst, the Legacy Portfolio: In yesterday’s Palm Beach Daily, I highlighted a new zero-fee (per trade) brokerage firm called Robinhood. You may want to try out its service with a small portion of your overall investible funds.

But today I’m going to review a similar no-fee site I endorse and use myself. It’s called Loyal3.

Here’s what you need to know:

1.  

Unlike Robinhood, Loyal3 requires no invitation. You can sign up today and start buying stocks once your account is funded.

2.  

Zero-fee trading is available on all stocks offered on the Loyal3 platform.

3.  

At present, the Loyal3 app is available only on Apple devices. No word on an Android version. But that’s just for mobile… I use the website on my laptop just fine.

4.  

Loyal3 makes money through fees received from companies that have a Social Stock Plan on the Loyal3 platform. A Social Stock Plan is a form of a Direct Stock Purchase Plan. Click on each name for more details. Loyal3 is also compensated when it participates in IPOs.

5.  

Loyal3 currently offers 64 stocks. But by my count, there are no fewer than 30 high-quality companies. The overall selection is outstanding. The company plans to introduce additional stocks through initial public offerings (IPOs) and new partnerships.

6.  

Loyal3 buys and sells stocks in batch orders. That means you can’t control the price. In my experience, once you place an order, it will execute three business days later. (For a trader, this could be significant… but for the long-term investor, this is not such a big deal.)

7.  

Dividends are deposited directly into your account. There is no option to reinvest; you have to do it manually.

Bottom line: Loyal3 is easy to use and has a good stock selection. And unlike Robinhood, Loyal3’s business model is innovative and sustainable. And I haven’t paid one cent in fees!

(Full disclosure: I’ve been using Loyal3 for nearly a year. I receive no compensation for this endorsement.)