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Jaaims review: Trade using artificial intelligence
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Jaaims' artificial intelligence algorithm combines technical and fundamental analysis to automate your global stock trades.
Good for
- Automates your trading
- Unique proposition in the market
- Combines technical and fundamental analysis
- Uses artificial intelligence to time trades
Not so good for
- You can't trade directly through the app
- There's a monthly fee
- Does not guarantee a successful trade
- Limited stocks available
Jaaims is a stock trading app that uses artificial intelligence to make automated trading decisions for you. Because Jaaims isn't a broker, it doesn't do any of the physical trading for you, instead it sends buy and sell orders based on the stocks you choose to your connected share trading platform.
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About Jaaims
Jaaims is an automated mobile trading app that uses artificial intelligence to make trades on your behalf. It registered as a business in 2019 and has an Australian Financial Services Licence.
You select how much money you want Jaaims to trade with and which stocks you're wanting to trade and Jaaims uses technical and fundamental analysis to buy and sell at the best perceived time through your online broker.
What are the key features?
Jaaims' strength is its algorithm that combines technical, fundamental and sentiment analysis to make trade recommendations. It does this by gathering financial data, social media cues and news updates on up to 1,000 global stocks.
Artificial intelligence
Jaaims' AI algorithm allows you to automate trades on up to five stocks at any one time with up to $25,000 in funds for the basic account. Its AI engine runs updates to stock recommendations every 15 minutes and collects financial data directly from each exchange, along with market moving news from sites including Bloomberg, New York Times and Reuters, as well as Twitter.
No minimum investment
Although Jaaims advises investing at least $5,000, there's technically no minimum amount that you can choose to trade with Jaaims, outside of conditions set by your broker or the exchange you're trading on. Once you've allocated an amount to invest, Jaaims will calculate the optimum time and position size depending on the market.
Get stock news and recommendations
You get access to news updates and delayed (end of day) stock prices. Plus you get "buy and sell" stock recommendations from Jaaims that are updated every 15 minutes.
What markets can you trade?
At the moment there are 1,000 stocks that you can trade through Jaaims across four different global markets. These are Australia, Germany, United Kingdom and the United States.
Only large-cap companies are tradeable on Jaaims due to liquidity reasons – so you won't be able to trade penny stocks using the app.
Jaaims says it's planning to continue increasing its number of available companies each quarter.
Which brokers can you connect to?
So far there are only two brokers that may be connected through Jaaims – Saxo Markets and Interactive Brokers. According to Jaaims, IG will be available by the end of October 2020.
What are the costs and account options?
Jaaims has three subscription types – Starter, Standard and Professional (Professional coming October 2020).
Your monthly fees and the number of stocks you can trade at any one time through the app will depend on your subscription. Brokerage fees will be the same as always depending on which broker you trade with.
| Starter | Standard | Professional | |
|---|---|---|---|
| Monthly fee | $49 | $149 | $399 |
| Trade limit | $25,000 | $500,000 | $25,000,000 |
| Max stocks | 5 | 20 | 40 |
Pros and cons
Good for:
- Automates your trading
- Unique proposition in the market
- Combines technical and fundamental analysis
- Uses artificial intelligence to time trades
Not so good for:
- You can't trade directly through the app
- There's a monthly fee
- Does not guarantee a successful trade
- Limited stocks available
How to open a Jaaims account
Jaaims is designed to be a mobile app. However, it's not yet available through iOS and Android stores (dated 30 September).
To open an account with Jaaims, you'll need to sign up through its website on your mobile device. Therefore the sign up will always be through the website then users can download the apps once ready. Once in, you'll need to give your:
- Mobile number
- Email address
You'll be notified by email once your account has been approved – pending anti-money laundering (AML) checks.
