This post is also available in: Deutsch (German)
Fastinvest got my attention nearly a year ago due to this German thread. Back then the marketplace did not seem very interesting as the yields used to be much lower then today. Further, apparently there were people which clearly promoted the platform by impersonating as investors. You can see that in the mentionned thread. The postal adress was and still is in a building were virtual offices can be rented. The people behind Fastinvest are all from Lithunia and I guess they are working from there. Moreover the marketplace is under observation from Polish financial market authority.
Some weeks ago I was directly contacted by the platform’s marketing staff, as they wanted me to review their marketplace. I told them about my concerns by mentionning the above points. They told me they did not know anything about the fake users, which was the truth, as the guy in contact joined Fastinvest only recently.
Why do I now publish a post?
I really wrangled and am still wrangling, if I should write about them or not. Some days ago I had a conversation with a frequent reader of this blog, who is an investor at Fastinvest for nearly a year now. According to him everything is running smootly with the platform. After posting my German post I received an email from another legit investor who confirmed what the other guy told me. Lastly the marketplace was introduced by an affiliate provider who runs the schemes for Mintos and other p2p platforms. Bevore they let new marketplaces on their platform, they check the company and the people. Mostly the representatives have already been met in person. This gave me confidence. In the end it just might be that I am too prejudiced, but still I am not completely convinced. Therefor I remind interested investors to be careful and do not invest huge amounts to start. I got in with a few hundreds of Euro.
It is easy to register and pretty fast. Just click register and you will see below overview. It seems as Fastinvest is also developing a crypto exchange und you can participate in their ICO. This is another point which I do not like. Anyway, for p2p loans, just take the middle option.
After typing in your data you need to chose an account currency. Available are USD, GBP, PLN and Euro. Watch out, the currency setting cannot be changed by you. I chose USD, as I liked the opportunity to invest in Dollars. But there are no USD Loans at the moment as it seems. So I will go with Euro, which I sent there. By the way, they offer an fx exchange facility, with no fees… but with huge spreads I guess 😉
Buyback and yields up to 16%…
But only in Zloty 😉 Euro loans are up to 15% with a duration of 6 months. All loans are equipped with a buyback guarantee (reminder: a guarantee is only as good as the party which gives it). The loans can be sold back to the marketplace on a daily basis, but in this case you will lose all the interest. The buyback will be activated the day after maturity, so no waiting period of 30 to 60 days as we know it from other platforms. So we have an idea about the cash flows we will receive. From the loan side the platform looks promising.
Autoinvest und Portfolio
There is already an autoinvest feature or you can chose to invest in existing investment profiles. Investment profiles are already preset and you just need to activate it and are good to go.
I have to admit that I like the marketplace from a technical point of view and I am really happy with its features. It looks clean and smooth. There are a lot of features which other platforms don’t have. This is really positive. The odd gutt feeling didn’t disappear though. I cannot ignore the points I stated at the beginning. I wil run my testinvestment and will update my experiences in the coming weeks. Maybe I will know more about the employees by then. Follow me to Fastinvest.
If you have already some experience with Fastinvest, please leave a comment below.