FirstStep is a mobile app that lets you start automatically investing your loose change. They let you get started with no minimum investment amount. Based on your expenditure, your rounded up loose change from each transaction, is invested on your behalf, continuously building up your portfolio.
When you sign up, you nominate a bank account that they monitor for your expenditure. Say you buy a movie ticket for $16.50 with your bank card, they round up that purchase to the next whole dollar and invest the virtual spare change, 50c in this example for you. They make a withdrawal of the spare change from your nominated bank account to your FirstStep account. If you elect to do one-time or recurrent withdrawals, they transfer the nominated amount on the date(s) as specified by you and transfer these amounts to your FirstStep account.
They then buy a combination of Exchange Traded Funds or ETFs based on your risk profile. ETFs are index funds which track a broad base of securities and offer a low cost way of gaining exposure to the performance of a type of security, for example, Australian shares or bonds. You can track your portfolio live on the mobile app. You can choose to withdraw your investments or close your account at any stage.