Stocks are shares of ownership in public companies; the price of a stock reflects the value of that company. ETFs are baskets of investments like stocks or bonds that are managed by experts. Crypto is a digital asset that is unregulated and doesn’t have any intrinsic value. The price is determined by what people are willing to pay, not the success of the underlying company. All stocks, ETFs, and crypto contain risk of loss and should be carefully considered before you purchase or sell.

At Step, your deposits and your deposit account are FDIC-insured up to $250,000 through our bank partner, Evolve Bank & Trust, Member FDIC. Separately, your stock account (for your stock and ETF investments) is SIPC-insured up to $500,000 through our stock investments partner, Drivewealth, LLC. However, it’s important to note that cryptocurrencies are not protected by the FDIC or SIPC.

Investing in stocks and cryptocurrencies may have state and federal tax implications. If you are under 18 and investing with Step, parents and legal guardians are responsible for reporting taxable income on your subaccount(s). Consult your investment advisor, accountant, or legal counsel regarding your particular circumstances.

If you are under 18, you can’t own stocks or crypto outright, but a parent or guardian can create an account and allow you to buy and sell investments based on their recommendations. When you turn 18, you can become the sole owner of your Step account, at which point we’ll transfer ownership of the stock or crypto assets to you.