diff --git a/spec/features/budget/investments_spec.rb b/spec/features/budget/investments_spec.rb
new file mode 100644
index 000000000..d847c6159
--- /dev/null
+++ b/spec/features/budget/investments_spec.rb
@@ -0,0 +1,400 @@
+require 'rails_helper'
+
+feature 'Budget Investments' do
+
+  let(:author) { create(:user, :level_two, username: 'Isabel') }
+  let(:budget) { create(:budget) }
+
+  scenario 'Index' do
+    investments = [create(:budget_investment, budget: budget), create(:budget_investment, budget: budget), create(:budget_investment, :feasible, budget: budget)]
+    unfeasible_investment = create(:budget_investment, :unfeasible, budget: budget)
+
+    visit budget_investments_path(budget_id: budget.id)
+
+    expect(page).to have_selector('#budget-investments .budget-investment', count: 3)
+    investments.each do |investment|
+      within('#budget-investments') do
+        expect(page).to have_content investment.title
+        expect(page).to have_css("a[href='#{budget_investment_path(budget_id: budget.id, id: investment.id)}']", text: investment.title)
+        expect(page).to_not have_content(unfeasible_investment.title)
+      end
+    end
+  end
+
+  context("Search") do
+    scenario 'Search by text' do
+      investment1 = create(:budget_investment, budget: budget, title: "Get Schwifty")
+      investment2 = create(:budget_investment, budget: budget, title: "Schwifty Hello")
+      investment3 = create(:budget_investment, budget: budget, title: "Do not show me")
+
+      visit budget_investments_path(budget_id: budget.id)
+
+      within(".expanded #search_form") do
+        fill_in "search", with: "Schwifty"
+        click_button "Search"
+      end
+
+      within("#budget-investments") do
+        expect(page).to have_css('.budget-investment', count: 2)
+
+        expect(page).to have_content(investment1.title)
+        expect(page).to have_content(investment2.title)
+        expect(page).to_not have_content(investment3.title)
+      end
+    end
+  end
+
+  context("Filters") do
+    scenario 'by unfeasibility' do
+      investment1 = create(:budget_investment, :unfeasible, budget: budget, valuation_finished: true)
+      investment2 = create(:budget_investment, :feasible, budget: budget)
+      investment3 = create(:budget_investment, budget: budget)
+      investment4 = create(:budget_investment, :feasible, budget: budget)
+
+      visit budget_investments_path(budget_id: budget.id, unfeasible: 1)
+
+      within("#budget-investments") do
+        expect(page).to have_css('.budget-investment', count: 1)
+
+        expect(page).to have_content(investment1.title)
+        expect(page).to_not have_content(investment2.title)
+        expect(page).to_not have_content(investment3.title)
+        expect(page).to_not have_content(investment4.title)
+      end
+    end
+  end
+
+  context("Orders") do
+
+    scenario "Default order is random" do
+      per_page = Kaminari.config.default_per_page
+      (per_page + 2).times { create(:budget_investment) }
+
+      visit budget_investments_path(budget_id: budget.id)
+      order = all(".budget-investment h3").collect {|i| i.text }
+
+      visit budget_investments_path(budget_id: budget.id)
+      new_order = eq(all(".budget-investment h3").collect {|i| i.text })
+
+      expect(order).to_not eq(new_order)
+    end
+
+    scenario "Random order after another order" do
+      per_page = Kaminari.config.default_per_page
+      (per_page + 2).times { create(:budget_investment) }
+
+      visit budget_investments_path(budget_id: budget.id)
+      click_link "highest rated"
+      click_link "random"
+
+      order = all(".budget-investment h3").collect {|i| i.text }
+
+      visit budget_investments_path(budget_id: budget.id)
+      new_order = eq(all(".budget-investment h3").collect {|i| i.text })
+
+      expect(order).to_not eq(new_order)
+    end
+
+    scenario 'Random order maintained with pagination', :js do
+      per_page = Kaminari.config.default_per_page
+      (per_page + 2).times { create(:budget_investment, budget: budget) }
+
+      visit budget_investments_path(budget_id: budget.id)
+
+      order = all(".budget-investment h3").collect {|i| i.text }
+
+      click_link 'Next'
+      expect(page).to have_content "You're on page 2"
+
+      click_link 'Previous'
+      expect(page).to have_content "You're on page 1"
+
+      new_order = all(".budget-investment h3").collect {|i| i.text }
+      expect(order).to eq(new_order)
+    end
+
+    scenario 'Proposals are ordered by confidence_score', :js do
+      create(:budget_investment, budget: budget, title: 'Best proposal').update_column(:confidence_score, 10)
+      create(:budget_investment, budget: budget, title: 'Worst proposal').update_column(:confidence_score, 2)
+      create(:budget_investment, budget: budget, title: 'Medium proposal').update_column(:confidence_score, 5)
+
+      visit budget_investments_path(budget_id: budget.id)
+      click_link 'highest rated'
+      expect(page).to have_selector('a.active', text: 'highest rated')
+
+      within '#budget-investments' do
+        expect('Best proposal').to appear_before('Medium proposal')
+        expect('Medium proposal').to appear_before('Worst proposal')
+      end
+
+      expect(current_url).to include('order=confidence_score')
+      expect(current_url).to include('page=1')
+    end
+
+  end
+
+  xscenario 'Create with invisible_captcha honeypot field' do
+    login_as(author)
+
+    visit new_budget_investment_path(budget_id: budget.id)
+    fill_in 'investment_title', with: 'I am a bot'
+    fill_in 'investment_subtitle', with: 'This is the honeypot'
+    fill_in 'investment_description', with: 'This is the description'
+    select  'All city', from: 'investment_heading_id'
+    check 'investment_terms_of_service'
+
+    click_button 'Create'
+
+    expect(page.status_code).to eq(200)
+    expect(page.html).to be_empty
+    expect(current_path).to eq(budget_investments_path(budget_id: budget.id))
+  end
+
+  xscenario 'Create spending proposal too fast' do
+    allow(InvisibleCaptcha).to receive(:timestamp_threshold).and_return(Float::INFINITY)
+
+    login_as(author)
+
+    visit new_budget_investments_path(budget_id: budget.id)
+    fill_in 'investment_title', with: 'I am a bot'
+    fill_in 'investment_description', with: 'This is the description'
+    select  'All city', from: 'investment_heading_id'
+    check 'investment_terms_of_service'
+
+    click_button 'Create'
+
+    expect(page).to have_content 'Sorry, that was too quick! Please resubmit'
+    expect(current_path).to eq(new_budget_investment_path(budget_id: budget.id))
+  end
+
+  xscenario 'Create notice' do
+    login_as(author)
+
+    visit new_budget_investment_path(budget_id: budget.id)
+    fill_in 'investment_title', with: 'Build a skyscraper'
+    fill_in 'investment_description', with: 'I want to live in a high tower over the clouds'
+    fill_in 'investment_external_url', with: 'http://http://skyscraperpage.com/'
+    select  'All city', from: 'investment_heading_id'
+    check 'investment_terms_of_service'
+
+    click_button 'Create'
+
+    expect(page).to_not have_content 'Investment project created successfully'
+    expect(page).to have_content '1 error'
+
+    within "#notice" do
+      click_link 'My activity'
+    end
+
+    expect(page).to have_content 'Investment project created successfully'
+  end
+
+  xscenario 'Errors on create' do
+    login_as(author)
+
+    visit new_budget_investment_path(budget_id: budget.id)
+    click_button 'Create'
+    expect(page).to have_content error_message
+  end
+
+  scenario "Show" do
+    user = create(:user)
+    login_as(user)
+
+    investment = create(:budget_investment, heading: create(:budget_heading), budget: budget)
+
+    visit budget_investment_path(budget_id: budget.id, id: investment.id)
+
+    expect(page).to have_content(investment.title)
+    expect(page).to have_content(investment.description)
+    expect(page).to have_content(investment.author.name)
+    expect(page).to have_content(investment.heading.name)
+    within("#investment_code") do
+      expect(page).to have_content(investment.id)
+    end
+  end
+
+  scenario "Show (feasible spending proposal)" do
+    user = create(:user)
+    login_as(user)
+
+    investment = create(:budget_investment,
+                        :feasible,
+                        :finished,
+                        price: 16,
+                        price_explanation: 'Every wheel is 4 euros, so total is 16')
+
+    visit budget_investment_path(budget_id: budget.id, id: investment.id)
+
+    expect(page).to have_content("Price explanation")
+    expect(page).to have_content(investment.price_explanation)
+  end
+
+  scenario "Show (unfeasible spending proposal)" do
+    user = create(:user)
+    login_as(user)
+
+    investment = create(:budget_investment,
+                        :unfeasible,
+                        :finished,
+                        unfeasibility_explanation: 'Local government is not competent in this matter')
+
+    visit budget_investment_path(budget_id: budget.id, id: investment.id)
+
+    expect(page).to have_content("Unfeasibility explanation")
+    expect(page).to have_content(investment.unfeasibility_explanation)
+  end
+
+  context "Destroy" do
+
+    scenario "Admin cannot destroy spending proposals" do
+      admin = create(:administrator)
+      user = create(:user, :level_two)
+      investment = create(:budget_investment, budget: budget, author: user)
+
+      login_as(admin.user)
+
+      visit user_path(user)
+      within("#investment_#{investment.id}") do
+        expect(page).to_not have_link "Delete"
+      end
+    end
+
+  end
+
+  context "Badge" do
+
+    scenario "Spending proposal created by a User" do
+      user = create(:user)
+      user_investment = create(:budget_investment)
+
+      visit budget_investment_path(budget_id: budget.id, id: user_investment.id)
+      expect(page).to_not have_css "is-forum"
+
+      visit budget_investments_path(budget_id: budget.id, id: user_investment.id)
+      within "#investment_#{user_investment.id}" do
+        expect(page).to_not have_css "is-forum"
+      end
+    end
+
+  end
+
+  context "Phase 3 - Final Voting" do
+
+    background do
+      Setting["feature.investment_features.phase3"] = true
+    end
+
+    scenario "Index" do
+      user = create(:user, :level_two)
+      sp1 = create(:budget_investment, :feasible, :finished, budget: budget, price: 10000)
+      sp2 = create(:budget_investment, :feasible, :finished, budget: budget, price: 20000)
+
+      login_as(user)
+      visit root_path
+
+      first(:link, "Participatory budgeting").click
+      click_link "Vote city proposals"
+
+      within("#investment_#{sp1.id}") do
+        expect(page).to have_content sp1.title
+        expect(page).to have_content "$10,000"
+      end
+
+      within("#investment_#{sp2.id}") do
+        expect(page).to have_content sp2.title
+        expect(page).to have_content "$20,000"
+      end
+    end
+
+    scenario 'Order by cost (only in phase3)' do
+      create(:budget_investment, :feasible, :finished, budget: budget, title: 'Build a nice house',  price:  1000).update_column(:confidence_score, 10)
+      create(:budget_investment, :feasible, :finished, budget: budget, title: 'Build an ugly house', price:  1000).update_column(:confidence_score, 5)
+      create(:budget_investment, :feasible, :finished, budget: budget, title: 'Build a skyscraper',  price: 20000)
+
+      visit budget_investments_path(budget_id: budget.id)
+
+      click_link 'by price'
+      expect(page).to have_selector('a.active', text: 'by price')
+
+      within '#budget-investments' do
+        expect('Build a skyscraper').to appear_before('Build a nice house')
+        expect('Build a nice house').to appear_before('Build an ugly house')
+      end
+
+      expect(current_url).to include('order=price')
+      expect(current_url).to include('page=1')
+    end
+
+    scenario "Show" do
+      user = create(:user, :level_two)
+      sp1 = create(:budget_investment, :feasible, :finished, budget: budget, price: 10000)
+
+      login_as(user)
+      visit root_path
+
+      first(:link, "Participatory budgeting").click
+      click_link "Vote city proposals"
+
+      click_link sp1.title
+
+      expect(page).to have_content "$10,000"
+    end
+
+    scenario "Confirm", :js do
+      user = create(:user, :level_two)
+      carabanchel = create(:budget_heading, name: "Carabanchel")
+      new_york = create(:budget_heading)
+      sp1 = create(:budget_investment, :feasible, :finished, budget: budget, price:      1, heading: nil)
+      sp2 = create(:budget_investment, :feasible, :finished, budget: budget, price:     10, heading: nil)
+      sp3 = create(:budget_investment, :feasible, :finished, budget: budget, price:    100, heading: nil)
+      sp4 = create(:budget_investment, :feasible, :finished, budget: budget, price:   1000, heading: carabanchel)
+      sp5 = create(:budget_investment, :feasible, :finished, budget: budget, price:  10000, heading: carabanchel)
+      sp6 = create(:budget_investment, :feasible, :finished, budget: budget, price: 100000, heading: new_york)
+
+      login_as(user)
+      visit root_path
+
+      first(:link, "Participatory budgeting").click
+      click_link "Vote city proposals"
+
+      add_to_ballot(sp1)
+      add_to_ballot(sp2)
+
+      first(:link, "Participatory budgeting").click
+      click_link "Vote district proposals"
+      click_link carabanchel.name
+
+      add_to_ballot(sp4)
+      add_to_ballot(sp5)
+
+      click_link "Check my ballot"
+
+      expect(page).to have_content "You can change your vote at any time until the close of this phase"
+
+      within("#city_wide") do
+        expect(page).to have_content sp1.title
+        expect(page).to have_content sp1.price
+
+        expect(page).to have_content sp2.title
+        expect(page).to have_content sp2.price
+
+        expect(page).to_not have_content sp3.title
+        expect(page).to_not have_content sp3.price
+      end
+
+      within("#district_wide") do
+        expect(page).to have_content sp4.title
+        expect(page).to have_content "$1,000"
+
+        expect(page).to have_content sp5.title
+        expect(page).to have_content "$10,000"
+
+        expect(page).to_not have_content sp6.title
+        expect(page).to_not have_content "$100,000"
+      end
+    end
+
+  end
+
+end