Investment apps have been taking over as the leading method for new and young investors to get involved in the stock market. These apps have even been gaining momentum even with experienced investors as a way to trade quickly and at little or no cost.
Whether you have never bought a stock before or are a seasoned trader, here are some of the top apps that can take the stress and hassle out of investing.
Robinhood has been known as the free app that offers free stock trading. Unlike most trading platforms that can charge $10-$20 per transaction, Robinhood charges $0 in commissions. All you need to do is download the app, place funds in your account, and start trading for free!
Robinhood is free because it is a no-frills trading experience. If you upgrade to Robinhood Gold for a small free, you will be able to trade for extended hours and use margin accounts. The company makes its money from Gold members and from interest sitting in users balances.
Acors is a great app for new investors that aren’t too sure if they want to take the risk of a stock. Essentially, the app tracks all of your credit and debit spendings and allows you to “invest your change”. As an example, if you buy a coffee for $2.81, then Acorns will automatically invest the $0.19 into a series of index funds chosen by Harry Markowitz, a Nobel prize winner.
What is great about Acorns is that it automatically takes the hassle and inconvenience of trading stocks for profit. With Acorns, you simply just invest and just watch your money grow.
Much like Acorns, Stash offers an inexpensive way to build out your portfolio. However, Stash will also help educate you so you can make the best investment decisions possible. The educational content can be completely customized to your needs and goals.
For novice investors, the terminology and acronyms can be overwhelming to say the least. Stash does not offer users the in-depth analysis that most professional trading platforms have, but for a first-time investor, it is a great educational tool.
All in all, investing now can help you greatly in the future. By taking the time now to educate yourself in investing, your future self will be thanking you. With just a small amount of change, you could grow your own portfolio to a massive size in a short amount of time.