The phrase “there’s an app for that” has become one we hear all the time. And in the case of investing, there are certainly a lot of apps that can help you to invest with greater ease and with smaller expenses.
Choosing one that works for you is not always easy, so here’s a guide to some of the best that you can download to your phone right now. All of these have slightly different functions, so you may want to try out more than one.
Openfolio uses social media to look at how other people are investing their money so you can get a better idea of their strategies. It’s a great way to get access to expert advice, and you can also share details of your own investments in percentage allocations rather than the dollar amount.
Simply link your accounts on Facebook and Twitter to the app, and you can instantly start to use it. It has a 60,000-strong community, and you can compare your portfolio to other portfolios via the app.
Robinhood is the ideal platform for beginners, and it has really changed the face of investing. It does not charge any fees for stock trades, which makes it different from many other platforms, and there is no minimum deposit, making it really easy to get started even if you don’t have much to invest.
Its platform is also very user friendly, so if you want to get started in investing, this is a good option. However, it is useful for more experienced investors too.
As well as using apps like this, you can also check websites for the latest news and info on stocks. Go online at Money Morning to find the latest news about stocks from companies like Facebook as well as expert tips on investing.
StockTwits is a social network for stocks, and it provides you with a simple way to find out what other investors are saying about your stocks in the moment. The app gathers information from various sources so that you can use the information to form your own opinion and make more educated decisions when managing your investments. It’s a great option if you want to find out what everyone is talking about so you don’t miss out.
Wealthfront is a simple app that uses algorithms based on your portfolio to provide a completely automated way to invest. It analyses your portfolio and then provides recommendations based on this, and it also has financial experts on its team. It invests your money in diversified accounts that are tracked every minute, and you can access it via the app or online. It then charges small fees for using the service.
Betterment is a great little app that provides reports on your balances and the performance of your stocks so you can keep track of them with ease. It boasts over 150,000 customers who are investing over $4 billion, and it works by taking your money and investing it in a diversified portfolio.
You create your profile by answering a few basic questions about your income and age, and then you choose a goal, such as a retirement goal or a safety net. You can get personal financial advice, and you can choose the right amount of risk before letting the algorithms do the work.
eToro is a popular app that allows you to invest without doing anything. It provides you with the option to experiment first with a $10,000 practice account so you can get comfortable, and then you can start with a small deposit of as little as $50. You can then simply copy the most successful traders on the platform, which boasts 4.5 million users all over the world, and you can even get your own following if you are successful.
Acorns is a simple and popular app that is very easy to set up and start investing without spending much. The idea is that you link your credit card to the app, and then when you spend money on your card, it will round the purchase up to the next dollar and take the money to invest it in a diversified portfolio. You can also choose your set risk tolerance.
Its slogan is: “Automatically invest life’s spare change,” and it is a great way to get started with micro investing.
Try These Apps Out to Start Investing
These apps have changed the way that people invest. They all have slightly different functions, from enabling you to follow other investors with greater ease to making it simpler than ever to invest your money without doing anything. So whether you are just starting out, or you want a way to make investing easier and more fun, give these apps a try.
Chloe Middleton works in investment banking, and has always had a head for figures! She takes a personal interest in all aspects of investing, from property to penny stocks and writes on these topics in her articles.