It seems that the world of information technology encompasses everything everywhere nowadays, and that includes the turbulent world of investment and finance. With that being said, it pays to understand certain concepts such as investing directly in blockchain technology, wherein all your transactions will be recorded online as you do them, and without the need to amend any of their data. This applies to the current investing environment, and hopefully well into the future.
But, what are the best investment apps to use? Get to know what these things are, as well as how you could benefit from using each by reading below.
- Acorns. This is the best app for college student investors because it introduces them to investing while they are still novices, plus they can receive free management rather than pay a commission. It isn’t surprising that college students are being “courted” this way because, eventually, students graduate and enter the workforce. They might then feel it is in their best interests to keep investing with the same app during their most productive years.
- Stash. Beginners in investing who might not be categorized as college students may prefer using this app. Stash charges $3 per month for the basic monthly plan, which encompasses bank, brokerage, and retirement accounts. Similar to Acorns, Stash aims at bringing in beginners who may invest more when their income goes up. It also aims to educate beginners on the finer points of investing through educational materials available via the app.
- TD Ameritrade. This is said to be the app to go to when you need super customer support for your investing needs. One reason for this is that the asset options for customers is already superlative, so why not offer great customer support as well? Though their monthly fees are significantly higher than that of Acorns or Stash, investors can avail of instant messaging, phone, or text support on a 24/7 basis. So, no wonder clients want to stay with this one.
- Stockpile. This app may benefit parents the most as it gives them the opportunity to invest in gift cards that allows the youth to set up their own investment accounts. The initial investing charge is $2.99 per first stock, with an additional $0.99 for additional investments. Not exactly spare change, but kids learn best by doing and trying on their own; with that said, this app is definitely a winner when it comes to educating future investors.
- Wealthfront. This is included in the the robo-advisor group of apps, which means that everything is automated, so you need not deal with human financial advisors anymore. This is a boon for those who dread long talks with their financial advisors or who just don’t have that much time to devote to that. It is also useful for people who like to jump into investing without much fanfare and just need a robo-advisor to guide them through each transaction.
A Stock Trading App That Lets You Trade For Free
The app known as Robinhood has already earned a good reputation in the investing world because all trades are done for free. The only time you will be charged a fee is if you opt for their Robinhood Gold account, which will allow you to avail of extended trading hours plus maintain margin accounts. This gives Robinhood an advantage over other apps that may charge a higher fee than others per month or per transaction.
Hopefully, Robinhood will be the first among many other apps offering free stock trading and mobile money management to the public.
Final Thoughts
Although, in the past, investing was done usually through banks and similar financial institutions with real human beings, the apps mentioned above prove that the IT world is doing a good job of levelling the investing playing field for the benefit of investors. Also, investment companies are eyeing other demographics with their apps, aside from the stereotypical investors of the past.
The use of apps is a good idea for those who want to learn about actual trades without risking that much of their own funds. If you want to try out these apps, be sure you have the right gadgets, such as smartphones and computers, where you can do your trades. You may also be required to have a valid and safe email address.
These apps make it easier for you to enter the complicated world of investing. But, not only that. These modern investing platforms make wealth accumulation a much safer process on your part.
