With all the financial instability in the global economy right now, it’s no wonder that investment apps are skyrocketing.
A side hustle with the potential to increase your passive income sounds perfect, right?
But if you’re new to the world of investing or aren’t sure which apps are legit, it’s hard to know where to start. It seems like every app promises to be the “best” and make you rich, quick — for a hefty fee.
It’s smart to have a healthy dose of skepticism when you approach investing. After all, there are a lot of scammers out there ready to help you part with your money.
Yet, there are also many reputable investment apps that are perfect for new and experienced investors. With a few touches of your screen, you can find the investments right at your risk level by adding at least one of these apps to your portfolio.
1. Acorns
Acorns is one of the rare apps that offers two different options. You can invest nothing but your spare change and build a portfolio that way. Or you can automate your investments and save for retirement.
The Acorns Invest feature is a micro-investing account designed in part by Nobel laureate Dr. Harry Markowitz. Since its inception, users have invested over $1 billion. That’s a lot of spare change!
Acorns Later is the other option. It’s a retirement planning investment in which Acorns recommends an IRA to you. You choose the one you want and update it as your goals change.
This app has three pricing options: lite, personal, and family. Lite is for people who are just starting out, and at $1 per month, it’s a no-brainer. Personal is $3 per month and gives you access to retirement plans, a debit card, and more. A family account is $5/month, and you can invest in accounts for your children, too.
The app is simple to use and easy to grow with. If you’re unsure about where you want to go with your investments, start with the Lite option and work your way up as you become more comfortable.
2. Robinhood
Robinhood has made investment headlines as one of the only commission-free ways to trade stocks. Users can invest as little as one dollar and begin making money right away.
This app lets users choose how much they want to invest and then split their investment into fractions. By doing this, even a small investment can diversify your portfolio into a balanced, less risky one.
Robinhood users trade in real-time, so if the market is booming or dropping, your trade goes through at the same time as the share price you see.
The entire premise of Robinhood was to create a platform that the average investor could use. Because of this, you’ll find the program easy to use, with lots of helpful resources along the way.
While there is no commission fee, there are trading fees on the Robinhood app. Users aren’t charged to open or maintain their account or transfer funds. However, there are some required regulatory transaction fees for sales with values of $500 or more. You’ll also see a couple of other required fees, but the site is transparent with these costs.
3. TDAmeritrade
Ameritrade might not sound familiar to you, but Charles Schwab probably does. The two companies have merged to become TDAmeritrade.
The new company’s app is a powerhouse for beginner and expert investors. You’ll find educational resources, commission-free trading platforms, and around-the-clock professional support.
Opening a new account is easy. New investors have access to stocks, mutual funds, bonds, CDs, and more. Online trade commissions are free if the stock is a U.S. exchange. Contract fees are $0.65 each for options trades, and no minimum balance or trade minimum is necessary.
With TDAmeritrade, you can invest in retirement options, start an account for a minor, or save for their education. Open an IRA or invest in the stock market from your phone!
4. SoFI
SoFi is newer on the scene in investment apps, but that makes it more innovative.
It’s an all-in-one app where users can pay their bills, monitor their financial spending, and invest in their future.
SoFi’s app gives you access to a professional career coach and tools to help you reach your future goals. Financial planners guide you with advice specific to your individual circumstances. They can teach you how to pay off your bills and invest in your future.
The company offers personal and student loans to help you level up your finances, career, and education.
When you’re ready to invest, the app walks you through the tools so you can trade stocks, buy cryptocurrency, and automate your investing. You can start with one dollar and move up as you’re ready, without trading fees.
5. Webull
Webull is a wholly transparent, easy-to-use investment app perfect for beginners through experts. There are no commissions or deposit minimums, so it’s simple to get started without stress.
With Webull, users can invest in stocks, ETFs, and cryptocurrency. Options are also available for those who want to put their money in places other than equities to hedge their risk.
The pricing rates vary depending on the margin rate and margin loan of your balance. As with all the investment apps you’ll see, some fees are charged by regulatory agencies and other exchanges that are mandatory.
You can choose to go the traditional route and save for retirement with a Roth or Rollover IRA as the less risky avenue. For a higher potential gain, buy and sell securities and assets with your own individual brokerage account.
The choice is yours, but whichever way you go, this app is a high-tech, user-friendly program!
Conclusion
The newest trend in investing is to bring in the average person, not just the expert brokers. With these five apps, all it takes is a download and a dollar, and you’ll start learning all the tricks to creating a portfolio.
If you’re already an expert, you’ll love the innovations and ease of trade that come with each of these platforms. You can’t go wrong with any of them!
Author bio
Aaron Hunt is the property manager for Prime Place OSU. He can be reached by email at osu@myprimeplace.com or by call or text at 405-708-7605.
