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Posted 13 November 2020
Back in the days when there were no apps or internet, people relied on brokers to make their investments. You can learn more about this blog post by Missfunctionalmoney. Now that the internet is here, things move quickly, and we can just invest from our phones.
Investing is impressive, especially when it’s a good investment. No one will be happy when money is lost. But the point I’m trying to make is that some of these investment apps are easy to use, and you can just invest immediately after downloading them.
There are many investment apps, but some might say they don’t trust these apps. Not to worry, the apps I listed below are very trustworthy. I know you don’t want to invest and make a profit, and when it’s time to cash it out, they won’t send your money to your bank or PayPal account. These apps we listed below can’t do a thing like that. They are all registered and have all the licenses; this means your money is insured. However, some of these apps won’t let you invest above a certain amount of money; some might have a daily withdrawal limit.
There’s a reason Robinhood is listed first. It’s one of the best apps for investing. It is beginner-friendly. Robinhood has no commissions and a $0 account minimum; this means you can put in small or big.
Robinhood launched operations in 2013, and it now has over $20 billion AUM. It’s a great app; its platform is easy to use. When you are ready to buy and sell, you can easily do that.
Trading on this platform could be fun, but Robinhood doesn’t offer any retirement account. You’ll pay tax on all the transactions you make
2. Ally Invest
With over a 4.5-star rating, Ally Invest surely deserves to be on this list. If you are a beginner and are looking for an investment app built with someone like you in mind, you should download this. With Ally Invest, you can trade ETFs and stocks with no commissions. And you also don’t have to worry about recurring fees and minimum balance requirements.
Its owner, ally bank, backs the ally invest app. Whenever you use the app, just know you are in good hands.
There’s a $9.99 commission fee for mutual fund trades.
3. Fidelity Investments
Want to retire in a better position? There’s no guarantee that this will happen, but Fidelity Investments will make sure they give you the necessary tools and resources to make sure you retire in a better place. They have helped so many investors, and they keep reinvesting in their apps and resources to make sure they are up to date.
Fidelity investment is the only major brokerage firm to offer fractional share investments. If you have an Apple watch and a google assistant, you can connect them to the app.
There are no recurring fees, and you can invest in stocks, ETFs, option trades, but there’s a 60 cent flat fee per options contract. Also, there’s a $35 for broker-assisted transactions. The good thing is that there are no recurring fees for most accounts; additional fees may apply.
Acorns offer a passive portfolio of ETFs. College students love this app. Any spare change left can be invested. For example, let’s say you buy a coffee for $6, and you collected your change. Instead of giving it away or buying something else, you can invest it. The app rounds up all the purchases users make at select retailers.
Watch out for the fees. No matter what, there’s a monthly fee you’ll pay, but considering the fact it can automate your investments, it’s fair.
The Public app is another beginner-friendly investment app. Its platform combines features from social media sites with traditional brokerage features; this means it’s more classy than most investment apps.
With the Public app, there are fractional shares that start at $5, and you can also invest more if you like.
Geared towards parents investing for their kids, Stockpile is fantastic, especially if you want to pique your children’s interest in investing.
There are over 1,000 fractional shares of stocks and ETFs to buy from, and you can invest as little as $5.
There are no monthly fees and minimums, but they charge $0.99 for a standard trade.