Table of Contents
Introduction
Investing has become more available than before due to the development of new investment apps. These apps have greatly changed the financial world by offering people simple tools for the management of their investments and wealth creation. If you are a professional trader or just a beginner, these five investment apps are worth your attention to enhance your financial skills.
1. Robinhood
Robinhood is a trading platform that has become famous for eliminating commission fees on trades. As a result of having a simple design and no fees, Robinhood has drawn many users, especially from the millennial generation. The app allows you to buy and sell stocks, ETFs, options, and even cryptocurrencies, which makes it a good investment app for everyone.
One of the main advantages of Robinhood is that it offers fractional shares. This makes it possible for users to invest in stocks such as Amazon or Google even with $1. This feature makes it easier for small investors to diversify their portfolio and trade in high-priced stocks that were previously inaccessible.
Another one of Robinhood's features is the number of educational materials that the app provides for users to gain some financial knowledge before investing their money. The app is easy to use and simple to navigate, making it the best choice for those who are new to investing.
2. Acorns
Acorns is an investment app that seeks to make the whole process of investing through the linking of your daily spendings to the app. The app connects to your checking account and credit cards and invests your spare change round up to the nearest dollar. For instance, if you buy a cup of coffee and the cost is $3.50, Acorns will round up to $4 and invest the remaining 50 cents.
This micro-investing approach helps users to actually put their money into the market and build their wealth without even noticing it. There are different investment strategies in Acorns based on your risk appetite, from the conservative to the aggressive. It also has educational material to assist the user in learning about investment and making the right decisions.
Acorns has recently caught the attention of millennials and other young people who are willing to invest but may not have a lot of money to start with. Therefore, it can be stated that Acorns has made investing accessible to everyone by allowing them to invest spare change.
3. Betterment
Betterment is a robo-advisor that employs mathematical models to determine the right investment strategies for your investment portfolio. It also takes your financial goals, risk appetite, and time horizon to suggest a diversified portfolio of low-cost ETFs. Betterment also provides automation of rebalancing your portfolio and dividend reinvestment to ensure that your investment is always on the right track.
One of the major advantages of Betterment is that it provides tax efficient investment recommendations. The app uses tax-loss harvesting to help reduce your taxes by selling loss producing investments and using those losses to offset gains. At the end of the year; this can lead to a huge tax relief.
In addition to the investment advisory services, Betterment offers goal based investing and socially responsible investing portfolios. It has a simple design and the user-friendly interface, as well as the transparent fee structure, have made it popular among people who are looking for a DIY approach to investing.
4. Stash
Stash is an investment app that is designed to help its users to learn and navigate the investment world on their own. The app provides a wide range of investment products including stocks, ETFs and even fractional shares. Stash also offers investment strategies such as ‘Clean & Green' or ‘Internet Titans' which allows you to invest in companies you care about.
Stash has one of the unique features that make it different from other apps is the educational content. The app offers articles and videos that provide information about the investment in a simple and easily understandable way. Stash also has a ‘Learn' section where one can take tests and get points for improving their financial knowledge.
There are three subscription plans of Stash starting at just $1 per month that offer more features like a retirement account and a monthly market insights report. This tiered pricing model makes Stash a affordable investment app for all investors.
5. Wealthfront
Wealthfront is a robo-advisor that provides automated investment services. The app design and manage a portfolio of low-cost ETFs based on your financial goals and risk tolerance. Wealthfront also provides other services like tax-loss harvesting and direct indexing to increase your investment return.
The main advantage of Wealthfront is the Path financial planning tool. Path allows you to define your financial goals such as buying a house, saving for retirement and offers suggestions on how to achieve them. It takes into account your income, outgoings and investment portfolio to offer guidance.
Wealthfront also has a high-yield cash account with a good interest rate that makes it a good choice for those who want to get more for their money from their cash balance. The app's interface and features are quite sophisticated and therefore ideal for someone who wants to take his or her financial planning to the next level.
Conclusion
Investment apps have changed the way that people manage their money and their assets and wealth. No matter what level of investor you are, these five innovative investment apps provide advantages and capabilities that can help you elevate your financial strategy.
You can buy and sell stocks, ETFs, and even cryptocurrencies without commission on Robinhood or invest automatically with Acorns. Betterment and Wealthfront provide robo-advisory services that advise on and manage investment portfolios that are tailored to your needs. Stash helps people to invest in companies that are of interest to them and which they want to support.
These investment apps have made investing easier, cheaper, and more informative through the use of technology. Whether you like to actively manage your investments or prefer a set and forget approach, there is an app that will help you meet your financial goals.
So why wait? Get one of these innovative investment apps and begin to change your financial game.
