As mobile devices improve, we move more and more essential functions onto them. We pay bills, track our health, and even use apps to save money.
Most banks now support dedicated apps for their customers. It was only a matter of time before investment apps appeared on the scene.
Now that we can use those investment apps, however, we face the question of which investment app is the best. Keep reading and we’ll take a look at a few of the contenders for the crown.
One of the biggest complaints about investing from the non-wealthy is all of the fees. You get hit trade fees, brokerage fees, and annual fees to name a few. Robinhood takes a pass on sticking you with fees and more fees.
Instead, they offer a premium service that finances their operations. This is an app intended solely for publicly traded stocks, so no bonds or mutual funds. As long as you’re good with that, Robinhood is an excellent investment app.
This app best serves customers who don’t need a lot of education or hands-on advice.
The firm capital base of the company isn’t its only attractive feature. The company imposes no minimum investment, though it will give you a break on fees for meeting investment thresholds.
A few of the other attractive features Betterment offers include:
- tax loss harvesting
- socially responsible investing
- customer support via phone, email, chat
The company will even offer 401(k) advice if you want it.
Stockpile leverages a relatively new approach in stock investing: fractional purchases. Rather than buying one share of IBM stock, which can run you $100+ per share, you buy a piece of one stock.
You can go in on a piece of a stock share for a cool $5. In short, Stockpile puts investing within reach of almost anyone with a little disposable income.
You can make numerous small investments until you get comfortable with the process. After that, you can increase the amount you spend on any given stock.
A nice side benefit of this approach is that’s low-cost enough to work as a teaching tool for your kids. Just make sure you supervise their trades.
You do pay a 99 cent per-trade fee, but that’s downright affordable compared with a traditional stockbroker’s fees.
Parting Thoughts on the Best Investment Apps
Pinning down the best investment apps is a little bit tricky because the apps often serve different kinds of customers. Whether you are employing day trading strategies, or you are a tried and true mutual or index fund investor, there is something to offer for everyone.
An app like Robinhood aims at customers with a solid background in investing who want fewer fees. Betterment offers lots of attractive features and more support for a more traditional investor. Stockpile aims at customers without deep pockets who want to dip their toes in investing.
The takeaway is that you must decide what kind of investor you are or what features you most want. Then, pick the app that aligns best with those needs and wants.
Interested in blockchain and cryptocurrency? Then check out our post on the new changes in the Opera browser.