Having an investing app can help you prepare for the future. You probably spend a lot of money on unnecessary ventures without even realizing. An investing app can keep track of your earnings and spending to calculate a figure for you to invest. Most of the investing apps are extremely user-friendly. Once you have them linked to your accounts, they will take over the crucial task of cost management and make sure your hard-earned money doesn’t go out in vain. You can check investing options according to your monthly incomes and expenses. Once you have an option in mind and select it through the app, it will make sure your goal of investing and saving your funds is fulfilled.
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Best Investing Apps of 2020
Among the many investing apps in the market, we picked out 10 and presented them in the list below. We hope one of them can attain to your preferences.
If you’re a beginner in the investing practice, Stash is the perfect choice for you. Stash can guide you on how to make investment decisions that will prove beneficial. The app offers investing tips based on the information you provide, so you will have a customized portfolio.
Stash does not use business terms that might be incomprehensible to most users. Instead, it offers investment suggestions in the simplest languages so that investors of all stages can understand easily where and how they should invest. It’s an excellent app for people who are just starting in the investment field.
Acorns is very popular among investors because of its easy functionality. After you’re done connecting your bank information to the app, it can round up the amount of your purchase to the next dollar and invest the difference into ETFs (exchange-traded fund) which you would prefer depending on your profile. If you’re new in the investing market and would like to start small by contributing in little amounts instead of putting in huge chunks, then you may consider Acorns.
The app Robinhood presents investing options to its users without trading commissions that usually come along. It’s very easy to use and offers tons of features that can enrich your investing knowledge. You can download the free app and connect it to your bank account to enjoy investing facilities without paying extra fees.
You can also see multiple charts from stock pages and access feed that contains stories from investing sites. Even though the app doesn’t offer any automatically designed savings plan and the user has to manage everything themselves, it’s still a pretty great app for investors who wish to avoid trading fees.
Clink is for people who are more interested in saving for a shorter period. You can choose to transfer a certain amount into your Clink account. There is no minimum deposit required for Clink and you can use it without paying any fees. Once you link your bank accounts to the app, a portion of your recreational purchases will be invested. Also, you can select an amount that will be transferred to your Clink account after every transaction on a certain period.
Wealthfront can allocate your invested amount into an assortment of ETFs (Exchange-Traded Funds). The app uses MPT (Modern Portfolio Theory) to create an asset allocation for you. It ensures that the allocation is automatic and accurate with its balancing. You need a minimum balance of $500 for your Wealthfront account.
After you have your account, you can use a tax-deferring IRA (Individual Retirement Account) per your liking. It will invest in passive portfolios while charging 0.25% as a management fee. With all the ups and downs combined, Wealthfront is one of the most popular robo-advisor apps in the market.
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If you’re a young investor, Betterment might be what you need. It offers one of the best SRI (Socially Responsible Investing) portfolios so you can support the socially responsible companies of your liking. You won’t need a minimum amount of money in your account to sign up for the app. Once you are set up, you can set targets for yourself that needs to be fulfilled in a period.
You get professional portfolios at a lesser charge but if you are willing to take more risks in your investments, Betterment can help you out in that aspect as well by finding a higher return.
4. TD Ameritrade
If you decide to use TD Ameritrade, you won’t need a minimum investment amount or pay any maintenance fees. But you get charged $6.95 per trade. But it’s worth it since users of this app get asset options unlike any other. You have stocks, bonds, ETFs, foreign currencies, mutual funds, and so on. Also, the customer service of TD Ameritrade is one of the best as well. You can get help via calls, texts, and e-mails 24/7.
This app is one of the oldest investing apps out there but it is also one of the cheapest. Vanguard won’t charge you anything for all the help it will provide you with trading. You won’t have to pay any service fees and neither will you need a minimum account balance. Since the app is old, the user-interface might seem a bit outdated but if you can handle that, Vanguard might be the best option for you.
Whether you’re new in the investing field or an old veteran, E*Trade can help you in both aspects in fulfilling your investing goals. All the options available in the app about the stocks, ETFs, mutual funds, etc. can be found in the well-organized library. You can study all your choices there and choose where you would like to invest your money.
You need to have at least $500 in your E*Trade account to start investing. If you’re a newbie investor, you’ll appreciate the help you’ll get from the app to build a risk-aligned portfolio for yourself. And if you’re an expert investor, you have to give the app its due credit for providing you with high-class investment options based on your portfolio.
1. M1 Finance
Many people are in love with M1 Finance because of all it has to offer as an investing app and more. It can be a self-serving investing tool as well as function as your robo-advisor. You won’t have to pay any commission or have a minimum balance in your account to run this app. You can create a portfolio of stocks and ETFs to invest without any charge.
The app will take care of your deposits as well as find suitable shares for you to invest in. M1 Finance also has their own ready portfolios from where you can choose one if you’re tentative about creating your own.
Most investors need a push when it comes to investing for the first time. These investing apps can give you the virtual push you need to get started with saving and investing for a better future. Download one from the list above and open your investing account today.
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