The market today is full of investing apps promising you the moon.
There are some that waive off investment fees and many that help you invest on the go.
The list of opportunities is unlimited.
Almost every app is in the race to provide something new and unique to the customer.
The idea is to offer a special feature-packed product that the customer will pounce on it.
Today they have become synonymous with stock market investment.
It is almost like if you have stock market investments, you also have apps to enable it.
They consider this a crucial catalyst to boost their portfolio and broaden gains.
The idea is to target better profits and create meaningful savings.
These apps often facilitate precisely this and in a far-reaching manner.
Moreover, given the steep commission and time lag involved, investing apps often become the most convenient platforms.
They help you execute trades faster and enable you to trade on the go.
Most importantly, these investing apps prevent jumbo holes in your pocket.
You can safely rely on them for delivering a reasonable profit at minimum cost.
But the final success of any such app is also dependent on your relative investment objective.
These apps may offer the same type of service or could be drastically different from each other.
This is why assessing your objective in terms of investment target is extremely important.
It will ultimately help you narrow down on the most appropriate app.
We decided to make the task a little easier for you.
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Top Investing Apps
Here is a quick list of the top investing apps that are available now.
We have assessed their compatibility on the basis of many factors.
- Personal Capital
- Yahoo! Finance
It is not just considered to be one of the best by investment veterans but beginners too.
This is by far one of the most talked about online broker with a user-friendly mobile app.
Their commission structure is one of the most talked aspects of this trading app.
They have a tiered commission structure.
It is particularly effective for frequent traders.
If you undertake trade at very long intervals, this may not be the best option.
It may actually work out to be more expensive than many others.
Some of the most striking Pros are:
- Efficient and convenient for users
- Gives a wide range of investment option for users
- Helps users with a huge database of research.
- Extends all the available benefit on the mobile app
- Cheaper commission rate for frequent traders
- Higher trade volume yields the better profit.
But that said, this investing app also has some pockets of concerns:
- It is not very profitable for low volume traders
- If you do not undertake a certain minimum number of trades, it turns out expensive
- Need to maintain a minimum $500 account balance for active trading
The best part of the app is that mimics the desktop to the finest details.
The amount of data that users can access undeniably adds an edge to the user’s investment prowess.
Moreover, this entire research matter is free for users.
The investment options include
- Mutual Funds
So the users can choose from a diverse range of asset class.
It will help them create a constructive and profitable portfolio.
The relative risk involved is also a function of the portfolio selection.
All in all, it delivers reasonable value for money.
When you review this investing app, it is hard not to draw a corollary with the name it represents.
Sir Robin of Locksley was famous for stealing from the rich and helping the poor.
It was about empowering the underprivileged.
While this app does not encourage stealing in any way, it is about empowering those who may be unsure about the markets.
This offers, what is referred to as, absolutely free trades.
It is never free with pre-conditions.
Here free means totally free.
There is zero commission levied on the trades executed through Robinhood.
All you have to do is simply download this investing app and connect it to your bank account.
You then transfer the required amount to your Robinhood account and start trading.
For those who are interested, there is also an option for margin trades and trading in after hours.
Your investment objective is the sole criterion in this context.
In very simple terms, this is a no-frills online brokerage.
Managing overhead expenses and saving the cost of offices across the country has undeniably helped this trading app to a large extent.
However, you will not be able to access huge research database or fancy trading tools.
That is pretty much the price for zero commission.
So here is a quick look at the merits and demerits of this investing app.
- Zero trading commission
- Interface integrated to enable hassle free and fast trade
- No need to maintain the minimum balance in a trading account.
The pockets of concern or cons include
- No access to relevant research material
- No separate platform for web trading
But if you are only concerned about trading at the minimum cost, this is amongst the best options.
Especially for first-time investors, this can be a great option.
This is a particularly effective one for those who are not so well versed with investments and finances.
This is definitely a master of turning small savings into huge assets.
It is designed in a way that just about any type of investor can take advantage of this system.
The most striking part is that the entire investment approach is hassle-free.
All it is doing is investing the change generated in multiple transactions.
So your overall process of investment becomes quite simple and uncomplicated.
You can get started in a matter of minutes and do not really have to stretch your means.
The amount is then invested against a hugely diversified portfolio.
This primarily comprises of Index Funds.
The fee structure, however, is clearly targeted to encourage frequent trades.
A small percentage of the total account balance is deducted as a monthly fee for its services.
So, it is never really wise to leave a lot of money in your account.
It always makes sense to invest as much money as possible.
That said, the Acorn has a distinct set of pros and cons.
Pros of this investing app
- Easy and hassle-free management of money
- Cashback facilities and ability to optimize dollar value
- Potential for well-diversified high return investment
- Automated investment process aids investors
However, there are some cons of the arrangement too
- Fee structure encourages frequent trades
- Investment portfolio fairly small
- Relative fees on small account balance quite large
A network of Acorn’s retail partners also offers cashback facility.
This is what makes the Accord deal rather tempting for beginners and veterans.
It is a simple way to look for suitable ETFs and individual stocks.
Uncomplicated and straightforward, this app gives ample of opportunities to beginners.
It divides the array of stocks and ETFs on the basis of themes.
This theme-based division is again based on the relative risk involved and the independent appetite of an individual.
It clearly spells out the goals, the relative interest rates and values and relevant parameters.
It also outlines the value of the individual stocks on offer.
So if you are looking for someone to assist or guide you with your selection of stocks, this is the best bet.
The theme-based division of counters also makes it a more organized way to invest in stocks.
But remember Stash does not manage any investor account directly.
It actively guides investors with relevant choice of funds and stocks.
It also offers educational content to polish your investment skills.
But if you are well versed with the market basics there isn’t much that Stash can offer.
So primarily, this investing app is directed towards all those who are just starting off in the market.
But this is not typically a zero balance account.
While the service account is a zero balance account, you need a minimum $5 balance to be able to invest in it.
Here is a look at the Pros
- Supports beginners to trade effectively.
- Minimum account balance relatively low
- Optimizes value for money
- No active management of funds
- Higher fees for smaller accounts.
It empowers and enlightens new investors with a strong sense of right and wrong in the market.
It makes them confident about trading independently.
5. Personal Capital
So if you have multiple investment accounts, this is an interesting way to track them all in one go.
It not just tracks your investment across the board and also compares with the Dow and S&P 500.
As a result, investors get a fair idea of their relative weight and relevance.
It also offers a broad perspective of the existing market conditions.
They also have financial advisors who may help you with your investments.
But there is no obligation to do so.
You can hire them for a reasonable fee if you need any type of active management.
Users can also have a free consultation session with their managers soon after joining.
Normally these managers are very experienced and have previous work record with established financial names.
This means that when you deal with them, your money is in safe hands.
This, therefore, offers a meaningful range of options for the users.
It ensures that their savings are invested through a proper channel.
That also helps in generating a reasonable extent of savings for an extended period.
But that said like all other investing apps; these also have a distinct set of pros and cons.
- Enables simple and hassle-free savings
- Makes sure that investors can invest on the go
- Offers expert help for investors for a certain amount of annual fees
- Creates a simple platform to keep track of multiple savings
- Not a great budgeting tool
- Does not give investors the big picture
Therefore, this investing app is geared more for investors looking for an app to manage their savings.
The expert help they offer can often be considered as a way of generating meaningful assistance.
This helps in enabling long-term savings for the customers looking for assistance.
Investing apps typically service a specific group of people.
There are some that are appropriate for beginners, some for veterans.
Now the vault is an investing app directed for creating the retirement kitty.
This is particularly useful for those who are self-employed and do not have employer 401(k) cover.
This app is all about generating adequate savings for freelancers even if they are not very well versed with the market.
It helps you put together a strong and impactful retirement savings plan.
Though there are many others too, the Stash is by far one of the most effective.
The Vault will allow you to open the following account types for retirement.
- Roth IRA
- SEP IRA
This enables you to put a certain percentage of your income into any of these IRA accounts.
Since you do not have the option of savings deducted at source by employers, this ensures regular savings.
The moment an amount gets deposited in the account, the Vault notifies the user for IRA deposit.
This ensures that you do not forget or push your savings for a later date.
The pricing model of the Vault app is similar to that of Stash and Acorn.
Here is a quick look at the pros and cons of this investing app
- It is extremely easy to use and has prompt service.
- Strong customer care facilities for long-term uninterrupted service
- Relatively simple to invest and involves the minimum hassle
- The entry limit reasonably low enabling fast and effective investment
- Not a zero balance account
- Does not offer the big picture for investors
- Gives investors a relatively fractured view of their future prospects.
So, all in all, this investing app has an okay set of features. This helps you maintain regularity in savings.
7. Yahoo! Finance
They offer a huge treasure trove of information on a variety of investment tool.
The best part is whether you are looking for views and news, you will get it all under one roof.
Along with news, investors can also access real-time data through the entire day.
This helps them stay updated on a wide range of financial market parameters.
Be it charts, information or various news related videos; you can browse them quite simply on this app.
In many ways, this is one of those key features that make this app stand out.
They also have a new additional feature linking the account to your broker account.
That undeniably enhances the functionality of this app.
It becomes an important means of not just gathering information but using the same for active trading too.
That means there is an additional level of functionality that is added to it.
This particularly enhances the overall appeal of the Yahoo! Finance app.
The pricing for it is at par with many other investing apps that are available now.
Therefore, we can conclude that there are many types of investing apps that are available now.
Most times these apps are targeted to a definitive audience base.
Some may be well suited for students while others are targeted for retirees.
There are some that are better for veterans while others may be for beginners in the market.
More or less most of these investing apps are targeted towards investor convenience.
It helps them to invest in a hassle free manner and enhance their overall savings.
The mobile app also makes it much simpler to invest on the go.
Therefore if you want to look at active and effective investment, these investing apps are an absolute necessity.