Investing for Beginners: 5 Best Investment Apps of 2020

0
109
Investing-for-Beginners-5-Best-Investment-Apps-of-2020-on-toplineblog

Investing for beginners can be a daunting task especially in today’s market where the COVID-19 pandemic has impacted the currency market globally. Hence, you would want to be extra cautious about when and where to invest. A good rule of thumb is to buy shares when everybody is selling. But if you have no clue about the investing business, you are going to get confused. Hence, I’d advise you to do more research before investing.

However, if you have already acquired the essential knowledge of investment as a beginner there are ways of investing including the best managed accounts. Some investment apps will come as great in this case. Some of the key advantages of using an app are that you won’t be dealing with financial advisers, saves you from malicious people, and requires less money to get started. If you are just starting in the investment game, starting from an investment app will be a good option. Here are some of the best apps for investing for beginners.

1. Acorns

Good news for students! If you happen to be a student who is new to investment, Acorns is your place to look for. The application features free investing for college students. You don’t even need to pay the minimum account. When you link your credit card or bank account, Acorns can calculate your daily purchases to dollars, and using the information it can invest in ETFs.

Acorns has “Found Money” partnerships with more than 100 brands that offer you money for investing purposes.

2. Stash

A charge of $1 to $9 is needed for a monthly fee depending on your account type. You need $5 or less to invest which is a convenient option for beginners. The beginner account lets you invest in fractional shares, stocks, ETFs, and bonds. Stash features investment themes. Each theme has a group of companies to invest in rather than just one. Each week you deposit into your account to invest.

3. M1 Finance

If you are someone who doesn’t want to spend time thinking about investments, M1 Finance will suit you. M1 Finance allows you to build a suitable portfolio of individual stocks and funds for free. It gives you the opportunity to invest in expensive stocks without buying full shares. The drawbacks are it has a minimum account balance worth $100 to $500. It also charges $20 after 90 days of inactivity or low balances.

4. Ellevest

While all the other apps can be used by women, Ellevest is exclusively for women. The app highlights investment based on the research on female investors. The robo-adviser tries to account for the gender pay gap and other new features such as portfolio designs. The app’s basic plan has a fee of 0.25%. No minimum balance is required for the basic plan. Ellevest also has a premium plan that comes with a fee of 0.5% which requires a $50,000.

5. Robinhood

We all are familiar with Robin Hood. The outlaw who steals wealth from affluent men and provides the riches to the poor. Although the name of the application is a bit intimidating, it has nothing to do with rich men or stealing, just so you know. It is a safe place to invest your money and has no minimum balance. The interface is simple and easy to grasp. You can trade stocks, ETF, fractional shares. You can trade cryptocurrency as well without paying additional charges.

All these apps are available for android and iOS devices. All of these apps are beginner-friendly and offer tips for beginners. Investing little money every week is a smart move if you are unsure about the market and the investment.

LEAVE A REPLY

Please enter your comment!
Please enter your name here