5 Best Investment Apps for Beginners
Today, it is easy to open an investment account. For the last few years, many organizations and companies have decreased their investment commissions. Due to this, it becomes easier for beginners to invest in funds or purchase stocks.
If you are a beginner and new to the investment market, it is not easy to know where to start. So, in today’s article, we will talk about 5 best investment apps for beginners. Read on!
The app was launched in 2013, and it was primarily designed for millennials with commission-free investment. Today, the world’s most popular brokers, such as E-Trade, Charles Schwab, and TD Ameritrade are using the app. So, it is also a great opportunity for you to invest your funds in the stock market using the Robinhood app.
It is perhaps the best stock app for newbies, which allows you to invest in options, equities, and ETFs, as well as for cryptocurrencies. The plus point is that you don’t have to pay a fee for each trade. Likewise, you can trade or margin if you pay $5 a month. Keep in mind that you can take a loan from the broker as well.
Unlike Robinhood, which leaves users to use their own devices while choosing their investments, Betterment allows you to get access to investment benefits without concern about selecting certain holdings. So, in this regard, Betterment is an app that we think is better than Robinhood.
Betterment is an app that focuses on the Robo-Advisor model. For instance, when you create an account, you can provide information on your level of risk, time frames, and investment objectives, etc. The app will analyze your information and create your portfolio automatically.
3. Wealth Front
Like Betterment, Wealth Front is based on the same investment model. The app is designed for beginners who do not know making investments in mutual funds or stocks. The app requires you to answer a few questions about your financial or investment objectives. Once the app knows about your goals, it will make an ideal investment portfolio for you.
Unlike Robinhood, the scope of securities is limited. The app will maintain a list of 9-10 ETFs across the asset selection. Currently, you will find funds that include Vanguard’s VNQ, S&P 500-focuses VTI, Barclays’ BND for U.S bonds, and real estate fund.
If you are serious about securing a stable financial future, Firstrade is your only choice. The app helps you invest the right way and give your suggestions to get out of debt and build an empire of wealth.
Wealth Front and Betterment are hands-off investment apps that don’t teach you anything. On the other hand, Firstrade offers a wide range of research tools that allows you to learn more and make investments appropriately.
5. TD Ameritrade
If you want to avoid going through the hectic procedure of opening financial accounts, then you have to choose the right account, which primarily depends on your financial goals. As an investment beginner, if you want to invest your money and hope to become a successful trader in the future, we suggest considering TD Ameritrade. Open an account with it and enjoy all the perks.