Are you looking for the best investment apps to make your financial life more fruitful? A good investment app can handle most of your financial tasks, including money shuffling, expenditure and return tracking, and much more.
In the following sections, we will take a look at the top investment apps for 2021 that you should use. We focused on technology and fintech that might reduce your workload and make trading life easy!
What Are the Advantages of Using an Investment App?
An investment app can reduce your trading efforts in many ways:
- Investors can trade without any experience required, so you have full control over your capital from the beginning.
- Investment apps are affordable and suitable for any budget.
- Investment apps are available anywhere and at any time as long as you have an internet connection.
- Multiple assets are available via investment apps.
- Live trading allows many active investors to generate significant returns.
- Investment apps help you monitor or adjust your portfolio at any time, minimising losses in case of market downturns due to delays.
What is an Investment App?
It was not that long ago when investing was a difficult venture. You probably had little chance to contact your investment advisor over the phone to make transactions at a significant cost. Thankfully, an investment app is a program or smartphone application that can automate all of these tasks, so you can save time and invest independently.
Modern technology has revolutionised the financial world. You can manage your portfolio on the go, check its performance, and transfer money without an intermediary. Many fintech startups and traditional brokerages offer investment apps, and you can choose the one that suits you best.
3 Ways You Can Benefit from an Investment App
If you have the best investment apps on your smartphone or internet-enabled device, you will get multiple invaluable benefits. Firstly, you can trade anytime and anywhere as it does not require any third-party confirmations. All you need is a stable and secure internet connection.
Secondly, you can invest and withdraw money through the app at any time by linking your bank accounts or credit cards. This provides extra peace of mind since you have access to your capital instantly.
Third, the most significant benefit is the availability of trading instruments. Investment apps do not only contain stocks but also commodities, forex, futures, ETFs, and many others that allow you to have a low-risk, diversified portfolio.
Our Picks for the Best Investment Apps
We have prepared the following list of the best ten investment apps because of their excellent functionality, user-friendliness, and affordability.
- TD Ameritrade
- M1 Finance
Acorns is one of the older investment apps that is very popular among investors due to its user-friendly interface. You can easily add your credit card for withdrawals and deposits, and Acorns will round up the total and invest that difference in ETFs.
This app costs $1 per month for Acorns Lite and $3 for Acorns Personal. This tier has three versions - Roth, Traditional, and SEP. Moreover, with the $5 per month, you can use the Acorns Family that includes investment accounts for children.
2. TD Ameritrade
TD Ameritrade focuses on providing the best customer service, which makes it unique among other platforms. Investors can get support 24/7 over the phone, text, emails, and instant messages. Moreover, traders can pick ETFs, stocks, bonds, futures, mutual funds, and foreign currencies in the app.
TD Ameritrade does not require any minimum investment to trade, but it takes a comparatively expensive charge of $6.95 per trade.
Round is a prominent app for high-end investment managers. It focuses on automated questionnaires to create user portfolios, and it works well with fund managers like Doubleline, Guggenheim, and Gabelli.
Institutional traders have access to alternative assets like real estate, asset-backed securities, and merger arbitrage through this app.
Robinhood is one of the best investment apps that has a $0 minimum account with no commission. Additionally, this platform cuts out all costs associated with other investment apps. If you want to focus on minimising fees, Robinhood would be the best app for you.
However, Robinhood does not offer any retirement accounts or other complex features due to its low-cost structure.
If you are looking for a vast number of assets in a single platform, E*Trade might be the best option. You can trade stocks, mutual funds, options, and futures with the E*Trade app and benefit from its extensive research library. Moreover, you can use interactive charts with many fundamental indicators like dividends, earnings, company news, and essential ratios.
You have to pay a steeper commission of $6.95 per trade in exchange for all investment tools and asset availability.
How Do the Best Investment Apps Work?
Investment apps connect traders with the financial market, and most of them are quite straightforward. For example, you need to select your chosen asset from a list or search for it, then click to add it to your portfolio. To finalise the transaction, you will be required to add in the amount of money you want to invest in the chosen asset.
3 Steps to Using the Best Investment Apps
Find an Investment App
The most suitable investment app depends on the investor’s expectations and requirements. You can refer to our shortlist of best investment apps and select one, or choose your favourite one. Make sure you consult the terms and conditions, check its regulatory compliance, and find out all the fees and commissions.
Make an Account
After you select your investment app, you need to download it on your device. For example, if you use a mobile phone, you need to check the app store and download the investment app. Then, make an account following the broker’s prompts, such as adding your personal information and uploading your ID.
You can now trade your favourite instruments through the app. Everything happens live during the trading hours, so you can easily manage your portfolio, buy or sell assets, or even adopt a buy-and-hold strategy according to your investment objectives.
What are the Disadvantages of Using an Investment App?
- The accessibility of investment apps might result in rash decisions that could jeopardise your capital.
- Investment apps cannot be accessed without an internet connection.
- Some people question the safety and security of online investment apps, but most of them are as safe as offline investments.
- Some investment apps might suffer from lags or bugs that could result in losses.
Expert Tip on Selecting Best Investment Apps“ When selecting the best investment app for your needs, you need to thoroughly check the costs and functionality. It’s also important to make sure that the app is available on your favourite device, such as your mobile phone. ”- Emmanuel Ekwomadu
How to Choose the Best Investment App?
To find the best investment app for your needs, you need to look for several aspects. Check out the following sections to find out the most important ones.
Is the Investment App Regulated?
Regulation compliance is the most important requirement that you should consider while choosing the best investment app. A well-regulated trading platform ensures the safety of your funds.
What Fees and Charges Apply?
Fees and charges depend on the broker you choose. Usually, more functionality and tools come at a higher price, so you need to select the investment app that suits your needs.
What Devices Can You Use?
Most investment apps are available on iOS and Android devices. Some apps are available for Windows, Mac, and other operating systems.
What are the Available Assets to Trade on Best Investment Apps?
The best investment apps feature a broad array of financial assets. These may include stocks, commodities, cryptocurrency, mutual funds, and more.
Is There a Demo Account?
In most cases, yes. A demo account allows you to get familiar with the trading environment and might be extremely useful for beginner traders.
What Is the Account Minimum?
You should check the minimum deposit available in the app. In some cases, there can be no minimum amount, while other apps might require you to deposit a fixed amount of money.
What Educational Resources are Available?
If you are a beginner, educational resources are extremely important. These would help you make your first trades successfully. Some may include information regarding the use of the app, how to manage your portfolio, and others.
Is There Help and Support Available?
Excellent customer service may be a must if you do not have trading experience. Some investment apps offer 24/7 instant support.
Can I Use This From Anywhere?
Some apps are not available to customers all over the world. You need to check if the app is available in your region, along with any costs associated with foreign currencies if the case.
Frequently Asked Questions
There are numerous investment apps that provide an excellent trading experience. You may consult our shortlist to find one that suits your trading needs.
Generally, beginners look for low-cost platforms with a user-friendly interface. An extensive educational section and straightforward analysis tools may also be desirable if you don’t have experience in this field.
Investment apps usually provide plenty of trading tools. You can check what options you have before choosing the best investment app for your needs.
You can easily download an investment app depending on your internet connection speed.
There are numerous ways investment apps make money. Some of them charge you per transaction, and others may have other related fees, such as withdrawal or deposit charges.
Investment apps are provided by regulated brokers. As a result, they comply with different rules and regulations. Each investment app should have a dedicated section in which they mention regulatory compliance.