Hello everybody, today we prepared something new for you. There are many different platforms for trading. Every platform offers something new for their clients and sometimes it is difficult to define, which one is the best for you. Today we have studied different acorn reviews and prepared our own acorn app review for providing you with the most useful information. In our acorns investing app review, you’ll find everything that you want to know about this platform!
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General information about Acorn App
Acorn money app is an interesting application for those who want to combine saving up and investing. It is one of the software programs that are in the list of investment apps for beginners because it is easy to use. The system is oriented for young enough users, because of its small sum for trading start and many guides about trading in it. The main principle is based on the idea that our grandfathers and grandmothers had used. Earlier, when there were no electronic money, all change after shopping was put in so-called piggy banks. There were not big sums, but after a while, it was enough money in moneybox. Someone broke the piggy bank and changed all metal money to paper ones. Then the lucky can buy something special that he just dreamed before. It was a very interesting method to save up and it had something very romantic.
Now is a new era, it is full of different gadgets and computers. Today we don’t use paper and metal money and we don’t have such a convenient option for saving up as the elder generation had before. But different digital technologies can help us with it and maybe it works even better than piggy banks.
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Acorn app collect all your payments and automatically takes 0.25$ from every spent dollar and put it into your investing account. All spent sums are rounded up with acorn money app. After the sum on your account achieves five dollars, the trading starts. There is also an opportunity to put money to your account independently. If you don’t want to put money from your purchase, you can easily tune your account in the app. Earlier Acorn App has versions only for iOS and Android, but now they are available also on desktop devices.
Trading options of Acorn App
Now a few words about trading. You can choose different portfolios for your investing account: more aggressive or more conservative depending on your preferences. More conservative portfolios work with bonds mostly and more aggressive ones trade with stocks and real estates.
This system is very convenient for people who start studying investments, but it has its own limitations. The fee for using it varies from one to three dollars per month depending on the type of your account. If we speak about the standard account, and you put in it 12 dollars per month, the fee is about 8 per cent from all the sum, it isn’t small money in that case. Most people using this system put on their accounts over 60 dollars per month, the per cent from this sum is about 2. This sounds more interesting, although it is not suitable for everyone.
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Offers of Acorn app
You can choose from three types of accounts. There are special offers for college students, they can use this app for free during the first four years if they use their college email for creating an account. There is also a special account for retirement taxes, but the fee for it will be two dollars per month. The app for IRA account is called Acorn Later.
Another disadvantage of Acorn app is small portfolios. Other companies that work in a similar way (for example, Wealthsimple and Wealthfront) has more flexible user-friendly portfolios for trading and also they have a smaller fee for account maintaining.
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Who might like it
This tool may be interesting for students, who usually don’t have enough money for serious trading tools and for people, which just start studying the trading market and are afraid to lose too much. Although they must remember about big enough fee if they aren’t going to put money on their account very often.
We searched all the Internet and found the systems that work like Acorn App! Hope, it will be interesting for you to learn more.
We studied enough investment apps and we can tell that this system is not bad, but it has many weaknesses. The fee is not as small as it seems at first sight, especially for those, who can’t deposit much money at the beginning. There are also not enough options for those who know something about trading already, for those people we recommend to find something more serious with a good range of trading tools and better account maintenance. We advise you to read more about different systems for trading if you have any doubts. Also, we would like to remember you about the necessity to examine the information about traders, it can save your money and your personal data! All good traders must have a registration number and the address that can help you to find them if something goes wrong. Good luck you in the trading path!
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