Learning how to invest is a big study for someone new in it. In the modern web world, there is a big number of trading brokers, who are offering their services for investing into the stocks. And moving on from traditional computer platforms brokers are now offering a number of good investment apps for your pocket computer that you could use to operate your money. We will be looking at the features, those apps provide compared to the other ones, and so what makes them the best choice for future investments.
Here are some best investment apps for beginners that are showing good results for 2018 and great perspective to 2019. We will describe them by certain criteria that are most important for you to know as you are getting started with investing.
Price: the price will be $1 per month, or if you will be having $5000 plus on your account every month, that will be 0.25% per year.
Can you buy individual stocks: – No you cannot. This application is providing you with only 5 investment options. It sounds a little conservative but is also convenient if you do not have too much time for choosing. The app is doing this for you.
Custodial accounts: No, you cannot set up an account if you are not 18 years old. But you can place some money for your child if you want and get a special investment deal with it – this is the option Acorns offers.
Key features: – “Found money” is something only this app is offering. This is an option of some sort of cash back to your trading account if you spend money through their co-apps. They will return you real money – sometimes even 100% of a purchase on your trading account if you are buying products from their partners.
- They do offer well set-up retirement accounts, that will cost you 1$-2$ a month, but they do worth it;
- “Round-ups” is an option, where the app is connected to your credit card and every time you do the purchase, some amount of money that you set up in advance will be going to your trading account. This option is good for those, who are not so much into saving money, but really need to do so;
- This application is producing their own debit cards that you can pre-order and they will charge you $1 a month.
Price: price is $1 per month or 25% per year if the account will have the mount over $5000 every month
Can you buy individual stocks: – Yes you can. And even more than that, Stash is giving you an option to buy a piece of share. For example, if you are looking at Amazon share – this will cost around $18k per piece. But you also can put in just $5 and have a part of this share. Here you have a selection of over 20 different stocks.
Custodial account: Yes, you can do this here. It is a good option for those parents, who want their children to learn about money and savings from an early age. So with the permission of an adult, a minor can open an account and learn how to invest.
- The easiest to use and set up an application;
- They do offer fractional shares;
- They have an option of auto adding money to your trading account if you connect your credit card.
Price: Free, known as the most downloaded app this year.
Can you buy individual stocks: – Yes they do offer individual stocks. And actually, Robinhood app has the largest stocks choice you can get. They have thousands of stocks on their panel.
Custodial account: No, they do not offer this option yet. But as the Robinhood trading app has been the most popular lately, they do listen to their users’ needs and suggestions. So they are working on opening this option next year.
- Not only you can trade thousands of stocks here, but they have released the possibility to trade on options.
- The Robinhood allows you to do Day trading, while you can change your opinion from buy to sell a few times a day;
- The Robinhood trading is protecting their clients and giving them a lot of options with something called: Robinhood gold”. This will cost you $1 per month, but this will be giving you the security of your investments and allows you to double your investment.
- You can also invest in cryptocurrencies using Robinhood. Here you will find the latest Bitcoin exchange rate information that is going to be useful if you do the crypto trading.
Can you buy individual stocks: Yes, there is such an option here. And more than that –this app is giving second best after Robinhood selection of stocks for traders.
Custodial accounts: Not yet. As this company has a good speed of development, they do have the accounts for minors on their roadmap.
- The M1 is offering a large selection of Stocks, ETFs and Fractional shares;
- They are doing a lot for their clients, including flexible loans for those who need them. And what is special about it is that they almost never deny the loans for their users, plus the rate is not so high;
- – If there is a change in the market, that you might not notice, the M1 app will do the rebalancing for you;
- They also have a pretty decent retirement plan as one of their options.
Price: charging 25%-40% annually and are known as more professional investment app among the others
Can you buy individual stocks: No, here you cannot. What they actually do, they offer to set up a fund for you. And this application is also offering to manage your investments for you. It is great for people, who do not have much time to pick their own stocks, so they let Betterment do it for them.
Custodial account: There is an option, similar to this one. You can set up an account for your child, but this will be on your name and you will be managing it for your child until he or she turns 18.
- The Betterment is taking their advising role very seriously, so they have a team of licensed specialists working for them and available for their clients 27/7. This is one of the features that show that Betterment is the most professional of the apps from the list at the moment. They do offer a lot of long-term planning and passive investing;
- Tax saving strategies are something that others might not offer but this app is giving you this option. This is why probably they do have a charge for their services and it is higher than the other apps have.
So now after we took a look at these best investment apps of 2018, which one we would choose to be the one to install if we would just have the option of selecting one app. This would be the Robinhood. The main reason is – this application has a lot of features and they do install something new almost every week. They do offer a lot of options to trade even before and after the market is being closed. And this app is absolutely free for almost all of their options.