For the initiated, the stock market offers some of the greatest rewards while being risky at the same time. On the stock market, there is huge potential for long-term growth for newbies and the uninitiated. But the stock market doesn’t have to be overwhelming and daunting. As an investor, you need to have a good understanding of the buying, selling, and trading processes. If you are a newbie on the stock market, there are several apps that can get you going. They include the following:
You don’t need to put a lot of money in stocks to grow your investment portfolio. With Acorns, you can invest the small change left after making purchases by linking your debit or credit card to the app. It works in a very simple way. If you spend $4.44 on a snack on your way to the office, this would be rounded up by the app and the extra $0.56 going to your investment portfolio. With time, these small investments become huge. You will find it both in the Apple Store and Google play for between $1 and $2 if you have less than $1 million in investment.
It seems the app developers aren’t sparing efforts to make it easier for you to trade using small amounts. You can start with as little as $5 and customize the investment on the basis of the type of companies or personal goals. However, if you want to learn how to start investing, Stash is the best platform. You will get access to a number of great articles to get you going. You can use it on Windows, Android, and iOS devices. You will pay a $1 fee per month of 0.25 percent on above $5,000 balances.
If you want to learn to start investing, you need to efficiently track stocks you are interested in without delay. With Benzinga, you get live updates on trends, current pricing, and watch lists to track how your investments are performing in the stock market. On the curated newsfeed, you get the latest headlines to help you follow what’s happening on the stock market. You can download it free-of-charge on the App Store.
If you are looking for simplified lessons on the intricacies of trading on the stock market, Learn is the app for you. Here, the key terms are defined and real-life examples provided to enable you to make informed investment decisions. Some of the lessons can be accessed in audio format. You can use it on Android and iOS devices free-of-charge.
eToro is basically a social trading site that connects newbies with seasoned traders who get to share their vast knowledge. Discuss investment strategies with those who have been trading for long and grow your knowledge. On this trading platform, you can have a fully automated portfolio so that you don’t have to always be stressed out with work on your investments. You can use it on iOS, Windows, and Android devices free-of-charge. However, withdrawals above $50 attract a $25 fee.
If you cannot raise the huge amounts of money required to buy one share of popular companies like Apple or Amazon, you can trade in what’s called ‘fractional shares’. This option is available on Stockpile to allow investors to invest smaller dollar amounts instead of buying the full shares. For instance, you could buy 0.1 percent of a big company with a share price of more than $1,000 by investing only $100. The app is free of charge but there is a $0.99 fee per transaction.
Many newbies get discouraged by the huge management and transaction fees involved. Enter Robinhood and you no longer have to worry about paying a commission on your investments. The only drawback with Robinhood is that it doesn’t include mutual funds as part of the available investment options. You can use it on Windows, iOS, and Android devices.
The advent of ‘Robo-investors’ in stock trading seems to have been actualized by the coming of ETFmatic. On this platform, you will get automated, accurate advice around the clock. Although a UK-based company, it has operations in 32 European countries. It doesn’t matter the time of the day. You will still get all the advice you need to actualize your investment needs. You may use ETFmatic on iOS, Windows, and Android devices.
Before you enter the stock market, you need to learn to start investing and these apps can give you all the knowledge you need to make sound investment decisions. The goal is to end up with the desired financial results, in the long run.