Investment apps are increasingly becoming popular. There are a plethora of versatile investment apps that entice new investors to get involved in the business of the stock market. Moreover, experienced and expert investors are also able to identify opportunities for saving money and improving their portfolios by using a robust investment app.
Until recently people had to pick up the phone and contact a stockbroker for making a trade that was accompanied by an exorbitant commission. However, now you could simply pick up your smartphone and you simply need to tap your screen a number of times for trading instantly usually, for free but at times, you need to pay relatively cheaper rates. Let us explore some of the top investment apps that every investor must know about and use for better trading prospects.
Stockpile: Best App for Stock Gifting
Stockpile is known to offer an innovative approach to purchasing and selling stocks. You could purchase fractional shares of almost all companies via Stockpile. Alternatively, there is an option of funding an account using one of the stock gift cards that would be giving the lucky recipients some shares of stock that start at $5. In this context, you do not have to pay any monthly fees and all trades actually, are 99 cents. Stockpile is supposed to be a thrilling proposition for grandparents and parents who are excited to involve young adults and kids in the stock market and the business of investing. Stockpile offers more than 1000 investments including ETFs and single stocks. You could give physical gift cards or e-gift cards or opt for funding an account via a bank transfer. This surely is a gift which would be paying dividends literally.
As per https://www.forbes.com, “Openfolio is something akin to Wall Street meets social media. It’s a platform where investors can come to discuss investment strategies, as well as, display their portfolios to others in their networks. The dollar amounts in each portfolio do not appear, but instead are displayed with percentages held in each asset class.” Openfolio would be displaying everything that you are purchasing and selling but without dollar amounts. This is a versatile app and provides you with the golden opportunity to monitor exactly how others are investing within your network. If you are neck-deep in debts and cannot even think of investing, you must take out a debt consolidation loan to combine your multiple debts into one single larger debt with one monthly repayment and a single deadline.
Personal Capital is supposed to be a fantastic finance tracking tool for assisting you in managing your investments particularly if you are having multiple accounts with various companies. Your performance would be tracked across all the accounts and would be evaluated against benchmarks such as the S&P 500 and Dow. It is a robust investment management platform that would be including all your financial accounts right from credit cards, bank accounts to your investments and your mortgage. It is supposed to be the most effective way of keeping a track of all your investments and that too, for absolutely free.
However, you may seek the expertise of one of the qualified financial advisors out there if you wish to but then you need to pay an annual fee as per the managed assets. Personal Capital also boasts of a budgeting tool that helps to keep constant track of all your investments.
The Morningstar App just like its site provides independent and valuable investment research, as well as, insights. You could get comprehensive investment information and data for mutual funds, stocks, and ETFs. Morningstar provides brilliant portfolio tracking tools, real-time quotes, videos, and the latest news. Moreover, you could have access to global and US index performances. Morningstar is known for its portfolio monitoring tools, research, and curated news associated with your investment interests.
Yahoo! Finance is regarded as a sterling investing information and data resource. Its app provides fantastic real-time data during the trading day. This app stands tall among the rest because of its capacity to easily and quickly browse read basic charts, videos, and view financials in a jiffy. As per the recent feature, now Yahoo! Finance would be letting you sync your broker account to make sure that you could trade easily and successfully through the app.
Robinhood provides excellent commission-free trading directly from your smartphone with no need for minimum balance. Moreover, Robinhood features a referral program which is known to offer a free share of stock meant for you, as well as, the friend referred by you. This app offers a Robinhood Gold Program that lets you trade on margin. The app is supposed to be quite basic and you must not expect any great research and analysis. Robinhood, for now, is not available to you on the web. However, the company is planning to come up with a robust web platform sometime next year. In the case, you seem to be thinking in terms of a simple, no-frills, and commission-free platform, no other app or platform could beat Robinhood. It is way ahead of the others in this respect.
StockTwits is supposed to be the ‘Twitter for Investors’ and a community comprising traders who exchange news, ideas, and complaints. This community boasts of an impressive number of day traders who are very much fascinated by technical analysis. However, they still attach a lot of value and importance to fundamental investors.
Learn is just the right investment app for someone who is getting started with investing. Learn is highly-recommended by experts for novice investors. It provides concise, easy, and clear content and easy audio lessons relating to investment topics. Some of the typical topics would include ‘What is a Balance Sheet?’, ‘What is Stock?’, and ‘What Are the Mistakes to Avoid?’ These are generally fundamental concepts and Learn must be explored by amateur investors while experienced and expert investors must stick to Investopedia.
There are numerous investment apps. You simply need to choose the right one as per your unique requirements. For new investors, these investment apps are great for sharpening their investment skills and boosting their overall investment knowledge.
Author – Marina Thomas