The stock market and investment options may seem like a complicated hobby to get into; however, investment apps are making it easier than ever for anyone to make some money on the side and enjoy themselves while they do it. But with this new trend comes multiple apps to choose from, and if you don’t know anything about investment, it can be tough to pick the right one to suit your needs. Luckily, you’ve stumbled upon this article which will guide you through 5 of the best investments that have different benefits.
Stash: Most Educational App
Starting with what will be the most useful app for any beginner, Stash has been created with new investors in mind. Stash is a low-cost method of investing and offers explanations for everything you can do on the app. With educational content designed to help every user invest and learn from it, Stash is ideal for any beginner. Any complex terms, acronyms, and charts are all broken down so you understand what you’re committing to. Once you get the hang of it, you can also set up your “Auto-Stash,” which automatically adds funds to your reoccurring investments.
Acorns: Automated Investing App
If you are interested in making money but don’t want to invest time messing around with the app daily, Acorn offers every user an automated solution. Acorn has a “spare change” function that works with your bank account and when you buy daily products on your debit card. Any change you would have normally received if it was a cash transaction is automatically added to the investment app and used in your current investment options. Naturally, you can limit the amount being invested. The app is very intelligent, and Acorn invests in up to five professionally managed ETF portfolios (investments).
If your account has a balance up to $5000, you only pay $1 a month for the app, and however, if your balance rises to over this number, you start paying a reasonable 0.25% fee.
Robinhood: Free Stock Trades App
Sadly, free isn’t exactly free in the world of investment apps. What free means, in this case, is that the app makes zero commission off your trades, which is excellent for those just starting out and who don’t intend on investing much until they learn more. You can simply download the app and use the easy layout to learn how to trade stocks; this free option does have limits, though. You are limited by trading hours in the free version, but there is a Robinhood old where you can do much more with the app.
Clink: The Micro-Investing App
Micro-investing is a platform that removes traditional trade barriers by allowing users to trade a very small sum of money to slowly build up their investment without truly feeling any risk from their bank account. It encourages people with limited incomes to invest and reap the rewards after a more extended period. Clink has a unique take on how it can invest your money or what money is used, for example, you can optimize the app to take a certain percentage of a particular type of purchase whenever you make that transaction via your debit card, so it could take 5% of the cost every time you pay for a restaurant bill. It’s very clever with a lot of functionality, and if you have patience, it can be a very lucrative investment app with little risk involved.
The fee is similar to Acorns. However, there is a daily limit of $10,000 for the amount you can invest, but this doesn’t tend to be an issue for those wanting to micro-invest.
Vault: The Retirement App
If you’re a freelancer, self-employed or has similar circumstances, you will likely need to create your own retirement plan, and the vault is a great way of adding to your retirement. Vault allows you to open an IRA, SEP IRA or Roth IRA account for your investments. After picking your specific type of retirement account, vault then gives you the ability to invest based on your income and use a chosen percentage in your investments.