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Investment Apps That Could Fasten Your Journey To Financial Freedom

Before the cellphone era,  one needed to hire the services of a stockbroker, which often came with a hefty price tag. Nowadays, with the lapse of time and technological advancements, you can do it through the touch of a button. As a result, there are endless investment applications to cater to your financial needs.

While financial freedom remains a far-fetched goal yet to be accomplished by many, investment Apps could reverse this trend. Aside from being easily accessible, the apps can transform the investment process from a daunting task to a simple task.

What are Investment Apps?

They are mobile applications that use technology to guide investors. These Apps are particularly useful in enabling beginners to get started on investing by providing investment advice. Investment Apps also act as a platform where users can buy and sell securities.

Several investment apps are suitable for different investors, however, they are broadly grouped into apps that let you invest in funds and stock trading apps. Although the former emphasizes long-term growth and may include features that enable you to automatically deposit cash into diversified funds, stock trading apps only authorize the buying and selling of individual stocks.

How Do They Work?

The first step is to download your preferred investment app. Most of them have a simple and straightforward setup. Next, you need to provide your personal information such as name, physical address, or ID number. At this point, linking your bank account is also essential in ensuring a seamless transfer of funds. Upon completion of the previous steps, you’re ready to start using the app.

Different apps cater to different investors based on their financial needs. While some apps like Robinhood allow you to make micro-investments, others, which include some of the best Robinhood alternatives, allow you to trade individual stocks.

Investment Apps function with the help of Robo-advisers and online brokers. The first one provides digital financial advice based on mathematical rules or algorithms, while the second one provides virtual intermediary services between sellers and buyers to facilitate transactions.

Investment Apps and Financial Freedom

An Investment guru once said, to be truly successful, you must either invest or build your way to financial freedom. This can be achieved by either becoming your boss in your profitable business or having several streams of passive income. Reliable statistics indicate that 80% of start-ups fail within the first 18 months. Therefore, Investments could be a great starting point.

Investment apps could fast track your journey to financial freedom by helping you to earn interest on your investment(s) or in buying assets that increase in value.

Choosing the Right Investment App

As a result of the numerous investment apps that exist for different investors, selecting the right app for an investor can be tricky without help. Here are five tips on how to choose an investment app.

  • Fees: While some investment charges are unavoidable, you do not want to end up paying over the odds. As a preventive measure, ensure you choose an investment app that suits your mode of investing. Some apps charge a flat fee for running your money, others charge a percentage, whereas some charge per trade.
  • Investment options: These include funds, exchange-traded funds (ETFs), investment trusts, shares, and bonds. Some investment apps may only have a few of these investment options, therefore, ensure you check this before settling on an app.
  • User Interface: If you do not know how to navigate through the app, you probably will not use it. It is advisable to try it out before you hand over your money.
  • Key features: Features in all investing apps range from educational programs to portfolio analysis, financial advice, and stock tips. You may want to compare available features and choose apps with features that will be useful to you.
  • Customer support: If you have a problem, will anyone help you? How fast will they respond to you? No one wants problems with their money, although things do not always go as planned. It is prudent to plan ahead and check what other experienced customers have to say.

Investment Apps and Their Specialty

Investr — Investment app for learning about investing

It is an app that aims to provide new investors with opportunities to invest in stock. The app provides you with diverse experiences that include learning and gaming opportunities. It combines a fantasy stock game where you can assist in managing a $200 billion virtual portfolio, with access to investors’ thoughts on stocks and other investments.

Wealthbase — Investment app for stock market games

This app is relatively new to the world of stock market games. It specializes in linking social media to stock picking. You will be able to see a feed of stocks your friends are picking, with frequent updates on who’s winning. You can also trade crypto in the simulation as well.

Wealthfront — Investment app for sophisticated portfolio management

For a small fee, this app can help you manage your money whether it is in a taxable account or an IRA. It uses low-cost ETFs to construct your portfolio and takes into account how much risk you want to take and when you will need the money. As you deposit your money, Wealthfront will add it to your portfolio and keep your account balanced and on target towards your goal.

Acorns — Investment app for savers

Acorns is popularly known due to its ease of use. It selects your portfolio based on the targeted time until your retirement, becoming more conservative as you near that age. If you would like to get automatic investments while you are spending, this is the app for you.

Betterment — Investment app for socially responsible investing

The app provides professionally managed portfolios using a selection of ETFs and is calibrated against your risk tolerance. It specializes in creating socially responsible portfolios, including those that focus on climate change or social impact. Furthermore, the app lets you set your investment goals.

Robinhood — Investment app for smooth trading

This is the app to have if you prefer a smooth interface, and you also want to avoid trading commissions. It allows you to trade stocks, ETFs, options, and cryptocurrency all for free. A useful component is a section on aggregates stories from news and investing sites, that ensures you are well-informed of what’s going on. A great feature of the app is instant delivery of the first $1000 of any funds you deposit to the account so that you can start trading immediately.

Final Thoughts

Investment apps can be an asset, especially to individual investors who need a painless way to invest in stocks. However, it is advisable to conduct research and choose an app that best caters to your financial needs. Not all apps are created equal, but those mentioned above could offer a good place to start.

About The Author
Ellie

I'm passionate about millennial financial planning and use my website to help educate my generation on making smart decisions with their money.

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