Best Investment Apps to Check Out Right Now
Investment applications make it easy to invest your money in a more hassle-free manner. With these applications, you have easy access to multiple investment options and the flexibility to invest as much as you want. Further, you even have the option to make the type of investments of your preference.
Finding suitable investment programs can be very overwhelming. But using these applications makes the process as easy, almost as much as contacting an agent on the Cox customer service phone number for support. In this article, you can check out some of the best investment applications in this article.
SoFi is one of the easiest investment applications to use packed with many features. Some major qualities of SoFi are that it is easy to use for beginners and the investment options start with just a dollar. Also, the platform does not charge you commissions on trade. In addition, there are no recurring account fees on this application.
The platform offers investments like ETFs and stocks. In addition to investment options, there is enough educational material to help you get started. So, this investment application is super user-friendly. But when you are trading in crypto, it is important to note that the platform charges a 1.25% markup on crypto-based transactions.
You can download the SoFi application on both iOS and Android stores. However, the application is currently only for US-based users.
For someone who does not know anything about investment and how different modes work, Acorns can be a good application. This application works more like a retirement plan that helps you save in your IRA. You do not have to understand how different stocks and other applications work. You just need to set up your Acorns account with your debit or credit card. On every transaction, your deduction is rounded up to the next dollar.
There are no complications in this application like understanding how stocks or cryptos work. The plans range between three dollars to five dollars per month. Also, you can withdraw your money when you want. But quick withdrawal (before the set period) can result in higher taxes and fees set by the IRA.
For access to your account, you can visit their website or install the application on Android and Apple devices.
Robinhood is another popular investment application with multiple investment types and many advantages. With this application, you get to choose from cryptocurrency, ETFs, and advanced stock options. Like SoFi, Robinhood also gives you trade and minimum balance flexibility. Still, there are some limitations like you can only view reports by NASDAQ by upgrading to Robinhood Gold.
The platform is somewhat complex to use and is not very user-friendly. But experts who have been making investments for some time can benefit from its features. You should also know that the company has been involved in some controversies during the pandemic.
You can download their application on both Apple and Android, and even access it online by visiting their website.
A simple and easy application for investments is through Fidelity Go. It does not involve a lot of different types of fees. Before starting with your investments, the application asks you a series of questions to see your investment preferences. Once you answer all the questions, the team at Fidelity Go creates a portfolio of ETFs for you to invest in.
The limitations of this application are that you cannot invest in mutual funds instead of ETFs. Also, you do not have the option of crypto payments. So, many seasoned investors may find it underequipped and limiting. However, investors who want to start with minimal fees may find it very useful to start with investing.
You can access this application through their website or download it on your mobile phone devices. It is available on both Android and iOS.
Things You Should Know Before Getting Started
For anyone who wants to invest through these applications, it is important to do some initial research. You should know some basic terms and investment lingo to know how things work. Also, you need to study the investment platform applications to make safer decisions. Initial research can help you avoid different pitfalls and losses.
Different applications give you flexible and easy options for investments. You can try SoFi, Acorns, Robinhood, and Fidelity Go depending on your investment preferences and expertise. A better approach is to do thorough research before starting your investment efforts.