Investment apps are becoming more popular for their ease of use and accessibility. These apps give the power for more of us to invest our money in both short-term and long-term opportunities. As with any investment, there are always risks, and it’s important to understand these before you invest. Being able to have more control over the investments you make is important for some, but others may prefer to let investments tick over without much effort needed on their part. Whatever type of investor you are, there are plenty out there to choose from. To get you started, here are some of the best investment apps for beginners in 2020.
Acorns belief is about empowering and creating the up-and-coming world of micro-investing. They have a lot of big names as investors that have backed the business, including Paypal, Rakuten, and BlackRock. It works by taking your spare change when you spend money. The automatic round-ups give you the chance to save small amounts here and there, which the platform then invests into a variety of investments, including Exchange Traded Funds and Asset Classes. The more money that goes into your account, the more you diversify the portfolio you have with them, so it’s important to see this as a long-term collaboration. They also have different ways to invest, including Acorns Later, which helps you to save for your retirement. As far as retirement funds go, the pension you receive from the state may not be substantial enough to live off.
As well as investing, Acorns also has a lot of investment guidance in the form of helpful tutorials and articles that can educate more about the world of investment.
Moneybox is another app that allows you to invest money from your spare change, and everyone has the ability to spare loose change here and there. It helps make save your money easier if you simply wanted to use it as a way to make savings, although it also has an investment side to it too.
With most money-saving apps, you have the ability to save for a short amount of time and then withdraw it. Betterment gives you the opportunity to make that long-term investment and to save money for both now and into the future. It’s an app that helps you better manage your money on a daily basis. They’ve been around since 2010, so they’re well established within the industry and one you can trust. You can create a retirement plan with Betterment that is tailored to you and your needs.
The app will help you determine how much you need to save and how often in order to reach your retirement fund goal. It offers both stocks and bonds as part of its investment element and a range of low and high-risk opportunities. This can be great for those starting out in the investment world and will hopefully reduce the number of mistakes you would normally make if you were left to navigate investing, on your own.
If you want to become more knowledgeable about how to invest in stocks, then Invstr is the app you want to try out. They have a program called Fantasy Finance, where you use to practice trading without the risk of using real money. This can really help you to become more skilled in trading stocks, and the more you learn, the more confident you’ll feel when you actually do it with your own money.
Bondora is an app that is still in its development stages but is certainly one you should keep an eye on. Investing can be complex when it comes to the stock market, and that’s what the Go & Grow app is hoping to change. By offering its users an excellent return rate and the access they need in order to see their money grow, it’s going to be one waiting list that you want to be on. It’s only going to be offered to a select few, to begin with initially, so it’s good to ensure you’re at the top of the list. You can learn more about this p2p lending platform and get yourself first in line to try it out.
Some investment apps out there will offer you the opportunity to take more control of your choices and where your money goes. However, if you’re someone who doesn’t have the time or wants to have control, then M1 Finance might be more suitable for you. It’s completely free to use, and it gives you the freedom to create your own portfolio but with the help of intelligent automation. You also get the chance to borrow money too with a line of credit that you can use to invest further and hopefully make more profit. Don’t forget the rule about spending more than you can afford, though.
This app creates the ability for the everyday individual to invest in huge companies on a global scale. There are no commission or foreign exchange fees to cover, which is a great benefit as an investor. You can get onto the market for a minimum of $1 and that gives anyone the opportunity to invest their money and hopefully make a considerable amount back.
Stash creates an opportunity for all to invest and not just a few. You can do a variety of things from investing small amounts into different stocks, you can save for the future and learn how to invest your money properly. It’s a good all-rounder and one that is great for those who are just starting out and need more of a helping hand. You also have a debit card that you can spend on, which will put your extra change into investments automatically. That means less effort for you!
So with so many investment apps out there, why not give yourself the opportunity to take action and increase your wealth. Remember only to spend what you can afford to lose, regardless of whether you’ve just started out or been investing for some time.