So you want to play the market, huh? Before diving in, you should know that there’s no such thing as a sure bet—only good choices guided by knowledge. Undeterred? Great, because there’s never been a better time to learn about investing in the stock market, thanks to a slew of new mobile apps.
Here we’ve listed four of the top apps that make investing effortless:
Robinhood: Robinhood is brokerage fee-free. That’s right; you can deposit any amount of money into their app and not pay a fee. How does Robinhood make money, then? For one, they collect interest from the customers who upgrade to a margin account. And they also accrue interest from the customers who have un-invested cash balances. Robinhood is also known for its who’s who list of investors, including hip-hop artist Nas, Snoop Dogg, Jared Leto and Google Ventures, just to name a few.
Acorns: Definitely the coolest app on this list, Acorns, let’s you invest your spare change! When you make your daily purchases, it will round up to the nearest dollar and invest the remainder for you. How does the app know what to invest in? It lets you set your own risk tolerance level, so you can be bullish or take a more moderate approach. The cost? It’s just one dollar a month, if you have less than $5,000 in your account, or 0.25 percent of your annual assets, if you have over $5,000.
Wealthfront: Not only does Wealthfront have the world’s largest automated investment service (over $2.6 billion in client assets), but also, the cost of doing business is feasible. Their management fee is 0.25 percent, in addition to ETF fees, and the minimum deposit is $500 USD.
Kapitall: Although Kapitall charges a flat fee of $7.95 per trade, they offer something that no competitor does: Their “Market Masters Tournament” is a monthly competition where each investor is given $100,000 in virtual money. Participants can invest this money however they wish, and the winner receives a cash prize. This is the perfect way to learn about the market without losing any of your hard-earned dollars in the process!
So there you have it – four awesome apps that make trading easy. And while each one varies in price and commitment, all of them will have you understanding the market better than you did before. Don’t expect to make a fortune trading this way, but do use this as a way to improve your knowledge and have some fun.