Do you believe investing is not so important? Then think again. Investment is the financial security that can offer you peace of mind for the future and in the present.
Whether you are struggling to manage your budget or manage your debt, that is not an excuse to hold off investing in the stock market. Because anyone can start investing if they aren't rich yet or have little money with investing apps. A tiny investment today can offer you fruitful results tomorrow.
According to Berkshire Hathaway’s Charlie Munger, “The big money is not in the buying or the selling, but in the waiting.” You essentially gain increasingly higher returns for the same amount of work or input.
The stock market is one of the best investment platforms which offer numerous working professionals a better avenue to invest their hard-earned money or even money from earned from side hustles.
Talk chalk it up, online stock trading using investment apps is a convenient option as digitalization is making a substantial impact on the world. With flourishing internet availability from the palm of your hands, you can invest from anywhere in the world in a matter of seconds. But which apps are the best to use to start investing? Here are our top picks.
Our top picks for 4 best investment apps in 2023
This post explores the best stock market apps that will help you start investing your money by using apps. In particular, it lists the best applications for easy investing access while emphasizing the exceptional features of each. Take a look.
01: Best Overall: Robinhood
Robinhood is one of the most popular apps in the society of stock traders. This investment app offers commission-free trading in stocks, options, and even cryptocurrines like Bitcoin (BTC), Ethereum (ETH), and Dogecoin. This is one of the only investing apps that offers such a wide plethora of options, and everything is 100% free.
Today it is one of the most loved and convenient apps for investing with over 10 million traders using it. Also, it has a very attractive referral program where you can earn free stocks by referring the app to your friends.
Few of the exciting features of the app are:
- Operates at zero minimum balance
- No commission on traders
- Instant deposits
- Gold membership to acquire security for a shared money
- User-friendly features and easy to execute
- Push notification and sync with other devices like a smartwatch.
The app offers you an excellent user experience with instant access to trading. Unlike brokers, this app lets you access more than 2,000 ETFs with no commission charges. However, income earned becomes taxable.
02: Best for Free Automated Investing: M1 Finance
The M1 Finance investing app also backs a big punch with options for free investing, smart money management, spending accounts, and you can even borrow money. Get the advantage of a robo advisor and online brokerage with one of the best investing apps.
M1 Finance offers its users an excellent app interface with minimal fees. A range of free portfolio options and features will leave you pleasantly surprised. Maintain your profile like a professional, while enjoying its astonishing expert advisory services without paying a dime.
M1 Finance looks after your preferred investment plans and individual investment goals with its “PIE” feature that invests in ETFs or individual stocks. From exchange-traded funds to stocks, the “PIE” will automatically determine how to distribute your capital to the selected investment platforms. The unique and tremendous “PIE” feature of M1 finance makes it our one of our favorite investment apps for 2023.
A few of the best features of the app are:
- Zero charges for trade execution
- Facility to secure personal loans against your portfolio
- Automated rebalancing and an investment feature
- Robot advisor to analyses your investment interest
To chalk it up, although M1 Finance does not include mutual funds investment and tax loss recovery, yet it is an excellent platform for beginners who wish to invest in trades without paying to advisory fees.
03: Best for Those With Little Money to Invest: Acorns
Acorns is another easy-to-use investing app that's been around since 2012 and is one of the oldest investment apps to date. The Acorns app targets the spare changes lying useless in your account for investment. The app round ups everyday purchases made through your linked credit or debit card to the nearest dollar and transfers the leftover changes into your Acorns account.
It keeps track of all changes until the amount reaches $5. Later you can use this invested change of $5 and more to your Acorn investment portfolio to invest in Exchange Traded Funds and more.
The app provides three account types, including a retirement account, a checking account, and a taxable account with a debit card. It also features three levels of service plans that offer the users to pick the most suitable plan as per their requirement match.
Acorns costs $3 a month for accounts under $5,000. Once you have invested more than $5,000, Acorns charges an annual fee of 0.25 percent of your assets. Students can sign up with their student emails and get all fees waived.
Some of the key features of the app are:
- Free account for 48 months to college students or people under 24 years
- The minimum investment can be as little as $5
- Automated investment as per user portfolio
- Acorns spend a debit card and retirement saving plans
- Over 7,000 stocks and bonds to invest by ETFs
04: Best for Those Who Want IRAs: Stash App
If you are looking for an investing app to build an active profile of ETFs with a low minimum investment then the Stash app can be your pick. With a low amount starting at just $5, you can sign up with the app and get started.
This stock app can help you make automatic weekly or monthly deposits in your Stash account. As per your profile, and preferences, you can invest the amount in either individual stocks or multiple ETFs that Stash offers.
The app facilitates three types of accounts IRAs, Taxable, and Custodial accounts to match different user requirements. It also offers you investment recommendations for better finance management. The app lets you diversify your profile to help you in balancing the risks.
Some of the crucial feature that makes it a decent choice for beginners:
- Zero investment fee for stocks
- Reward services for stock back
- Custodial accounts for Parents
- Sing-up starts with $1
5 investment tips for beginners
Chances are that you are considering investing in the online stock market but aren’t sure how to do it properly.
Don't you wish you could just get some quick tips on how to invest for beginners? We got you! Here are some of the top investment strategies for the beginner that can help you win over the market:
01: Know your investment objective
Before initiating any investment plan, the sole object of your investment intention should be clear-cut in your head. If you are looking for some quick methods that can double your money overnight, then the stock market is not your cup of tea.
Investing is more for those who have a long term outlook and is suitable for the people who have the patience and look forward to growing their savings over the long term.
Before investing, take a step back and ask yourself why you want to invest in the share market? If the answer is long term saving growth only then you should go for it.
02: Evaluate the risks involved
Risk evaluation is an essential investment strategy for the beginner that can help you not make poor investment decisions. You should always need to be aware of how much money you can invest and how much loss you can risk. The risk factor should not exceed a specific limit where it can potentially damage your financial status or blow up your trading account.
On average, it is safer to invest in index funds or ETFs, rather than a select few individual stocks. You should only take the risk to a level until it is recoverable. Diversifying your portfolio is key.
03: Diversify your investments with time
By diversifying your portfolio and distributing your money into different asset classes can increase your odds of investment success. Diversification is important in investing because markets can be volatile and unpredictable. It ultimately reduces your risk factor and increases your probability of earning more profit.
04: Focus on long term growth
As mentioned earlier, the equity market comes with versatile options and investment plans. Looking for, and steadily growing your investments could be the best investment strategy for a newbie. You should keep your patience while investing and should focus on your long term growth.
05: Analysis of your portfolio from time to time
To be aware of your investment returns is essential as there might be situations that may require you to rebalance your portfolio. A little ignorance can make you lose an opportunity or can put you at the stake of losses. To chalk it up, keeping a constant gaze at the stock market status and economic news is highly significant for its investors. Especially with the presidential elections coming up — no investor shouldn't be aware of what's going on.
These investment strategies for beginners and investment apps can be helpful for people who are searching for an instant and easy way to get started investing in the market. Consider all our investment tips for beginners and start investing today with one of these best investment apps.
