Do you find it intimidating to invest your money somewhere? It can often feel overwhelming. With countless investment types, financial advisors, and strategies to navigate, it’s easy to feel lost. What if it didn’t have to be so complex? Well, keep reading this post to find out some easier ways to do so.
One of the most convenient and accessible methods to start investing is through apps. Many beginners opt for this approach first. But why? These apps serve as digital counterparts to traditional bank accounts and brokerage services, offering a range of investment opportunities, from low-risk, high-yield certificates of deposit to high-yield savings accounts, all within reach.
Investment apps are especially suited for beginners because they streamline and automate the investing process. How can you build a diversified portfolio and track its performance without getting bogged down by common beginner mistakes? These apps hold the answer, providing both convenience and guidance.
Let’s get into some of the best investment apps of 2024 and discover how they can transform your investment journey.
- Charles Schwab
Are you looking for a reliable online broker that caters to all kinds of investors? Charles Schwab might just be what you need. It boasts both a basic web-based investing platform and an advanced desktop platform designed for more serious active traders.
What makes Charles Schwab truly stand out? Their top-tier customer service and extensive in-house research, including a unique investment rating system.
However, no service is without its flaws. Interested in cryptocurrency or foreign exchange (forex) trading? Unfortunately, Charles Schwab does not offer these options. Plus, trading futures requires logging into a separate platform, which can be cumbersome. And if you find customizing desktop platforms tedious, this might not be the easiest option for you.
Despite these drawbacks, Charles Schwab still remains a solid choice for most investors. Serious day traders who invest the time in setting up the tools available will find this platform especially rewarding. But remember, this platform requires a fast and reliable internet connection. If your internet is spotty, this might not be the best choice for you. Ensure you have a good internet provider with a great service. On our recommendation, check out Spectrum Internet plans to get a great package for your needs.
- Robinhood
Are you a young trader looking for a convenient and cost-effective way to trade stocks, ETFs, options, cryptos, and other financial assets? Robinhood could be the perfect fit for you.
Known for its commission-free trading services and user-friendly mobile app, Robinhood is particularly popular among younger traders and millennials.
The platform offers a wide variety of financial assets for investment, with thousands of stocks and other assets available for trading. How do you want to place your orders? Whether you prefer limit orders, stop orders, stop-limit orders, or market orders, Robinhood has got you covered. You can even set a valid time for your order, making it a flexible option for various trading strategies.
- Acorns
New to investing and seeking a simple, low-cost way to start? Acorns might be just what you need. This app is perfect for beginners, with its intuitive interface and educational content designed to make investing accessible. However, be aware that its flat fees can be more expensive for those just starting out.
Acorns is ideal for those who need a bit of encouragement to save more. It offers a comprehensive suite of services, including spare change investing, retirement saving, and checking account management, all in one place. Could this be the nudge you need to start investing and saving more? Absolutely, YES!
- E-Trade
Whether you are a beginner or an advanced trader, E-Trade offers a robust platform and mobile app to suit your needs. With E-Trade, you can access real-time quotes, read market commentary, screen stocks and ETFs, and manage your accounts all from one place.
Are you looking to diversify your investments? E-Trade allows you to invest in stocks, bonds, ETFs, futures, options strategies, and even 6,500 no-transaction-fee mutual funds. The platform also provides excellent educational resources and support options, covering topics like diversification, technical analysis, and options trading through webinars and online courses from Morningstar.
- Ellevest
Do you want an investment platform that offers individualized plans for your investment and retirement accounts? Ellevest was originally developed to help women close gender money gaps, but it welcomes everyone. Through gender-specific salary curves and longevity data, Ellevest offers tailored recommendations and forecasts to help you meet your financial goals.
While the platform used to offer banking products to new clients, these accounts are being phased out for existing clients. Ellevest still provides a variety of investment services, including rollover services for certain employer-sponsored retirement plans and one-on-one financial planning sessions.
If you are looking for a tool that combines automated investing and retirement accounts with human advice, Ellevest is a great choice. However, if you need features like tax-loss harvesting, joint accounts, or custodial accounts, you might want to explore other platforms.
That’s all for today! We hope you find these options useful and consider downloading the one that best fits your investment goals. Happy investing!
