A few years ago, you had to call a stockbroker over the telephone to sell or buy stocks. However, with the latest advances in technology, you can buy and sell stocks in the comfort of your home.
Earlier the process was also costly because you had to hire stockbrokers, who would charge brokerage fees. But now with the new line of stock market apps, you can do almost everything at the touch of a button.
Here’s a look at some of the best in the market:
Launched in 2013, this app is a true pioneer in the world of free trading. It was called Robinhood because users did not have to pay any fees. Today, this platform has nearly 10 million users and is valued at over $7.6 billion.
Robinhood has been known for simplifying the trading experience. It eliminates the hassles and fees associated with trading. It is commission-free and requires no minimum amount of money in the account.
It has an easy to use interface and enables users to even access cryptocurrencies. On the downside, this app lacks options such as retirement accounts and mutual funds. It also has limited customer support service.
Acorns – The best if you want to be hands-off
This app makes investing quite easy. You can round up on daily purchases and even invest funds based on the strategy you have chosen. It was built for first-time investors who did not want to get too involved in the process.
The app makes use of Robo-advisors and has round-up savings, which makes it a very most mobile-friendly option.
Acorns is very easy to use and doesn’t require a minimum deposit. It automatically invests all the spare change in users’ savings, and allows them to make more money.
They, however, charge a monthly fee between $1 and $3.
The app offers value-based investing where what you believe in, and your investments, join forces. It is a great app for beginners and doesn’t require a minimum amount.
It also offers fractional shares, automated investing and round up investing.
Stash, however, charges between $1 and $9 as a monthly fees. Also, the platform lacks guidance from a real human being for portfolio management purposes.
This is a great app overall, and has also recently eliminated its commissions on trades. It has plenty of free educational tools, and passive traders who are willing to offer you a helping hand with trading.
Currently, the app doesn’t charge any commissions on EFTs, trades, and stock options. It also acts as a research tool for people who wish to know more about investing.
It is a high-quality platform with great customer support and access to plenty of investment products.
This app was among the first to introduce the online investing platform. E-Trade is known for offering excellent tools for online trading. With its mobile app, you have a whole new platform to grow your portfolio.
Some of the pros of this app are that it doesn’t charge any commissions for EFTs or stocks, and is creatively designed. Users can easily assess the risks and performance of their stock investment through the app.
The only downside is that it doesn’t offer any research tools for beginners, and their fees is slightly high for specific products. In addition, they do not integrate the accounts with banks, which could make it easy for users to buy and sell.
Stock investment is a great option, but it requires some serious skills to make the most of it. Having a trading app on your phone that you can use to buy and sell, instead of relying on stockbrokers, is the first step towards financial independence.