If you’re a first-time investor and you just joined Investors Hangout you must be eager to access information on how the stock market is performing. With the advent of smartphones, you can now easily access your investment portfolio thanks to personal finance apps.
The best investment apps right now feature user-friendly interfaces, investment research tools, low cost, data, and financial help. Every investor should have at least one app to help him learn when to invest and what to invest.
Here, we will look at the five best first-time investor apps to ease your investment journey which can be overwhelming when getting started. First, let’s look at the benefits and drawbacks of favorite investment apps in the market right now.
- Excellent tool for beginners with practical investment tactics
- Some apps feature low investment amounts to get starts making them the best for low-income earners
- Some apps like Twine will help a couple save towards a joint goal
- You can sync all your investments into one app
- Most are free to download
- They offer customization on the types of investments you want to undertake
- Limited investment options available with most apps
- Apps with more features are expensive for beginners
Now, let’s dive right into seeing which apps are the best suited for beginners.
Investment apps That Are Most Suitable for Beginners
The Motif is an exclusive money manager app that helps you to invest thematically in ‘motifs.’ Each motif comprises of 30 stocks that allow you to purchase all the stocks for $9.95. The app will also allow you to trade on an individual basis while the ‘Robo-advisor’ allocates your money based on various factors like age, income and risk tolerance.
SigFig is an excellent app for beginner investors that offer customized portfolios at no extra cost. The apps feature an investment advisor for a simple and straightforward process. Besides, if you don’t want to use the app to invest, you can still keep track of all your investments with a featured portfolio tracker.
Acorns is another excellent robot-advisor investment app for beginners that gather your loose change and invest it in an account. In comparison to most apps in the market, Acorns is more affordable with a simple investment process.
Bloomberg investment platform is a powerful source of information that a beginner investor can make use when deciding on which investment options to choose. This app features some investment levels that allow you to grow that are both customizable and provide approaches to finance. Standard Bloomberg is a free tool and the most suitable choice for a first-time investor to use.
If you’re looking for a platform that will allow you to link your brokerage accounts and help you make investment decisions, then we’d recommend Yahoo Finance app. In addition to this feature, you will have access to financial information which is comforting to a beginner.
The best apps will give you a combination of investment research, financial help and user-friendly interfaces that make it easy to make smart investment decisions.