As technology has improved, many aspects of life have become easier. One of those aspects is investing. In the past, you likely had to get on the phone with a financial advisor and then patiently wait until a quarterly report arrived. Today, most of that can be done with a few taps, right on your smartphone. You can receive a tailored portfolio, trade your own stocks, check your portfolio’s performance and shift money around amongst other things without ever having to deal with another person. With so many companies creating their own investing apps, it can be hard to weed through them all, so let’s take a look at some of the popular investing apps for everyday use.
Robinhood
If you’re looking to pay as little fees as possible, Robinhood is the app for you. This app takes out no commission fees and has a $0 minimum which means it cuts out most of the costs that investing apps usually come with. Robinhood does have a few caveats though. The app doesn’t offer retirement accounts or managed portfolios of any kind, including mutual funds and bonds, meaning that investments made through it must be self-managed, as well as being taxable. If your primary focus is low cost investing, and customer service is not very important, Robinhood may be a good choice for you.
Round
Round is a great app to check out if you’re looking for high-end investment management. Round uses automated questionnaires to generate its users’ portfolios and then works with fund managers such as Guggenheim Partners or Doubleline in order to provide individual investors with access to institution-grade investments. These institutional managers rely on alternative assets and strategies, such as asset-backed securities and merger arbitrage. You do have to pay a 0.5% management fee, no matter what the account value is, but Round waives its monthly fees in the event of negative returns, which makes for a nice perk.
Stash
If you’re a beginner, Stash is a great app to try out. Stash particularly stands out when it comes to its account options. There are multiple tiers with the entry tier of $1 a month getting you a basic brokerage account and online banking account. With a $3 monthly fee users get brokerage, bank, and retirement accounts as well, and with a $9 monthly fee, the user will receive two custodial accounts, monthly investment research, a stronger rewards structure, and an upgraded debit card. Stash only asks for a $5 minimum order to open an account with them, and Stash allows users to purchase fractional shares in stocks and ETFs. The one downside of Stash is that it only offers about 150 stocks and 60 ETF options.
TD Ameritrade
TD Ameritrade is another app that doesn’t require a minimum investment, but it does charge $6.96 per trade. If it’s so expensive, you may be wondering why it made the list, to begin with. It’s because this app’s asset options and customer support are top tiers. Traders are given the option to choose between stocks, bonds, ETFs, mutual funds, and much more. If assistance is needed in any capacity, the app provides 24/7 support via phone, text or instant messaging. Beyond that, you can also stop into one of TD Ameritrade’s physical locations, if you’re located near them.
It’s worth noting that there are countless apps beyond the ones that have been mentioned here. There’s never been an easier time to get your feet wet in the world of investing, so try out one of these great apps or one of the many others, and you’ll be investing with ease in no time.