If you have never invested before, starting out can feel a bit nerve-wracking. Though the potential payoff is enticing, as a first-time investor, you may not understand where and how to begin investing. Additionally, the commission fees can throw you for a loop, keeping you from ever getting into the investing process.
For those of us that are newer to investing, there are many ways that we can become a part of it. Read on to find out more about the best investing apps you can use to get started.
Stash will start you off with just $5. Stash will prompt you to fill out a profile paired with historical performance, low fees, and manage risk to determine recommended investments for you to start with. Use Auto-Stash to habitually invest with minimal effort. Additionally, stash provides its users with content that teaches the best tips to help grow your investing knowledge.
Stash starts off free for the initial month, going on to charge $1 a month for Investing account, $2 a month for retirement accounts, as well as a flat fee for 0.25% every year, start when your account hits $5,000. Stash arranges ETFs into easy categories that help you find the companies that mean the most to you.
Acorn is an app that rounds up all of your daily debit and credit transaction, investing your spare change. As you use the app, you may want to invest more using the Recurring Investments, Referrals, Found Money, and One-Time investment features.
Acorn starts at $1 a month with the flat fee of 0.25% every year when your account reaches the amount of $5,000. Acorn is free for the first four use for any college students that have an active .edu email address. With Acorn’s Found Money feature, students will be able to invest as they shop with Acorn partners like Nordstrom, Walmart, and Macy’s.
Robinhood allows you to invest in ETFs, stocks, and many other options for free. With a standard account, you will be able to access instant deposits, nixing the typical processing time when depositing up to $1,000 or selling stocks. With the Gold account, you will have extra buying power, extended trading hours, and larger instant deposits.
With Robinhood, there is no cost when transferring funds or trading OTC securities and US-listed securities. Additionally, Robinhood is a great option for today’s investors as it allows users to buy and sell for Ethereum and Bitcoin.
The Wealthfront app uses software to passively invest for you into 11 ETFs. The PassivePlus feature will use direct indexing, advanced indexing, and tax loss harvesting. Their path tool will help you visualize and plan the future of your finances. This app is free for the first investment of $10,000, climbing up to 0.25% a year with a balance of $500.
Betterment is an app that utilizes the combined intelligence of human financial advisers and advanced software. With this app, users will passively invest their money into 13 ETFs. Betterment will build your personalized portfolio based on specific risk tolerance and goals, automatically rebalancing your portfolio for you. The retired guide will help you work toward your retirement goals. Similarly, SmartDeposit will invest your cash in your bank account.
The Digital plan starts at 0.25% a year with a balance of $0. The premium deposit is 0.40% a year with a balance of $100,000 or more.
After trying out these apps, you’ll see that investing is hardly as complicated as it seems. No matter how much money you begin with, once you start investing, you are bound to see a significant return on your investment in no time.
Davenport Laroche, Headquartered in Hong Kong