The days of taking a trip to your financial advisor’s office and having them explain esoteric economic terms to you while you nod and pretend you understand are long over. Now millennial investors (as well as investors of all ages) can stay at home while they take care of their entire portfolio.
Do you not know the difference between a mutual fund and an exchange-traded fund? You won’t have to worry if you use one of the investing apps on this list. What all of these investment apps have in common is that they are not only intuitive, but many of these apps use “robo” advisors to take much of the anxiety out of investing for newbies. If you have advanced investing knowledge, you can still find a lot to like about these four apps.
Below we have listed the four best investing apps that you can use to invest your hard earned money for free.
When saving their money, the average saver doesn’t care a lot about esoteric investment theory. What these investors want are stone cold results. Betterment’s robo advisors will walk you through the steps needed to get to your goal, whether it’s a vacation, a college education, or a down payment on a home. The app can take your initial deposit, savings, and goal end date and tell you when you will meet your objectives. You won’t have to research your investments because Betterment does that for you. The company minimizes the risk of investors by placing their
money in a diverse class of assets.
This company acts as the standard bearer of low-cost mutual fund investments. When Jack Bogle founded Vanguard in the mid-1970s, he realized that the vast majority of mutual funds with active managers did not beat the market. Bogle then decided to start a company that focused on lower fees.
Mutual Fund and ETF Screener
The screener from Vanguard allows investors to find the exact fund that meets all of their criteria. As an investor, you can choose funds based upon the following factors: minimum deposit, asset class, share class, risk level, and tax efficiency.
Once you find the best fund for your purposes, you can start to invest in a direct manner. You can also use the screener to compare all of your funds to see which one performed better than the others. Vanguard has over 100 mutual funds and ETFs, so this tool comes in very handy.
Yes, Fidelity offers its investors the chance to build portfolios with commission-free ETFs (exchange-traded funds). The company gives its users access to its services through its website and mobile apps. Not only can newbie investors easily use the app, but it’s also really comprehensive. The app includes screeners that give you research and tools that allow you to test your investment strategy. Fidelity’s mobile app also gives you quotes and options trading.
The Robinhood app allows anyone to make unlimited stock trades for free. The app doesn’t even have a minimum deposit. However, if you want to access this service, you will need to install this app on an iPad, iPhone, Android phone, or Apple Watch. The company currently has plans to release a website version shortly. Investors can use the Robinhood app to schedule deposits to their investment account on a weekly, bi-weekly, monthly, or quarterly schedule.