The ability to manage your money is one of the most important skills you can have in life. A key aspect of proper money management that is often overlooked by most people is investing. The right investments can help you sustainably grow your money over time, but many people forgo investing because they believe it is too hard. That is simply not the truth. The invention of the smartphone allows you to handle all of your investments from any location. These are the four most popular investment apps.
Making money on your investments requires a lot of important research. This can be extremely time consuming and difficult if you are new to investing. The experts at Merrill Lynch will gladly share their research with you after creating an account. They also have some of the lowest brokerage fees available right now. If you are currently a Bank of America customer, then you can seamlessly transfer money between accounts in a matter of seconds.
You Invest is an app created by JP Morgan to help new investors grow their portfolio. You Invest is extremely easy to use, and it gives detailed instructions on how to buy and sell investments. Since the app is designed for beginners, there is no minimum account balance, and they will not take commissions on trades. You Invest will also integrate directly with your Chase bank account.
SoFi Active Investing
One of the biggest drawbacks of buying stocks is the huge investment required to buy shares. This is not an issue with the SoFi Active Investing app because it allows you to buy fractional shares. This makes it possible to start investing without risking a lot of money. The app even provides free financial counseling to help you find the best investments for your needs.
If you are looking for an investment app that is completely free to use, then Robinhood is your choice. You will never have to pay fees or commissions on your trades. It is also one of the rare investment apps that lets you trade cryptocurrency. While the Robinhood app is very easy to use, you will not find any special tools or research to help you make decisions.