So it seems like nowadays, there are hundreds of investing apps and platforms that are just begging for your hard-earned money. We’ve researched and analyzed the most popular brokerages on the market today to give our top two of the best investing apps here.
Let’s get started. We want to first talk about why it’s so important using a reliable app. We’re sure 90% of you all know about the recent wall street bets, AMC and GME historical movement that you may have been a part of.
You may know someone in your life who bought into it, as well. The reason we bring that up is that when Robin hood, one of the brokerages who was under the pdf of business model and they decided to stop all buy orders on these stocks, we learned more about the leaks and holes within a commission-free brokerage like this and how important it is to know exactly who we’re giving our money to.
Not only did this decision cost retail investors potentially millions if not billions of dollars, but it upset the entire world. Visit https://stockapps.com/ to know more about stocks and how you can get better investing in them.
Introduction To Expected Features
To us, reliability, transparency, ease of use, and extra features are all principles we value when considering the best investment service. So, we finally decided to create a list of our top two brokerages that you can check out as well.
Also, keep in mind that each of these apps offers a particular benefit or service that complements one another with all the thousands out there.
We’re going to be explaining to you what they are, what it is, the pros, the cons, and how they all just glue together, so this is just the two you’re going to need to become that millionaire who we’re rooting for potentially.
So let’s get started for our true beginners best investing app. We believe Acorns is one of the best apps to start using today, so we suggest using acorn, and it’s one of the least stressful investing apps to exist on this planet.
So let’s talk about what it is. The pros, the cons, and our official bottom line. So what acorns are, is they use a Robo advisor model to automate savings from spare change. So imagine this. say you go out to chipotle and you end up buying a burrito for ten dollars and fifty cents.
You can set up acorns where you round up your purchases to the next dollar, and they invest the rest for you. So that 10.50 cent chipotle burrito would get rounded up to 11. they would then take 50 cents and invest that into a wide variety of different assets depending on your risk profile for your account.
This is amazing for beginners who want to invest but don’t know or time to start. One of our favourite app features is the hypothetical projection it gives you based on how much you invest today.
This is so important, especially to new beginners, when you’re able to see the long picture and realize that investing is not just this short term short squeeze call that’s going to happen. This is going to be something that you’re doing for the rest of your life, and if you’re able to take a look and take a stand back and see that long-term profile.
Pros And Cons
It’ll help many new investors realize slow and steady may be the way to win the race. We highly recommend this to anyone who is a college student who probably doesn’t know anything about investing. This is such an easily automated service.
Now, look. We know what you’re thinking with an app like this. But, there’s got to be some caveat. Something has to be wrong, and like every good thing, there are some slight disadvantages. So acorn does charge one dollar a month fee to start, but we do believe the one-dollar monthly fee is such a tiny drop in the bucket in comparison to the savings and resources you get with this app, so it’s completely up to you.
The other disadvantage of acorns is that it’s so automated you won’t be able to make those yellow to the moon plays with an app like this.
Our second best app on this list, we have public.com. So unlike acorns, the public allows you to be much more hands-on with your investment. For example, they recently dropped the payment for the order flow business model since the Wall Street bets catastrophe had happened.
So the easiest way for us to explain what the public is is to think of Twitter as having an offspring with Robin hood. This is a platform that allows you to make commission-free trades with no minimum deposit.
All while adding a nice little social media element that allows you to follow and browse other people’s portfolios if you want to. Go on public.com and see what others are trading. You could go ahead and do that as well. The public is free to use and even covers the transfer fees if you want to move your money from other brokerages over to their platform. On top of that, they allow you to buy something called fractional shares, meaning if you can’t afford to buy. For example, Tesla at the 600 per share mark, you can buy a small fraction of it, say you want to buy like a 15-20 amount of Tesla because you love the company, but you may not be able to afford it right now.
Pros And Cons
Public sounds great and all, and we love the social media aspect. But they still have their disadvantages as well. The interface itself seems a little bit crowded. This may be because you have a lot going on within the app.
When it comes to mixing social media elements and putting robust analytics and details from invested companies, we feel like there’s just a lot going on in there, and it just seems a little crowded.
Other than that, our biggest disadvantage and complaint with the public is that they don’t have a desktop or website platform. You can only use this app with your mobile device, which can feel pretty limiting at times other than those picky things. Nevertheless, we believe the public is a great place for intermediate traders. If you love the social aspect, you’ll enjoy using this app.