A good finance and investment app can help you handle your everyday finances, track your savings and various investments. In addition, these excellent apps can facilitate easy stock trading, track your trading account in real-time, and educate you about the market. Because of their high utility, investment apps are becoming increasingly popular. Here are the top five investment apps that you can download on your phone and manage your investments. Read on to learn more.
If you need an application that can be your perfect Robo advisor, then Betterment is the app for you. It is an excellent application for someone who wants to be hands-on with their investments at all times. Advanced investors also get an option to personalize the app via flexible portfolios.
The portfolio is composed of diversified, low-cost ETFs. However, Betterment does not allow the users to shop for individual stocks or invest in individual funds. You do not need to maintain any minimum balance, and the annual fee is as low as 0.25% of the fund balance. If you hold a balance of 100,000, you can even upgrade to Betterment’s premium plan. This will give you access to real-life financial advisors for only a small fee of 0.4% of the fund balance.
If you are a beginner, you may want a simple investment app. So, Ally Invest is the perfect platform for you. The app allows you to trade ETFs and stocks without any commission, whereas mutual fund trades attract a fee of 9.95 USD. In addition, there is no requirement to maintain a minimum balance, and there are no recurring fees either. The app is powered by Ally Bank and is very easy to navigate. However, it does not have too many savvy features. But, it has everything that a beginner or a passive investor needs.
Today, investment applications are more like Robo advisors. The Round app utilizes an automated questionnaire that can generate the users’ portfolios. Moreover, the app works with fund managers, such as Doubleline, Guggenheim Partners, and Gabelli to offer individual investors access to institution-grade investments. The platform’s institutional manager is more inclined to alternative strategies and assets, such as real estate, asset-backed securities, and merger arbitrage. Regardless of the account value, the platform charges only a 0.5% management fee. In case of a negative return, the monthly fee is waived off.
Thanks to M1’s commission-free investing, automatic deposits, and ability to invest in fractional shares, it has become a favorite of many. If you need an app that allows you to maintain and create a free but diversified portfolio of ETFs and stocks, M1 Finance is the app for you. It is suitable for active and passive investors seeking fractional share investing, fee-free trading, or personalized portfolio building. However, its guidance and research features are not as robust and intuitive as the other options.
Acorns is an incredible investment application for someone who knows they have to invest but do not have the time to manage it. The fee is only $1 monthly. The platform will cater to all the requirements, such as investing spare change via transaction round-ups, managing a fully automated investment plan, and automated transfers. One of the biggest pros associated with Acorns is that it is very elementary and intuitive. However, it charges a fee. Of course, shelling out $1 per month is not a lot, but this might seem like a huge percentage for someone with a low account balance. For instance, if your account has only a $100 credit, and you pay $1 every month, then you are paying 10% annually. More so, if you need additional features, such as retirement accounts, you may have to pay anywhere between $3 to $5 per month.