You probably heard all the commotion about GameStop stock recently and how its value skyrocketed. A group of investors who are part of an investing group called WallStreetBets on Reddit rocked the finance world. In essence, they purchased large amounts of GameStop stock forcing its value to climb. But what’s interesting is that they did it through a mobile finance platform called Robinhood. They weren’t some big brokerage firm or Wall Street experts. They were simply everyday people generally considered to be investment novices.
The truth is Robinhood is just one of many investing apps on the market today that are gaining in popularity. After the GameStop phenomenon, three of the top five apps being downloaded were in the mobile finance platform category. This not only included Robinhood but also WeBull and Coinbase. Today, there are severe investing apps from which to choose, and each has its own benefits. Even if you’ve never invested before or understood how the market works, there’s a mobile finance platform for you.
Why Investing Apps Have Become Popular
While the GameStop stock story encouraged many to download Robinhood, mobile finance platforms were already in-demand. And that’s for good reason. Investing apps have a number of attractive features that appeal to anyone, even a beginner. All have either low fees with some having no fees at all. Likewise, they’re simple to use, streamlined, and can be easily viewed and managed from your smartphone. Also, these finance apps don’t break the bank, often requiring minimal amounts to begin investing. All of these components are why the mobile finance platform has taken off.
Understanding this, each one does exhibit nuances that might make one more or less attractive to a specific individual. For example, if fees and costs are a huge deal, a couple charge nothing to trade stocks or invest. If you’re new to investing, and you’d like support and guidance, several offer research and finance tools to help. By examining these aspects, you can choose the mobile finance platform ideal for you in pursuing key financial goals. (Must read Project Bold Life article: 10 Financial Goals Worth Accomplishing in 2021!) With this in mind, the following are five investing apps to consider if you’re thinking of getting in the finance game.
- Robinhood – Without a doubt, this mobile finance platform has received the most attention as of late. Remarkably, it is one of the investing apps that offer full-service trading of all kinds of stocks. It even allows people to trade in cryptocurrencies like Bitcoin. One of its most attractive features, however, is its lack of trading fees or commissions. Plus, it’s free to set up an account, and the app provides automated news and notifications. In terms of its shortcomings, Robinhood doesn’t offer many research tools for the novice investor. Thus, it tends to be for those with at least some knowledge of basic investing.
- Stash – The mobile finance platform has a pretty cool name, and it’s quite popular among investing beginners. When setting up an account, the app asks a few questions about the level of risk you prefer. It then makes specific recommendations about which stocks to purchase. Stash also provides its users with easy-to-read investment summaries and prides itself on educating novice investors. Investors can invest $5 or less when buying many stocks, and it’s one of the least expensive investing apps. Users can pay as little a dollar a month for basic access up to $9 a month for premium services. If you’re just starting out investing, Stash may be for you.
- Acorns – If you’re looking for creative ways to save and invest, Acorns is a great mobile finance platform to consider. By setting up an account, Acorns rounds up your debit/credit card purchases to the nearest dollar and invests the difference. Once you set up your preferences, everything then becomes automated. Plus, setting up an account is easy and fast, usually in less than 5 minutes. Like other investing apps, Acorns has a similar fee structure. You can choose to pay a dollar a month for basic services or pay $5 per month for extra investing options. For the investor who enjoys automated management, Acorns is an excellent choice.
- Betterment – Among investing apps, Betterment has been around the longest. Its mobile finance platform offers rich research tools to help you better understand investing. Betterment also offers some unique options like socially responsible portfolios. In essence, these are stocks that are highly valued based on a company’s community outreach programs and policies. Similar to other investing apps, Betterment provides automated advice based on your investing risk preferences. And it is inexpensive charging only $2.50 for every $1,000 invested. This platform is popular among investors who enjoy learning more about investing.
- WeBull – In recent months, WeBull has become one of the most downloaded investing apps among new mobile investors. Interestingly, the company began as a research and analytics firm. This allowed it to have an advantage over other apps in terms of the types of tools and supports it offers its users. Except for cryptocurrencies, WeBull offers broad investment opportunities similar to Robinhood. Plus, it also does not charge commission fees or account setup costs. For an investor who wants to improve their investing skills, WeBull has much to offer.
A Great Time to Start Investing
During the pandemic, many people started thinking about trying investing apps as part of their new habits during lockdown. Mobile finance platform options offered a great way to get their feet wet without spending much money. As a result, millions learned how easy these new apps are to use. With many having built-in automation, even those with little interest in following their stocks can participate. It’s therefore not surprising that investing apps have increased in popularity and appeal. No matter what type of investor you are, from new to experiences, there’s a mobile finance platform for you. It’s quite clear that you don’t have to be a finance guru to reap the benefits of investing today.
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