The 5 Best Apps for Investing: Good opportunities and managing your money

Best apps for investing – If you’re interested in managing your wealth, putting your money to work for you, or earning more income than what you’d get with a savings account right now, you should look into the possibilities offered by investing apps.

Money may be invested in more places than simply traditional retirement accounts or Wall Street. Contrarily, as the GameStop episode showed, retail investors now wield significant power as a group in the stock market.

Even while “meme” stocks might be rather dangerous, there are other options. Instead, you may use a mobile investing app to keep tabs on and manage your normal transactions, such as stocks, mutual funds/ETFs, ISAs, SIPPS, and other pensions. The choice to manually manage your stock portfolio is optional.

Top 5 best apps for investing

Best Apps For Investing
Source: freepik

1. Fidelity

Top-tier Financial Planning Software

Benefits include: no monthly fees or minimum deposit requirements

Whether you’re a seasoned investor or just starting, Fidelity is a great choice. The mobile app for iOS and Android from the broker allows users to browse stocks and shares individually or in packages like ESG funds and index funds. Fidelity provides ordinary investors with no-commission trading of ETFs and shares, in addition to helpful news feeds and a goal planner.

  • Finance instruments
  • A simple, transparent pricing system
  • Experiencing a steep learning curve

2. Nutmeg

It’s ideal for retirement funds, ISAs

Portfolios are handled daily

For a long-term financial strategy, I recommend opting for an ISA. The Nutmeg app is used by approximately 185,000 people in the United Kingdom to manage their RRSPs, ISAs, and other retirement savings. Individuals can determine their risk tolerance, investing preferences, and other aims. Your financial resources might also be professionally managed if you so want. Nutmeg allocates capital via index funds, exchange-traded funds, country, and industry.

Management, ESG, and fixed-allocation portfolios all have different fee structures.

  • Investors might choose to have their investments handled professionally.
  • Under the supervision of the Financial Conduct Authority
  • User-friendly
  • It takes a sizable initial investment (£500) to start a new Individual Savings Account.
  • Fees

3. Robinhood

Ideal for small investments

Advantages: Low initial investment is required

Robinhood is a unique alternative since it allows customers to buy fractional shares and has access to a large selection of stocks. Let’s say you only have $5 to invest; you could purchase a tiny piece of a stock that costs a lot more than $5, or you could put that money toward a unit in an exchange-traded fund (ETF) and invest it gradually over time.

Margin calls and cryptocurrencies are two more areas you may investigate with a bare minimum of one dollar.

Remember, too, that Robinhood’s platform has been the subject of criticism, most notably for the company’s handling of the GameStop share ramp.

  • Investing at any fund level is straightforward.
  • Shares can be purchased in decimal increments
  • This is a major setback for user confidence.

4. eToro

Perfect for diversifying your coin holdings

Advantages: One-stop-shop for trading stocks and virtual currencies

Marketed at the “social” investor who seeks to mimic the actions of other traders, eToro allows users to “copy” the trades of others they like. The broker features transparent pricing and allows customers to buy fractional shares, however, the app is perhaps more focused on providing both stocks and cryptocurrency, therefore the stock selection is restricted.

Bitcoin (BTC), Ethereum (ETH), EOS, and Dogecoin are just some of the cryptocurrencies that users of this program may buy and sell (DOGE).

Ten dollars is a good place to begin.

  • Zero percent spread, partial ownership
  • Allows use of many cryptos
  • Investing in stocks and ETFs is mostly limited.

5. Ameritrade

This option is ideal for savvy traders

Components: Comprehensive Market Research and Resource Materials

If you’re an experienced investor looking for a brokerage app with access to in-depth market research, news, and movement charts, TD Ameritrade’s offering is a great choice. The software allows users to set real-time alerts and watch lists, as well as access stocks, options, and ETFs.

Ameritrade now offers commission-free and commission-light stock trading. However, fees may be included in investments such as those involving a broker, options, or futures.

  • Market data and analysis in real-time
  • Open and honest pricing
  • There is no minimum balance requirement for the account.
  • A severe learning curve may be encountered by novices.
  • There shall be no halves or thirds.

Which mobile investing app do you recommend the most and why?

When it comes to brokerage applications, we think Fidelity is the finest option. The platform has an accessible and straightforward price structure in addition to helpful tutorials for newcomers and advanced market research and interesting features for seasoned traders.

Investment appBeginner friendly? Android and iOS? Fees?
Fidelity YesYesYes — but generally commission-free.Fees are applied to bonds and options.
NutmegYesYesYes — Various
RobinhoodYesYesYes — but commission-free
eToroYesYesYes — 1% in crypto trades; Various
AmeritradeNoYesYes — but commission-free; Various options, broker-assisted trades 

Which investing app is best for you?

When settling on an investment app (or apps), there are a few things to keep in mind. Keep in mind that all investments carry risk and you should only invest what you’re comfortable with outside of necessary expenses and general savings, whether you want to strike out on your own as a beginner and learn as you go, explore cryptocurrency trading, or want a service that offers to manage your portfolio.

Choose this investment app…If you want…
FidelityA feature-packed trading app for the long term 
NutmegManaged savings/investment
RobinhoodInvestment on a budget
eToroTo explore cryptocurrency 
AmeritradeAccess to in-depth market data 

Just how did we settle on these specific financial app options?

Modern mobile applications are made with simplicity and efficiency in mind, making them ideal for usage on smaller displays. We picked applications with a history of success across the most popular mobile OS ecosystems, as well as apps that provide at least some access to a wide variety of trades, funds, and investment options. We made sure there were both beginner-friendly and advanced trading applications available.

How should novice investors get their feet wet?

In this era of meme stocks (the rapid rise of stocks like GameStop), cryptocurrency, and NFTs, it’s easy to get swept away by the promise of ten baggers, get-rich-quick punts, “just buy my course for $5000 and make $100,000 in a week on the stock market” shills, and signing up for investments without first doing adequate research.

The stock market is inherently risky, so it’s not a good idea to invest more money than you can afford to lose. If you’re feeling overwhelmed by the prospect of investing in stocks and shares on your own, managed accounts, trackers, index funds, and exchange-traded funds (ETFs) that eliminate the need to pick individual equities may be good places to start (at a cost, of course).

The number of stocks you should own is:

Holding a wide variety of investments in your portfolio is usually a good idea. Taking this precaution might lessen the likelihood of suffering a complete financial loss in the stock market. You may reduce your “over-exposure” to any one sector, industry, or country by spreading your investments around (even if they’re all in the same mobile app).

Beyond what you’re at ease with, there is no “ideal” amount. The sweet spot’ for beginners is said to be between 10 and 15, while 20 to 30 is considered the normative range for ease of use. Your risk tolerance, the length of time you want to own equities, and the amount you can afford to invest all play a role.

To what extent must I report my investment income?

Paying capital gains tax is a standard part of investing in stocks and shares; this includes dividend income earned on investment money, which must also be recorded on tax returns. It’s possible that you can write off your losses.

Depending on the type of account, you may be subject to different tax regulations. For instance, a pension account (like a SIPP/IRA) may necessitate a draw-down and tax liabilities that only hit after you can access the funds, while a UK stocks and shares ISA allows you to contribute up to £20,000 per year tax-free.

Also read: best app for tracking investment