There are several new apps for stock trading directly from your mobile device. A few of the most popular ones are Robinhood, Acorns, and Stash Invest. They are all available on Android and iOS. Let’s take a look at some of the best stock trading apps.
Robinhood is known for its easy to use interface and award-winning design. It has won awards in both the Google Play Store and the Apple Store. Other pros of Robinhood are that it doesn’t require a lot of money to get started with trading. Once you make money through the app it is easy to transfer from the app directly into your checking account. On the con side, having to wait till your earnings are listed as settled before you can transfer them to your account can cause key opportunities to be missed. If you want to reinvest and you have to wait 3 days for your earnings to post, you may miss something. Many of these stock trading apps work in similar ways. There is a good how-to article with screenshots on businessinsider.com.
The Acorns app is based on investing spare change. When you make a purchase using your linked checking account, the total is rounded up to the next dollar and used to invest. There are only 5 portfolios to choose from, though. The fees are relatively low at $1 a month for accounts under $5000 and .25% for those over $5000. Depending on how much you make though the fees can be high. If you are not making more than a few dollars a month then the $1 a month fee can seem kind of steep.
With Stash Invest, you can start investing with as little as $5 in your account. The site allows you to choose your investment options but will give recommendations. Stash Invest gives the choice of 30 or more investments. Their fees are the same as Acorns’ fees.
When choosing a mobile app to use for investing, be sure to read the fine print on fees and disclaimers. It’s a good idea to read through the app store reviews as well.
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