It’s a dangerous business, Mr. Frodo, to invest. You enter the market, and if you don’t keep your footing, there’s no telling where your money might get caught.
While Gandalf may have had great advice for a life of adventure, investing is not the most developed concept in Middle-earth. Lucky for you, we’ve put together a list of the best apps to invest in on the go.
If you’re just starting out and want to get your feet wet without shelling out big bucks amid the volatile stock market, these apps are the best places to look.
Acorns is a “microinvesting” app that works with your change. Literally. When you make a purchase, Acorns rounds to the nearest dollar and invests the difference. When you drink a cup of coffee on your way to work in the morning for $2.15, Acorns rounds the purchase up to $3 and invests $0.85 in your portfolio.
You can then choose from five different portfolio configurations, from conservative to aggressive. A conservative profile means your funds will likely grow at a slow pace, but in more stable and reliable accounts. A positive profile means there is more risk of loss, but also greater risk of growth. Choose the one you feel most comfortable with and see the results.
Acorn was designed as a mobile-first app, but a portal has become available to anyone who prefers to use the internet on a mobile device. While it’s not free, Acorn is affordable—$1 per month for all accounts under $5,000 and then 0.25% of the balance per year for accounts over $5,000.
Stash has the same pricing structure as Acorns, it doesn’t automatically invest for you. Stash provides users with educational content tailored to their investment preferences.
If you’re just starting out, all the jargon and acronyms can be overwhelming. While you won’t get an in-depth analysis of all the potential companies you might invest in, Stash helps you make sense of all the phrases.
You can choose between a value-driven portfolio or build your own custom portfolio. Once you’ve done that, you can set up an “Automatically hoard” option for recurring investments to create a sort of automated system based on your end goal.
It won’t take your time, but Stash gives you the resources and information you need to get started in a world that can often be a confusing one. Stash is available on both iOS and Android devices.
3. Robinhood (Website)
One thing you should know about investing: investing costs money, but trading stocks costs money. There are often brokerage fees involved in moving around your stocks, which can eat into any potential profits you make from their growth. Robinhood is a completely free app that allows you to trade stocks with no fees.
Of course, you can only trade during certain hours, but you can extend that time by subscribing to Robinhood Gold, a subscription service that gives access to more features than the standard app. basis.
This may sound too good to be true, but Robinhood as a company is designed for minimal costs. This means that their costs are low and they can pass those savings on to their users with no brokerage fees. The app may not teach you how to invest, but if you know what you’re doing, it’s a great way to move stocks without the usual costs.
4. Ally Invest (Website)
Ally Invest is the investment arm of Ally Bank, a low-total online-only organization that caters to those looking to keep their costs low. It’s a popular platform with day traders, but it’s also a great way for those just starting out. The cost per transaction is $4.95, but there’s no minimum account to worry about and there are plenty of tools to help you through the process.
Ally also offers educational resources to help you learn how things work. It’s a great option for DIY investors. All ETFs are commission-free, but you will see a small fee for mutual fund transactions.
You should also know that Ally Invest doesn’t have automatic investment options or rebalancing — everything is done manually, but it helps you learn more about your investments and portfolio.
If you’re completely clueless about investing, Ally Invest might not be the best choice – but if you’re willing to learn and educate yourself on what it all means, it can be a powerful tool. powerful for you to grow your wealth over time.