Investment apps provide a low-cost way to manage a portfolio, with some offering access to financial experts and market research. They can also offer educational tools to help you grow your knowledge of investing and personal finance, along with the ability to integrate with other financial accounts like banking, budgeting and financial planning.
Choosing apps for investors understanding your goals and establishing what level of risk you’re willing to take. For example, some apps allow you to invest in individual stocks or ETFs, while others specialize in automated robo-advisor services. You’ll also want to consider your investing time horizon, with some options supporting shorter-term investments versus longer-term ones.
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The best apps are easy to use and offer comprehensive market data, including earnings reports and expert analysis. They may also have charting capabilities, stock screeners and other tools to help you find the right assets for your portfolio. They typically support multiple account types, including traditional brokerage accounts and retirement accounts such as traditional and Roth IRAs, custodial accounts for children and college savings accounts known as 529 plans.
Some apps, such as Acorns, are geared towards beginners and make it easy to get started by automatically rounding up spending and investing the difference in a diversified portfolio. Public, a commission-free app popular among millennials and Gen-Zers, places an emphasis on social aspects of investing by allowing users to share their portfolios, participate in live investment events and interact with corporate leaders through virtual “Town Hall” meetings. It also offers a wide range of assets, from individual stocks and ETFs to alternative investments such as art and sneakers.