Top 5 Investment Apps That Are Breaking the Financial Barrier of Trading Stocks
Like a lot of things in today’s high-tech world, trading has become something that people do every day on their smartphones. Regardless if you’re a seasoned pro or a beginner, stock trading apps are very easy to use and provide a full trading experience. For our 2021 review, we took a more detailed look into five different trading apps that have been trending.
1) SoFi
SoFi made the top of the list because of its low fees and the fact that the platform is relatively easy to use. Users can start trading with as little as $1, and there are no recurring monthly fees or commissions on trade. SoFi allows you to invest in stocks and ETFs which are all neatly organized into several different categories. Users are able to pick a category and browse investment opportunities under that category. They can also search for specific companies as well. On the flip side, the app doesn’t provide you with a wealth of educational content, but it’s enough to get you started in as little as a day.
2) Robinhood
Even though Robinhood recently got into some hot water for temporarily stopping traders from selling or buying stocks from GameStop, Robinhood has proven to be a reliable tool for investors who want to avoid trading commissions. Robinhood allows its users to trade cryptocurrency, ETFs, and stocks for free. Users are able to invest in these three different categories of investment options through a smooth mobile interface. Users are able to invest in these three different categories of investment options through a smooth mobile interface making Robinhood a good app for investors.
Users are also able to access any stock’s page by using the search tool at the top section of the screen, which pulls up vital charts and statistics. In addition to that, Robinhood features a feed that collects stories from investment sites and the news such as Tesla earnings date, for example. Many users have also proclaimed that they loved the fact that if you deposit $1,000 into your account, you can start trading immediately.
3) Invstr
Invstr is one of the more popular apps, which have been designed to provide beginners with an easy way to get into the stock market. Many people say that the app is a mixture of learning material, real-life investing capabilities, and a thriving community. The app also consists of a fantasy stock game where you can manage a $100 billion virtual portfolio.
The app also allows you to get investor’s thoughts on stocks and other types of investment. As a new user, you get $1 million in virtual money and you can use the app’s social media news feed to get ideas on what stocks you should purchase. At the end of the month, the top performances actually get real cash. In addition to that, users can purchase fractional shares for as little as 99 cents.
4) Wealthbase
Wealthbase is one of the newer apps on this list, but many experts regard it as being one of, if not the most user-friendly investing app that newcomers can use to get into the stock market. There are two primary things that set Wealthbase apart from its competitors. First, the app combined stock picking with social media, so users are able to see what kind of stocks their friends are choosing as well as to get updates about who is winning. Second, the app runs flawlessly and users report no delays when it comes to loading which is common amongst other types of investment apps.
5) Stockpile
Stockpile is another interesting app that lowers the financial barrier to stock trading by allowing its users to buy fractional shares of companies. As such, users don’t have to spend $1000 for an expensive tech stock. Instead, they can buy a third or a half. While the app doesn’t charge a monthly fee, it does charge 99 cents per trade.
Another cool feature of this app is that it enables you to give a gift card that is redeemable for stock. This feature can be especially useful when it comes to getting a younger relative into stock trading in a fun and creative way. The app even allows kids to track their own investments in real-time and you can create a list of approved stocks that they can trace. The app also lets kids share their own wish list of stocks with friends and family.
