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Robo Advisors: 5 Benefits Of Using Investing Apps
Investment and stock market options may appear quite complicated to get into. On the other hand, investment apps get your finances organized, move your money into investing accounts, track how you spend, and can handle everyday financial tasks. There are numerous investing apps found on the internet that you can choose from to suit your needs.
If you have an interest in making money, here are the benefits of using the investing apps:
1. Simple To Use
Unlike before, where you needed to call an agent to open an account for you, it’s very different nowadays. These days it is possible to set up your account in just a few minutes. You can also
track your investment progress and review your options.
The money you invest is placed into a portfolio of ETFs, known as Exchange Traded Funds, based on your chosen risk level. You can also check your earnings. Besides, investing apps can project your yearly revenues if you continue your contributions on a monthly basis.
Investing apps like Acorns and Betterment are beneficial because they’re all automatic. You may need to compare investing apps like Acorns vs Betterment before setting up frequent account
transfers to discover which one is more favorable for you.
For instance, some investing apps allow you to invest spare change by automatically rounding up all the transactions you make on your credit or debit card to the nearest dollar. This is called the ‘round-up’ system. Then, you can invest that difference into one of the ETF portfolios.
Moreover, investing apps are smart enough to automatically limit the amount you’re investing. Some are even free, while others charge you when you exceed the limit of the free amount invested.
Lastly, while investing, you can also have automatic savings provided by the investing apps. As a result, you can save more for your retirement fund.
2. Convenient Trading
Not only are investing apps automated, but they are also convenient. Because financial planning and stock market trading are now updated according to the digital age, using investing apps allows you to access such digital information and activity. Thus, you can trade cryptocurrency and stocks for free, especially for startups in trading.
You can opt for investing apps with free trading commissions. One of the great features of these apps is that they keep you updated on your trading. That’s mostly because you can quickly receive and read financial or investment news in such apps.
Also, trading is as easy as entering the number of shares to buy or sell. Just enter your order, and it’ll be on its way. But to start trading, you must first deposit an amount of USD 1,000 as initial funds.
3. Low Fees On Small Accounts
What’s even more significant when using investing apps is the fact that they have smaller fees. The smaller you trade, the lower the fees that the investing apps will charge you. So even if you’re only starting with a thousand dollars, it’s fine as the fees depend on how large your account is.
That’s why investing apps are great tools for newbie traders. Some investing apps are also great for micro-investing. They give a chance to people with limited incomes for investment. As an
example, you can get a meal or restaurant discounts through these investing apps. By optimizing these apps, you can reach a percentage of a specific type of purchase every time you use your
debit card. In return, the investing apps can give you up to 5% of the price for your bill in restaurants.
4. Professional Portfolio
When investing, it’s also vital to make a professional portfolio, and one way to do this is to use investing apps. Because these apps help you set goals on what to invest for, you’ll surely grow your account.
Some apps can even provide you safer, professionally managed portfolios. They do this by using the ETFs, or Exchange Traded Funds, wherein you can get the latest price of each share. Also,
by using them, you can minimize your risk of losing money.
5. Fun Investing
By combining community and real-life investing in an app, some investing apps let investors have fun while investing. For instance, they offer a combination of a fantasy stock game with access to other investments and investors’ ideas on stocks. Moreover, you can also expect assistance in managing a virtual portfolio.
Thus, investing apps help you in sourcing ideas through their news feeds and social networks. Getting involved in fantasy games can give you virtual money of up to a million dollars. Also, you can even win cash if you’re one of the top performers for each month.
Conclusion
Investing apps are so helpful that they allow you to invest your money independently based on your income. This is substantially less costly than paying for a traditional financial adviser or
stockbroker. With just the aid of your phone, wifi and bank account details, you can download your chosen user-friendly investing app and start investing.
It’s simple to use, and you can build a professional portfolio even with a minimum account. Moreover, you won’t have to suffer high-priced charges when investing. As these apps offer news tips, social networks, and information about investing, you can even learn how to trade. Since you can do it anywhere and through mobile phones, investing and trading becomes much more convenient.
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