Looking to make a bit of extra cash from the comfort of your own home? Investing has never been easier thanks to apps making what we think is complex on wall street a piece of cake. So if you’re looking for the best investment apps to try in 2020 here’s a look at 5 that all have a different way of making you money, and don’t worry, you won’t have to break the bank to get started.
Acorns – Worry-Free Investing
While Acorns is certainly one of the older choices of a new form of investing it’s still one of the most popular. Because of its simplicity, Acorns is a choice that requires little maintenance and knowledge to get started with. Its cost is very modest at $1 per month, and even offers sustainable and ESG portfolios. You can get started with any amount you desire so you can get a real feel for the investing lifestyle. Another big perk of using Acorns is that you get automatic savings while your spending so you don’t need to worry about adding more to the account.
Robinhood – Fee Free
If you’re looking to settle into trading without paying monthly fees then Robinhood should be your first port of call. The app enables you to trade stocks, ETFs and cryptocurrency all for free all using the user-friendly mobile interface. It’s a stripped-down interface as you can imagine a free app would be, that gets any novice into trading and after a while, you’ll fancy yourself as a pro.
Wealthbase – Social Experience
A very new option to the world of online trading, the Wealthbase investment app may well be the most user-friendly option to try. The app encourages you to integrate it with social media, as well as add a little healthy competition between friends to gain the most income from their trades, whether you set the goal to a month, week or even a day, you’ll find this platform for trading is almost like a game.
Betterment – Low Cost
Another new app to the contender list and this one comes with very low costs. It’s essentially an artificial intelligence that helps you pick the right investments, for a fee. But at just 0.25% this competitive rate is much cheaper than the management fee that would normally come with a financial advisor. With the added bonus on no account minimum, Betterment also allows you to set goals such as retirement and safety nets.
Invstr – Invest & Learn
If investing from your couch is just a stepping stone, or you’re really wanting to know what you’re doing while investing then Invstr is the best learning app. If you’re worried about investing real money during your phase as a notice, then this educational app also has a built in-game where you can assist in managing a $200 billion virtual portfolio. Youll have $1m in virtual money to invest and learn and you’ll also have access to a social network for trading to find and source ideas with your money. All this is done with a step by step guide to get you going and feeling confident for when your first investment comes.
It’s worth testing the water with a few of these apps before you really get going to find the one you’re most comfortable with. With the latest advancements by app developers, you’ll find these apps are continually improving to enhance your experience too.