When you first start looking into investing, it can be a scary endeavor. If you’re unsure about where to put your money, start off with one of these investment apps to get you pointed in the right direction.
If you do not consider yourself very experienced or you’re not very confident in your trading abilities, look no further than Betterment. When you sign up for Betterment, you have to answer a series of questions to determine what your goals are for signing up with their service. Is your goal to create a safety net or build wealth? How about save money for retirement? Once they have your information, Betterment starts building your portfolio, automatically investing your money and monitoring your progress. If you would like to be very hands-off in your investing, Betterment is a great option so you can still have the benefits of investing your money, but not have to worry about it.
Acorns is another app that you set up and then the rest is taken care of for you. For this app, you link your checking account information with the site, and every time you make a purchase acorn will round it to the nearest dollar and put the difference into an Exchange-Traded Fund (ETF) of your choice. Over time, these small increments really add up and whether your new to investing or a veteran, this type of investing is a good idea for anyone as the price per month is minimal and you’ll only be contributing small amounts of money at a time. This app is great for those who would like to start investing but have a very limited amount of money to set aside for investments.
This app is great for teaching you the basics of investing. While Betterment and Acorns are great apps to get your feet wet, TD Ameritrade really immerses you in the investment world. With real-time balances, streaming quotes, market research, and more. A unique feature of this app is their Snapstock feature that lets you take a picture of any item or the barcode of any item and instantly find out the company’s information like their name and any related news associated with them. This feature allows you to seek out and learn new products and companies, furthering your knowledge and helping you be more comfortable in the investing world.
While there are many apps that can help you get ahold of your investments, these 3 are especially great for the first time investors.