Investing in the stock market is intimidating to a lot of people. With jargon that gives everyone but financial experts a headache and exorbitant brokerage fees, most folks would rather ignore it entirely. Most people view the stock market as something entirely foreign. The idea of taking one’s hard-earned money and investing it into something entirely intangible is a frightening prospect.
Fortunately, technology has lowered the barrier of entry, making investing accessible to everyone. Making your money work for you is the best way to grow wealth. What are you waiting for? Grab the apps below and start investing!
Want to invest in stocks but don’t want to invest time learning the nuances of the stock market? The Acorns app is for you. Acorns aims to demystify investing by automating the process. First, users link up a credit card or checking account to the app. Whenever a purchase is made the app rounds up to the nearest dollar and invests the difference.
Acorns makes investing incredibly easy and relatively painless. It allows users to automatically invest their spare change, reducing the learning curve and sting of a larger investment. Overall Acorns is a great way to get started in investing, just don’t expect it to set you up for retirement.
2. Stock Trainer
Want to test the waters of the stock market without the risk of losing any real money? Luckily Stock Trainer allows people to try before they buy. Users will be able to play a simulated version of the actual US stock market using virtual money.
Although the money may be fake, the virtual market is updated with real life data. This means users can test their strategies and learn market nuances without any of the risk. Therefore Stock Trainer is perfect for beginners looking to get their feet wet.
Traditionally, investing in the stock market required hefty brokerage fees, a deal breaker for most. Robinhood has eliminated the fees long associated with trading stocks. As a result the app allows users to buy and sell stock, all without commission fees. In addition users can monitor the market, build a personalized stock watch list and access market data.
4. FRED Economic Data
No savvy investor dumps money into stocks without doing a little research first – luckily FRED has your back. Short for Federal Reserve Economic Database, the app features 40,000 different data sets from 37 sources. Investors can use this data to research the performance of a company and look at past trends. Additionally FRED allows users to make custom graphs and save their favorites for quick access.
Essentially a social media app geared toward the stock market, StockTwits is a valuable tool for any investor. Users will be able to follow market analysts and hotshot investors to gain insight on stock trends. Furthermore, StockTwits allows users to connect with other investors and traders to collaborate and ultimately make better investment decisions.
There are many apps available for Android that help first time investors and pros alike make better financial decisions. Do you use any of the apps mentioned above? What investment apps do you use? Let us know in the comments!