Personal wealth seems to be one of the top concerns nowadays. People are looking for ways to save money and build their worth so that they achieve financial stability as fast as possible. More and more of them are turning towards investments, be them real estate, micro-investments, stocks, or forex.
But as technology is moving forward, so is the investment field, so developers are working harder and harder to provide investors with new and innovative ways to develop their career. Financial apps are at their prime, aiming to help investors manage their budget, make educated decisions, and trade even while they are on the go. Below is a list of 7 apps that every reputable investor looking to grow his wealth should have.
Everybody knows who Robin Hood was and how he lived his life stealing from the rich and giving to the poor, but nowadays, the name means more than a legendary hero. Robinhood is a free trading app, aiming to give anyone who is interested in trading a place to get into the stock market.
The app charges no fee or commissions for trading, and both the website and app are extremely easy to use. The only thing you need to do is download the app, link it to your bank account and start funding your trading account. From then on, you can start investing. Some features, such as margin borrowing, are indeed only available to Gold users, for which you will have to pay $5 per month, but most other features are free and ready to use.
Let’s say that you do want to invest, but you don’t have the time to study the market, spend hours on trading platforms, and read the news. In this case, Acorns is the best app for you. The app works on a quite simple rule. You link it to your credit or debit card and, for every transaction you make, the app will round up the amount for you, to the next dollar, and start investing the change. For example, if you spent $23.44 on your groceries, the app will then take the remaining $0.56 and invest them for you in one of the five available ETF portfolios.
The app comes with extremely low fees, only 1% per month for accounts that have a balance lower than $5,000 and a 0.25% fee for bigger accounts. For students with a .edu email, the app is free to use for up to 4 years.
MetaTrader 5, or MT5, is an app that was initially built just for Forex traders, but now supports Futures, Stocks, Bonds, and Options as well. The app gives traders a way to connect with forex brokers offering stock trading, as well as forex only brokers and also serves as a research platform for traders to stay up to date with the news.
The platform is free to download, but does require you to purchase data feeds in order to use it. The app also allows traders to create, use, test, and buy trading robots, and use them for help. Here, traders can see charts and technical indicators, as well as subscribe to news sources and receive real-time news regarding the market.
Weatlhfront is oriented more towards college students who are looking for a way to save money to put themselves through school. The app provides all its users with the means to view their finances and investments at any moment, to make it easier for students to set some money aside.
Based on the risk profile and financial goal of every user, the app helps them find the best financial strategy that suits them, with the help of finance and investment analysts. You can decide between 11 ETFs, and once you start putting money into a particular fund, the app uses its technology to recommend strategies and allocate funds. Wealthfront is free of charge for the first $10,000 in assets and charges 0.25% of total assets after the limit is exceeded.
Marketwatch is an app that aims to gather all-important news in the financial industry in one place. It is extremely useful for those looking to better their investment strategy and keep up to date with stock market news wherever they are. The app and website combined have over 19 million unique visitors every month, making it one of the most-visited business websites.
You get access to news concerning mutual funds, stocks, exchange-traded funds, and other investment methods, allowing you to choose a demographic market and giving you access to private issuers who are switching to the public market as well.
If you want to have access to your entire investment portfolio in one place, then Personal Capital is the app for you. It allows you to track all your holdings and evaluates your portfolio performance, as well as risks, so you can better manage them. You can also track losers or gainers in your portfolio, to see your evolution in the market, as well as compare your overall performance against market indices.
While app users don’t pay any trade commission, all traders are charged one fee, which is based on wealth management and percentage of assets managed. The fee starts at 0.89% of the first million dollars invested.
YNAB (You Need A Budget)
If you are looking for a budgeting app, to either start taking care of your financial or help you pay your debt faster, then YNAB is the choice for you. It is one of the most popular budgeting apps, and it was created first as a way to help the developer and his wife to deal with their finances. The app was a success, so they decide to launch it, to help other people who struggled with their finances as well.
Besides helping you monitor your income and expenses, the app also helps you evaluate your financial journey and identify what causes you to have money issues. For a $6,99 monthly subscription, you get access to bill management tools, an investment tracker and other extra features.