What Can You Invest In With Micro Investing Apps
Most micro investing apps will let you invest in stocks, ETFs and bonds through fractional shares or ETFs. Fractional shares means you are able to invest in 1/10 of a stock instead of purchasing the entire stock.
That means that with say $30, you could own part of a large share worth $500. This makes investing more accessible and means you still get a piece of the stock market pie.
You can also choose to invest in ETFs: a basket of stocks that target a specific industry . With this flexibility you can easily invest in a cause that you believe in.
Micro investing apps offer two ways to invest: through round ups and automatic transfers you schedule.
With round ups, the app rounds up your purchases to the dollar, and invests the spare change. If you buy a burger at $2.60, the app will take and invest $0.4, completing your purchase at $3.
The other option is to set up automatic transfers: you pick how much you want to contribute every week or month, and the app does the rest.
Nomics: Best Digital Assets Market Data Provider
Today, plenty of service providers have price tracking functionalities. But have you ever wondered whether the liquidity and the cryptocurrency prices you are presented with are transparent? If you havent, you will be disappointed to learn that 50% to 70% of the Bitcoin and altcoin liquidity you have been seeing is actually fake. This means that if you decide to trade on a particular exchange, you might be stuck within your order and lose money due to being deceived by skewed information.
Nomics solves this problem by presenting clear and transparent data regarding prices and liquidity for hundreds of assets and exchanges. It does that through direct integration of its API within cryptocurrency exchanges to bring you real-time and transparent data directly from the source.
Its site and the iOS and Android apps show you the real trading volume and timely price information for the assets you are interested in. That way, you can easily spot the most transparent crypto exchanges to trade on and your portfolios momentum on-the-go.
Robinhood Best Investment App For Smooth Trading
Robinhood is the app to have if you like a smooth interface and avoiding trading commissions.
The app allows you to trade stocks, ETFs, options and cryptocurrency all for free, and youll be able to do it in a slick mobile interface that makes smooth work of it all. The stripped-down app is simple to navigate, and after a while youll move from screen to screen intuitively as you trade the market. But youll have to know what you want to invest in, since theres no advising here.
You can access a stocks page from a search bar at the top of the screen, and pull up charts and vital statistics. Also useful is a feed that aggregates stories from news and investing sites, so that you keep on top of whats going on. After youve decided what you want to trade and enter the number of shares to buy or sell, swipe up and the order is on its way.
Another great feature of the app is instant delivery of the first $1,000 of any funds you deposit to the account, so you can start trading immediately. If youre a member of Robinhood Gold, a premium tier, youll have instant deposits on higher amounts, up to $50,000.
Reasons to get this app: You like trading stocks for free and having a simple way to follow the market.
Minimum balance required: $0
Fees: No commissions for stock, ETF, options or crypto trades
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Stash: Invest Bank Save
A personal finance app, Stash has automated investing tools integrated for all the users to help them hit their investment goals. This investing mobile app also offers a bank account with the debit card, Stock-Back® Card to help you achieve rewards.
Essential Features of This Investment Mobile App
-> The Stash Stock Party every week helps you to score bonus stock and more using this mobile application.
-> This iOS and Android app em[powers you with thousands of options of stocks and ETFs to choose from.
-> Planning for your retirement and saving for it is also available on this mobile application.
App Downloading Cost: Free
Play Store Rating: 4.2
App Store Rating: 4.7
Why not talk about investment in terms of a mobile app? Do visit our blog Mobile App or Mobile site Which one is better for Investment? and gain a better perspective.
Invest In Your Own Business
Do you have an entrepreneurial mindset? Are you interested in building your own brand? Consider simply investing a little money in your own business. Whether its walking dogs or your own freelance company, a small investment is a great start. You could put $100 toward fliers and supplies or a website and domain to advertise your business on.
A small investment in something you enjoy and would like to turn into a business can go a long way. Even if its just a little at first, the money will build on itself like a stock investment and compound. As you earn revenue, deposit a portion of that profit back into the business to continue growing it and gaining customers or clients.
No matter how you choose to invest or the amount of your investment, carefully plan a strategy that best suits your lifestyle and long-term goals. Invest early if you can. Remember, cash is always at risk of devaluing due to inflation.
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Best For Beginners: Public
Public does its best to demystify investing for beginners with low minimums, prohibitions on day trading, and clear, plain-English definitions of common investing terms wherever they appear. Thats enough to make Public the best micro-investing app for beginners.
- Build multi-company portfolios with one click using Publics thematic investing feature
- Drag and drop to separate short-term and long-term investments for tax optimization
- Follow other Public users and companies to get investing ideas
Robinhood: Our Favorite Investment App For Beginners
Robinhood has completely changed the game for the investing world.
Just like many industry disruptors we have seen in the last ten year, think AirBnB, Uber, Tesla, and so on, Robinhood has transformed the access to investing and the revenue model for investing brokerages.
These risky innovations have totally paid off for Robinhood and they have led other brokerages to follow in their footsteps. Robinhood has become the fastest-growing investment app in the United States.
They now have over 10 million users a massive accomplishment for an investing app!
Read Also: Apps To Invest In Stock Market
Can You Buy Fractional Shares Of Stock With Micro
It depends on the micro-investing platform youre using, but the answer is often yes. Many of the apps on this list allow fractional share investing, some with minimums as low as $1 per trade.
Even if your micro-investing app doesnt offer fractional share investing for new stock or fund purchases, it may allow you to reinvest dividends paid by stocks and funds you own. Often, dividend reinvestment results in fractional share purchases .
What Is The Best Investment App For Beginners
In most cases, the best investment app for beginners is a robo-adviser that customizes a portfolio for you based on your goals and risk tolerance while keeping costs low, such as Fidelity, Acorns, or Ellevest. If you’re just starting out investing, we don’t recommend trading individual stocks and funds, unless you have guidance from an expert or a high capacity for risk.
Recommended Reading: Investing In Gold Etfs Pros And Cons
Tradestation: Best For Intermediate To Advanced Traders
- Available via desktop, Apple iOS and Android App on Google Play
- Best For: Advanced traders, Options and Futures traders, Active stock traders
TradeStation is a powerful stock trading app and platform which comes with analytic tools useful to seasoned professionals and new traders alike. The platform comes equipped with brokerage services and trading education resources recognized by respected industry reviewers.
Much like every other online discount broker found on this list, the free stock trading app charges no commissions for stock and ETF trades and low fees on options and futures contracts.
TradeStation caters to its target audience: advanced, active and technically-minded traders. Beginning traders likely will be overwhelmed by this service and may even face fees.
The technical tools and screeners provided by TradeStation are all at or near the top of the class, making it the best stock trading platform for advanced traders on this list.
M1 Finance: Flexibility Without Fees
M1 Finance allows you to build a flexible, custom portfolio of individual stocks and funds or choose from dozens of premixed options for free. While it will likely appeal to experienced investors and has a paid option that lets you trade or invest during an additional time window, among other things its also one of the best investment apps for beginners who dont want a lot of hand-holding.
M1 Finance lets you automate your contributions and supports fractional share investing, which is investing in expensive stocks without buying full shares. It doesnt charge any commissions or the management fees that are common elsewhere, but the app can charge a $20 inactivity fee after 90 days for low balances. M1 Finance has a minimum account balance of $100, or $500 for retirement accounts.
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Blockfolio: Best Crypto Portfolio Tracker App
Today, many investors and traders rely on third-party portfolio trackers to monitor their cryptocurrency investments. Blockfolio is considered the worlds most popular cryptocurrency tracking app. It comes for free and is packed with a variety of useful functionalities.
You can keep track of over 10 000 cryptocurrencies traded on over 500 exchanges. Around 6M users currently trust Bockfolio for their portfolio monitoring needs and take advantage of its functionalities to keep track of the latest prices, market data, trend changes, news, and more. You can also connect Blockfolio to your favorite trading venues to automate the tracking process or the preferred communication channels to stay on top of relevant updates.
Other Apps We Considered
- Webull: Webull is a newer commission-free investment platform. It may be a little more challenging for some newer investors to navigate but offers excellent pricing and investment tools.
- Firstrade: Firstrade’s web and desktop investment apps feel a little lower-tech, but its mobile app is simple and easy to navigate. It offers excellent pricing including commission-free mutual fund trades.
- Stash: Stash is great for newer investors looking to learn how to invest and build the right mindset, but monthly $1 to $9 fees make it less appealing.
Read Also: Which Investment Company Has Lowest Fees
About The Site Author And Blog
In 2018, I was winding down a stint in investor relations and found myself newly equipped with a CPA, added insight on how investors behave in markets, and a load of free time. My job routinely required extended work hours, complex assignments, and tight deadlines. Seeking to maintain my momentum, I wanted to chase something ambitious.
I chose to start this financial independence blog as my next step, recognizing both the challenge and opportunity. I launched the site with encouragement from my wife as a means to lay out our financial independence journey and connect with and help others who share the same goal.
What Are Investment Apps
Investment apps are apps on your phone that give you exposure to the stock market. These apps act as brokerages, allowing you to buy and sell stocks from your account. Just open an account, transfer money in and youre good to go. Every investment account is different, but they all have the same goal: to get you invested in the stock market.
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Our Readers Always Come First
The content on DollarSprout includes links to our advertising partners. When you read our content and click on one of our partners links, and then decide to complete an offer whether its downloading an app, opening an account, or some other action we may earn a commission from that advertiser, at no extra cost to you.
Our ultimate goal is to educate and inform, not lure you into signing up for certain offers. Compensation from our partners may impact what products we cover and where they appear on the site, but does not have any impact on the objectivity of our reviews or advice.
Micro investing apps afford anyone stock market exposure for as little as $5. Theyre designed to make investing fun by offering well-designed interfaces, and feature easy-to-understand descriptions of what youre doing and why.
Our number one goal at DollarSprout is to help readers improve their financial lives, and we regularly partner with companies that share that same vision. If a purchase or signup is made through one of our Partners links, we may receive compensation for the referral. Learn more here.
Think about the last time you heard the stock market mentioned on the news. How was it presented?
Heres what Ive seen just this morning as Im writing this:
The average investor, though, looks nothing like these people. They are remarkably normal. They are your coworkers, your neighbors, the person standing in line with you at Starbucks.
What Are Brokerage Accounts
Brokerage accounts are a type of account where you can store cash and investments to use an investment app, you’ll fund a brokerage account. With a brokerage, you can fund your account with cash and use that cash to buy and sell stocks, bonds, funds, and other investments supported by your brokerage.
Every brokerage has its own core features and pricing, so there is no perfect brokerage for everyone. However, anyone can find a brokerage that’s a good fit for their needs.
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The Final Word On The Best Micro
I am a big fan of anything that encourages people to build good financial habits, and learning how to invest is a great habit to start.
The five apps Ive covered are all great place to start, and heres a tl dr rundown of each:
Why You Can Trust Bankrate
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our investing reporters and editors focus on the points consumers care about most how to get started, the best brokers, types of investment accounts, how to choose investments and more so you can feel confident when investing your money.
The investment information provided in this table is for informational and general educational purposes only and should not be construed as investment or financial advice. Bankrate does not offer advisory or brokerage services, nor does it provide individualized recommendations or personalized investment advice. Investment decisions should be based on an evaluation of your own personal financial situation, needs, risk tolerance and investment objectives. Investing involves risk including the potential loss of principal.
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Wealthfront: Best Automated Investing App
Wealthfront has a full package of goal-setting, planning, banking, and investing delivered in an elegant, user-friendly platform and mobile app. If you are looking for financial guidance and dont require it to come from a human, Wealthfront offers fully digital investing for a very competitive price. Wealthfronts goal-setting and planning technology is excellent and should serve as a model for other robo-advisors to emulate. Setting up a Wealthfront account gives you access to Path, the free financial planning tool that integrates your account data and uses third-party data to better project your financial situation.
The mobile apps, native iOS and Android, are designed to be extremely simple to use with minimal typing. Data inputs, such as dates and monthly deposits, are displayed on sliders or drop-down menus to avoid making typos. When linking external accounts, however, you still have to enter your user IDs and passwords. The workflow for a new account is logical and easy to follow.
Wealthfront has taken huge strides towards its corporate goal of offering what it calls Self-Driving Money with the launch of Autopilot, which monitors bank accounts and moves funds above your monthly spending needs into an investment account or Wealthfront’s high-yield savings account. Wealthfront’s Cash Account is offered in partnership with Green Dot Bank and includes features such as mobile deposit and a network of fee-free ATMs.
Best For Parents And Kids: Greenlight + Invest
Greenlight is a financial education tool built around a kid-friendly debit card with full parental controls.
Upgrade to Greenlight + Invest for $7.98/month to get access to a custodial micro-investing account too. Its the perfect first brokerage account for tomorrows market-savvy investor.
- In-app chore list that triggers deposits when kids complete household jobs
- Automated weekly or monthly allowance transfers
- Customizable spending rules and real-time debit card notifications
- Customizable earning, spending, and saving goals for kids
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