In this day and age, there are many ways in investing your hard earned savings. Not as a surprise to anybody, you are probably looking into trading and the best thing about getting into trading in 2020 is that you can mostly partake in it wherever you go.
All you need is your mobile phone, a good connection and an acceptable amount of funding and you are good to go. But with tons of options when it comes to investment apps, which one is the right for you? Let’s look at some of the options that you can choose from when it comes to investing apps.
Using Apps for Investments
Thanks to the progression of technology, it is very easy to start to buy and sell stocks and other assets through apps. Most of the apps under this article have some similarities but would have the occasional special features.
- Through your mobile phone, you can start by signing up to the app of your choosing
- The app will have a feature where you can connect your bank account to declare your investment
- You may choose your first investment and buy a share
- Through time, you can track the progress of your shares
- Update your portfolio by trading assets depending on your trading plan
- Most brokers charge fees for trading stocks, some do not. This means you start trading without paying any form of commission. With certain brokers, you can invest money almost for free
How much to start investing?
Certain brokers would require a large amount to begin. Most of the apps mentioned on this article will only require a smaller amount which gives you the most legroom to start trading right away. Some of the apps mentioned here have a required $5 or less balance and with fractional share investing more of a trend today, this situation works perfectly to your advantage. If you find a broker that does not charge to buy and sell, this leaves you more options in investing for just under a $100.
Advantages and Disadvantages of Investment Apps
So just what are the advantages of using these investing apps, most especially for Forex Trading? First and foremost, you will never lose track of your trades, progress and portfolio balances given that you take the app wherever you go.
With its mobility, you are able to monitor your investment and even manage your accounts wherever you are (for as long as you are connected to the internet of course). The downside of using investment apps are not much of a problem.
One of them is the challenge to manage your transactions on a small screen instead of a laptop or big computer screen. Another issue that you may encounter is despite the mobility, there are just some features that are not available on mobile and will force you to use the apps through a PC or laptop.
And finally, an issue you may encounter while sinking your teeth in these investment apps is you will most likely have a hard time disconnecting from your phone as you will probably find yourself constantly checking your phone for results. You have been warned!
Choosing the right app
Depending on your personal needs as a Forex Trading investor, the best thing to look into first is your personal goals, current finances, and potential investment objective. By looking into these at the start of your endeavor, you will be able to look into which app is the right one for you.
Another thing to consider is to check on the possible fees that you will incur as this will take a chunk of your potential gains. If you do not understand something, do not invest in it nor get into paid investing services that you totally have no idea in terms of merit.
Best Investment Apps for 2020
The following apps are currently the best for 2020:
- SoFi Invest Money & Buy Crypto
- Acorns: Invest Spare Change
- TD Ameritrade Mobile
- Fidelity Investments