Are you considering investing your money wisely? You are at the right place because the cat is out of the bag, investing is no longer a mystery, and is now available to all of us through mobile apps. Technology has allowed us to invest in stocks with just a few clicks from a smartphone device, and investors rely on apps to prosper in a stock market.
Money making apps are a hot topic these days. Whether you are buying your first stocks, or you are an experienced stock trader, these apps are game-changer. There is no need to contact your stockbroker to make a trade for you because now you can do it all by yourself. It is that simple, but since they are so popular, the number of investing apps continues to rise, making it more challenging for people to find the right one. If you are willing to start investing through apps, take a look at our recommendations for the best money making apps in 2019.
Top five money investing apps
The world of stock trading is open to everybody. It does not matter if you are willing to spend small or large amount of money, because there is an app for everyone. Every app comes with different terms and conditions and various types of accounts. So make sure to check those things, but if you are not satisfied, you can always cash out and find a different one that will suit your needs.
Acorns – ETFs | picked by pros
One of the well-known apps to make money is Acorns, favorite among newbies in the world of trading because it is simple to use. ETF stands for exchange-trusted-fund composed of stocks, bonds, and commodities. Acorns comes with five different portfolios, and the app will suggest an ideal one, based on your age, income, goals, risk tolerance, and time zone.
You can open an account quickly, all you have to do is to answer a few personal questions to create your profile, without having to make an obligatory first investment. Acorns charges a monthly fee of $1. One of the favorite features of this app is dollar roundups. A roundup means that when you shop with a debit card linked to your Acorns account, it will automatically invest a few cents for you, no need to collect your spare change in a jar anymore. Currently, Acorns offers several different account types, including the one for retirement, ideal for seniors looking to invest their savings.
Ally Invest – All by yourself
Ally Invest is one of the highest paying apps, owned by the Ally Bank, which works only as an online bank. The app can be great for beginners, but it is more used by well-experienced, forex, or options traders who are active and invest regularly. Although this app requires a minimal investment of $100, it offers some of the lowest trading fees on the market, which is ideal for big investors. A minimum deposit amount is not required, and the easiest way to fund your account is through a debit card.
Ally Invest is for people who like to customize their investments because it doesn’t require their users to operate with already tailored themes like most of the other apps. However, for those who prefer to rely on pre-made themes, the Ally Invest offers different type of account, where you get suggestions, and literally, technology takes care of your trades. This type of account requires a significantly higher minimum investment of $2500. Overall, Ally Invest is an excellent service that covers the needs of all user profiles.
Wealthfront – Robo-investing
If you prefer to rely on passive income apps, Wealthfront is one of the best ones out there., Since the company believes that technology can do some things better than people, Wealthfront works as a robot advisor. The app also uses an algorithm called Path to help you reach your savings goals. If you’re a newcomer on the market of money-making apps, you can consider Wealthfront as one of the safest options. Wealthfront has been in the business for seven years, and they are pretty transparent about their investment methodology.
The app requires a minimum of $500 to open an account, but it offers low advisory fees, and it is more focused on younger generations like millennials, who are their target group. Wealthfront uses MPT to create your portfolio and determine your goals, and your money will be invested in a combination of bonds and stocks. But what distinguishes this app from others is that it also invests in real estate and natural resources. Several types of accounts are offered, including a vast number of college accounts. If a current Wealthfront client refers you, managing your first $5000 will be free of charge.
Robinhood – Options & stocks
We all remember the tale about Robin Hood, the noble thief. Well, Robinhood app can be seen as a modern twist of the story, bringing people an option to earn money securely and easily. Opening an account is simple since there is only one general type of account, so it’s all very straightforward and easy to manage. The initial investment is not required.
Robinhood doesn’t charge any commission for stock trading, which is one of its main advantages. That is why this app is favorite among investors who trade with stocks, options, ETFs, and cryptocurrencies. And, if you refer a friend, you will both get a share of free stocks. Although there is a desktop version, the mobile app gives more options, which is why this app is friendlier towards mobile users.
The Bottom Line
Many people hesitate to start investing their money because they do not know much about stocks, they did not go to business schools, or they are simply afraid to let an app manage their money. All those concerns are reasonable. But today, we have apps for anything that you can imagine. So, why not use the advantages of technology and start making investments from your smartphone?
You can start with small amount to try the system and see if this way of earning money is for you. This is an ideal source of additional income, which doesn’t require much time or work. We hope our recommendations were helpful, and that you found your future investing app.
