Here are my Top 5 Favorite Investing Apps in 2019 – and each of their pros and cons. Enjoy! Add me on Instagram: GPStephan
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FIRST: Robinhood Investment App
They’re a stock trading app that allows you to trade stocks, efts, and even cryptocurrencies…completely FREE. That’s right, I said it…it’s FREE.
Now, I will say, this app is NOT perfect, and there are a few small downsides I see:
1. I’ve heard customer service is lacking in the event you have any issues. For this reason, I probably wouldn’t recommend trading with a HUGE amount of money if you’re going to be using this
2. You’re not able to purchase fractional shares…this isn’t the end of the world, but it would be nice to be able to get fractional shares if you can.
3. No dividend re-invest (DRIP)
4. No retirement accounts
SECOND: M1 Finance: https://mbsy.co/m1finance/27904910
M1 Finance is an investment app with…my favorite…NO FEES. Now since I’m reviewing this second to Robinhood, I should note a major difference between the two:
Robinhood is an app that’s GREAT for trading stocks…if you’re buying and selling all day, Robinhood is the best choice.
A HUGE benefit to using M1 Finance is that they allow you to buy Fractional Shares. The other benefit with this is that they allow dividend re-investing, which allows you to continually purchase more stocks with the money those stocks generate.
If there’s ANY downside here, it’s that it’s not really the ideal platform for DAY TRADING stocks…this is because they don’t allow you to buy and sell a stock within the same day..
So overall, I’m super happy with M1 Finance and would recommend this as a good app to use.
THIRD: Acorns Investing
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Acorns is an an app that helps automate your investing. And their most notable feature, in my opinion, would be their “round up” feature – this lets you invest the spare change from what you spend, and you can just “round up” every single purchase to the nearest dollar to invest the difference.
Overall, this is a REALLY decent app if just for the round-up feature alone. However, the downside is that the $1 per month charge heavily eats into your profit if you only happen to have a few hundred dollars invested, or ONLY use it for the round up feature.
But, once you have more than $5000 invested in Acorns, the $1 per month fee is pretty much on par with Vanguard, and beyond that dollar amount, they even become CHEAPER.
Deposit $100 to get a free stock: https://activity.webull.com/landing/index.html?cs=a&s=GrahamS
This one is fairly similar to Robinhood in the sense that it’s a free stock trading app where you can buy and sell stocks with ZERO commissions…and on the surface, they’re very much alike.
But where WeBull really pulls ahead of Robinhood, is in their charts…as you begin to get more serious into stock trading, WeBull just offers a lot more with their analytics.
Overall, if I were to say anything negative about them – I would just say that it takes a little bit to figure out how to navigate the app and their charts, but for a free stock trading app, I’d highly recommend it.
FIFTH: Fidelity Investing
The reason I like this so much is that their app allows you to invest without any minimums, without any fees, into many of their completely free index funds…so everything within this is totally free.
Now I need to mention, this is NOT good to use if you’re looking to buy and sell individual stocks – because they will charge you a $4.95 commission per trade. So don’t ever do that when you could just use M1 Finance, WeBull, or Robinhood to do that for nothing…BUT, if you’re looking to invest in their own index funds…which most of you should be doing…this is ideal.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com