Finance Apps: Investment Apps

Investment Apps
Investment Apps

At one time, only stockbrokers and people who invested money on a professional basis could access the stock market.

Today, it is a much different story,

as it is quite normal for people who have no formal training or education

in the investment field to buy and sell stocks quite successfully.

For the last twenty years or so, people have been able to invest using websites

– some of which charged hefty fees, and others that were free for investors,

and now investing using an app is common practice.

Investment apps can be an invaluable tool for beginner investors,

as long as you do some basic research before you start and there are a lot of apps to choose from.

Investment Apps How it Works:

Once you have chosen an app and downloaded it, you will need to create an account.

The app will ask for your personal information,

and most of the good investment apps have strict requirements

for verifying your identity so you will need to go through those steps before being able to proceed.

When you are all set up, you’ll need to deposit money into your account so you can start investing. 

Depending on the options your particular app offers,

you may be able to set up different types of accounts within your main account, like a brokerage account or an IRA.

Pitfalls of Investing Apps:

Investing apps are not like a bank account in that set-it-and-forget-it kind of way.

Instead, you need to keep a close eye on your investment app and make sure that you research each potential investment before buying.

Keep in mind that one of the purposes of an investment app is to encourage you to make as many transactions as possible,

since they make money that way, but it may not be to your advantage to go along with that idea. 

As with any financial app, security is always a concern,

so make sure to choose a reliable app with good security and keep your password a secret.