Do you want to invest in the stock market for the first time? You can use your Smartphone to download investing apps that will assist you as you set out to invest. With a bank account and Wi-Fi, you should be able to buy and analyze stocks using your Smartphone investing apps. The six Smartphone apps for your first time finance investing are:
The Six Best Apps for First Time Stock Market Investors
The Stock Market Simulator AppStock market simulator app lets you try before buying. That’s because it allows you to invest in a simulated United States stock market using virtual funds. Their accounts will cost you $10000 to open. Their virtual stock market is updated every 15 to 20 minutes behind the actual US stock market. That enables you to follow your investments in real time. You can use this app to learn how to invest in the stock market without losing your money.
Motif ExplorerMotif Investing tracks events and trends worldwide that may lead you to investment opportunities. It then comes up with Motifs or portfolios out of related stocks. You need a minimum of $250 for this site. It also charges a commission of $9.95 for a motif of 30 stocks and Exchange Traded Funds (ETFs).
Motif Explorer allows you to monitor your portfolio performance, know current trends and also check performance charts. You can also use this app even if you are not a Motif customer. For a first time investor, this app is right for you. The downside is that Motif is not ideal for retirement or large scale investments.
TD AmeritradeTD Ameritrade app enables you to have mobile trading access, streams quotes and gives you real-time balances and updates on fund transfers, news, and market analysis. You can use their snapshot feature that allows you to a snap a bar code or a picture on any item.
With this pictures or barcodes, you can find the company's name, stock quotes and their ticker symbol as well as news and charts related to the company.
AcornsAcorns is a great app for you as a first-time investor. It allows you to invest your change. That’s by linking up your credit and debit cards to this Acorn app. It invests your difference into a range of various index funds.
Harry Markowitz, a Nobel Prize Economist winner, chooses the index funds. Its advantage is that no matter how much money you have, it’s easy for you as a first-time investor. But their nature of their fee structure is more of an advantage for a regular investor.
That’s because they charge you small monthly fees based on your account balance. You should make sure your account is constantly increasing as a large dormant account balance can be eaten up by their monthly fees. That’s even in the case of the market doing well.
Yahoo! FinanceYahoo! Finance offers you beautiful personalized experiences. Many of its admirers compare it to the native stock app; IOS’s 7's.You can synchronize stock portfolios and their quotes across various devices, currencies and tracking stocks.
Their interface and push notifications enable you to carry out quick stock checks and get breaking stock market news respectively.
SigFigSigFig is an online app that is popular for its online stock market investing tools. They enable you to track, optimize and manage your portfolios. It requires you to sign up, undergo a risk profile questionnaire, confirm your personalized investment plan and finally fund your account. They offer you real-time stock views, mutual fund, and ETF.
As a first time investor, you can get help to optimize your portfolio using SigFig's investment advice engine. They manage your first $10 000 for free, but its downside is that they only offer a three-year overview of brokerage accounts as compared to other firms that provide five-year overviews.
If you are a first-time investor, the above Smartphone apps for stock investing are a must have for you. As compared to dealing with career stockbrokers, you are better off downloading these apps that offer tips for investing in the stock market.