December 10, 2020 Last updated December 10th, 2020 690 Reads share

The 3 Best Investment Apps for New Investors?

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Investing these days is easier to get into than ever. This comes as a result of the proliferation of numerous websites and apps that make investing a breeze. However, finding the right website for you can be hard. Here’s an overview of three of the best new investment apps.

Robinhood

Robinhood allows users to make a variety of stock and fund purchases in a commission-free manner. Purchase options include stocks, ETFs, options, cryptocurrencies, and more. As noted by the experts at Money Morning, “Robinhood is great for anyone who is curious about trading but not yet familiar. It gives people the ability to do everything right from their smartphone and have total control over their investment choices.”

Signing into Robinhood is easy – you create an account, link a bank account, deposit funds, and you are good to start trading. Thankfully, this usually doesn’t take very long, and you can immediately begin trading. This makes it an ideal app for new investors.

Before signing up, make sure you fully understand Robinhood fees. The app advertises itself as being commission-free, and while this is technically true, there are other fees that you can easily get hit with. There are regulatory fees, fees for certain transfers, and more. These fees are all available on Robinhood’s website. 

Webull

Webull is another relatively new platform for investing. The program comes with both a desktop and app version, allowing users to maximize their convenience and trade in a manner that best suits their needs. 

Like most apps of this type, Webull offers a variety of trading options, including stocks, ETFs, options, and numerous cryptocurrencies. One of the things that makes Webull different is its website, which has a specific platform designed to show you numerous graphs and a variety of real-time information. The platform is clearly designed to mimic the websites viewed by professional traders, and it makes for a highly sleek trading experience. Furthermore, the platform is highly customizable, so involved traders can manipulate the website to make it best suit their needs. 

In terms of fees, Webull advertises commission-free trades and no deposit minimums for its account. You will pay standard fees that are enacted by regulatory agencies, but these are all relatively minor. For new investors, this is obviously great news, as it dramatically lowers the barrier of entry, enabling you to get started right away. It also allows you enhanced buying power via a margin account, meaning that you can make stock purchases with what is essentially borrowed money. Margin accounts can be dangerous for newer users, however, as it can become all too easy to find yourself in debt, so make sure you know what you are doing before you start buying stocks on margins. 

thinkorswim

thinkorswim is a trading platform that comes from TD Ameritrade. It is clearly part of their effort to break into the amateur trading market and designed with newer investors in mind. Like many apps of this nature, it comes with desktop and mobile versions, as well as an app. The app is highly popular, averaging 4.7 stars, with over 167,000 ratings. 

A unique aspect of thinkorswim is the “practice” version of the app. You can create a new account and sign up for paperMoney – essentially, play money. For free, you can then put your strategies to the test, trading, buying and selling stocks, bonds, and ETFs while tracking your success. This gets you comfortable with both the trading platform and stock trading in general. It’s a smart business move and a great way for users to get their feet wet in the stock trading world without actually taking on any risk. 

Like other apps for newer investors, thinkorswim advertises themselves as a commission-free platform. There are no fees for stock or ETF trades, but there are fees – $.65 – for each option contract. Like the other apps, other fees also apply. 

Since the app comes from a major brokerage, it also comes with a variety of advanced research options, including a significant amount of economic data, company information, statistics, and more. Indeed, this app puts a wide array of information at your fingertips. 

Conclusion

These are just three apps – there are plenty more options for you. Make sure you do your research and keep an eye on finding an app that works best for your needs. From there, you should be good to start trading.

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Gabriel Gonser

Gabriel Gonser

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