Is Stash a good investment app

The best investment apps for newbies

Investing in Mr. Frodo is a dangerous business. You are entering the market and if you don't hold your feet, it is unknown where your money could be going.

While Gandalf may have had good advice on living an adventurous life, investing wasn't the most evolved concept in Middle-earth. Fortunately, we've put together a list of the best apps for on the go.

If you're just starting out and want to get your feet wet without investing a lot of money on the volatile stock market, these apps are the best place to go.

1. Acorns (website)

Acorns is a "micro-investment" app that works with your change. Literally. When you make a purchase, Acorns rounds up to the nearest dollar and invests the difference. If you grab a mug on your way to work in the morning for $ 2.15, Acorns rounds out the deal Buy up to $ 3 and invest $ 0.85 in your portfolio.

You can then choose from five different portfolio profiles that range from conservative to aggressive. The Conservative profile means your money will likely grow slowly, but have more stable, reliable accounts. An aggressive profile means a higher risk of loss. but also a higher risk for growth. Choose the one you are most comfortable with and watch the results.

Acorn was developed as a mobile-first app, but a web portal is available to anyone who prefers the Internet via a cell phone. Acorn isn't free, but it's affordable - $ 1 per month for all accounts under $ 5,000 and then 0.25% of the balance per year over $ 5,000.

2. Hideout (website)

Stash has the same pricing structure as Acorns and does not automatically invest for you. Stash offers users educational content tailored to their investment preferences.

When you're just starting out, all of the terms and acronyms can be overwhelming. While you won't get a detailed analysis of every potential company to invest in, Stash will help you understand what all of the terms mean.

You can choose between a value-based portfolio or create your own portfolio. Once you've done that, you can set up the "auto-stash" settings for recurring investments, creating some sort of automated system based on your end goals.

It doesn't take the process off your hands, but Stash does give you the resources and information you need to get started in an often confusing world. Stash is available on both iOS and Android devices.

3. Robin (website)

One thing you should know about investing: it costs money to invest, but it also costs money to trade stocks. There are often brokerage fees that are incurred in connection with the movement of your stocks and that can eat into the potential profits you can make from their growth. Robinhood is a Completely Free App that allows you to trade stocks for free.

Of course, you can only trade during certain hours, but you can extend that time by subscribing to Robinhood Gold, a subscription service that offers access to a wider range of features than the basic level app.

That may sound too good to be true, but Robinhood as a company is designed to have minimal overhead. That means their costs are low and they can pass these savings on to their users without charging brokerage fees. The app can't educate you to invest, but knowing what you're doing is a great way to move around stocks without the typical costs.

4. Ally Invest (website)

Ally Invest is the investment part of Ally Bank, an online-only company with low overheads that caters to the needs of people who want to keep their costs down. It's a popular platform with daily stock traders, but it's also a great way for beginners to get started. The cost per trade is $ 4.95, but there are no account minimums to worry about and there are tons of tools to help you with that.

Ally also offers educational resources that can be used to learn how things work. This is a great option for DIY investors. All ETFs are commission-free, but there is a small fee to trade in mutual funds.

You should also know that Ally Invest doesn't offer automatic options to invest or realign - everything is done by hand, but it does help you learn more about your investments and portfolio.

If you know absolutely nothing about investing, Ally Invest may not be your best option - but if you're ready to dig your heels in and educate yourself about what it all means, it can be a powerful tool for increasing your wealth over the course of the year Time.