Playing the stock market is not for everyone, but if you are considering dabbling, these apps may help you take your first baby steps.
Investing your hard-earned cash can be pretty scary if you’re not a regular visitor to the stock market floor. Maybe you’ve dabbled here and there, with varying success, and are ready to paddle out to deeper water. If so, consider these apps your canoe… or surfboard… or any vessel on which you’d like to paddle… because they have the goods to keep you afloat.
Acorns is the first company to offer micro investing to the world – inviting you to invest sub-dollar amounts into a diversified portfolio. The app’s proprietary financial engine automatically rounds up spare change from everyday purchases to invest into a professionally managed portfolio of index funds. Once you’ve hooked up any credit or debit card to your bank account, go about spending money as you normally would and sit back and watch your portfolio potentially grow with the market.
Cashwerkz makes all the complex bits of the investment process disappear. Best described as an online market place, the app allows investors to transact directly with a range of Australian financial institutions, with access to current market and special rates. In a move to meet growing demand for fixed income investments and defensive assets, Cashwerkz has also joined forces with a number of key industry partners so it can offer bonds and other fixed income investment along with its existing range of term deposits and cash management accounts.
It’s simple, it’s streamlined and its unique Know Your Customer (KYC) verification process makes it easier than ever to switch to a new term deposit provider at maturity, with no need to reapply.
While the app doesn’t exactly rob from the rich to give to the poor, Robinhood won’t charge you a dime for its time. The $0 commission brokerage firm makes investing easier than ever by waiving the usual fee of $10 (or at times upwards of $65) for every trade you make. Of course, if you’d like access to after hours trading and the chance to up your buying power then you will have to invest in a Robinhood Gold membership. The app also earns revenue thanks to collected interest on the cash and securities in its accounts, in the same way a bank will collect interest on cash deposits.
True to its name, this app will help you to make better investments. Designed to achieve optimal results at various levels of risk, Betterment uses a goal-based investing framework to make sure you stay on track and achieve your long-term goals. It’s reported to help generate 2.9 per cent higher returns than an average DIY investor thanks to a combination of portfolio diversification, automated rebalancing and lower fees. It also uses a Tax Loss Harvesting system to source capital losses and ultimately decrease the taxes you pay on your investments, while also increasing after-tax returns. With talk like that, it’s worth a shot.
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