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So today i’m going to be talking about my top four favorite investing apps out there and i get a lot of comments from you guys asking about certain apps or services out there and whether or not i recommend them and there are a ton of different apps out there when it comes to investing and there’s no way i could possibly have enough time to look at every single one
Of these so just because i don’t mention a certain app on this list here doesn’t mean that it’s necessarily a bad a poor platform these are just the four that i have done a lot of research on and ones that i either used myself or i have friends of mine who are using them now before i get into the video i just want to mention i’m not getting any kind of kickback by
Recommending these apps i do have an affiliate link for robin hood in every single one of my videos and occasionally they do run promotions where i may get a free stock if i refer someone and you might get a stock as well i just wanted to make that disclaimer so you guys know i’m not just recommending these because i’m being paid to so number one on the list here
Is robin hood and i’m guessing you guys have heard of this platform before they are becoming very popular because they have a zero dollar minimum account balance and they also don’t charge commission for trades which is unheard of so i like robin hood because it is a great platform for beginners and by having a zero dollar minimum account balance and just the fact
That it’s so easy to sign up it’s a lot easier to get started with investing now the only problem i have with that is it really puts a lot of power in your hands because at that point you could literally sign up for a robin hood account in the process of two days and then be investing in the stock market so you do want to make sure you are spending time educating
Yourself before you get started so it really does put a lot of power right at your fingertips but it can be a very useful tool if you’re using it correctly so it has a very simple interface obviously having $0 commission is a great perk as well and it’s very easy for a beginner to understand this platform i know if you compare it to scottrade for example which is
The other platform that i use it is like night and day as far as the user interface goes so it is a much simpler platform for a beginner to understand so it has all the basic order types as far as your buy and sell orders go because of that zero dollar commission cost it makes it very easy to diversify across different stocks or index funds and the fact that they
Have a zero dollar minimum account balance really lowers that barrier to entry because traditionally you would have to save up a couple hundred if not a few thousand dollars before you opened up any kind of investing account now there are a few things that i don’t like about the app and i’m going to share those with you guys now first of all they do not offer
A drip which is a dividend reinvestment plan which allows you to reinvest your dividends so when you earn dividends from your stock they’re just going to be placed into your cash account and it’s up to you to allocate those dividends and decide whether or not you’re going to buy more of the issuing stock or what you’re going to do with those dividends many other
Brokers out there offer a drip where your dividends are automatically reinvested in the issuing stock the second thing is they currently do not offer any retirement accounts and the final issue i have which may not be an issue for you guys is the charts are very limited all it really shows you is a basic line chart of the stock price you can’t really look at volume
Or any other more advanced charts but this isn’t app geared towards beginners so i completely understand why they did not include those features now the second app on my list here is an app called acorns and i’m sure you guys have heard of this one as well i know they are constantly advertising on my videos it allows you to round up your purchases and then all of
That money is invested in an index fund at that point so i like acorns because number one it’s easy number two it’s painless because you’re not even really noticing that money coming out because it’s just your spare change and number three it is totally passive because all this is automated however i do have a few issues with the app first of all there is a monthly
Service fee to have an acorns account and if you don’t have enough invested that’s going to eat into your money so you want to make sure you’re going to commit to the acorns app and have enough money built up in there that way that service fee isn’t just going to be dwindling your account you want to have enough skin in the game the other issue i have with it is many
People could realistically afford to invest more than just rounding up a couple of cents on their purchases now i do understand this is a great place to get started but i don’t want people to fall under the misconception that this is enough this is all you have to do in order to have enough money you know do whatever you want to do with your life many people need
To invest more than just rounding up their change every single month but this is a great place to start and then the only other issue i have is you are limited to the etfs that they provide so you can’t go out there and invest your spare change into a vanguard etf you are limited to the etfs that the acorns app provides you so the third app on my list here is an
App called market sim and this was on the apple store i’m not sure if they have this one on android but i’m sure you guys can find a similar app and this is basically a stock market simulator so i always have people asking me about paper trading and practicing on paper and i think it’s a great idea but there’s actually an app where you can do this where it’s even
Easier and the other thing too is i often have people saying that there may be fifteen or sixteen years old and they want to learn about investing but they can’t invest us yet because they’re not eighteen one of the great things you could do is get a simulator like market sim and actually practice investing before you go about investing real money so with markets
In you get $10,000 worth of play money which you can invest in stocks that are on the new york stock exchange and the nasdaq exchange so again this lets you practice with play money before you’re investing real money and the only thing is this only allows you to invest in us companies because you can’t invest in any foreign stocks and you also can’t invest in
Any stocks on the over-the-counter exchanges which then again i wouldn’t recommend you do that anyway so you are limited to the new york stock exchange and the nasdaq exchange when it comes to market sim but this is a great way to get your feet wet and to learn about investing without actually investing your money and the fourth and final app on my list here is
Yahoo finance and this is the place where i go for a lot of my news and market updates and it’s just a great platform as far as setting up your own portfolios and looking at different stocks and analyzing stocks so anytime i’m looking at company fundamentals or i’m looking at different things surrounding a stock i tend to stick to yahoo finance whether it’s on my
Computer or on my phone just because i like the way everything is laid out the other thing i like about this app is if i build a portfolio on my desktop going to automatically be synced to my yahoo finance app so i can build different portfolios and track the progress both on my phone and on my desktop so that’s another great perk with that app and then the final
Thing i like about the yahoo finance app is you can set reminders or notifications so if anything happens surrounding one of the companies you are tracking they’re going to send you a notification on your phone so that way you stay updated on that news but anyways guys these are the four apps that i recommend myself i do use yahoo finance and robinhood number two
And number three i don’t personally use myself but i have a lot of friends who have used these apps and they shared great feedback with me so i feel comfortable recommending them to you that’s all i got for this video if you guys are using these apps or any other apps let me know in the description below if you guys enjoyed this video please drop a like if you are
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Transcribed from video
BEST STOCK MARKET & INVESTING APPS! By Ryan Scribner
