Investment apps seem to have taken off. It’s the latest trend to have one in your phone, but unlike Tinder or Facebook, you’re getting something out of it: you’re making money. And in a world of a falling economy and rising cost of living prices, people around the western world are looking for new ways to make ends meet. The rise in investment apps has created a space where that is a possibility. The financial community can give advice on everything from how to trade Forex to red flags on potential investments, and have made a world where financial advice is as free as air.
But what are the benefits of investment apps? Why has the concept taken off so wildly? We’re breaking down the benefits of investment apps and why investing is suddenly so popular.
Like any other app in your phone, investment apps were created to make things a lot easier. You might have the idea in your head of a bunch of suited headless chickens screaming at a room of screens, or even the multi-monitor set up at home tracking one or two investments, but life can be even simpler than that. With an investment app, you can track what your money’s doing on your phone.
It also simplifies the process of even getting into investments. Where once you needed an agent to open an account for you before you could invest anything, you now can simply register like anyone else and get to investing in minutes if you want to.
Once you’re in you’ll be able to see your investment progress, review your options, and add finances to your portfolio. Your portfolio of ETFs, or Exchange Traded Funds, will be accessible in the app and easy to dip and out of as needed. Plus, investing apps can also offer you some yearly revenues if you keep up with regular monthly contributions.
Saves You Money
A lot of these apps also have discounted fees on small accounts. The smaller your trade, the less your fees are, so if you’re only just starting out, investing perhaps only £1k or so, you will get the lowest amount of fees. The fees are likely to go up depending on how much more you are investing.
There are even apps that allow you to dip your toe in with micro-investing, where you can invest small amounts for perks such as restaurant discounts of around 5%.
There is also the fact that there is a limit on these apps on what you are investing. Some of these limits are free, but others charge you when you exceed the limit amount so that you can make sure you’re not putting too much in and not getting anything out.
This simple use, with less red tape and less fees, allows for a far more accessible landscape for investors. People with a little more spare money can look into investing, rather than it being exclusive to the business CEOs and lottery winners of the world.
Not only is there less fees, but there is micro-investing to allow you to get the hang of things before you invest any larger sums of money.
This has created a landscape where investing is a trending topic. People freely and openly share insights into good and bad investments, offering advice on what to do when things affect your stock. This, in turn, means a more informed public that is making better decisions when it comes to their finances. With the additional knowledge that these apps are updated in real time with stock activity, this makes for investors who are more actively involved with their finances, being able to watch them as much or as little as they want.
There is an additional beneficial element to keeping an investment app full, besides the potential income it could bring.
Keeping a professional portfolio, which is automatically contained within the investment app, will help you to set goals on what you are investing for, which will help you to reach them by giving you something to work towards. Investment apps offer you a safer professional portfolio, which lowers your risk of losing money.
As surprising as it might sound, with the stress element almost entirely removed from investments with the ease of using the apps, sometimes investing can even be fun.
There is a community to finance, which is incorporated into the apps, and there is obviously some fun in earning money. Everyone smiles on payday. The community also allows you to network with the sharing of ideas, which could be useful outside of the financial community forums.
Some investment apps try to make a game out of it, by offering fantasy stock games or managing a virtual portfolio, for a little bit of fun among the numbers.
Investment apps have made a lot of elements of investing simpler and therefore more accessible to the masses. You might think that the masses don’t have the funds to take them up on it, but when there are options like micro-investing incorporated into these apps, just about anyone can get involved at some capacity.