After being surrounded by speculation for years, the stock market is finally emerging from a cloud of doubt. Nearly ten years after the infamous 2008 crash, stocks are starting to regain the trust of younger investors. While the older demographics participating in the stock market remained steady, the effects of the crash can still be seen amongst millennials. Between 2007 and 2017, the amount of adults under 35 who owned stocks dropped from from 53% to 37%. Today a quarter of millennials consider stocks their best long-term investment option, so there’s still hope for younger generations to invest.
Even though it has its ups and downs, the stock market is still the safest way to make money in 2019. While many people view real estate as the best investment, the statistics say otherwise. A London Business School study discovered that housing only generated 1.3% returns per year between 1900 and 2011 after adjusting for inflation. During this same period, the average annualized total return for the S&P 500 Index generated a 9.8% return. These findings highlight the fact that the stock market is still the most advantageous place to invest.
Emboldened by the stock market’s resilience, multiple developers have created apps that make it easy to buy stocks. These programs are groundbreaking, since they provide an easy way for beginners to invest. By reaching out to the younger generation, these apps have the potential to save users from financial hardship in the future. To showcase what’s available, we compiled a list of the best apps for buying stocks. Investments need to be made at a young age to generate results, so don’t miss out on these services!
Best Apps to Start Buying Stocks
App #3: Acorns – When it comes to investing, no program takes the mystery out of buying stocks more than Acorns. By connecting to your bank account and rounding up purchases, Acorns does all the legwork. Even for those who don’t know what to invest in or think they don’t have enough money to, Acorn is their salvation. All users have to do is fill out a quick questionnaire, and this app does the rest. Once it’s connected to your bank account, Acorns rounds up each purchase and puts the money in an investment portfolio. From there it automatically invests based on the portfolios indicated in the original questionnaire.
While this hands off approach is a blessing, it’s far from Acorn’s only perk. They offer quick deposit options and are completely free of minimum investments. Acorn also has a “Potential” tab that showcases the growing potential of their investments. The best part is, the fees are minimal. For users with a balance lower than $5,000, the app charges $1 a month. Those who exceed that limit pay 0.25% of the total every year, so the more you invest the less the fees affect you. It doesn’t get simpler than this app, so start making your spare change work for you!
App #2: Robinhood – Out of all the free stock apps, none compare to this innovative program. Even though mutual funds are excluded, stocks and ETF’s are where Robinhood shines. They allow users to trade and purchase stock without charging any commissions or trade fees. Crypto-currencies like Bitcoin are also accepted which allows users to invest their digital currencies wisely.
Those who require access to margin trading and extended hour trading, can access these features with the Gold account. This can be attained for $10 a month and maintaining $2,000 minimum portfolio value, so it’s only for serious users. No matter which option you go with, this app does an exceptional job at making your investments count!
App #1: TD Ameritrade – Once users have decided to seriously pursue stock trading, it’s time to upgrade to this app. By connecting with one of America’s largest brokerage firms, doors are opened to groundbreaking features. TD Ameritrade consolidates market alerts, technical indicators and market analytics that cover stocks options, bonds, mutual funds and CDs. These features are complimented by instructional videos that break down how different trades and investments work. Even though trades cost a flat fee of $6.95, this price is well worth it for those who put it to good use. Watch your investments and knowledge simultaneously elevate as you learn to trade like a pro!