Investments are always risky, but it does not mean you should never enter the world of investing.
Many apps aim to make the stock market and investing more accessible to the public. In the last few years, there has been a significant rise in the number of such applications.
With the availability of a plethora of such applications serving according to your goals and income, it might get a little confusing to choose the best one. And for a first-time investor, the peak of investment might seem unscalable. But it is necessary not to let this overpower you. With the help of the list of apps given below, you can start investing effortlessly.
Read on to find out the best apps for easy investments:
Being one of the top trading apps in Canada, Questrade offers you a wide range of investment options. This application allows you to create an account as per your goal. The popular account types include Tax-Free Savings Account, Registered Retirement Savings Plan, Family Registered Education Savings Plan, and other short-term investment plans.
Features of Questrade:
- Easy to use mobile app allows you to make investments as you want to
- Commissions free ETFs
- Lower fees
- Completely secured account
Wealthsimple is one such investment application that allows you to reach your goals and efficiently manage your money. As per your investment goals, you can decide to create a personal account, traditional individual retirement account (IRA), Roth IRA, simplified employee pension plan, joint statement, or a trust.
Features of Wealthsimple:
- Diversified investments by investing money across the stock market using EFTs.
- It allows you to choose a risk level and helps in building a custom portfolio.
- Automatically rebalances your portfolio in case of market fluctuations.
- Easily accessible
- Utmost security, two-factor authentication, and data encryption.
In 2019, Forbes named Stockpile as the best investment app for parents. It is an online digital brokerage that allows you to buy stocks in the companies you want. When creating an account, you can choose from the two options: individual brokerage accounts and custodial accounts.
Stockpile makes it extremely easy to buy and sell stocks or ETFs, and it also allows you to purchase gift cards for your loved ones. You can buy an electronic gift card for stocks ranging from $5 to $2000.
Features of Stockpile:
- Allows you to create custodial accounts for kids under the age of 18
- Gift card
- Secured by 256-bit encryption and optional two-factor authentication
- User-friendly interface
Betterment is a great app that helps you set your financial goals and build a robust investment portfolio. The annual fee for ‘Betterment’ is 0.25% for a basic account, and it also offers other flexible portfolio options. Betterment allows you to invest in the EFTs regulated against your risk levels. This application also allows you to choose from their socially responsible investment portfolios.
Features of Betterment:
- $0 minimum balance for digital investing
- Provides goal setting
- Allows you to connect your outside accounts thus assisting you in tracking your finances.
Robinhood is one such investment app that offers commission-free investing. Robinhood allows you as a beginner to invest in cryptocurrency, ETFs, trading stocks, and many other options. With this app, you can invest any amount and create a balanced portfolio.
Features of Robinhood:
- Commission-free investment
- Simple navigation options and easy setup
- Cryptocurrency investment option
Webull offers brokerage account services with zero commission. You can create a diversified investment portfolio in Webull by adding stocks, ETFs, options, and cryptocurrencies. This application allows you to create an account from the below-given options:
- Individual Retirement Account
- Individual Brokerage Account
Features of Webull:
- Zero commission
- Extended hours trading
- Multi-platform accessibility
Wealthica is a portfolio monitoring application. This app allows you to merge your investments and banking information and thus provides you with a better overview of your finances. You can also track your monthly income and spending. And it also allows you to connect your account from any of the 100+ Canadian financial institutions.
Features of Wealth:
- See and assess all your financial data in one place.
- Create groups and add family members to generate individual and family datasheets.
- It has a free version, and other added features are provided with premium enhancements.
Investment can be an intimidating process, especially when you are a new investor just starting. All apps have unique features and provide numerous benefits. Depending on your requirements, you can choose the one which fits your goals and helps you add to your future.
If you are heading off to start your investment journey? Well, we are here to help you make the best out of your adventure. GICs are one such option that will give you lucrative results on investment. If you want to know more about this, read ‘What is GIC and why should I invest in it?’