We are going to be taking a look at some of the best investing apps for 2020. This is an in-depth review of several different apps. There have been so many questions from people who get hit with many different apps when they get into the app stores. They come across hundreds of different apps, and they are stuck with questions like, “Which one is the best one to choose from?”
There are a couple of different ones that you can look into. Each of these apps is for a different type of investor or a day trader than looking for long-term investment. This will help you decide what type of brokerage account or stock investing app you want to open up.
Important to note is that the five apps that will be discussed are based in America. However, in the end, we will discuss options from those in Europe and those around the world.
The biggest thing you need to know before we go into the discussion proper is that in 2020, you really should not be paying fees to invest in the stock market. All five of the apps that will be shown to you here are all free to use; there are no payments required for transactions.
A while ago, most brokerage firms and stock investment apps were charging people money for stock transactions. Charges were about 5 to $10n, things have changed, and that is not done anymore.
Especially the ones that would be talked about on this list, there are no charges for trading. Note that this list is a collection of the top investment apps, and the names are listed in no particular order.
Vanguard
Managing over 5.6 trillion worth of assets, Vanguard is one of the world’s largest financial institutions. A lot of people in America are using Vanguard to invest their money.
Vanguard is best for people who are looking for long term retirement accounts. 401ks, IOAs, any type of long-term investment. What is great about Vanguard is that they are a very well-established company, and they have been around for a while.
You do not have the worries of them going out of business and that your money will disappear into thin air too. A downside to it is that it is not the best for people who are looking into the stock market to actively buy and sell stocks every week. The app is not as smooth as you will expect from a fintech company, but they are a great option, and you can find them at vanguard.com.
Webull
In the [last twelve months, Webull has gained millions of users. Initially, we didn’t want to add them to the list because they seemed like one of those really small startups, but they have a lot of users at this point. Currently, they are running a promo, hence their addition to this list. This April 2020, they give away a free stock when you sign up for Webull, through the link, and another when you deposit $100.
Make sure to read the terms before signing up to make sure that you get your free stock. The best part about Webull is the charts; out of all of the investing apps out there, Weibull probably has one of the best charting capabilities in terms of the charts and the graphs that you are looking at; they have some great research capabilities.
It is intriguing and helpful to a lot of people. Once again, it is free to use, as they don’t charge money for this. You will also be able to invest in crypto too.
Robin hood
Robin hood, time after time, has always made the list of the best investing apps. However, they have faced some problems, for example, last week, they faced a market stability crisis, and the app was crashing for a lot of users.
People got really angry because they had no access to their apps. People wanted to pull money out of the stock market; others wanted to invest because it was a volatile market. However, it is still a great app and is free; actually, they are one of the pioneers for this free investment thing, and they add new features every time.
M1 Finance
This is a favorite because of the features. They have this thing called Pies and fractional shares. Let’s say that you want to invest in amazon. Amazon shares are $2000 per share, so naturally, you need $2000 to buy one amazon share. However, on M1 finance, you can buy a fraction of that share if you do not have the money for the entire share. This is perfect for beginners.
TD Ameritrade
This has been around for a long time, they used to charge for investment before now, but that has changed. They are free now for the most part. TD Ameritrade is somehow a hybrid of Vanguard (for people who need a long-term investment) and the other new apps. They are a great one to start with, and they have great charting capabilities.
These are the five different types of investment apps in America.
Conclusion
All brokerage firms are insured by SAPC, FPIC, depending on the different types of regulations in different countries. Most of the investment apps are going to be regulated by the company in some way. If something happens, you should be able to get your money back.
