Investing tools for everyone! Yes, even you!
Updated: Aug 10, 2020
There are numerous tools that can be used to help anyone when it comes to investing wisely. This field has been growing quite quickly, and below you'll find the top five investing tools worth using.
Acorns is an excellent service to help anyone start putting aside a chunk of cash on a regular basis. The service allows users to put specific chunks of any purchases into an account where that money is then invested into a number of industries. Acorns also gives users cash back for certain retailers, which can add up over time. It is also a useful way to designate a certain amount of money to put aside into a savings account on a regular basis. Acorns also has its own card that you can use to directly link a debit or credit card to the account and thus spend money directly.
Robinhood is an easy and efficient way to start investing into the stock market. The interface is clean and simple, and there are no transaction fees for trades. There is also a lot of data and links to news articles about specific companies as you invest. Robinhood also offers options and ETFs to anyone using the platform. In addition, it is possible to buy and sell cryptocurrency on this service. Robinhood works well especially on a mobile device, but is also usable on a browser or other areas.
Webull is a competitor to Robinhood in that it allows you to freely buy and sell stocks. However, Webull has a bit more complex system than Robinhood in that it offers after hours trading, more data, and the ability to short stocks. Webull also offers free stocks to new members, or for those who refer others. There are also incentives for those who deposit a certain amount into the account. Webull also offers a popular paper trading feature for those who don't want to risk spending anything right off the bat. Webull also allows for quick deposits and the ability to spend on credit as the cash is transferred.
Stockpile is an interesting platform because it allows its users to buy partial shares of stock of companies. There is a small fee per trade of 99 cents but no monthly fee. Stockpile also allows users to give each other gift cards that can then be used to purchase stocks. This is a great way to get youngsters interested in trading, especially if they have a limited amount of income. Overall, Stockpile is great for anyone who is just starting to learn about all things related to finance.
Betterment is unique in that it offers a bit more hands on experience for its users while at the same time can be quite automated if wanted. Anyone with the app can choose to receive advice and access to actual human beings. On the other hand, the service is ideal for those who don't want to have to pay constant attention to their account. Anyone who is looking to set aside a chunk of dough for retirement or simply grow their income without having to worry too much should consider this service. Betterment combines the best of both worlds since it does have good avenues for human support when needed while also remaining fairly simple to use.
All of these resources should help you save for the future. Be sure to check them out and decide what is best for you. It might make sense to use multiple services.