Top 5 Benefits of Using Investment Apps and How To Choose The Right One For You

Investing your money can feel like a daunting task. There are so many different types of investments, financial advisors, and strategies to choose from. Thankfully, investing doesn’t have to be a scary prospect.

While there are many different ways to invest your money, investing through an app is one of the most convenient and accessible ways to do it. It is the number one option most beginners try first.

Apps are digital versions of your regular bank accounts and brokerage services. Many people use apps to invest their money because they offer various investment opportunities, including low-risk, high-paying certificates of deposit, high-yield savings accounts, and much more, all at your fingertip.

Investment apps are perfect for beginners because they automate the process of investing. They can be used to build a diversified portfolio and monitor its performance. These services are not just convenient, but they help you avoid the most common mistakes made by beginners. Additionally, they cater to a wide variety of users, including those who speak a foreign language, such as this popular money app for Latino.

There is an abundance of choices you can make when looking at the various investment apps that it can be challenging to know which ones are right for you. We’ve created this guide to help you choose the right investment app for you.

Read on to learn more about why investing apps are so beneficial, how they can help you grow your money, which apps are suitable for you, and how to get started.

5 Great Benefits of Using Investing Apps

Investing apps are a valuable tool for any beginner because they can help you stay on top of your investments and make informed decisions about your finances. While the benefits of using an investment app are broad and varied, here are five specific reasons why investing apps are so beneficial:

1. Managing Your Accounts

Do you have multiple bank accounts or different types of accounts? Checking, savings, retirement accounts, and brokerage accounts can feel like there’s never enough time to manage your financial information.

The good news is that investing apps can help keep everything in one place. With these easy-to-use apps, you’ll be able to manage all of your accounts in one location and get real-time updates about the money you’ve earned. Plus, investing apps offer helpful insights into how to grow your money with minimal risk.

2. Convenient for People New to Investing

As a beginner in the investing space, using an investment app can be the best decision you can make for yourself and your money. Plenty of investment apps makes it easy to invest and choose how you divide your assets.

While there are apps that teach users how to make sound investment decisions, some use algorithms to prompt users to make decisions. In contrast, others do it automatically without any added effort from the users.

All in all, these apps allow for easy investments in various stocks, bonds, and funds. You can use these apps to invest in your retirement account or even your checking account. With the right app, you can support as little as $5 at a time, get investment updates on your phone and watch while your money grows!

3. Personalized Financial Advice

It can be challenging to navigate the complex world of finance when you don’t know what you’re doing. You’ll get personalized financial advice tailored to your needs with an investing app.

All you will need to do is just input some general information about yourself and the type of investor that you are – conservative, moderate, or aggressive – and the app will create a personalized strategy for growing your money with as little risk as possible while still allowing some chance for growth potential.

4. Do Your Calculations

If math isn’t your strong suit, investing apps can provide calculations for everything from calculating compound interest rates to figuring out whether or not it’s time to rebalance your portfolio based on specific criteria that you will input into the app. 

5. Simple and Straightforward

One of the best things about investing apps is their simplicity. You don’t need to be a financial whiz to use them; you just need to have a bank account and be willing to invest as little as $10 per month. Investing apps are designed to simplify your life by simplifying managing your money, including investing it.

For example, you might want to start an emergency fund for unexpected expenses or save for retirement. These apps can help you do that.

Finding the Right Investment App for You

Choosing the right investment app is essential because it will shape your financial future and allow you to grow your money at a much faster rate than if you chose the wrong one. However, it can be challenging to find the right one for you. You need to select the right investment app to ensure that your investment experience is successful.

When choosing an investment app, the most important thing is finding one that’s best for you. For example, if you’re coming from a conservative background, you might want one that doesn’t offer as many risks. If you’re investing on your own and looking to maximize returns, you may want an app with more risk.

If you fall within a subset of people, you can consider an investment that communicates your language. For instance, you can go with a money app for Latinos if you come from the Spanish-speaking people of America. Regardless of your personality and financial goals, an app can help you achieve them.

Investing apps are a valuable resource for your investment needs, but they don’t always come cheap. Before buying an app, make sure it meets your basic investing requirements. Is the app free or paid? If you’re making a lot of trades and need more than just essential stock quotes, a paid app may be worth the investment.

Next, consider what information can be found on the app and how often that information updates. Frequently updated information will help you stay on top of your investments and gain insight into future or past trends. If you’re only looking for general information about stocks, an app with less frequent updates may suffice.

Here is a list of questions you should ask yourself when choosing an investment app to better your chances of success:

  • What are your goals and risk tolerance?
  • Do you want a basic overview of your investments, or do you want detailed information?
  • Do you want to use the app on your phone, or would a computer be more convenient?
  • Do you have any background knowledge in investing or financial literacy skills that will help you navigate the app?
  • How much time do you have to devote to using the app?

Should You Use a Mobile or Desktop App?

There are pros and cons for both desktop and mobile apps.

The biggest pro for desktop apps is that you have large screens to view your investments, making it easier to read small text. The biggest pro for mobile apps is convenience.

Desktop apps can require a lot of clicks to access your information, but with a mobile app, you can quickly check your account balance or make a trade from the comfort of your couch.

Desktop apps also provide more security, as they do not use public networks like the internet. Mobile apps will use the internet and therefore are not as secure as desktop applications.

Mobile apps allow you to view your account balances anywhere in the world, which is great if you travel often or if you’re always on the go. You don’t need an internet connection to access this information either; most investing apps are accessible offline.

Ultimately, it comes down to personal preference – what type of device do you typically use? Desktop or mobile? If you prefer using a desktop computer, then go with a desktop application; however, if you prefer using a mobile phone instead, find an investing app compatible with smartphones.

Conclusion

Financial services and investing can be overwhelming for beginners. Not only is it a time-sensitive activity that requires an immediate response, but it’s a topic that can be scary to approach. As a result, many people shy away from the issue altogether. Fortunately, there are plenty of apps that simplify investing.

Investing apps can help you stay on track and make informed decisions about your investments. Using the right apps and resources can make your finances work for you, not against you.

What’s better is you don’t have to be a financial whiz to use these apps. Even if you’re a beginner, you can tap into the power of investing apps to grow your financial knowledge and grow your money as well, whether you’re a novice investor or advanced, you’ll find the right app for you. Just remember to check your investments regularly and stay on top of market trends to ensure that your money remains safe and secure.