Lately, everyone around me has been talking about investing! From cryptocurrency to stocks to real estate investing, it is awesome to see so many people educating themselves about building wealth. Good news is, companies have made it easier than ever for you to invest on your phone. Therefore, instead of spending time scrolling through social media, you can spend time reviewing your investments.
Before we dive into the 4 apps to invest on your phone, let’s cover a couple things:
- You can start investing with all of the apps below with $5 or less! So having limited funds is definitely not an issue.
- All of the apps are investing your money in an investment vehicle in the stock market. I’ll dive into more about what the actual investment vehicle is depending on the app. You can grow your money for sure but there is also additional risk than what you may be used to with your checking or savings account.
- All of the 4 apps that I have listed below I have tried personally! So you will get the facts and the real deal in terms of my experience with all of the apps.
Without further delay, see below for 4 apps to invest on your phone:
This is the very first app that I learned about to invest on your phone. Acorns allows you to invest your spare change directly in the stock market through an ETF. An ETF is an exchange-traded fund which is a mix of stocks and bonds that trades on the stock market throughout the day.
In order to invest your spare change with Acorns, you link your debit or credit card to the app. Then the app will round up your purchases to the next whole dollar. For example, if you are grocery shopping and the total is $35.25. The app will automatically round up your purchase to $36 and then the .75 will be invested for you.
Here are the basics of Acorns:
- Buy a diversified ETF
- Free to sign up and a $1 monthly service charge thereafter
- Start investing with only $5
Acorns is best if you know that you want to invest but you aren’t sure what you want to invest in. When setting up your account, you are asked questions about your time horizon (or the amount of time you plan to invest) and how you feel about risk with the market (i.e. will you get nervous if you lose 5%). After your answer the questions, Acorns will advise that you invest in one of the following ETFs:
- Moderately Conservative
- Moderately Aggressive
Personally, I have been using Acorns for about 2 years. I love Acorns because it makes it so easy to invest. I learned about Acorns after researching many different brokerage accounts and other trading platforms but they all had high minimums and high fees. Ultimately, it is a great way to start investing for anyone!
Ready to try Acorns for yourself? Click here and get $5 added to your account to start!
The first app that we are going to discuss today to help you invest on your phone is Stockpile! Compared to the other apps listed, I learned about Stockpile most recently. Stockpile helps you to purchase fractions of shares of stock for yourself or for someone else as a gift.
Here are the basics on Stockpile:
- Buy fractions of shares of over 1000+ stocks and ETFs
- Free to sign up and no monthly service charge
- $1.99 per trade
- Start investing with just $5
The goal of the company is to remove many of the barriers to entry for people to purchase stocks as many brokerage firms charge annual fees and trading fees between $5-10.
Not sure what to get a friend for their upcoming baby shower? Consider getting the future baby a gift card to Stockpile. With the gift card, the parents can purchase fractions of stock for the baby. It is a great way to help someone build wealth at a young age.
I tried Stockpile for myself in November. I have to say it was super easy to set up an account. It only took about 5 minutes or so. Then I had the opportunity to choose my investment or stock options. There were many stocks available that I was familiar with like Amazon, Tesla, and Apple. Although I only invested a small amount to see how it worked, it is nice to see the fractions of shares I purchased grow.
Want to try Stockpile for yourself? Or to gift to someone that you love? Click here and get $5 added to your account to start!
Stash is the second app that I was introduced to that allows you to invest on your phone. The goal of Stash is to help you invest in your beliefs. Similarly to Acorns, the money that you invest with Stash is invested directly in an ETF. Some of the ETFs that Stash offers include:
- Clean & Green: Investment includes companies that produce solar, wind and other forms of renewable energy.
- American Innovators: Investment includes tech companies that take the stuff of imagination and make it a reality.
- Enjoy Yourself: Investment includes companies that fuel our fun – from entertainment to travel and leisure.
- Social Media Mania: Investment in the social media giants that fuels our communication, activism, and entertainment.
With Stash, you can set a one-time investment or a recurring investment. Like the other apps, you only need $5 to get started.
I tried Stash and think it is an awesome tool for millennials! It is easy to think that you want to invest in social media and all of the applicable companies, but that can be expensive! Stash makes it super easy to invest in the things you care about without doing a ton of research!
Ready to try Stash for yourself? Click here and get $5 added to your account to start!
The last app that we will discuss to help you invest on your phone is Robinhood. Robinhood was started on the premise that investing should be accessible to everyone! They followed the whole Robinhood theory of taking from the rich and giving to the poor. Typically, trading individual stocks comes with high trading fees (between $3-7 per trade). Robinhood has absolutely no trading fees! Therefore, more of your money can work for you instead of going towards fees.
Similarly to Stockpile, you can invest in individual stocks (and fractions of stocks) with Robinhood.
Personally, I tried Robinhood for myself to see how easy it would be to set up an account and purchase stocks.
I tried out Robinhood to see how easy it would be to trade. It literally only took 4 minutes to create an account. Once in the app, it is pretty bare bones. You can search by a company name or ticker symbol. Once you pull up the company, it shows the return information as follows: 1 day, 1 week, 1 month, 3 months, 1 year, and 5 years. In addition, the app provides a brief description and related news article of the stock of ETF.
When you make a deposit into Robinhood it typically takes 4+ days for you to be able to trade. Therefore, the app def isn’t for someone who is looking to do heavy trading. However, the app is perfect for anyone who has a few stocks in mind that they want to buy and hold for a while.
Click here to try Robinhood for yourself! You’ll get a free share of stock just for signing up!