Apps make life easy, but not all of the investment apps are what they purport to be. So let’s get started by looking at what real investors are looking for. Real investors trade stocks – and they’re probably in it for the long haul. They won’t be scared off by small fluctuations, and they’ll know the companies they’ve supported well enough to have a forward-looking perspective that will let them ride out any storms with a fair amount of confidence that they’ll win out in the end. Nevertheless, they like to keep an eye on things to see if they can gain an advantage when buying and selling stocks in line with their investment strategy.
Although there’s an element of chance involved, it’s a small one. No matter what an app tells you, short-term “games” like binary options trading and short-term currency trading are not investments, They’re straightforward gambles and we won’t be covering them. Now, without further ado, let’s check out those investment apps that traders love and what they do.
1. Commission-Free Trading Apps
Why no app name? It comes down to your needs different ones depending on which country you’re trading from. For example, when using the Robinhood app, Canada is not served because the business is licensed for US trading only. Find one that works for you. Commission-free trading apps do what they say. You get to buy and sell stocks, and the platform doesn’t take any commissions on your trades.
Having said that gambling, including “playing” the stock market isn’t a real investment, why would you want that? Here’s a simple example. You could be waiting for a specific stock to reach a good price for a buy-in. That’s based on your investment strategy, and you’re expecting that specific stock to bottom out and then correct. You’ll be watching to see what happens so that you can get in at the point that you think will be advantageous to you. When it does, you want to act fast! Use your stock trading app. Problem solved!
2. Market Watch
Want to know what investment experts are saying about the market? This app is for you. Whether you’re starting out and want to learn what people in the know are saying about markets, or just want a heads up on the latest stock market news from around the world, you’ll get all the latest info. You can also monitor stock prices here, so it’s one of the best apps for information-gathering. It doesn’t allow you to trade and, unfortunately, there’s no Android version. Let’s hope that changes, but there are Android apps that do pretty much the same thing, so there’s no need to feel left out if you’re not an iOS user.
3. Bloomberg App
Want something that gives you market-related news and views that’s available on operating systems across the board? Bloomberg app does just that. As with Market Watch, you can view market data. You can even track your portfolio or set up a watchlist using the tools it offers. It’s a trusted source of information, but do be sure that you separate news from views. News is concrete. Views are subjective, and though they come from high-powered experts, there will be other, equally experienced experts who don’t necessarily agree.
4. SigFig Wealth Management App
Every investor has a unique profile. Risk aversion provides an excellent example of how investors differ from one another. A young investor with time to build up their wealth and dreams of quick returns, for instance, maybe less risk-averse than an older one who is looking for a safer option for their retirement. Income needs also play a role. Remember, income and stock value aren’t necessarily the same things. There are some good income-yielding stocks that won’t fluctuate much in value but do provide fairly predictable income. Sounds complicated? Maybe you need some financial advice, and this app allows you to access it for less. Is the advice always right? When it comes to the stock market, it will be based on an intimate knowledge of the important players, but it’s still an educated guess. However, that guess is likely better than yours! Bonus: it’s available on iOS and Android.
There’s something about visual representations that make them way more appealing and easy to follow than a list of numbers. Who doesn’t love a trend line? Sure, the stock market can be a bit topsy turvy at times, but a trend line paints a picture worth a thousand words. Choose how you like to visualize data on a chart (bar charts are a joy) and get technical with the help of ChartIQ. Customize your data visualizations, and get up-to-the-minute info at a glance. In it for the longer term? You should be! Watching market trends and formulating a smart strategy for your investments requires the right tools. So, you don’t have the staff to do it for you. No problem! Get the app! It works across platforms, so no matter what device you’re using, you can tap into the intel you need.
5. Personal Capital App
You’re not in the top 10 percent wealth-wise, but you do like to manage your money carefully, you have modest investments, and you have specific goals you’re aiming for. Maybe you’re saving for college, or you’re planning for your retirement. You’re Joe Average and the high-flying investment guys aren’t interested in you – but maybe Personal Capital can help. While some of its services are paid, others are available for free. It’s a holistic view of your financial life, including bank accounts, and that makes it a good tool for money management across the board.
Something for Everyone
Regardless of your approach to investment, there’s an app for you. Whether you’re already into the technicalities of portfolio management, want to learn the necessary skills, hope to trade on the go, or just want to monitor markets to help with your decision-making, these apps cover a top 5 and are either free to use or very cost-effective for what they offer. So get out those phones, pick your favorites, and get downloading!