Investing Apps You Need To Know Now
It is the information age and as apps like Apple Pay and Google Wallet make holding a plastic credit card useless your phone is becoming fully integrated with everyday life. Acorns will take your spare changed from purchasing that $1.89 coffee and Starbucks and invest the extra 11 cents into your portfolio. Robinhood while this app is not roaming around Sherwood Forest the app wants to rob from the big brokerages by having you switch your trading account to them because they don’t charge commissions when you make a trade. If you trade a lot you can spend thousands on trade commissions a year.
When mobile brokerage Robinhood officially launched in December 2014, it began on-boarding the more than half-million people who signed up to download the app once it became available. Why all the hype? Robinhood charges no commission to trade more than 5,000 U.S.-listed securities, and there are no minimum balance requirements on an account. Eighty percent of the initial user base was between the ages of 18 and 29, but you don’t have to be a tech-savvy millennial to see the appeal of avoiding the $7 to $10 per trade commission typically charged by online brokerages.
The most interesting one of the four apps is probably StockTwits. It works the same as Twitter but you use “cashtags’ by putting a dollar sign in front of the stock that you want information about. The idea is that you learn what’s happening to a stock real time with only short pieces of information. If you can predict what will happen to a stock for a day, week, or month using this information you stand to make large gains.
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About Shaun Archer Tatum Shaun works in corporate finance in New York City. He has done financial consulting for several start-ups and has worked at several Fortune 500 companies. He has contributed several finance/investing articles on Seeking Alpha which have been published on Yahoo! Finance.