As the market continues to grapple with the impact of COVID-19, this may be the perfect time to start thinking about investing. Here are 7 investment apps you should know about AND here's how your fellow Milkscope community members feel about them:
1. Robinhood: Great for beginners, Robinhood, a Zero-commission broker, lets you invest, buy and sell portions of shares with as little as $1. It also send updates on breaking news and the market.
Milkscope community member says, "It has an easy to use interface that allows beginners to thrive but has pitfalls when it comes to maintenance. Customer service is pretty bad, and there have been outages during high volume trading."
2. Think or Swim: Make smart investments! With a 4.7 rating in the Apple store, Think or Swim not only allows you to trade but it also makes sure you make smart decisions by screening stocks based on P/E ratio and other factors. It's free to download and the first 60 days are also free. After that it costs $9.99.
Milkscope community member says, "It's pretty good. Everyday I learn more about stocks and the analytics are great. I use it on my iPad because the iPhone version isn't as good. Since the new updates there have definitely been more bugs: lagging, random logging out, etc but overall it's still my favorite trading app."
3. Acorns: Have change to spare? Acorns lets you start investing your spare change from random purchases (starting with as little as $5 dollars)!
Milkscope community member says, "Customer service is really really really bad. I mean the app does save you money, but if something goes wrong (and more than likely it will) you are sh*t out of luck."
4. Stash: Mission driven, Stash helps you invest in companies that match your values. Helpful for learning how to invest, Stash charges $1 a month for balances under $5,000.
Milkscope community member says, "I recently downloaded Stash, so this is more first impressions: so far it's been useful. Pro tip: Stash isn't free, it's a paid subscription which I didn't realize before, so if you don't want to spend that money there are definitely free alternatives. Also, they push their other products on the app which can be annoying. "
5. Stockpile: Makes investing easier for young people by allowing them to buy fractional shares of stock through gift cards. It also allows you to send stock gift cards as presents as well!
Milkscope community member says, "I appreciate that you can buy stocks partially, because let's be real, some stocks can be extremely expensive. This app is definitely slower than the other ones I've used: it takes a while to update on the current state of the market. I would suggest monitoring the market on a different app, that's what I do. But overall I like it."
6. Wealthfront: Need advice? This app not only gives you advice on how to manage your savings, but also helps you earn interest on your cash, and automate your investments.
Milkscope community member says, "It's good for saving and the interest rate isn't bad. "
7. TD Ameritrade Mobile: A stock trading app that offers real-time quotes, simplified trading, synched watch lists & deposits by phone.
Milkscope community member says, "I like this app, it's pretty intuitive. Sometimes it crashes though and editing orders can be a hassle. But it's not terrible."