Investing in the stock market for the first time can be a nervous experience. Whether you know the market or not, investing wisely for the first time isn’t easy and can often require a helping hand.
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Of course, seeking out expert advice is always worthwhile, but there are also a number of apps that can help you along the way too.
It’s a new DIY way of thinking with stocks, and there are a growing number of apps to help when it comes to investing online.
Below you’ll find five of our favourite apps to help novice investors get through the difficult early period on the stock exchange…
Wealthsimple is a robo advisor that’s particularly popular in Canada and is one of the easiest to use on the market, perfect for beginners.
What a robo advisor does is basically offer you financial advice without the need of any human interaction. They intelligently read a series of information based upon your finances and feedback accordingly.
It’s an incredibly sophisticated algorithm which is used by many of the world’s top investors with Wealthsimple among the most popular.
From tiny acorns the major oak can grow, and this is exactly the premise behind the Acorns app. It’s really a brilliant idea that will have you not even realising you’re investing.
What it does is allow users to invest their change and investing it into a varying range of funds put together by Harry Markowitz, the Nobel Prize Winning economist.
This works by rounding up the payments on your debit or credit card and investing it. It’s essentially investing without you even noticing.
Of course, it’s not the app for investing huge sums of money but to get started with small, regular investments it really is ideal. Acorn does take a small monthly fee for using the app, but ultimately you’re doing very little work yourself.
Our Stock Market Simulator
Our very own tool is a fantastic way to learn your trade when it comes trading stocks.
For students and new investors it’s the perfect place to test their mettle without losing any of your own money. You’ll begin with $100,000 in virtual investment money which you must then build a portfolio with and try and raise your funds.
It’s a fantastic tool that allows you to connect with other traders around the world as well as winning a number of prizes if you’re among the most successful of the week.
It’s a stepping stone all new traders should take and gives you a realistic taste of the stock market before you get stuck in for real.
Yahoo! Finance is a fantastic app that not only gives you all the latest information on the stock markets globally, but allows you to sync up your portfolio and get all the information you need in one app.
It’s far superior to the stock market apps already on our mobile devices, particularly iPhone and is the ideal app for quick access to how your shares are performing.
You can view your portfolio, track particular share prices, currencies and quotes easily and even get notifications directly to you, perfect when you need to take action swiftly.
Getting your portfolio in one place is the best advice anyone will give you when beginning your stock exchange experience. You may end up investing in all manner of funds, and having them viewable together can help you recognise trends in industries and know which funds are worth selling and which are investing more in.
SigFig is a fantastic tool for doing this and allows you to construct your portfolio and manage it effectively. There are a number of these apps available to download, but time and time again this is branded the best.
You’ll receive weekly summaries so you’ll never take your eye off the ball and gives you real time tracking on all your investments as and when you want them.
The app currently has 750,000 investors connected to the app, so it’s tried and trusted. You really won’t find a better app to collate all your financial investments this year.