One of the biggest struggles I faced when I started investing was choosing which brokerage firm to invest with. The good news is there are plenty of options. First, you have many factors to consider. First, what sort of investing to you want to do. Are you looking to just put some money into a safe mutual fund or ETF (Exchange Traded Fund), or do you want more control to invest in any stock you so choose. Second, how about fees? What are you willing to pay? There are many investing applications that only charge a monthly fee, or a very low per-trade charge. To help you decide who you want to invest your money through I have created a list of the top three investing apps along with the pros and cons to each one.
First up, ETrade. ETrade is one of the most popular investment companies today. Etrade’s most attractive feature is that it allows you to invest with any publicly traded company. Another benefit of using ETrade is that there are multiple charts and ratios you can use to make wise investing decisions. One of ETrade’s draw backs is the fees, each trade is $9.99. Compared to other e-brokers this is a fairly high trade rate.
Next, is an investing app called Robinhood. The great thing about Robinhood is there are ZERO fees! However, there are limited trading options and the app is only accessible on a mobile device. Here is Business Insiders review/take on Robinhood.
The last App is Stash. This is another investing application. However, they have take a lot of the scary and challenging aspect of investing. What they have done is composed a variety of ETF’s to choose from. They give a description of what each ETF includes, and its risk level. There are fees for this app however. If your account is less that $5000 there is a $1 a month charge. If your account is more than $5000 you will be charged a .25% annual fee.
I hope my first blog was informative, and helpful. If you have any questions or comment please do not hesitate to directly contact me, or leave a comment below! Until next time!