Graduation is such a big deal; however, the financial game has just begun. Investing apps are akin to starter Pokemon; pick the wrong one, and you are in trouble. You need a platform that evolves with you; not something childish like that good old piggy bank. Here are some pointers on how to pick an app that does not sound like a rocket science.
First of all, look for an app that allows you to purchase fractional shares. Unless you happened to win the lottery and collected thousands of dollars on it, you have no way to buy stocks of Amazon worth millions at once. Five-dollar investment into famous companies is your way to start making a fortune.
Secondly, consider the fees. Withdrawal fees or subscription are the worst nightmare in the financial world. Popular applications like Robinhood and Fidelity lowered commission fees. However, it is crucial to stay away from withdrawal fees in any way possible because they destroy your investments.
Thirdly, think if you want to be a trader or investor. There are apps for traders like Webull that allows you to analyze the chart and quickly perform transactions. On the contrary, if you want to invest for a bright future, Acorns or Wealthfront may become your choice. They automate all the processes allowing you to live your life.
Also, remember that investing apps provide you with education possibilities. SoFi and Public are apps where you can find information about stocks in a simple way. By reading articles and watching videos you are avoiding Googling the answers to your questions and risking losing your money on meme stocks.
Safety of the app is of the first importance since you trust your money to it. Choose apps with two-factor authentication. Never use suspicious apps or those that have low scores on the App Store; they can not only take your savings but also what you earned over the summer.
Finally, choose a convenient interface. If you do not like the app, there will be no point in depositing anything there. Investing should be a pleasure, not a headache.