Acorns
To slowly accumulate wealth in a way that does not significantly affect the users currently lifestyle, Acorns is an innovative app which rounds purchases to the next dollar and then invests it in a diversified portfolio. Through slowly growing savings, users can select what kind of portfolio they want their money to be invested in depending on their risk tolerance. As one of the most simple forms of micro-investing, Acorns is ideal for those who are looking for long term growth without compromising current spending habits. Furthermore, the app makes it extremely intuitive to understand the realm of investing by encompassing graphs and only the most relevant information that is easy to grasp without a significant amount of experience in the realm of finance. The cost of the service is extremely affordable for everyone at only $1/month, deviating from the traditional investment management fees which can be thousands of dollars. Furthermore, users can also input as much money as they want into the account at any time, making it one of the best apps to grow wealth.
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Robinhood
For those who often trade stocks or other financial instruments, one of the biggest expenses is the cost of trading which significantly cuts into the profitability of the investment. In order to avoid these costs and ensure that investors have the same opportunity to profit as institutional investors, Robinhood has no trading fees or commissions. Beautifully designed, users can easily see the stats and returns without clutter and unnecessary data. Furthermore, the app does not automatically invest passively in ETFs or mutual funds, but rather gives users the ability to buy and sell the stocks that they are interested in. With no minimum investments required to start an account, every person who is of legal age to trade stocks can do so without barriers that are associated with other stock trading platforms. Completely mobile, the app is designed for ease of use and accessibility so that stock trades can be done at anytime from anywhere, making it one of the best for actively growing wealth.
Wealth Simple
One of the best passive wealth-growing apps that are available to reduce fees and stress associated with managing investments is Wealth Simple which automates a significant amount of the process. All that is required from the user is to create an account and then select the level of risk that they would like the portfolio to be at. From there, the app automaticallys allocate the funds across different mutual funds to meet this risk target for a diversified portfolio without the fees. The profit that is gained from the investments are reinvested into the portfolio and automatic deposits can be made into the account. As a robo-advisor, the app is one that automates the investing process significantly which saves time and money in terms of management. Furthermore, as the fee for an account under $100,000 is only 0.5%, comparative services offered by other mutual funds or banks are vastly more expensive as a result of manual asset management.
Questrade IQ
For more active investors who are looking to grow their wealth in a proactive way, Questrade IQ is one of the most comprehensive trading apps available for those with more financial knowledge. Although the app is one that offers more complicated information in terms of statistics and data, it does not encompass automation or inexpensive fees but rather a wide suite of functions to give investors an edge when trading. As an all-in-one tool which aggregates historical, financial, and news data into a single source as well as offers the ability to trade, it is highly essential for anyone who wants be able to adjust their account as needed. The degree of control in which users have in terms of trading is massive compared to other tools to encompass options such as quantity, order type, limit price, duration, and route. With all of these functions combined into a single app, knowledgeable investors are able to buy and sell stocks wherever they are.
While the investment and wealth industry have historically been reserved for those with a significant amount of money or a formal education in finance, the introduction of mobile apps eliminates these barriers as a form of democratization. With the tools that are mentioned in this article, managing and growing wealth is made easier and at cheaper than the alternative services that are offered by banks or professionals.
