How-To — Change Your Investing Game with These Great Brokerage Apps That Help You Get More Returns
Investing can seem tough, like a big hill to climb, especially if you are new. But don’t fret! Technology gives us neat tools — brokerage apps. These apps help you invest simply and smartly, making the task easier to handle. In this guide, I will share some of the best brokerage apps and how they can help you get the most from your money. Let’s jump in!
Step-by-step Process
Know What Brokerage Apps Are
First, let’s clear up what a brokerage app is. In short, these are mobile or web apps that let you buy and sell investments like stocks, ETFs (exchange-traded funds), and sometimes even cryptos. They work as your link to the money world, letting you manage your cash right from your phone or computer.
Look for the Best Brokerage Apps
Next, it’s time to find the best brokerage apps for your needs. Here’s a quick list of top picks —
- Robinhood — Best for new users, Robinhood has no fees for trades, so you can invest without fear of losing money to extra costs.
- TD Ameritrade — This app is full of tools and info to teach you about investing. They have a lot of options, and their site is easy to use.
- ETRADE — Known for its fine trading tools and helpful resources, ETRADE is great for those who want to learn more about investing.
- Fidelity — Fidelity has a great app with no fees and a large choice of funds. Also, their support is very good.
- Webull — A solid choice for those who know more about investing, Webull has advanced tools to help you make smart choices.
- Download and Set Up Your App
Once you find an app you like, it’s time to get it. Most apps work on both iOS and Android, so you can find it with ease in the App Store or Google Play.
After getting it, follow these steps to set it up —
- Create an Account — You will need to give some personal info, like your name, email, and maybe some financial info to prove who you are.
- Link Your Bank Account — To start investing, you should link your bank. This will help you move money to and from your account without a fuss.
- Check the Features — Take a bit of time to learn the app’s layout and options. Most apps have guides to help you out.
- Start Investing!
Now for the fun part—making your first buy! Here’s how to start —
- Decide What to Buy — Look into the stocks or ETFs you like. Think about things like how the company is doing, market trends, and news that might change prices.
- Place Your Order — When you pick an investment, use the search bar in the app to find it. When you see it, you can find the price and more info.
- Choose Your Order Type — Decide if you want to buy at the current price (market order) or at a price you set (limit order).
- Confirm Your Buy — Check your order, and if all looks good, hit the buy button! Congrats, you just made your first buy!
- Watch Your Investments
After buying, it’s key to keep an eye on your investments. Most brokerage apps have tools to track how your picks are doing. You can set alerts for price shifts or news that might change your stocks.
Example
Let’s say you choose Robinhood to invest in a well-loved tech firm, like Apple. After downloading the app and making your account, you link your bank in no time. You research a bit and see that Apple’s stock is priced at $150.
You decide to make a market order to buy 5 shares. After checking and confirming your order, you see those shares in your account. Over the next month, you watch the stock’s progress via the app. When it hits $160, you might think about selling to take your gains or hold on if you think it will keep going up.
Using the right brokerage apps can really help you take charge of your investing path. They make it easier, giving you the tools you need to get the most from your money. Keep in mind, investing is not a race; it takes time. Take your time, do your homework, and feel free to try out different apps until you find the one that fits you best. Happy investing!
