Go investment: The rise of on-the-go investment apps
No longer do you need to engage a traditional broker to invest your money. Thanks to technology and everything going digital – and the rise of increasingly intelligent apps – it has never been easier to get your foot in the door. Many of the apps available use algorithms to help with the investments, which generally results in less fees and can still assist you in creating an individualised strategy that is low maintenance. So what are the options? Micro-investing apps Micro-investing apps, such as Raiz and Spaceship Voyager, can be used either by people who want to invest a lump sum of money, or by those who prefer to use it as a piggy bank. Both apps give you the option to round-up purchases to the nearest, meaning if you spend $2.40 using your allocated spending account, the app will invest 60 cents for you in your chosen portfolio. Micro-investing apps are great because people can dip their toe into the investing world for as little as $5, whereas many other investment platforms or brokers will require a minimum spend. Your money then gets invested with everyone else’s money, however, you can decide whether you would like to put your money onto modest/safe investments or higher risk/higher reward ones. Micro-investing apps are a great low fuss strategy that especially suits people who are not great at saving. It is also surprisingly effective over time when all of a sudden you have a fair bit of money in there. Another factor that increases traders’ satisfaction is the opportunity to improve their skills within a platform. For instance, a broker… Read More
