The Pros And Cons Of Using Investment Apps
Posted on: 9 January 2023
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Investing has changed a lot in recent years. No longer do you have to go sit down, in person, with a stock broker in order to invest in the market. Now, many people are turning to investing apps to invest for retirement, long-term savings, and general financial gain. Is using an investing app the right approach for you? Here are some pros and cons to consider as you decide.
Pro: You can choose an app that aligns with your values.
There are many different investment apps to choose from. If you prefer to support businesses that share your values, then you can look for an app created by someone who shares your values and beliefs. For example, if you are politically conservative, you can choose and use an app designed by and for conservatives. This ensures that any fees charged for use of the app are supporting businesses and people who you agree with on major issues.
Con: You don't always get to speak with a real person.
Investing apps generally offer lots of information and feedback that you can use to make decisions about where and how much to invest. However, they don't usually put you in direct, face-to-face contact with a real person. If you are someone who learns and grows best from in-person interactions, you may be better off with a more traditional investing approach.
Pro: You can read reviews from many other users.
It's easy to find reviews for all of the popular investing apps. Reading these reviews can help you not only choose an investing app to use but also use the chosen investing app most effectively. You may learn, for example, that you are better off making certain investments on the first of the month, or that you should check certain stats in the app before investing in a certain fund.
Con: You may not have access to the full market.
Not all investing apps give you access to all of the major stock exchanges and stocks. There may be some funds you can't invest in through the app. So, if you have very specific stocks or funds you want to invest in, then you may not want to use that particular app to invest with.
Consider the pros and cons above before choosing and using an investing app. If you can find an app that aligns with your values, you are usually off to a good start.
Look to a service such as Monorail to find out more.