Best investment apps

Almost every individual has some financial investment in life. The amount can be more or less. According to Google 90.90% of people own a mobile phone in this world. An investment app is a mobile application that allows its users to invest money and manage it in various financial markets. Those financial markets include bonds, stocks, mutual funds, cryptocurrencies, and some others.

What is An Investment App 

An investment application may be separately built for a laptop or smartphone. All those apps can perform a wide number of functions. Features include monitoring real-time stock price, research tools for investment, news and analysis, trading, and personalized profile. Some apps also have automatic investment options, like robo advisor services. Based on the investment goals and risk tolerance capabilities of the user, robo advisor service uses its algorithms to create investment portfolios and also manage it.

Why You Should Use an Investment App

Investment apps can be very helpful for both experienced and inexperienced investors. Investment apps offer easy entry to the financial markets and offer a wide range of investment features. But there must be some fees and risk associated with investment. So, you should carefully check those features, fees, terms and conditions and security options before using and investing.

Investor apps work as your virtual broker but the good thing is there is no time killing negotiations involved. Additionally, an investment app has any data that an investor needs to help them to invest. Also, those apps have relevant information about stock exchange or other investment services. 

Besides those, investment apps help investors to make productive decisions without costing much time. Moreover, investor apps include blogs and tutorial videos that can give investors suggestions on the best strategies and tell them which shares to pick. This can help new investors to understand everything clearly and make fruitful investments.  

Factors Should Choosing an Investment App

Selecting an investment is very crucial. When choosing an investment app, there are plenty of things to consider. Different investment apps have different features and benefits. First understand which feature is more important to you then you can make a decision about which app is best suited for you. Here you can find some important features that you should consider while choosing an investment app. 

1. Experience: At first identify how experienced you are. If you are new in the world of investment then you should start with the one that is not much complicated. 
2. Available Locations: Choosing an investment app, the most important thing to consider is available locations. Not all investment apps offer services in all countries. So, while choosing an investment app make sure that the app is available in all counties and in your locations as well.
3. Ease Interface:  If you are not technologically proficient or do not have enough experience with investment, it is important to choose an app that has an easy interface. It will help you to understand and use each feature properly. Choose an app that is easy to use, navigate and does not require a lot of technical knowledge. 
4. Investment Options: When choosing an investment app, another important factor that needs to be considered is the investment options offered by the app. It is important to choose an app that offers different types of investments. If you are looking for minimum investment then you do not need many options but if you want more flexibility over your investments then you should choose an app with a large number of investment options. 
5. Fees: When choosing an investment app, make sure that fees are associated with it or not. There are differences in charging fees in those apps. Some apps charge monthly and charge a percentage of each transaction. Find an app that fits with your budget and do not charge a huge amount. So before making a decision, compare the fees charged by different apps and make sure that you have chosen the right one.
6. Customer Support: If you face any problem when using the app or facing any technical issues there would be someone to whom you can complain. So having a customer support option in the app is very important. It is also very important to consider the level of customer support they offer. Many investment apps offer customer support via phone number or an email. So be sure that your investment app offers those features too and ensure those by checking before downloading an investment app.

Best Investment Apps in Canada

In recent years some investment apps have made the investing scenario easier than ever in Canada. Previously it was required to make calls and sometimes had to visit the broker’s office to make the investment. Which was a bit costly but time consuming. But now investing apps make the whole process easier. There are a number of useful apps available now that can make it easy to keep track of your money and your investments. 

Wealthsimple

Wealthsimple is undoubtedly the best for beginners. Wealthsimple was founded in 2014. As of March 2021, the amount of assets Wealthsimple had was $8.4 billion. Wealthsimple provides a wide variety of trading options. If you sign up with Wealthsimple, you get a $25 bonus on your deposit of $100. 

Managing your investment profile can be very sensitive and you will need to be very sincere with picking stocks. There is no minimum amount required to open an account, and they offer a variety of portfolios. Wealthsimple is an automated investment platform. It offers customized and a wide variety of low-cost portfolios. It can be rebalanced automatically as needed. 

The app interface is very simple as well as functional. It provides an easy navigation system for inexperienced investors. Wealthsimple is hassle free to use and provides services like free financial advice, dividend reinvestment, automatic deposits, and low fee. The Canadian Investor Protection Fund insures all accounts with the company.

The Investment Industry Regulatory Organization of Canada regulates Wealthsimple. It ensures that all the activity in this platform is in compliance with legislation. 

Disadvantages

This app does not offer many platforms and tools. Those platforms do not offer much market news, research options, and features. This app is riskier with securities besides stocks. Wealthsimple Trade and Wealthsimple Invest aren’t synced together. Customers must have to open an account in both platforms individually. Also, fund transfer cannot be possible between those two accounts. 

Wealthica

Wealthica was founded in 2015. This app will be best for regular investors, financial advisors, and also for those individuals who are looking for an easy and appropriate way to track and manage their portfolios. Wealthica has jointly worked with more than 150 Canadian financial institutions like Hampton Securities, Fidelity, HSBC, National Bank, and some others.

Some features are free in wealthica but others require a monthly fee. Wealthscope’s monthly fee starts from $15.95 and comes with all the features like portfolio building and scorecards. 

Disadvantages

Wealthica will allow you to trade stocks with companies that are from the United States. So, a document will be issued by the Canadian government that will show that you are investing in a foreign market.

Questrade

Questrade has been operating for 24 years. Questrade is best for ETFs. For new investors who do not have a lot of capital to get started, this app can be a game-changer. 

This app is a good choice for not just buying stocks and ETFs but also other financial instruments like foreign exchange, initial public offerings (IPOs), CFDs, and some others. You can build your ETF portfolio with just one share at a time with no commissions. But Questrade will charge trading commissions when it comes time to sell. 

Questrade offers some very useful features for free. Also visa Debit card holders can instantly transfer up to $3,500 into your Questrade account. You just need to have a $1,000 minimum balance to start trading on Questrade. 

Disadvantages

The disadvantages using this app is there is a management fee associated with the guided portfolio option. This app will cost you charges in every trade whereas most apps have commission fees.

Moka

Moka is the best spare-change investment app. Moka was formerly known as Mylo, is a Canadian micro investing app. Moka makes use of an inventive strategy for saving and investing. Moka is one of the best investing apps for beginners.

You can set up deposits to your investment account automatically. Moka offers low-cost investing. The fee per month in this app is $3. According to their promotional offer investors get a welcome bonus of $5 after linking a bank account with the app.

Moka provides portfolio management by Tactex Asset Management, bank-level security encryption, and funds are protected by CIPF.

Disadvantages

This app has no way to buy, sell, or learn about stocks manually. You have to trust it for investment with your money.  Moka is not for those who want to learn how to trade for themselves. 

Passiv

Passiv was launched in 2017. This app is the best portfolio consolidating. The investment process of this app is very simple. This app is for self-directed investors who are willing to take challenges and learn about the financial markets by themselves. 

Passiv partnered Questrade in 2019 to give investors on their platform access to use the portfolio management tool.

Disadvantages 

Passiv offers you a wide number of features, but with the exception but not the best at anything. 

Coinbase

Coinbase is an American based app. It is popular for cryptocurrency exchange that allows buy, sell, and exchange cryptocurrency. Coinbase is best for cryptocurrency investment in Canada. Crypto can be traded internationally with this app easily. Coinbase is totally crypto focused with more than 250 cryptocurrencies. 

Coinbase has assets over 10,000 to choose from, beginners and advanced level of traders. They can use Coinbase to trade popular cryptocurrencies. Coinbase has regularly been involved in adding and removing coins and also upgrading their system to create a smoother user experience.

 Disadvantages

It is totally focused on crypto. There are no investment options like stocks, bonds but crypto. Like many other people, if you are unconvinced with cryptocurrencies, then you will not have any reason to use Coinbase at all.

Are Investing Apps Safe?

Investing through an investing app is as safe as banking using your mobile phone. The same security system they use as banks use for their mobile banking. They have a bank level encryption system for security and they are continuously trying to make it more secure. 

But never share your account information with others, do not use public Wifi, keep your phone password protected and change your password often. Besides this bad investment choices can be a risky factor of losing all your money. So before investing, make sure you have security and a proper knowledge about where you should invest. 

The investment industry is big and getting much bigger day by day. There are many options to invest and make money. Those apps will make your investment life easier. Just know about those apps properly, invest your money that’s attracting you the most. Investment apps will help you track and manage your investment more easily.