so today I'm going to be talking about
my top four favorite investing apps out
there and I get a lot of comments from
you guys asking about certain apps or
services out there and whether or not I
recommend them and there are a ton of
different apps out there when it comes
possibly have enough time to look at
every single one of these so just
because I don't mention a certain app on
this list here doesn't mean that it's
necessarily a bad a poor platform these
are just the four that I have done a lot
of research on and ones that I either
used myself or I have friends of mine
who are using them now before I get into
the video I just want to mention I'm not
getting any kind of kickback by
recommending these apps I do have an
affiliate link for Robin Hood in every
single one of my videos and occasionally
they do run promotions where I may get a
free stock if I refer someone and you
might get a stock as well I just wanted
to make that disclaimer so you guys know
I'm not just recommending these because
I'm being paid to so number one on the
list here is Robin Hood and I'm guessing
you guys have heard of this platform
before they are becoming very popular
because they have a zero dollar minimum
account balance and they also don't
charge commission for trades which is
unheard of so I like Robin Hood because
it is a great platform for beginners and
by having a zero dollar minimum account
balance and just the fact that it's so
easy to sign up it's a lot easier to get
started with investing now the only
problem I have with that is it really
puts a lot of power in your hands
because at that point you could
literally sign up for a Robin Hood
account in the process of two days and
then be investing in the stock market so
you do want to make sure you are
spending time educating yourself before
you get started so it really does put a
lot of power right at your fingertips
but it can be a very useful tool if
you're using it correctly so it has a
very simple interface obviously having
$0 Commission is a great perk as well
and it's very easy for a beginner to
understand this platform I know if you
compare it to Scottrade for example
which is the other platform that I use
it is like night and day as far as the
user interface goes so it is a much
simpler platform for a beginner to
understand so it has all the basic order
types as far as your buy and sell orders
go because of that zero dollar
Commission cost it makes it very easy to
diversify across different stocks or
index funds and the fact that they have
a zero dollar minimum account balance
really lowers that barrier to entry
because traditionally you would have to
save up a couple hundred if not a few
thousand dollars before you opened up
any kind of investing account now there
are a few things that I don't like about
the app and I'm going to share those
with you guys now first of all they do
not offer a drip which is a dividend
reinvestment plan which allows you to
reinvest your dividends so when you earn
dividends from your stock they're just
going to be placed into your cash
account and it's up to you to allocate
those dividends and decide whether or
not you're going to buy more of the
issuing stock or what you're going to do
with those dividends many other brokers
out there offer a drip where your
dividends are automatically reinvested
in the issuing stock the second thing is
they currently do not offer any
retirement accounts and the final issue
I have which may not be an issue for you
guys is the charts are very limited all
it really shows you is a basic line
chart of the stock price you can't
really look at volume or any other more
advanced charts but this isn't app
geared towards beginners so I completely
understand why they did not include
those features now the second app on my
list here is an app called acorns and
I'm sure you guys have heard of this one
as well I know they are constantly
advertising on my videos it allows you
to round up your purchases and then all
of that money is invested in an index
fund at that point so I like acorns
because number one it's easy number two
it's painless because you're not even
really noticing that money coming out
because it's just your spare change and
number three it is totally passive
because all this is automated however I
do have a few issues with the app first
of all there is a monthly service fee to
have an acorns account and if you don't
have enough invested that's going to eat
into your money so you want to make sure
you're going to commit to the acorns app
and have enough money built up in there
that way that service fee isn't just
going to be dwindling your account you
want to have enough skin in the game the
other issue I have with it is many
people could realistically afford to
invest more than just rounding up a
couple of cents on their purchases now I
do understand this is a great place to
get started but I don't want people to
fall under the misconception that this
is enough this is all you have to do in
order to have enough money
you know do whatever you want to do with
your life many people need to invest
more than just rounding up their change
every single month but this is a great
place to start and then the only other
issue I have is you are limited to the
ETFs that they provide so you can't go
out there and invest your spare change
into a Vanguard ETF you are limited to
the ETFs that the acorns app provides
you
so the third app on my list here is an
app called market sim and this was on
the Apple Store I'm not sure if they
have this one on Android but I'm sure
you guys can find a similar app and this
is basically a stock market simulator so
I always have people asking me about
paper trading and practicing on paper
and I think it's a great idea but
there's actually an app where you can do
this where it's even easier and the
other thing too is I often have people
saying that there may be fifteen or
sixteen years old and they want to learn
about investing but they can't invest us
yet because they're not eighteen one of
the great things you could do is get a
simulator like market sim and actually
practice investing before you go about
investing real money so with markets in
you get $10,000 worth of play money
which you can invest in stocks that are
on the New York Stock Exchange and the
Nasdaq exchange so again this lets you
practice with play money before you're
investing real money and the only thing
is this only allows you to invest in US
companies because you can't invest in
any foreign stocks and you also can't
invest in any stocks on the
over-the-counter exchanges which then
again I wouldn't recommend you do that
anyway so you are limited to the New
York Stock Exchange and the Nasdaq
exchange when it comes to market sim
but this is a great way to get your feet
wet and to learn about investing without
actually investing your money and the
fourth and final app on my list here is
Yahoo Finance and this is the place
where I go for a lot of my news and
market updates and it's just a great
platform as far as setting up your own
portfolios and looking at different
stocks and analyzing stocks so anytime
I'm looking at company fundamentals or
I'm looking at different things
surrounding a stock I tend to stick to
Yahoo Finance whether it's on my
computer or on my phone just because I
like the way everything is laid out the
other thing I like about this app is if
I build a portfolio on my desktop
going to automatically be synced to my
Yahoo Finance app so I can build
different portfolios and track the
progress both on my phone and on my
desktop so that's another great perk
with that app and then the final thing I
like about the Yahoo Finance app is you
can set reminders or notifications so if
anything happens surrounding one of the
companies you are tracking they're going
to send you a notification on your phone
so that way you stay updated on that
news but anyways guys these are the four
apps that I recommend myself I do use
Yahoo Finance and Robinhood number two
and number three I don't personally use
myself but I have a lot of friends who
have used these apps and they shared
great feedback with me so I feel
comfortable recommending them to you
that's all I got for this video if you
guys are using these apps or any other
apps let me know in the description
below if you guys enjoyed this video
please drop a like if you are new to my
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always I thank you for taking the time
to watch this video
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