Investing is not just for seasoned financial experts. With the right tools and guidance, anyone can start building wealth. College students are no exception. In fact, investing early in life can have a significant impact on long-term financial goals.
Unsure of how or where to start? These 12 apps cater to college student investors and make investing accessible, simplified, and even fun.
1. Robinhood
Robinhood is an app that offers commission-free trading and investing. With its user-friendly interface and no account minimum feature, Robinhood is one of the easiest ways for college students to start investing. Students can trade stocks, ETFs, options, and cryptocurrencies with no commission fees.
2. Stash
Stash is another user-friendly app that helps beginners invest. It offers pre-made portfolios and an educational component for beginners. Moreover, the app provides personalized advice based on each investor’s risk level and interests, making investing less intimidating.
3. Acorns
Acorns is an app that rounds up purchases made with linked debit or credit cards and invests the difference. This investment method is called micro-investing and makes it easy for students to invest even if they don’t have a lot of money. The app is free for college students with a valid .edu email address.
4. TD Ameritrade
TD Ameritrade is an app that offers commission-free trading on most stocks, ETFs, and options. In addition, the app has no account minimum feature and offers a wide range of investment options. TD Ameritrade is a great choice for college students who want to experiment with different types of investments.
5. Ally Invest
Ally Invest is an app that offers commission-free trading on most stocks, ETFs, and options. In addition, the app has a low account minimum feature, making it more accessible for college students to start investing. Ally Invest also offers tools for long-term investors, including automated portfolio rebalancing and tax-loss harvesting.
6. E-Trade
E-Trade is an app that offers commission-free trading on most stocks, ETFs, and options. The app has no account minimum feature and offers a full range of investment options, including managed portfolios and retirement accounts. E-Trade is perfect for college students who want a more comprehensive investing experience.
7. Betterment
Betterment is an app that provides a fully automated investing experience with no minimum account balance feature. The app invests users’ money in a personalized combination of stocks and bonds based on their risk tolerance and financial goals. Additionally, Betterment offers other financial services, including retirement planning and saving for specific financial goals.
8. Wealthfront
Wealthfront is an app that provides automated and algorithmic-based investing services. It offers a range of features, including personalized investment portfolios, tax-loss harvesting, and retirement planning. Wealthfront has a $500 minimum investment, which may be a bit high for some college students.
9. Stockpile
Stockpile is an app that allows users to buy fractional shares of stocks and ETFs with no minimum investment. This means users can buy a portion of Amazon or Tesla shares for as little as $1. Stockpile also offers gift cards, a great choice for students who want to gift their friends or family with a share of stock.
10. Personal Capital
Personal Capital is an app that allows users to monitor their spending, investments, and financial goals in one place. The app provides personalized advice, including investment recommendations based on users’ financial goals. Personal Capital’s wealth management services offer portfolios tailored to each user’s specific needs and goals.
11. SoFi Invest
SoFi Invest is an app that offers commission-free trading on most stocks and ETFs and no account minimum feature. The app also offers automated investing and a cash management account with no ATM fees. SoFi Invest is a great choice for college students who want to simplify their finances and investing management.
12. Webull
Webull is an app that provides commission-free trading for stocks, ETFs, options, and cryptocurrencies. The app offers advanced charting tools and market data, making it a great choice for students who want to take an active approach to their investing strategy. The app also has no account minimum feature.
FAQs
1. How much money do I need to start investing?
Many apps have no account minimum feature, making it easy to start investing with as little as $1.
2. Are there any fees to use investment apps?
Some apps charge commission fees, while others offer commission-free trading. Be sure to read each app’s terms and fees before investing.
3. How risky is investing?
Investing always carries some level of risk. However, some apps offer automated investment portfolios tailored to different risk levels, making investing less intimidating for beginners.
4. Do I need to be a finance expert to invest?
No, many investing apps offer educational materials and user-friendly interfaces that make investing accessible even to beginners with no prior knowledge of finance or investing.
5. Can college students invest in stocks?
Yes, many investment apps offer commission-free trading for stocks, ETFs, options, and other investment options.
6. What is micro-investing?
Micro-investing is a method of investing in which small amounts of money are invested in stocks or ETFs. The amounts invested are often too small to meet traditional broker minimums. However, they can add up over time and are a great way for beginners to start investing.
7. Can investment apps help me plan for retirement?
Yes, many apps offer retirement planning services, including personalized retirement portfolios and advice based on individual risk tolerance and financial goals.
8. Will investment apps invest my money for me?
Yes, many apps offer automated investment portfolios based on individual risk tolerance and financial goals.
9. Can I use investment apps if I don’t live in the United States?
Many apps are available outside of the United States. Check each app’s availability in your country of residence before signing up.
10. Can I switch between investment apps?
Yes, investors can switch to different investment apps at any time. Be sure to read each app’s terms and fees before transferring investments.
Conclusion
Investing can be a daunting task, but with the right tools and guidance, anyone can start building wealth. These 12 apps cater to college student investors by offering user-friendly interfaces, no account minimum features, and educational resources. From commission-free trading to automated investment portfolios, these apps simplify investing and make it accessible to anyone. Choose the app that fits your investing goals and start building wealth today.
