Best Micro Investing Apps

Micro-investing apps are a great way to start investing, even if you don’t have a lot of money or experience. They allow you to invest small amounts of money, such as spare change from your purchases or a set amount each month.

Micro-investing apps are particularly popular among millennials and Gen Z, who are more likely to be saddled with student debt and have less disposable income than previous generations. However, micro-investing can be beneficial for people of all ages and income levels.

What are Micro-Investing Apps?

Micro-investing apps are investment platforms that allow you to invest small amounts of money, even as little as spare change. This makes them a great option for beginners and people on a budget.

Benefits of Using Micro-Investing Apps

There are many benefits to using micro-investing apps, including:

  • Affordability: Micro-investing apps allow you to start investing with as little money as you want. This is great if you’re on a tight budget or don’t have a lot of money to invest upfront.
  • Convenience: Micro-investing apps are very convenient to use. You can invest from anywhere, at any time, using your smartphone.
  • Automation: Many micro-investing apps allow you to set up automated investments, so you can invest without even having to think about it.
  • Education:┬áMany micro-investing apps offer educational resources to help you learn about investing. This is great if you’re new to investing and don’t know where to start.

How to Choose the Best Micro-Investing App for You

When choosing a micro-investing app, there are a few factors you should consider:

  • Fees: Micro-investing apps typically charge fees, so it’s important to compare fees before you choose an app. Some apps charge monthly fees, while others charge fees per trade.
  • Investment options: Micro-investing apps offer a variety of investment options, such as stocks, bonds, and ETFs. Consider which investment options are important to you when choosing an app.
  • Features: Some micro-investing apps offer additional features, such as fractional shares, round-ups, and automated rebalancing. Consider which features are important to you when choosing an app.
  • Account types: Micro-investing apps offer a variety of account types, such as individual accounts, joint accounts, and retirement accounts. Consider which account type is right for you when choosing an app.
  • Customer support: It’s important to choose a micro-investing app with good customer support. This way, you can get help if you need it.

Best Micro Investing Apps

There are many different micro-investing apps available, so it’s important to choose one that’s right for you. Here are some of the best micro-investing apps in 2023:

  • Acorns: Acorns is a popular micro-investing app that rounds up your spare change and invests it in a portfolio of ETFs. Acorns also offers a variety of other features, such as automated investing, retirement planning, and investment advice.
  • Stash: Stash is another popular micro-investing app that offers a variety of investment options, including stocks, ETFs, and bonds. Stash also offers educational resources to help you learn about investing.
  • Robinhood: Robinhood is a commission-free micro-investing app that allows you to invest in stocks, ETFs, and options. Robinhood is a good option for experienced investors, but it may not be the best choice for beginners.
  • Betterment Invest & Save Money: Betterment is a robo-advisor that offers a variety of investment options, including stocks, bonds, and ETFs. Betterment also offers automated investing, retirement planning, and investment advice.
  • Public: Public is a social media platform for investing. Public allows you to invest in stocks and ETFs, and you can also follow other investors and see what they’re buying.
  • Wealthsimple: Wealthsimple is a robo-advisor that offers a variety of investment options, including stocks, bonds, and ETFs. Wealthsimple also offers automated investing, retirement planning, and investment advice.

Comparison of Micro Investing Apps

Here is a comparison of the best micro-investing apps in 2023:

FeatureAcornsStashRobinhoodBetterment Invest & Save MoneyPublicWealthsimple
Fees$3/month$3/monthFree trading0.25% annual feeFree trading0.75% annual fee
Investment optionsETFsStocks, ETFs, bondsStocks, ETFs, optionsStocks, bonds, ETFsStocks, ETFsStocks, bonds, ETFs
FeaturesAutomated investing, retirement planning, investment adviceEducational resourcesCommission-free tradingAutomated investing, retirement planning, investment adviceSocial media platform for investingAutomated investing, retirement planning, investment advice
Account typesIndividual, joint, IRAIndividual, joint, IRAIndividual, joint, IRAIndividual, joint, IRAIndividual, joint, IRAIndividual, joint, IRA
Customer supportLive chat, email, phoneLive chat, email, phoneLive chat, email, phoneLive chat, email, phoneEmail, phoneLive chat, email, phone

How to Get Started with Micro Investing Apps

To get started with micro-investing apps, simply choose an app and create an account. You will then need to deposit money into your account. Most micro-investing apps allow you to deposit money via bank transfer or debit card.

Once you have deposited money into your account, you can set up your investment strategy. Most micro-investing apps offer a variety of investment options, so you can choose the ones that are right for you. You can also set up automated investing so that your money is invested automatically on a regular basis.

Tips for Micro Investing

Here are some tips for micro-investing:

  • Start small: You don’t need to invest a lot of money to get started. Even if you can only invest a few dollars each week, it will add up over time.
  • Invest regularly: The best way to grow your wealth is to invest regularly. Even if you can only invest a small amount each week or month, it will make a difference in the long run.
  • Reinvest your earnings: When your investments earn money, reinvest those earnings to buy more investments. This will help you grow your wealth even faster.
  • Diversify your investments: Don’t put all your eggs in one basket. Spread your money across different investments to reduce your risk.
  • Be patient: Investing is a long-term game. Don’t expect to get rich quick. Just keep investing regularly and over time, you will see your wealth grow.

Conclusion

Micro-investing apps are a great way to start investing, even if you don’t have a lot of money or experience. By choosing the right micro-investing app and following the tips above, you can start growing your wealth today.

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