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How investment apps can help get on top of your finances?

Savers, fed up with more than a decade of low interest rates, might think it time to look at investing as a way of making their money work harder – and investment apps can help.

Downloading these will allow you to keep across your range of accounts, whether it’s savings, property, buy stocks, trade cryptocurrencies and individual savings account (ISA), or whatever.

It allows you to create a cash allocation plan that covers your investments, tracks performance, and keeps an eye on fees.

These apps are usually free to download and come with lower fees than an independent financial adviser, who typically charge £150 an hour according to finance specialist MoneyAdviceService.

 

Millennials introduction to investing

Lower charges are the appeal of these apps to millennials, those between 26 and 40, who don’t have the cash to afford high fees, but want to start building a portfolio for the future.

Millennials can struggle to find sound advice on how to start saving. Wealth managers tend to help people with a lost o cash and assets to manage, while banks try to sell products like mortgages but don’t help young people build up their deposits.

Moneybox popularised the small scale round-up method of saving in the UK. The app connects to your bank account or credit card and rounds up the digital spare change from transactions to the nearest £1.

This means after spending £2.80 on your morning coffee, the app would take a further 20p out of your account and put it into a previously designated savings or investment account.

Moneybox said its users, who are on average in their early 30s, make around 30 transactions per week with an average round up of about 28p. This results in a total of £8.41 a week accrued from round ups alone.

These apps are also a good way to track your ISA, which are investment accounts that are not taxed.

Under government rules, you can save up to a maximum of £20,000 per year (for 2020/21), in a cash ISA, a Help to Buy ISA, a stocks & shares ISA, an innovative finance ISA, a Lifetime ISA or a mixture of all of them.

For more confident investors, Investment apps apps are available such as Freetrade, eToro, AvaTrade, or IG Markets which trade shares, bonds, commodities, forex, cryptocurrencies and everything inbetween.

eToro Investment app

 

eToro is among the leading online trading platforms and the best investment app for the UK since 2008. It’s branded as a social trading platform, and allows users to trade almost anything from commodities, currencies, stocks, and indexes to cryptocurrencies through one web-based and mobile platform.

As a multi-asset social trading platform, the eToro investment app lets investors trade exchange-traded funds (ETFs), cryptocurrencies, contracts for difference (CFDs), commodities and currencies. There is also an OpenBook trading platform, which lets users automatically copy and execute another investor’s trades. This option is useful for novice traders who are just starting out and want to follow or copy the successful trading patterns and strategies of established traders.

Since 2017, eToro has expanded cryptocurrency trading on its platform significantly.

Exploring cryptocurrencies

It’s important to note that eToro offers two ways to invest in crypto assets. Traders can choose to buy cryptos with no leverage, in which case they own the underlying asset. The cryptocurrency is securely held in cold (offline) storage by eToro on buyer’s behalf.

However, you can also invest in cryptos using leverage along with shorting the asset via a CFD (Contract for Difference). In this case, you won’t own the underlying asset but merely speculate on whether its price will rise or fall.

If you are looking for the best iPhone apps to help you better manage your investment portfolio on the go, eToro is a good place to start. It provides an extensive range of trading options and a varying fee structure from one asset to another.

The trading experience on eToro’s investment app is fluid and particularly user-friendly. It’s easy and, at the same time, it provides all the functionality that both novice and experienced traders would require.

The platform holds up as one of the best trading software on the market. Backed by a growing team of professionals and supported digital assets and financial instruments, eToro is well-suited for on-the-go trading.  You can easily get your finances organized and invested.

It is one of those apps that are great for beginners, and they make it easy for those just starting to invest to manage your finances and invest.

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Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Galina Mikova

Galina is a Hubspot-certified Technical Writer with over 10 years of experience in working with Fortune 500, private investment, banking, FOREX and niche tech companies as well as crypto and blockchain startups. She has a solid background in FinTech and blockchain technology.