Just like my occasional games of blackjack at the casino, I approached trading with a sense of adventure and caution. I set a strict limit for myself: no more than $100 to start trading, just to see how it would go. Despite what some traditional investors might say about needing a large sum to begin, you can start small. However, I do agree with the advice to only invest what you can afford to lose. While I’m not an expert trader, I’m continuously learning and have been pleased with my returns so far. Here are the apps that I use.
ROBINHOOD
Robinhood is the go-to app for many beginner investors. It’s incredibly intuitive and offers a wide range of investment options, including stocks, ETFs, options, and even cryptocurrency. Here’s why you might love Robinhood:
- No Commissions: More money in your pocket means more freedom to explore.
- Fractional Shares: Start investing with as little as $1. Perfect if you’re still building up your savings.
- Cash Management: Earn interest on your uninvested cash and get a debit card for everyday purchases.
Robinhood’s simplicity and accessibility make it a favorite among those new to investing. Plus, who doesn’t love the idea of investing in fractions of high-priced stocks like Apple or Amazon?
WEBULL
WeBull is a fantastic app for those who are serious about investing. It’s perfect if you want to dive deep into stocks, options, and ETFs. Webull offers:
- Commission-Free Trading: Save your money for more important things, like your next plane ticket.
- Advanced Tools and Charts: Get all the technical analysis you need to make informed decisions.
- Extended Hours Trading: Because the market never sleeps, and neither do you, apparently.
Webull is great if you’re looking to get a bit more sophisticated with your investments. It’s also super user-friendly, so even if you’re just starting out, you’ll find it easy to navigate.
Pros:
- Commission-Free Trading: Save your money for more important things, like your next plane ticket.
- Advanced Tools and Charts: Get all the technical analysis you need to make informed decisions.
- Extended Hours Trading: Because the market never sleeps, and neither do you, apparently.
- Paper Trading: Practice with virtual money before risking your own.
Cons:
- Complex Interface: Can be overwhelming for beginners.
- No Fractional Shares: Must buy whole shares, which can be pricey.
CASH APP
Cash App isn’t just for sending money to your friends; it’s also a powerful tool for investing and managing your finances. Here’s what Cash App brings to the table:
- Cash App Investing: Buy stocks and Bitcoin with no commission fees.
- Boosts: Get instant discounts at your favorite spots with the Cash Card.
- Direct Deposits: Get your paycheck up to two days early.
Cash App is perfect if you want an all-in-one solution for sending money, investing, and managing day-to-day expenses. It’s straightforward and will integrate easily with your lifestyle.
Pros:
- Cash App Investing: Buy stocks and Bitcoin with no commission fees.
- Boosts: Get instant discounts at your favorite spots with the Cash Card.
- Direct Deposits: Get your paycheck up to two days early.
- Simple Interface: Easy to navigate and use.
Cons:
- Limited Investment Options: Only supports stocks and Bitcoin.
- Security Concerns: Some users report issues with account security.
Wise (formerly TransferWise)
While not an investing app, Wise is essential for managing your money across borders. As a digital nomad or remote worker, you’ll love:
- Low Transfer Fees: Save money when sending funds internationally.
- Borderless Account: Hold and convert money in multiple currencies.
- Real Exchange Rates: No more getting ripped off by hidden fees.
Wise is a lifesaver for anyone dealing with multiple currencies. It’s transparent, reliable, and can save you a ton on fees.
Pros:
- Low Transfer Fees: Save money when sending funds internationally.
- Borderless Account: Hold and convert money in multiple currencies.
- Real Exchange Rates: No more getting ripped off by hidden fees.
- Fast Transfers: Quick and reliable international transfers.
Cons:
- No Investment Options: Strictly for money transfers and currency conversion.
- Fees for Certain Transfers: While low, there are still fees for some transactions.
Mint
Managing money isn’t just about investing; it’s also about keeping track of what you have. Mint is an excellent budgeting app that helps you stay on top of your finances:
- Budgeting Tools: Set budgets and track your spending effortlessly.
- Bill Reminders: Never miss a payment.
- Financial Insights: Get a clear picture of your financial health.
Mint is great for freelancers and remote workers who need to keep their personal and business expenses in check.
Pros:
- Budgeting Tools: Set budgets and track your spending effortlessly.
- Bill Reminders: Never miss a payment.
- Financial Insights: Get a clear picture of your financial health.
- Free to Use: No cost for the basic version.
Cons:
- Ads: Free version contains advertisements.
- Privacy Concerns: Links to your bank accounts, which may worry some users.
Here are a couple of final tips I have learned that might help you in your journey:
- Designate which platform you will use for what purpose. For instance, I use WeBull for trading $1 and up stocks, and Robinhood for stocks under $1 that I want less than 100 of. CashApp is primarily for swing trading and is the only app that gives instant withdrawal access to your money after selling.
- Do your own research and due diligence (DD) when it comes to any stock.
FAQ’s
Webull
- Is Webull good for beginners? Yes, but it’s more suited for those with some trading experience due to its advanced tools.
- Does Webull charge any fees? Trading is commission-free, but other fees like margin fees may apply.
Robinhood
- Is Robinhood safe to use? Yes, it’s regulated by SEC and FINRA, but it has faced some scrutiny over customer service.
- Can I trade cryptocurrency on Robinhood? Yes, you can trade several cryptocurrencies on Robinhood.
Cash App
- Is Cash App a bank? No, but it offers banking-like features such as direct deposit and a cash card.
- Can I invest in stocks with Cash App? Yes, you can buy and sell stocks and Bitcoin.
Wise
- How does Wise compare to banks for international transfers? Wise generally offers lower fees and better exchange rates.
- Can I hold multiple currencies in Wise? Yes, you can hold and manage multiple currencies.
Mint
- Is Mint really free? Yes, but it includes ads in the free version.
- Can Mint help me with investment tracking? It provides basic investment tracking but is not as detailed as some other apps.
As frequent travelers, having the right apps can make a huge difference in how you manage and grow your money. Webull and Robinhood are fantastic for investing, Cash App for its all-in-one capabilities, Wise for international transfers, and Mint for budgeting.
I hope you have fun investing in your future.
