Setting up an investment portfolio can appear to be daunting task, especially for beginners looking for those companies to put their first dollars towards, but as the saying goes - there’s an app for that.
There are many, many to look through among app stores, each with their pros and cons. Before downloading, you should check their reviews and compare the ratings of each app. If this is the type of tool you would like to utilize, either for day-trading or to build a portfolio, it is recommended that you use several to compare numbers and make sure you aren’t making a move based on dated information, as some of this data can be delayed up to 15 minutes.
For trading, there are quite a few to choose from, but these three apps are worth looking into and should help put you on the path to take your investing efforts mobile.
Wealthsimple trade - No fees and very robust for Canadian investments. The app take a percentage for USD trading. It has a solid tracking system and TFSA as well.
YouTuber Arthur Di Lascio recently began a series chronicling his experience using this app.
Questrade - This app offers dual-currency TFSA, as well as free Exchange-traded fund (ETF) purchases, which can be a bonus for those just getting into investing. The app isn’t very intuitive, but the browser version would work just fine.
Paper trading: Using an app can feel a lot like playing a video game, or a simulation. For investors feeling too cautious to commit their real money via their device, there are options for paper trading attempt to duplicate some, or all the features of a live stock market in the digital real, so that an investor can practice trading stocks without taking on the financial risk.
The thinkorswim platform offers exactly that. Like an online Monopoly board, you trade with “fake money” that gives an idea of how the markets work before using any real money and is a good means of practicing before putting real money down on a risky investment.
These are just some of the apps out there that should give a decent foundation on where and how to start making some investments.