As a stock investor, it is very important that you always acquire first-hand information as regards changes in the stock market. For this reason, we are listing the best stock apps for android. By using these stock apps, you will always be at the top of your game in the stock market.
As known today, the stock market is a big place where investors trade stocks on a daily basis. In order to always get this information, there are some best stock apps for android that you can use to track your stocks on android phones.
Recall that a few years ago, investors rely on newspapers for updates from the stock market. However, technology has now made it possible for investors to use stock tracking apps on their android phones to monitor the stock market.
With the aid of these stock apps for android, you can even trade on the stock market freely without any problems. Some of these stock tracking apps let you manage your portfolio while others provide you with news and stock market analysis.
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How can I invest in stock as a beginner?
Investing in the stock market is a great way to make huge amounts of money.
If you wish to invest in the stock market as a starter, make sure that you put your money into an online investment account. This money will help you to buy shares of stock. Afterward, you can start investing in the price of a stock.
Below are the steps for investing in the stock market as a beginner:
1. Choose your pattern for stock investment
If you wish to invest in the stock market, there are so many options for you. For example; if you are the self-reliant type and you wish to choose the stocks by yourself, you can do it. Additionally, if you are not the self-reliant type, you can choose someone who will manage your stocks for you.
2. Open a stock investing account
Before you can invest in the stock market, you will need an investment account. If you are the self-reliant type, you will need a brokerage account. If you do not know how to open an account, you will need the services of a Robo-advisor. You need just a little amount of money to open an account if you are a broker or a Robo-advisor.
On the other hand, the two types of stock investment accounts include; a brokerage account and a Robo-advisor account.
A brokerage account will enable you to buy stocks, funds, and other investments very fast at a more affordable rate. Using a brokerage account, you can even open a retirement account (IRA) for yourself. Alternatively, you can open a taxable brokerage account if you are saving for retirement in another place.
With a Robo-advisor account, owners can get the benefits of investing in stocks. However, it does not require the owner to perform the groundwork for selecting individual investments.
The services that this account offers include the complete management of your investment.
During the onboarding process, the companies will verify your investment goals and thereafter, create a portfolio that will help you to achieve the goals.
Luckily, it does not cost much. The fees that you will pay for managing the account are just a little fraction of what a human investment manager charges. Reports show that your Robo-advisor charges about 0.25% of your account balance. You can also get an IRA at a Robo-advisor.
3. Determine the difference between stocks and stock mutual funds
Before you make your investment, you will have to choose between these two investment types namely; stock mutual funds or exchange-traded funds and individual stocks.
Stock mutual funds or exchange-traded funds: Here, you can buy small pieces of several different stocks in a single transaction. Mutual funds like index funds and ETFs track an index. Whenever you invest in a stock, small pieces of each of those companies will be yours. You can add together several funds so as to develop an expanded portfolio.
Individual stocks: If you wish to invest in a particular company, you may consider buying a single share or a few shares. You can create a diversified portfolio out of several individual stocks but it will require a remarkable investment.
If you are investing your retirement savings, the best bet for you is a portfolio that is made up of mutual funds. However, mutual funds do not rise rapidly like individual stocks.
4. Set a budget for your stock investment
The cost of stocks in the market will determine the budget you will set to buy individual stocks. Prices of stock range from a few dollars to some thousands of dollars.
If your budget is small and you wish to buy mutual stocks, go for an exchange-traded fund (ETF). You can only purchase mutual stocks for at least $1,000 or more. However, it will cost you less than $100 to buy an ETF.
5. Focus on the long-term
There are several complex strategies in stock investment. However, most successful investors in the stock market stick with the basics. In other words, you need to use funds for the major part of your portfolio.
According to Warren Buffet, a low-cost S&P 500 index fund is the best investment most citizens of America can make, and opt for individual stocks only if you believe in the firm’s long-term growth.
After making your investment, avoid the habit of checking how your stock is doing on daily basis.
6. Manage your stock
Do not be too scared of the changes that occur on daily basis in the stock market. Make out time to check how your stock is doing but not on daily basis.
Once you follow these steps to purchase mutual and individual stocks steadily, check your portfolio on a few occasions in a year to know if you are meeting your investment goals.
Upon nearing retirement, you may choose to transfer some of your stock to more conservative fixed-income investments. If you discover that your portfolio is much in one sector, try and buy stocks in a different sector so as to expand your chances.
Make sure that you monitor geographic expansion. According to Vanguard, about 40% of stocks in every investor’s portfolio comprise international stocks. With this, you should consider buying international mutual stocks.
10 Best Stock Apps for Android
Here are the best stock apps for Android:
1. Personal Capital
Personal Capital stands out as one of the best stock tracking apps for android. It gives traders a comprehensive statement of their finances and investments.
In addition, this app provides investors with a premium investment management service. This stock app does not require any fee for its management services if you wish to access some of the portfolio tools.
Below are the free services that come with Personal Capital:
401(k) Fee Analyzer
This tool helps traders to get free fee analysis. From the analysis, investors will know how much they lose to fees charged by employer-sponsored plans. This will give them tips on where to move their funds in order to avoid the high fees.
The retirement calculator helps to determine if the present portfolio of investors can sustain the retirement they want. From this tool, investors can know the actual amount they will need in retirement so as to set their contributions and investments to meet their long-term goals.
This tool will enable you to manage your portfolio. Upon reviewing your assets, this tool will give you tips on rebalancing and risk tolerance so that you can know what changes to make for a portfolio that will help you achieve your goals.
2. SigFig Portfolio Tracker
This stock market tracking app lets traders see all their assets after connecting their accounts to the brokerages that hold their portfolios. The app also allows investors to connect their retirement accounts. It is available on Android and iOS.
Read Also: Top 5 Best Free New Budgeting Apps
Here are the free tools that come with SigFig Portfolio Tracker:
This free tool on SigFig Portfolio Tracker helps traders to know the fees they pay. It also offers suggestions to investors on how to move their money to assets that are more valuable.
Additionally, the tool helps traders to know when they are overexposed to a particular industry or stock.
Real-Time Market Tracking
This tool offers traders news, commentary, and real-time price action.
SigFig Portfolio Tracker offers traders access to live and phone support even in its free version. The app also offers a paid premium Robo-advisor option for investors that wish to get more help.
Morningstar gives traders access to broad ratings for stocks and mutual funds. The app allows traders to set up their online portfolios in order to track their holdings.
The subscription for this stock tracking app which costs $145 per year will enable you to have access to multiple guides, webinars, etc.
On the other hand, its portfolio x-ray examines your holdings up to the next level. This feature on Morningstar lets traders know how much per stock a mutual fund is holding and the amount in dollars as outlined in your portfolio.
If you like making big funding investments and asset allocations, consider Morningstar as it helps investors to make adjustments.
Regarded by many investors as one of the best stock market apps for android, Ticker lets you track many stock portfolios from one dashboard.
You can even divide your portfolio according to your goals (growth vs. retirement) or by sector (technology vs. utilities) and monitor them gradually.
The app enables you to check real-time values, examine your profit and loss on daily basis, as well as know a time-weighted rate of return.
Additionally, you can create watch lists and alerts that will help you decide when to buy or sell stocks. If you are a very active investor who wants to build and keep track of your portfolios, Ticker is the sure bet for you.
5. Yahoo Finance
Yahoo Finance is one of the best apps for real-time stock market news. It allows users to monitor stock price changes, commodities, world markets, equities, and bonds.
Using the app, you can sync your stock information across various devices. The app contains ads and you can use it for free.
- The app lets traders create watch lists for real-time stock quotes
- The information it carries does not relate to stocks
- The manner in which the app combines cryptocurrency and commodities makes it very confusing for traders
StockTwits is one of the most comprehensive stock tracking android apps. It contains a lot of information. The app features an earnings statement calendar, a real-time feed of stock prices, direct integration with Robinhood, cryptocurrency information, and curated lists of potential investment opportunities.
In addition, it has a chat feature where you can engage in a conversation with other investors.
You can use this app for free.
- The app features customizable message streams
- It has hand-curated stock lists
- The app bears a comprehensive section for cryptocurrency and forex trading.
• Self-Promotion: Stocktwits is full of biased perspectives that are willing to bend the truth or outright lie to encourage beliefs that will benefit them.
• Lack of Credibility: Traders who use Stocktwits are often surprised at the lack of a means to establish credibility.
Investing.com contains over 100,000 institutions across 70 global markets and it offers loads of stock market information, news, and prices.
The app allows traders to manage their portfolios and monitor cryptocurrency prices.
Its free version contains ads and you will need to create an account in order to get some of the features. If you wish to remove the ads, upgrade to the premium version for $1.99 per month.
- It bears a list of popular cryptocurrency prices
- The app enables traders to check information about bonds, foreign exchanges, commodities, interest rates, futures, and options
- It has a calendar feature that enables traders to be up-to-date with finance and business events
It contains ads and it costs $1.99 per month to remove the ads.
The Bloomberg app enables traders to examine stocks all over the world. The app has a feature where you can customize your account so as to receive the exact information you want. You can also create your portfolio without any challenges.
- This android stock tracking app enables investors to create custom watch lists
- With the app, traders can connect to Bloomberg live TV any time they wish.
The app contains tons of information that has no relationship with the stock market.
The Robinhood android app lets you buy and track your stocks without paying any fees. This android stock market app is designed for beginners.
The app offers investors access to charts, historical market data, and financial market organization. In addition, investors can use the Robinhood app to buy and sell cryptocurrencies such as Ethereum and Bitcoin.
The app does not require any fees before you can trade with it.
It combines stock and crypto trading.
The app simplifies the process of buying and selling stocks for users.
The crypto trading feature is not available in all states.
Most times, it crashes on older android devices.
This is a very large stock market app that contains lots of information. JStock contains 28 world stock markets, 10 years of chart history as well as features for the U.S. stock market.
On the other hand, JStock enables investors to manage their portfolios and dividends and the app has a widget too.
The free version of JStock bears all the features together with ads. If you do not like the ads and you wish to remove them, it will cost you $3.99 every month.
- It contains several pieces of information on stock dividends
- The app shows off widgets for watch list, portfolio, and world indices
- It uses graphs and charts to make your portfolio easy to understand
- This stock tracking app requires that you pay a one-time subscription fee of $7.99 before you can start using it
- It does not have the stock trading functionality