Many retail banks offer increasingly sophisticated apps for their users to track their spending and monitor their accounts. But there is a whole world of intelligent apps today that might also help turbocharge your investing journey.
Investing apps and online trading platforms can make investing more accessible and affordable than ever before. Now, investors can research opportunities in depth - and buy and sell stocks, ETFs and other assets in real-time using apps like Nemo Money.
What investing apps can do for you 🚀
Apps have democratised investing, opening up access to the stock market to beginners - and there’s so many different features that these tools can offer.
Research:
Investment apps allow users to track the historical performance of different stocks, comparing how the company’s shares are priced right now to previous weeks, months or years.
With the amazing recent advancement of AI, there are also virtual financial assistants who can answer your questions. Our GPT powered Nemo AI, available in our app, is a great source of market intelligence and analysis.
We also offer ‘nemes’ or groups of similar stocks that are connected by industry, location, financial performance or other factors, to make it easier for investors to get a sense of what’s on the market at a glance.
Investing:
Apps can make it easy to buy or sell shares at the touch of a button. If you would rather not buy a whole share of a company but would still like to invest, you can use fractional shares to buy as big or small a slice as you want.
Managing your portfolio:
You can check the performance of your investments whenever you want, when you have an investment app in your pocket. Some prefer to check their portfolio every month, some every quarter, and some a little more often.
At Nemo Money, we also send our community regular notifications - you can choose how frequent you would like these to be, as we know everyone has a different investing style.
Learn and play:
Other online tools include Investopedia’s Stock Market Simulator - not an app, this website is free to use from either mobile or desktop. The online game allows users to practice the process of buying and selling stocks without spending any actual money. You can also use it to practice trading crypto and options.
Choosing the right app 📱
- Ideally, you want an investment app that’s user-friendly and has an intuitive interface that lets you get straight to what you want to do - learning about companies and selecting your stocks and ETFs.
- Some apps cost money to use, but Nemo Money charges zero commission on the stocks and ETFs you buy and sell, meaning that you can keep more of your profits. You should also check out the platform fees on the apps you’re considering, to make sure that the price is something you’re comfortable with.
- The investment app you choose should be highly secure and encrypted to protect your data.
- It should also have a deposit protection scheme - Nemo Money uses the Securities Investor Protection Corporation (SIPC) to protect all deposits up to $500,000.
- It’s essential that investment apps, like any other financial services product, are fully compliant with an official regulator. We are regulated by ADGM Financial Services Regulatory Authority.
Stay ahead of scams ✋
Along with the rising popularity of legitimate investing apps, unfortunately there has also been a rise in recent years of investment scams involving bad actors inviting would-be investors and day traders to download phony apps, or visit untrustworthy websites.
There are several ways that scammers trick investors. Dodgy companies have also been using deep fake technology to create videos in which public figures like Tesla CEO and crypto superfan Elon Musk say that there’s a great new platform that investors need to download. Scammers have also infiltrated social media and dating websites, meaning that many people have found themselves targeted by a stranger who initially seems super friendly - but quickly turns the conversation towards an exclusive investment opportunity that they want their target to get in on.
Once they’re using the app or website, the beginner investor being targeted is usually initially told that they have made a profit on their investment, but then they are encouraged to keep their profit within the app and re-invest it. The investor will find, if they try to withdraw their money, or when they try to withdraw a more significant amount of money after an initial success, that it’s not possible. In some cases, the scammer might even withdraw money from the investor’s bank account if they can steal or otherwise gain access to the details.
Red flags 🟥
Here are some clues that an investment app is not the real deal.
- How did you hear about it? If it was someone you don’t know, or if you have found yourself added to a WhatsApp group or other group chat where people are talking about the app, this is an indication that someone might have an ulterior motive for telling you about it.
- Anybody there? If the app doesn’t have any reviews or ratings, this is another signal that it might not be trustworthy. It’s also a bad sign if you don’t have easy access to a helpful customer service team.
- The description on the App Store seems weird. Not all dodgy apps are available through usual stores like the Apple App Store or Google Play. However, research from Sophos has found that investment scammers are skirting App Store rules by uploading their fake apps with a description that suggests they are something totally different. One investment app was uploaded under a name that suggested it was a QR code scanner - but once installed, it masqueraded as a crypto trading app.
- Processes that don't make sense. If the app encourages you to put money in by gift card, directly making a bank transfer to someone’s personal account, or another unusual method you wouldn’t usually use to purchase a product or service, none of these are ways that a real investment app would ask you to top up your account.
Find an investing app that’s perfect for you
Now that we’ve given you an overview of what to look out for in an investment app - as well as red flags that suggest an app might not be trustworthy - we hope this kickstarts your journey into investing using apps and online tools like Nemo Money. Our mission is to make investing less complicated and more fun, helping people take charge of their financial future. With us, you’ll never miss out on another investment opportunity.
New users can grab our registration bonus up to a maximum of $50 on first deposit. Terms and conditions apply.
