I picked some good ones and did great, but I just as easily could have lost most of my investment. This is the only platform I’ve made any real money using, but its also the only one that where there is hope for more than a single digit return. I also have bought a couple of stocks based on tips from a trusted resource. I mostly just buy tech company stock, because that is the field I work in and know best. I learned a lot about investing through my use of Robinhood, and personally, I enjoy the extra attention trading single stocks needs. This means a higher learning curve, higher risk, and higher potential reward. Robinhood is different from the other two, as it does not deal with diverse portfolios, but with individual stocks (and more recently, cryptocurrencies). Get $5 when you use my invite link: Robinhood
Thes his review does not cover this, but only their core offering, which is designed for more mid-term savings. Note: Acorns now offers two new services, one for saving for retirement called Acorns Later, and another called Acorns Spend, which is a debit card that is integrated with their other services. Two years after writing this article, Acorns has become my favorite of the three. Best for beginners who want a low effort way to save some money.
It is very intuitive to use, I can’t recall a single time of not being able to find what I needed.īottom line: A fantastic app, and a good return on investment. So you can be sure your investment is diversified and robust. Using these six funds, your investment is distributed in over 7,000 stocks. Specifically, your investment is distributed over six Exchange Traded Funds through their partner Vanguard. But for anyone who wants to save, but doesn’t always have much money in their checking accounts, the roundups are great.Īcorns invests your money into a specific kind of fund. It is just as well to set up an automatic deposit. Once I got going on the platform, the novelty of the roundups wore off a bit. In addition to roundups, you can also deposit or withdraw at any time, and schedule regular automatic deposits. I loved the idea of “Roundups”, which is where when you make purchases on a debit card which is linked to your Acorns account, it will invest it for you! Instead of saving spare change in a jar, it goes into an account that bears interest!
Acorns was the first app I started using.
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