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Top 5 Best Finance Apps In 2020 – Iphone & Ipad

If your looking for the best finance apps in 2020 for your Iphone or Ipad you’ve landed in the right place. Getting a grip on your finances can truly set you free mentally. Stressing about bills or not being able to afford the necessities in life is painful. If you make the descision to start using each one of these apps today you will thank yourself months and years down the road. So lets get right into it.


Robinhood

Robinhood has been lauded as the investment platform of choice for millennials, day traders, and investors with small pools of capital. They cater to traders looking for free commissions and the ability to purchase partial shares with a basic trading app.



Pros:

  • For basic trading, the mobile app and trading platform are very easy to use.
  • Basic trading commissions are free.
  • Stocks may be purchased in fractional amounts.
  • Crypto currency trades can be made in very small quantities, well below other platforms minimums.
  • Instant access to cash when positions are closed; immediate buying power upon deposit.

Cons:

  • Trade execution quality is questionable.
  • Very little access to any research or analysis.
  • During periods of extreme volatility, platform stability is unreliable.
  • Advanced trading and basic option trading is cumbersome.
  • There are no commissions, but trading “spreads,” especially in cryptocurrencies are wider than on most platforms.
  • Real time trading data significantly lacks all mainstream platforms.

Conclusion:

Robinhood is best suited for cost-conscious investors new to the market and learning about trading, who do not need the advanced bells and whistles other platforms offer.


Coinbase

Our next best finance app for Iphone and Ipad in 2020 is Coinbase. Coinbase was founded in 2012 and has become the standard trading home for crypto investors. A wide offering of crypto products are offered, including Bitcoin, Ethereum, Litecoin, Bitcoin cash and others.



Pros:

  • As the leading crypto platform, they offer the largest option of cryptocurrencies available for investing and trading.
  • Ease of use. Platform navigation is easy for novice investors.
  • They offer a program that pays uses (in cryptocurrency) to learn more about cryptocurrencies.
  • As one of the most active platforms, there is ample liquidity. This allows for more fair trading spreads and prevents price slippage.
  • Institutional custodial accounts adds to its credibility and widespread usage.

Cons:

  • High fees compared to other platforms for basic level. Fees can be significantly reduced once a new account switches to Coinbase Pro, but it is a much more complex interface and features that may be too advanced.
  • Like many platforms in the space, users do not control their own “wallet keys.” In simplest terms, when a user makes a cryptocurrency purchase, Coinbase controls the wallet that holds it. If the investor has his own personal “currency wallet” or “hard wallet” the currency can be transferred thus giving the owner autonomous control.
  • The altcoin trading options are great for newcomers, but still limited to the advanced traders / investors.

Conclusion:

Coinbase is a solid option for the new crypto trader who is looking to grow with a platform. The initial fees are steep, but switching to Coinbase Pro reduces them significantly. Coinbase also offers excellent security compared to other platforms, and is widely used on the institutional level.



eToro Crypto

eToro was launched in 2007, and was made available for U.S. Investors in 2018. Certain states still are not allowed to utilize the platform, so it is best to check individual state regulations. They are known for their intensive graphics and the ability to “copy” trades; i.e. follow certain established traders and mimic their trades and risk tolerance / prevention measures.



Pros:

  • Investors in the United States get access to a decent number of cryptocurrencies, including Bitcoin, Ethereum, Ripple and about 12 others.
  • High marks are given for the attractive and easy to navigate trading platform and website, which is identical on the mobile app.
  • “Copy Trading” the ability to mimic established, profitable traders and copy their trading moves and risk management techniques.

Cons

  • There aren’t “stated” trading commissions; traders are charged based on the spread. The most popular cryptocurrencies offer narrow spreads; the more esoteric crypto often have spreads that would equate to significantly expensive commissions.
  • For newer, less capitalized traders, the minimum purchase price of $25 allows for minimal expansion of balances over several coin types.
  • Copy trades are a popular feature, but clients need to have significantly larger balances in order to enact those trades. Typically, copied trades require a $200 minimum.

Conclusion

For newer traders who want the cleanest website and easiest to navigate platform, Etoro is a great choice. The fees are reasonable (for the common cryptocurrencies) but there are very limited resources in terms of help or trader education on the platform. Most questions are handled by toggling on tabs for answers. Accounts with significantly higher balances get dedicated access and support.


Acorns

Another one of the best finance apps for Iphone and Ipad in 202 is Acorns. Unlike the other platforms, Acorns is an app for smartphones that invests change from credit card purchases by “rounding up” to the nearest dollar. Once you link a credit card and a checking account, Acorn takes over the investing based on “modern investment theory.”



Pros:

  • Painless investing. You don’t have to worry about account minimums or monthly contributions. It is literally micro amounts taken from your checking account.
  • It requires almost zero investing acumen. All trading is based upon modern portfolio theory.
  • There are no account minimums, and it is free for college students as a way to spur on investing.

Cons:

  • Acorn is best used as a way of supplementing other methods of saving.
  • There is very little risk of loss due to the conservative nature of the investments, it also isn’t geared to anyone looking to actively participate in the markets.


M1 Finance

M1 Finance is a hybrid platform that allows investors the ability to create customized investment portfolios. This can be done through either automated or active trading. It is geared for long term investors and not day traders.



Pros:

  • There are no trading or asset management fees.
  • Fractional shares may be purchased.
  • Portfolios may be custom built or you can utilize one of the 80 portfolios they offer.

Cons:

  • The platform is minimalist; no online chat, registered investment advisors, or research for establishing investment goals.
  • Investment trades are enacted at specific times, regardless of market conditions.

Conclusion:

M1 is a cost effective solution for those advanced investors who are looking to customize portfolios but don’t need the help of advisors or research. It is meant for long term holders.


In Closing:

There are numerous investing platforms available to every level of investor. Picking the right platform is completely dependent upon what your investment goals are, and your level of investing or trading knowledge. If you were looking for some of the best finance apps for Iphone and Ipad in 2020 we hope you check each one of these out.



 

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