The day trading platform uk app landscape is crowded with options. Choosing the best one for your needs requires a thorough analysis of investment strategy alignment, fee structures, available asset classes, and security measures. We have compiled this guide to help you navigate the many choices and choose an investment app that matches your financial goals.

What is an investment app?

An investment app is a smartphone-based service that allows you to trade shares, bonds, ETFs, and cryptocurrencies without the cost of traditional broker fees. These apps allow you to buy and sell assets in a range of global markets. Some also offer ISA-eligible accounts, which can be used to shelter investments from tax.

To use an investment app, you will need to register and open an account. Then, deposit money into your account and choose your investments. You can also use the app to track your portfolio and get performance updates. Some investment apps also provide educational resources and guides to help you make informed decisions.

To start investing, you will need to decide how much you want to invest each month. Then, divide your net monthly income into three categories: Needs (50%), Wants (30%), and Savings and Investments (20%). You can then use the Koody 50/30/20 Budget Calculator to determine how much you should save and invest each month. For example, if you want to invest PS5,000, you will need to save and invest around PS12 per month. Some investment apps automatically invest your spare change, such as Plum which uses your spending to estimate how much spare change you have each week and then invests it into the stock market on a regular basis. Other apps such as Moneyfarm use a more hands-off approach by choosing funds for you based on your risk tolerance and interests.