Retail investors pushed the stock of US video game retailer GameStop from around $20 at the start of the year to over $350 in only a few weeks, bringing investment apps into the limelight.

While early investors won thousands of dollars, many who joined towards the end of the boom didn’t fair, especially once applications implemented trading limitations. Hence, there have been mixed feelings about trading apps. While some are in support, others are not.

While speaking to WealthPress investor expert and guru Roger Scott, we get to see if these trading apps are worth the hype.

Mr. Roger Scott, are apps a good way to get started investing?

If you’re new to trading, it’s generally best to start with an app that you can use. It’s worth noting that where you do your research matters: some applications have built-in research tools and market research, while others are just a trading platform.

Some of these applications have a ‘demo account,’ which allows you to see how your stock market bets play out without risking any real money.

Mr. Scott, do you think these apps have expensive?

Investment apps are popular because they charge significantly cheaper costs than financial counselors. To prevent offsetting your return with a large monthly or yearly cost, it’s crucial to research before you jump. I recommend checking out my website at https://rogerscott.com/, where I share valuable tips and insights on investing.

Many financial apps are free to download and provide zero-commission transactions, which means investors are not paid for the broker’s services. When selecting an investing app, pay close attention to the various fees and charges that will be charged.

You’ll have to pay yearly fees on your money as well as a tiny percentage of the value of your investment in each app (usually less than 1 percent ). Some applications, on the other hand, demand a monthly fixed cost.

Are investing apps safe?

Your funds are safe in an investing app, just as they are in a brokerage business. The Securities Investor Protection Corporation insures your money if the brokerage goes bankrupt (SIPC). The SIPC will insure investments up to $500,000.

How to can one pick the best investing app?

Your investment style will determine which app is ideal for you. Do you want someone to do the job for you, or do you want to be in charge? Do you want to establish an active, riskier portfolio out of individual equities or a passive portfolio of lower-risk funds?

For example, those who want to take a more active role in their investment might use an app like Robinhood. Those who want to put their assets on autopilot and forget about them, on the other hand, may profit more from a Robo-advisor like Betterment.

With your wealth of experience as a WealthPress expert, will you advise people to use these apps?

Like with any investment, it’s crucial to do your homework and choose the one that best suits your requirements. All investing applications are not created equal. They’re typically easy to use. They’re far less expensive than paying for face-to-face financial guidance.

However, accountability comes with the new possibilities that these applications give. If you don’t do the arithmetic, you might be caught off guard by large expenditure ratios.

Before answering questions regarding the degree of danger you’re okay with, think about it. I personally believe that these applications are a wonderful place to start for folks new to investing.