![]() Investing apps allow you to actually buy and sell assets and, in practical terms, are the apps provided by brokerages to trade in your account with them. In this review, we are focused on investing apps rather than finance apps. While it has an undeniably slick app, there are still concerns around payment for order flow and gamification that blunt some of the overall good Robinhood has done in getting new investors to start actually investing. This is why Robinhood wasn't among our top picks. Again, this is fine if you are looking to be an active investor, but it's a negative if that is not your goal. ![]() Gamification is a related issue where some investing apps are designed to nudge users to be active daily through in-app awards and recognition. Active traders, of course, live for market fluctuations, but longer-term investors are often hurt when they act on short-term market moves. Having constant access to your portfolio throughout the day, and possibly being nudged to look at it by badges and alerts, can push an investor to pay too much attention to day-to-day market noise. These factors tend to affect active traders the most, but they can be a downside for any investor depending on your preferences and trading strategies.Īnother issue that has often been tied back to mobile investing apps is the gamification of finance and overtrading. ![]() Another disadvantage to app-based trading is the size limitations on mobile devices compared to full computer monitors. Some investing apps also omit asset types or market exchanges that are available through the desktop version. The gaps vary by investment platform and investor preferences, but generally you can expect there to be some product differences between desktop and mobile trade experiences in terms of the charting and analysis tools. While investment apps are moving closer to full feature parity with the desktop versions, there are still some functionality gaps that impact certain types of investors. ![]()
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