There is no doubt that mobile devices are a massive part of our lives. We use these to contact people, get the latest news, shop online, manage our finances and pay expenses. However, there are many other things that you can do with your mobile phone as well.
In the last five to ten years, robo-investment apps have been a great way for beginners to invest. There isn’t much you need to do as artificial intelligence will do all of this for you. Furthermore, there are many different types of investments with these apps.
What Is An Investment App
An investment app is where you will invest your money into a stock from your phone. You can also invest in an ISA or a retirement fund to help in the future. Usually, these apps will be regulated by the FCA. These also will be covered by the FSCS which protects funds of up to £85,000 which is also with banks.
How Does Mobile Investing Work
An investment app is very simple to work with. All you need to do is download an app and create your account. You need to prove your address as well as provide proof of identification by sending a picture of your driver’s license or your passport.
There are many different types of apps which you can use. Some will ask you what level of risk you want to invest in. Other apps will let you do your own thing. It all depends on the app you have created an account with so make sure to read up on the different apps to see which one is best for you.
You can also specify how much you are investing. This will then use an algorithm which will split your investment across multiple stocks and shares. It is a very safe way of investing because it is putting your investment in multiple stocks, reducing the risk of losing money.
The app will also allow you to monitor your investments with some apps allowing you to withdraw your money. Additionally, the withdrawal may not happen instantly with some of these apps.
Why Invest Using A Mobile App?
Using a mobile app is a great way to reduce the risk of losing your investment. It is much safer than doing it all on your own. You could fall for a forex scam or another type of scam where you could lose all of your money. These apps are likely to be FCA-regulated so you know your money is safe unlike investing in cryptocurrency.
There are many different types of investments so make sure you read up on the different investments to see which is best for you. Another thing to mention is that you need to be wary of investment scams. You will likely receive advertisements and emails from people saying you can make money when investing in a cryptocurrency or stock. That won’t be the case and you could end up losing £1000s. Nevertheless, you may not lose all of your money as you could speak to an investment fraud lawyer who may be able to help and retrieve your losses.