Mindful investment is the key to a safe and secure future. However, as your portfolio continues to expand and grow, keeping a tab on all the securities can be an intimidating and time-consuming task. That’s the reason app-based investment emerged as a viable option for investors to manage and track portfolio in real-time. The colossal popularity of app-based investment is paved by the introduction of do-it-yourself (DIY) investing model in India. As the name suggests, DIY eliminates full-service brokerages or professional money managers to build and manage their investment portfolio.
The emergence of app-based investments has exfoliated over the course of 5 years. Today, numerous prominent applications are making investment simple for people, regardless of whether they have any prior investment experience. The UI built for these applications are simple and very client specific. One of the key reasons behind the rise and increasing popularity of app-based investment and savings is the increasing need among investors to continuously improve, manage, track, and thus safeguard their portfolio against market conditions.
A reliable finance or investment application empowers investors to build, manage, and track their portfolio. Although there are a number of apps available, there are some applications that have turned out to be investors favourite over time. Here are the top 6 investment apps for new-age investors:
myCAMS Mutual Fund
From reviewing portfolio to opening new folios, acquiring mutual fund units, reclaiming or beginning a SIP, myCAMS mutual fund app offers a plethora of services to investors. Acting as a single gateway to multiple mutual funds, the myCAMS app features simple and fast transaction, providing improved access to an investment portfolio.
KFinKart- Investor Mutual Funds
Karvy MFS’ mutual fund app KFinKart is a Registrar & Transfer Agents (RTA) that provides financial services to investors. The app lets investors manage, track, and invest in multiple mutual funds AMC, thus providing an insight view on one’s portfolio. The app manages 20 mutual fund houses in India like Axis Mutual Fund, Baroda Pioneer Mutual Fund, BOI AXA Mutual Fund, Canara Robeco Mutual Fund, DHFL Pramerica Mutual Fund, Edelweiss Mutual Fund, Essel Mutual Fund and more. The KFinKart app comes armed with one-touch login feature and lets investors track and compare NAV of different mutual funds from one single platform.
An SMS-based money managing app ETMONEY is a mutual funds app from the Times of India house. ETMONEY not only encourages investors to invest in direct scheme mutual funds but also empowers them to manage their spending from a single platform. The app comes loaded with multiple investment options for different deposit and insurance schemes like ELSS, health insurance, and more.
Another application that has been doing the rounds among investor is Groww. Being an online platform, the Groww app facilitates everything online – from KYC, Demat accounts, to linking multiple bank accounts, this app lets investors plunge into various mutual fund schemes without any commission.
KredX Invest App
The KredX Invest App (Android/ iOS) allows investors to tap into the lucrative asset class – invoice discounting to generate considerable returns. With market volatility on a constant high and increasing interest rates, investors are increasingly plunging into the alternative investment bandwagon to diversify and safeguard their portfolios from adverse market conditions. The app allows investors to make low-risk, high-returns at a short period of 30-90 days, enabling investors to unlock the true potential of their portfolio through alternative investments.
Tips To Keep In Mind Before You Begin Investing
While we’ve listed the top 6 investment apps for you to invest in, here are four key points that you should keep in mind while investing in any of these apps.
App-based investment has been all the rage among new as well as seasoned investors due to their easy to use interface and hassle-free features. However, just like traditional investments, investors should adhere to specific guidelines before trusting any app with their money. Here are some of the key points that investors should explore before investing through apps:
Price or Commission: Although most apps are free, some apps charge a transaction fee for every transaction made for investing. Hence, it is prudent for any investor to read the terms and conditions before investing.
Automatic Investing: Best suitable for passive investors, some apps will invest money from your automated, recurring deposits, per your requirements. However, these apps still provide you with control over your investments.
Wide Array Of Offerings: Not all apps provide the flexibility to invest in all kinds of trade, so ensure that you opt for the one which offers you investment in the trade of your choice.
Portfolio Rebalancing: Asset allocation tends to change from time to time. Hence, if you are one of those passive-aggressive investors then opt for an app that rebalances portfolios per the market condition.
Investing apps can be a boon for investors who wish to make it a painless process. While there will always be some apps better than the others, these top 6 investment apps offer a good place to begin an investment. Since all apps come with their own set of terms and conditions, it is critical to consider them along with the tips mentioned above.