The current teen generation has excellent opportunities for investment which they can use to generate money for their college, small business capital, or purchase basic personal needs. Acorns, and Webull, are user-friendly and safe trading apps teens can use to invest. These apps are used in stock market investments under the supervision of a parent or a responsible adult through a custodial account.
Acorns, Webull More Apps Teens Can Use to Invest
The apps are also designed for teenagers who want to learn to invest by themselves but are still required to open an account shared by more than one investor, referred to as the joint brokerage.
What is Acorn Trading App?
Acorns is a trading app designed for beginner investors seeking to start earning from the stock market. Acorns have micro-investing characteristics that permit new investors to begin their investment process using the little savings they get from their expenses. The Acorns members can access tax-free Individual retirement account (IRA), a Robo-advisor platform, and a checking account.
What are the critical features of Acorn?
Round up:
The round-up features make it easy for the investors to grow the money in the market through the spare change from their daily expenditure
Cheap and straightforward:
Acorns is affordable and straightforward for teenagers to make small investments of as little as $3 to $5 per month.
Smart:
Acorns app provides a retirement saving calculator to help you know how much money you need to retire.
Gain Knowledge:
You will increase knowledge and wealth because the app provides money tips and tricks through CNBC to help you grow your investment.
Credibility:
Acorns’ credibility is high because it is supported by global leading investors from Blackrock and CNBC.
How will you use the Acorns Trading Platform?
Step 1: An email account and a confidential password will be required to register your account. Also, the Acorns app will let you create a four-digit passcode for admittance to the platform on your device.
Step 2: Connection your bank account and debit or credit cards which are essential to Acorns’ round-up features where your spare change is invested for you.
Step 3: Acorns will ask you stockholder questions before you start investing.
Step 4: Acorns will use modern portfolio theories to build your portfolio.
Step 5: Acorns will ask several questions about your life to make appropriate recommendations. The investments provided for you depend on the answers you provide to questions that you are asked.
Step 6: Start with your initial investment. Acorns require you to have at least $5 in your account to start trading. Accounts with less than $5,000 are charged $1 monthly, while those with more significant amounts are charged $0.25 annually. Accounts for teenagers and individuals who are 23 years and below are not charged.
What is Webull Trading Account?
Webull is a commission-free stocks and ETF exchange app where teens can trade cryptocurrencies with a minimum amount of $1. Webull does not charge commissions on contract fees when you trade options, EFT, or stocks. Also, the trading app does not require you to deposit any money into your account for brokerage facilitation.
What are Webull Trading App Main Features?
Smart alerts:
Webull allows you to set several alerts for different commodities, such as price levels, rate of change, and volume levels. These alerts enable the investors to forecast their stock status soon.
Margin trading:
As your investment grows, Webull allows you to invest in margin trading once your account balance reaches$2,000.
Technical indicators:
The app provides at least 22 technical indicators on the Webull.
Virtual trading simulator:
Webull gives access to the virtual trading simulator that allows creating a computer-generated portfolio using counterfeit currency to test before using actual funds on the investment.
Technical Indicators:
Investors can choose from the various technical indicators available on the platform, such as relative strength indexes and moving averages.
Virtual Trading Simulator:
Webull has a helpful virtual trading simulator feature. The feature allows the creation of a computer-generated portfolio with counterfeit funds to test the process before using the actual funds. The computer-generated portfolio is effective for beginners interested in investment knowledge and skills.
Zero commission:
Webull has no commissions to stake stocks.
Economic calendar:
The financials calendar alerts you on your selected critical economic events on the Webull platform.
After-hours trading:
Webull allows flexibility in placing trades because you can buy stock from 4 am to 8 pm, which gives you ample time for premarket trading.
What is the Process of Opening a Webull Trading App Account?
Opening a Webull account takes one day, and there are no charges.
Step 1: You must have a device that is compatible with the app.
Step 2: Choose your brokerage account.
Step 3: Add personal information.
Step 4: Proof your identity by uploading documents such as your I.D., passport, or bank statement.
Step 5: Once you agree with the terms and conditions of the broker you have chosen, you will sign a virtue contract.
Step 6: Fund your broker account with the minimum deposit and start trading.
Conclusion
Acorns and Webull trading apps are easy to open, but you must ensure that the app is available in your country and your device is compatible. The investing accounts, which are accessible for teens to open, give them ample time to invest in catering for their daily expenditures and, at the same time, save for their retirement. The benefit of these trading apps is that the owners know how much they should invest for what duration to achieve their financial goals.
