Free Investment Tools- Investing is one of the ways to grow your wealth and achieve your long-term financial goals. Although it is not easy, but by understanding the concept of investments and the best investment tools, you can make informed decisions and build a successful investment strategy.
This article will explore the top 10 best free investment tools you should consider in 2023. So whether you are an experienced investor or you are just getting at it, understanding these tools will go a long way in helping you build a robust investment portfolio.
Read on to learn them all!
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Top 10 Best Free Investment Tools For Beginners To Consider
1. Robo-advisor:
These are computer software that provides automated investment management services to users. They make use of algorithms to analyze and manage portfolios on behalf of investors and also analyze financial market data. This digital platform uses surveys and questionnaires to collate information about your financial goals, risk tolerance, and investment preference as an investor.
Based on these facts, it will create an optimized portfolio that suits your goals and risk tolerance. One of the perks of this investment tool is its low cost. Due to the fact that the platform is automated and requires minimal human intervention, it is able to charge lower fees, unlike other advisors. This makes it accessible to many investors with smaller portfolios.
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2. Cryptocurrency Exchanges:
These are other valuable free investment tools investors should consider in 2023. Cryptocurrency exchanges are platforms that allow you to buy, sell, and trade all forms and types of cryptocurrencies. These platforms serve as intermediaries between you and your crypto buyer or seller. Some of the most reliable and popular cryptocurrency exchanges include Bitfinex, Kraken, Coinbase, and Binance to mention but a few.
Among the services that these digital platforms offer include, spot trading, futures trading, and margin trading. It also provides crypto wallets that you can use to store your cryptocurrencies as well as a graphical analysis of market trends. However, while choosing a crypto exchange, consider the reputation, fees, and importantly, the security and the type of cryptocurrency the platform offers. This will save you from falling into the wrong hands.
3. Social Trading Platforms:
These are online platforms that allow you to monitor, track and copy trades of other successful investors. These platforms are designed in form of a social network where investors can interact with each other, share trading tips and strategies and view the performance of other traders. However, these platform charges a fee or a commission for the services they render but you can rest assured they are affordable.
One of the perks of social trading platforms is that they give you the chance to learn from experience traders and see what they are doing and how they are doing their trading, thus, improving your own trading skills. These digital platforms are valuable free investment tools for you if you want to improve your investment returns and learn from the gurus in the financial market.
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4. Financial Trading News Apps:
Another important investments tools are the financial training news apps. They are applications that supply you with real-time financial news and analysis. Some of these apps offer features like stock quotes, investment analysis, market data, and other economic news.
These apps are of great value because they help stay updated on market trends, enabling you to make informed investment decisions. Some of the popular financial news apps to check out include; Reuters, Yahoo Finance, Bloomberg, and CNBC to mention but a few.
5. Stock Screeners:
These are free investment tools that allow you to filter your stocks based on certain criteria such as dividends, market capitalization, and other financial market fundamental metrics. Stock screeners provide an easy and seamless way for you to quickly identify potential investment opportunities that meet your investment needs and criteria.
However, these amazing investment tools are mostly offered by financial websites, online brokerages, and trading financial platforms and institutions. Most times, this instrument always requires either a subscription or membership, but you can find it free on some platforms.
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6. Portfolio Trackers:
This is another interesting investment tool you will like. The portfolio trackers are amazing software that allows you to track and monitor your investment portfolio. They provide in-depth reviews of all of your holdings, including bonds, mutual funds, stocks, and other financial assets.
This digital platform uses several data sources to monitor the performance of your investments. Portfolio trackers help you to track the historical price trends of your investment, the current market value, and other necessary market data.
The interesting part? This software presents these data in understandable formats such as tables, graphs, and charts, allowing you to analyze your portfolio performance better and make better decisions.
These trackers also offer you additional features such as investment research, portfolio analysis, and some risk management tools. Some examples of portfolio trackers include; Sigfig, Mint, Morningstar, and Betterment to mention but a few.
7. Investment Simulators:
these tools allow you to enable you to learn and practice investment in a virtual environment without the use of real money. They are curated to provide you with unlimited opportunities to learn how to invest and trade several securities.
They also provide you with virtual cash that you can you invest in a simulated market. On this application, you can buy and sell any of your preferred securities, adjust your investment strategies, and track your investment performance.
Therefore, these platforms are excellent and highly recommendable for you if you are new to financial trading and investment. Investment simulators will help you learn exclusively about the stock market and other investment details.
Some of these are examples of investment simulators you can try: Investopedia Stock Simulator, MarketWatch Virtual Stock Exchange, and Wall Street Survivor.
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8. Dividend reinvestment plans (DRIPs)
These are interesting and helpful free investment tools. They are investment programs that enable you to automatically reinvest cash dividends a company pays into additional shares of stock. Instead of receiving your cash dividend, with these platforms, you can choose to reinvest your dividends, which can help you grow your investment over time without any additional capital.
One of the interesting perks of this tool is that it allows you to accumulate additional shares of a particular stock without having to actively manage your investments. Undoubtedly, DRIPs is the best option for you as an investor if you are interested in a more passive investment strategy. It helps you accumulate shares and build wealth over time.
9. Exchange-traded funds (ETFs)
ETFs are one of the widely used investment tools by most investors. They are investment funds that are traded on stock exchanges similar to individual stocks. An ETF is comprised of many securities such as commodities, stocks, and bonds, and is designed to monitor the performance of certain indices, asset classes, and sectors. These funds are created by investment companies and firms and they offer you one the best, easy and low-cost ways to invest in a diversified portfolio of assets.
To better understand the effectiveness of ETFs, let’s take for instance; you can purchase an ETF that tracks the S&P 500, which includes 500 of the largest companies in the US stock market. By investing in this ETF, you will be able to gain exposure to a diversified portfolio of stocks, rather than investing in individual stocks, which can be riskier.
Despite giving you seamless access to a diversified portfolio, ETFs are still cost-effective, flexible, and require no qualification requirements. Some examples of ETFs include SPDR S&P 500 ETF Trust (SPY), ARK Innovation ETF (ARKK), etc.
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10. Options trading platforms:
These are investment platforms that allow and give you the right to buy or sell a certain security on a particular date at a specific price. These platforms also offer you up-to-date market data and analysis tools that can help you make an informed decision. Some of the popular options trading platforms you can consider include; TD Ameritrade, E*TRADE, and Robinhood.
Conclusion
When it comes to investing, doing it right is all that matters. With the right platform and tools, you will be able to do research, make more informed decisions, and understand the risks associated with any investment before committing your money.
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