This week, we take a look at two different apps. Knowing the difference is like knowing the difference in tools. A hammer has one particular function...to drive nails, while a screwdriver has another purpose.
The same is true for Acorns and Robinhood. Below, we conducted an in-depth review of both apps so you can determine which service is best for your financial situation.
Headquartered in Irvine, California, Acorns is a mobile app rounding up each debit or credit card purchase to the nearest dollar and then either saving or investing that difference into an account. Acorns allow millions of consumers to invest money into well-diversified portfolios of Exchange Traded Funds, or ETFs.
What Is Acorns
Acorns was designed to simplify investing for millions of people who have trouble saving money to invest. Walter and Jeff cofounded Acorns to help encourage people to save small amounts of money and frequently as many had a problem saving money to invest. The Acorns staff has teamed up with a Nobel Laureate, Dr. Harry Markowitz, who is best known for his pioneering efforts in creating the modern portfolio theory.
How Does Acorns Work
Coined as "spare change" investing, Acorns scans your debit and credit card transactions to calculate the difference between the purchases and the nearest rounded-up dollar amount. Read Article
Robinhood is an online brokerage platform offering commission-free investing. In this article, you'll discover an in-depth review of why Robinhood is popular, how to get started and sign up, explore the hidden fees and charges, and if Robinhood is the right investing online resource for you.
Robinhood Financial has taken the stage of the financial trading platform forcing brokers to lower their fees and even slash trading commissions altogether to compete.
Why Is Robinhood Popular
During a time when brokers were charging highly lavish fees and commissions to its clients, Robinhood Financial jumped out among the crowd by offering commission-free trading. Traders can buy and sell stocks, ETFs, and options on the mobile app with $0 commission trades. Do you think that got the competitors' attention? Read Article