Managing your investment portfolio is no small task. Experts suggest using paper trading features for the first year to assess successful patterns and address mistakes best. Often, this requires substantial time to cover all aspects of trading or becoming involved in communities educating retail traders with little to no hands-free solutions marketed to you.
Today, there are more convenient options for stock trading. Algorithmic bots already execute most investments, which puts retail traders at a disadvantage. According to Mordor Intelligence, algorithmic trading accounts for around 60-73% of the overall United States equity trading.
Hands-free trading is a form of investing your portfolio without direct management—the stock trading process with automated technology such as algorithmic bots or intelligent contracts.
Hands-free trading differs from traditional models of creating a saving account or joining a family fund. Instead, monitor every aspect of your trades while maintaining control of your funds.
Depending on your trading personality and style, it can take successful traders anywhere from 4 hours to 1 month to research a stock for potential trading. Currently, over 70% of the stock market is traded by algorithms with the % growing year over year.
Despite what you might think, you don't need considerable savings to account to participate. But it's a good idea to set aside money while you're learning. Remember, investing is about growth in wealth, and automation is available for investments starting at $1.
Acorns is a modern investment banking platform that aims at making it easier for everyone to invest in the stock market. In the past, an investor had to have minimum deposit amounts to invest in the stock market, but with Acorns, you only need as little as $5.
You can set up the round-up feature, which means Acorns will collect spare change from purchases you make using linked cards. Once that spare change totals $5, that money is invested into your account. Of course, you can also set up recurring contributions.
AlgoPear is your automated solution for stock trading. The marketplace consists of algorithms chosen by mathematicians, traders, and financial analysts. You can pair your portfolio with the algorithm that is most suited to you and monitor your profits. All of this happens in real-time; all trades are executed on the spot; no waiting!
Algorithms trade accounts ranging from $500 to over $50,000, with the ability to pair to algorithms that match your risk comfortability.
Betterment is one of the pioneers in the Robo-advisory industry. It is one of the first to use technology to recommend a portfolio and automate the investment process. Over the years since its founding in 2008, the firm has added additional asset classes and cash management products.
Betterment's platform is intuitive, user-friendly, and full of educational resources, making it our top choice for beginners. It also offers tax-loss harvesting for all accounts, no matter the size, and a range of checking and savings account options.
As the automation space reaches more retail traders, big banks shift their attention and previous investments strategy to match the more modern transparent methods. Wells Fargo Bank recently opened an automation investment division partnered with Intuitive Investor that offers automation on your account containing $5,000 or more, charging a .35% annual fee.
SoFi Invest offers a Robo-advisor service called Automated Investing. Robo-advisors offer online investing accounts and advice, an affordable alternative to expensive financial advisor firms. These services are typically online or mobile, making Robo-advisors valuable and accessible.
SoFi Automated Investing distinguishes itself by its lack of both management fees and minimum investment amounts.
By automating the complex process of buying and selling stocks, these platforms ensure that you have time to focus on what's important: building your wealth.