According to research by Business of Apps, over 130 million people in the UK use an investment app to manage their portfolios. As a result, new apps are continuously being introduced to the market to keep up with growing demand. While most of these apps are safe to use, some apps could put your money at risk. To ensure that you choose the best investment app in 2023, here are three important things to look for.
1. Security
One of the most important factors that you simply cannot overlook when choosing an investment app is security and regulation. The best investment apps in the UK will adhere to strict security protocols that will protect your funds as well as your personal information.
Some key security features to look for include multi-factor authentication, password protection, data encryption and regular malware removal. It is also worth checking whether the app has been registered with a regulatory body such as the Financial Conduct Authority (FCA). Each of these factors will help to keep your money safe when using an investment app.
Additionally, investment apps should never share your personal information with third parties – especially your bank details! You can typically find out whether or not an app does this by reading through the terms of use. This is an important factor to look out for before putting any money on the line.
2. Customer support
Investment apps should offer effective support services to their customers so that issues can be fixed promptly and efficiently. If an app doesn’t offer sufficient support, you may be unable to solve problems which could leave you at a loss. The absence of customer support is also a sign that an app isn’t reliable.
The best mobile investing apps should offer several customer support services such as live chat, a helpline and in-depth FAQs. While you may not need these at first, having access to great customer support could be very helpful in the long run!
3. Educational resources
It is a good sign if an investment app offers resources that can be used to improve your knowledge and help you make better investing decisions. When deciding which app to use, try to look for an app that offers a range of educational resources and research tools so that you can make the most of your investments.
Understanding how to make smart investment decisions can prevent you from making investment mistakes and reduce your risk of loss. Some of the most popular investment apps provide users with detailed guides, videos and even courses that can help you to improve your skills. It is always worth checking if these are provided before signing up for a platform.
Conclusion
Investment apps are a great way to access the stock market and build your portfolio in 2023. However, choosing the wrong app could put your money at risk and cause problems in the long run. To be safe, we recommend looking for the three factors mentioned above when deciding which investment app to use. It is also worth noting that profits can never be guaranteed, so always be prepared to lose what you invest.