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Investing apps: which offer the most for beginners?
- The rise of DIY tools and mobile apps has made investing easier for beginners, with options like robo-advisers offering automated online investment platforms.
- Robo-advisers typically offer ready-made investment portfolios based on individual preferences determined through a short questionnaire.
- Apps like Nutmeg, Moneybox, Dodl, Wealthify, and Moneyfarm provide different investment choices, risk levels, and fees for users.
- Nutmeg, one of the first robo-advisers, offers fully managed and fixed allocation options with transparent performance tracking and guidance.
- Moneybox stands out with round-ups feature and minimal investment options while Wealthify focuses on simplicity and jargon-free approach.
- Dodl, owned by AJ Bell, offers a simpler process with the option to invest by theme, such as robotics companies.
- Moneyfarm, originating in Italy, provides investment options with varying risk levels and management fees, catering to different investor preferences.
- Before choosing a robo-adviser, ensure the company is regulated by the FCA and a member of the FSCS for consumer protection.
- Consider opening a stocks and shares Isa, which allows tax-efficient investing up to £20,000 annually, and be mindful of fees based on invested amount and minimum charges.
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