Do you invest as a student? How many investment apps do you use? Are you aware of the risks involved with investment apps? Investing can help you achieve financial independence. Once you have your personal finances in order, you can start investing to create a new source of income. This will allow you to build wealth over time. However, before jumping in, it’s important to do your research on what to invest in and which platform to use. There are several investment apps available in the Netherlands, including Revolut, eToro, Trading 212, Binance, Peaks, Bux, and DEGIRO, among others. But with so many options, it can be overwhelming to choose the right app. How do you know which one suits you best? Here are six things to consider before using any investment app.
1. Safe & Trustworthy
When selecting an investment app, it’s crucial to ensure your money is safe on the platform. Make sure the app is approved and registered with financial authorities, such as the AFM (Netherlands), FCA (UK), or SEC and FIRNA (US). This ensures that the platform adheres to regulations, making it safer to use.
2. Hidden & High Fees
Nobody likes hidden fees. A good investment app will be transparent about its fee structure. Before you begin investing, check what fees they charge and how much. Be cautious of high fees—they can eat into your returns over time as the costs compound. The lower the fees, the better for your investments.
3. Minimum Deposits & Withdrawal Fees
High minimum deposits and withdrawal fees can be inconvenient if you’re starting with a smaller amount. Some good investment apps offer no minimum deposit and no withdrawal fees. Avoid platforms where high fees could reduce your potential returns.
4. Educational & User-Friendly
Look for apps that provide educational resources like tutorials, videos, and data on stocks, bonds, and ETFs. User-friendly apps make investing accessible and easy to navigate, allowing you to make informed decisions.
5. Customer Service
It’s important to have reliable support in case something goes wrong. A good investment app should offer 24/7 customer support, live chat, and have answers to frequently asked questions.
6. Overall Ratings & Reviews
Before committing to an investment app, read customer reviews and compare the pros and cons. Look for apps with high ratings, safety, low fees, no minimum deposits, and strong customer service.
As an international student living in the Netherlands, my personal favorite apps are DEGIRO and Revolut. Both have low fees and good overall ratings. I use Revolut for U.S. stock trading and cryptocurrencies. As an online bank, Revolut offers the benefits of banking along with a debit card for transactions and ATM withdrawals. They also offer various membership plans. I use DEGIRO mainly for buying exchange-traded funds (ETFs), which come with low costs and a wide variety of options. I’ve been satisfied with both apps and plan to continue using them in the long run. What investment app do you recommend?