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Consumer Watch: The best investing apps for beginners

KOKH (File)

Personal finance site NerdWallet, has a list of the best investment apps for the year, with a focus on the best apps for beginners.

If you are ready to dip you're toes into investing, an app and $5 could be enough to get you started.

Saving for retirement using a 401(K) or an IRA means you are already doing some investing, and these are the most common type of long-term investing. Adding money to these accounts early in your career will mean that you will benefit from compound interest. There are also investment plans that can help you save for your child's college. The Oklahoma 529 plan is an example, and you can choose investment options.

Short-term investments are good if you might need to access that money for quickly, like within a handful of years.

Robo advisors can be an inexpensive way to jump into the stock market.

You might be able to start investing on some apps like Acorns and Stash for as little as $5. The micro investing can help make you feel more comfortable with the process. Other robo investor apps like E*TRADE do require at least $500 to start investing, this is still considered a low amount.

NerdWallet's review was released early in 2018. It selected micro investing apps Acorns and Stash as their top picks for beginners. Ameritrade, E*TRADE, and Robinhood all had a higher overall rating.

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