The stock market has gained immense popularity in the past few years because of the returns it offers people. But stock market investment also involves higher risks, which need to be considered before making an investment decision. This is why people look for a safer investment option like mutual funds. Mutual Funds invest the funds into different types of investments. This helps in the diversification of risks, which in turn saves you from incurring huge losses. One can easily do a mutual fund investment online through mutual fund investment apps. This investment option has been more accessible since the introduction of mutual fund investment apps. This article explains how to choose the right mutual fund investment app along with the benefits of using one.
How to Choose the Right Mutual Fund Investment App
There are several investment apps available to invest in mutual funds. However, not all apps will meet your particular requirements. This makes it essential to consider various factors before choosing one.
Backed by an Authentic Broker
The most important thing to consider when choosing a mutual fund app is to check if it’s backed by an authentic broker or not. This saves your funds from fraud and provides you with accurate market data. Such apps also ensure that you’re investing through legal channels and benefitting from professional fund management.
Customer Support
Customer assistance is another feature to look for in a mutual fund investment app. Because, whether you’re a beginner or an experienced investor you might need help with various app problems that you may face while working on the app.
Analysis Tools
Investors would require analysis tools for various types of fund or portfolio analysis. Tools like charts, graphs, company financial reports, etc. Some basic indicators that investors use are the Relative Strength Index, Moving averages, Bollinger bands, etc.
Dual Ways of Investing
Ensure that an app offers dual ways of investing. One is by a Systematic Investment Plan (SIP) and the other by a lump sum. Through an SIP, one has to invest a particular amount at particular set intervals, which is also called disciplined investing. Through a lump sum, one invests a large amount in one go.
Transparent Fee
Mutual fund apps charge various hidden fees to let you invest smoothly. Choose the app that is open about its fee structure and the type of fees it is charging. This will help you understand which app would be cost-efficient for you. Analyse and compare different app fee structures and then choose the one that suits your requirements best.
Tools for Tracking Performance
Ensure that the mutual fund app offers various performance-tracking tools. This helps to easily monitor and analyse your investments. Tools such as real-time portfolio valuation, return calculators, asset allocation visualization, comparison benchmarks, and historical performance charts.
Benefits of Using a Mutual Fund Investment App
Investing in mutual funds has been much smoother by the introduction of mutual fund investment apps. Most people are not aware of the various benefits these apps provide. The below-mentioned section of the article covers those benefits for easy consideration.
Intuitive Interface
Most of these mutual fund investment apps offer user-friendly interfaces. This helps an investor to move to different sections of the app with ease. This helps beginners to easily track their portfolio and simultaneously track other stocks, news, etc.
Wide Range of Mutual Funds
There are different types of mutual funds, such as debt funds, equity funds, tax savings funds, etc. An ideal mutual fund investment app offers different types of mutual funds to choose from. This helps beginners to learn about different funds and experienced investors to experiment with different types of investments.
Research and Analysis Tools
These apps also offer various research and analysis tools like charts, graphs, indicators, news, etc. This helps with a better analysis of different funds and choosing the one that would suit your goals and risk-taking abilities.
Quick Customer Service
Beginners at times need assistance with various navigations about the app or there might be times when one is not able to make payment or do other important tasks. In situations like these, one might need human assistance to guide you in solving your queries. And these apps offer customer service for such purposes.
Conclusion
With the advancement in technology, even mutual fund investment has been simplified. The introduction of mutual fund apps has made mutual fund investment more accessible to the general public. These apps offer several benefits which make them a considerable option as compared to others. Benefits like research and analysis tools, quick customer services, a wide range of mutual funds, etc. One such considerable app is the Tata Capital Moneyfy app because it offers most of the above-mentioned features. However, before choosing an investment app it is essential to conduct in-depth research based on certain factors. Factors like backed by an authentic broker, customer support, analysis tools, dual ways of investing, performance tracking tools, etc.
