Investing in mutual funds has never been easier, thanks to the rise of specialized investment apps. We no longer have to deal with piles of paperwork and constant visits to our brokers' offices. Now it takes just a few taps of your finger on a mobile device to get started on a SIP (Systematic Investment Plan) or invest a lump sum. However, with so many options, how do you select the best app for mutual fund investing? This blog is here to help you navigate the process of investing in mutual funds via an app and facilitate your understanding in order to make an informed decision to fit your financial goals.
Why Use a Mutual Fund Investment App?
Mutual fund apps are democratizing the financial world, allowing more people to access it via their various advantages.
Convenience: With a mutual fund app, you can invest whenever you like and wherever you are. It is easy to monitor your portfolio, redeem units, and make investments while you are out and about.
Zero Brokerage: Many of the best mutual fund apps offer direct plans, which means you can invest with zero commission. This can significantly boost your returns in the long run.
Simplified Investing: Mutual fund apps are designed with an interface that is friendly for all investors, including new investors. Apps often come with tools, like a SIP calculator, a risk questionnaire, or similar tools, to help new investors get started. If you're new to the market, you might want to check out our Stock Market Beginners Course to build a solid foundation.
Portfolio Management: You can monitor all your investments in one place and get a detailed view of your financial situation. They also offer insights and reports on your performance.
Educational Resources: A number of these platforms offer plenty of educational content as well, including articles, blogs, and videos. You can refer to our blog, Exploring the Equity Market, to help you learn more about investing fundamentals.
How To Choose The Best App For Mutual Fund Investment?
Choosing the best app is important for an easy and rewarding investment experience. Here are the most important factors to consider:
User Interface and Experience (UI/UX): The app should be simple and easy to use. You should easily be able to find what you are looking for with a clean, uncluttered design. For beginners, a simple app with an unconfusing onboarding process and an easy-to-understand interface is a must.
Cost and Fee Structure: Always look for hidden fees. The best mutual fund app for you should offer direct plans with zero brokerage mutual fund app features. Many of the best mutual fund apps to download are free, with some having charges for service or demat account upkeep.
Security and Credibility: Security is of utmost importance when discussing financial data, which is sensitive information. Always check that the application has been approved by the regulatory authority, in India, this is the SEBI (Securities and Exchange Board of India), and also check that they have security mechanisms in place, i.e., two-factor authentication and data encryption. You will want to find an application that has established a positive reputation and a solid user base. For an in-depth understanding of the regulatory landscape, consider the SEBI NISM course.
Range of Funds and Features: You also want to consider whether the application provides access to a large variety of funds from many different Asset Management Companies (AMCs). The application should provide access to multiple fund families and fund types, i.e., equity, debt, and hybrid. Additionally, check to see if they provide user features exhibits, i.e., portfolio tracking, access to research tools, or simply tax-saving options.
Customer Support: A responsive and helpful customer support team can be life-saving when opening and accessing a personal investment account or getting access if you encounter a problem with a transaction.
For a deeper dive into financial market concepts, you can explore online courses for various topics, or specifically, our Mutual Funds Certificate Course.
Top 10 Mutual Fund Apps in India
We will look at some of the most popular and best applications for mutual fund investing in India, for many different types of investors.
Groww
Often touted as the best application to invest in mutual funds with beginners, Groww's USP is its simple and clean user interface. Fully embracing the direct plan approach, Groww is 100% commission-free and is renowned for its seamless user experience.
Zerodha Coin
If you're already using Zerodha as your trading platform, you're likely to be especially keen on this app. With Zerodha Coin, you'll access direct mutual fund plans, free of commissions, and your units are kept in a demat account. You'll gain a streamlined experience with this one approach! For an advanced perspective, consider our Advanced Level Fundamental Analysis Course.
ET Money
ET Money is more than just a mutual fund app, as it's truly a complete personal finance manager. ET Money gives you direct plan access, personalized recommendations, and all the features to help achieve your financial goals. It's a good option for anyone wanting a broader scope of their finances.
Paytm Money
A very popular option like Zerodha Coin, due to Paytm being a widely adopted app. You can access zero-commission direct mutual funds, and its menu-driven interface is user-friendly and easy to navigate.
Kuvera
Kuvera focuses on investing towards goals thereof, as it is a worthwhile investment option for investors needing to consider financial milestones like retirement or a child's education. Kuvera has advanced tools to assist with tax harvesting. For more on tax-related topics, you can read our blog on How to Calculate Capital Gains Tax in India.
Upstox
Upstox trades as an app focused on stock trading, even though it has a robust mutual fund section. Overall, it is a reliable platform that appeals to both new and experienced investors.
Angel One
This is an all-in-one platform to invest in stocks, mutual funds, and more. It is very good if you want a single choice for overall investment.
Indmoney
This app is a super-app for finance. The app provides a platform to track, invest in, and manage mutual funds, stocks, and even US stocks. Additionally, Indmoney will display a very detailed overview of your current net worth.
Fisdom
With Fisdom, the focus is on simplifying mutual fund investments with a layer of recommendations from an AI bot. Fisdom is a good app for beginners who want to have some assistance.
myCAMS
This is a utility app to help you manage all your investments that are under the CAMS network. You can track and manage an entire portfolio of investments from multiple AMCs in one place.
Enroll in our online course to become a Mutual Fund Distributor.
Conclusion
The ideal app for mutual fund investments is a matter of personal choice based on goals and preferences. If you are new to investing, the apps like Groww or Paytm Money, which have a simple design, may be the best fit for you. If you are an investor with serious goals who wants advanced tools and analyses, you may be a better fit for Zerodha Coin or Kuvera.
In the final analysis, the best app for you is an app that makes your investing practices easy, secure, and aligned to your financial goals. Assess your needs, then look at the apps to see what features best fit your personal needs. After you have explored the apps, to strengthen your financial understanding, consider professional designations such as the preparation modules we are discussing in the blog prep, What is NISM Certification.
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