For young investors, the stock market can be a scary place. Making your first investments can be daunting, to say the least. For years, young investors have searched for reliable sources to find trustworthy financial information. Clearly, you’ve done your due diligence, as you are currently reading an Economix101 article. However, our goal isn’t simply related to site popularity; in fact, more importantly, we strive to break down informational barriers so that you can improve your economic well-being. While we like to think we’re among the best at doing so, we acknowledge there are other spectacular platforms that share similar values. That being said, we recommend you check out Scutify, a social media app that promotes the principles of behavioral economics.
As described by MarketWatch, “Scutify is basically an expanded stock-market-centric [version of] Twitter (TWTR).” The crowd-sourced app displays a newsfeed of stories and events linked to companies of user interest. When a member searches for a popular business, the corporation’s stock price, ticker symbol, news, and performance graph are displayed on a friendly UI. MarketWatch also rated Scutify as the number one app for investors and traders and, although it has tremendous room for improvement, we more-or-less agree (*however, we find it more useful for amateur investors, not experienced pros).
Scutify provides a clear market summary to give its users an overall understanding of the performance of domestic and foreign stock markets (find out how to beat the traditional market structure here). Additionally, the app’s interface encourages users to follow specific companies, be they part of the tech, utilities, retail, auto, and/or energy industries. As advertised on its website, Scutify provides “news, tweets and video” analyses; it also tracks “market All-Stars” that users can add to their portfolio. These “All-Star” picks represent Scutify’s favorite stock choices, based on user feedback, along with information regarding stocks to avoid. Such advice can be extremely helpful to young, determined investors; it’s also very hard to otherwise find.
Although Scutify is undoubtedly helpful, it is not a one-stop-shop for all your investing needs. Users cannot conduct trades or monitor their investment portfolios on the app. Therefore, more than anything else, Scutify is a research tool that can help educate interested individuals, especially those who may not have the time, or capacity, to meticulously analyze market trends.
While no app can predict future market performance, many can serve as informational platforms to teach investors key trading principles. Scutify provides several tools that help users make informed trading decisions. Its research capabilities, and ease of use, make Scutify an incredibly valuable app. For young investors in need of investment help, who have already scoured the Economix101 website, give Scutify a try.