Getting started in your investment journey? There’s an app for that now.
Investing now no longer needs to be just for the wealthy. Companies have made it easier for anyone to invest, including beginners and those with small amounts of money.
Here are some of the best investment apps that help you to invest money much easier.
In this article:
- How do Investment Apps Work?
- Pros of Investing Apps
- Cons of Investing Apps
- Best Investing Apps for Beginners
- Best Trading Apps
- Best Robo-Advisor Apps
14 Best Investment Apps to Jumpstart Your Journey
How do Investment Apps Work?
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Pros of Investing Apps
- Simple: These apps allow you to invest with minimal effort on your end.
- Affordable: The lack of administrative overhead means lower costs get passed on to you.
- Accessible: Gain access to your information anytime, anywhere as long as you have an Internet connection.
Investing apps allow you to invest without having to leave your home. Some apps guide new investors on building their portfolio, while others are a little more barebones to keep trading fees low.
Cons of Investing Apps
- Ease of Bad Decisions: The ease of use of these investing apps is a double-edged sword. This can lead you to make impulsive investment decisions.
- No Human Interaction: Algorithms can only do so much to capture the nuances found in human interaction.
Best Investing Apps for Beginners
Pricing: From $1-$3, depending on the subscription tier
If you want to start investing, but don’t have the time nor the energy to think much about it, Acorns is a good investment app for you. Created by Nobel Prize for Economics winner Dr. Harry Markowitz, this app allows you to:
- invest small amounts without feeling you’re setting aside money for investing.
- link your credit or debit card to the app, then it automatically rounds up the change you get from your purchases and uses the money to buy investments.
- give you a choice among five different investment portfolios depending on your risk profile.
Pricing: From $1-$9, depending on the plan
Stash works very similarly to Acorns, but instead of investing automatically, it gives you all the information you need to make sound investment decisions. You can choose to invest in pre-configured portfolios or create your own portfolio yourself.
Since Stash is geared towards the beginning investor, it explains each step of the process without overloading the user with investing jargon that can overwhelm them. It even includes financial advising services for those who need a bit of extra help.
Pricing: If your balance is $5,000 or less, you have to pay a monthly account management fee of $1. If your balance is over $5,000, you have to pay an annual fee of 0.25% of your total balance.
Clink focuses on getting you to add small portions of your money to investments as often as possible. The app then invests these funds to Exchange-Traded Funds (ETFs) that are chosen based on your risk profile.
Exchange-Traded Funds (ETFs) Definition: An investment fund that holds assets like bonds and stocks based on an index it tracks. They’re traded daily just like the usual stocks.
You can even have a certain percentage of your transactions added to your Clink account, which you can use to buy and sell investments.
Best Trading Apps
Pricing: $1 minimum deposit. Stock and EFT trades are free. Their managed portfolio product has no added management fees. 1.25% markup on crypto transactions.
SoFi is a full-service finance company with lending, investing, and banking all managed in one handy app.
It’s good for new investors because it provides investment education and lets you start investing with fractional shares, called ‘Stock Bits’.
Pricing: No commission fees, but with an option to upgrade to Robinhood Gold for more features like extended trading hours.
Want a free entry into the stock market? Robinhood is the answer to your problem.
Its simple interface and helpful statistics provide an easy entry to the world of investing.
Robinhood offers an opportunity to trade stock with zero commission costs. Just download the app, connect your checking account, fund your trading account, and start trading to your heart’s content in real-time.
Pricing: $0.99/transaction if you pay cash and $0.99 +3%/transaction if you pay with a credit/debit card
If you can’t or don’t want to purchase entire stock shares, Stockpile allows you to buy fractional shares of any company you can think of. You can choose from over 1,000 investments, including ETFs and individual stocks.
You can even gift stock shares, which start at only $2.99 (+3% debit/credit card fee) for the first stock, and $0.99 (+3% debit/credit card fee) for succeeding stocks. This is perfect for getting your kids or other family members started on their investment journey.
7. TD Ameritrade Mobile
Pricing: No minimum investment to open a new account, but there’s a $0.65 contract fee for options trades. For OTC stocks, there’s also a $6.95 commission fee.
As one of America’s most well-known stock brokerages, TD Ameritrade knows what investors need to get started. You can watch over 20 videos explaining various investment concepts with the aim of empowering you to make good financial decisions.
The app also allows you to set alerts that tell you when an investment hits a specified price point.
StockTwits is for investors who need to know anything and everything about what they’re investing in. It’s not as much an investing app as it is a link to a community where you can share tips, ideas, or even feedback about certain deals.
If you need a gauge of how your stocks are doing based on the community sentiment, this is the app to get.
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For those who are interested in investing in cryptocurrencies, look no further than Coinbase. You can use the app to buy and sell Litecoin, Bitcoin, and Ethereum.
It also offers an interface that tracks cryptocurrency prices and funds your wallet using a bank account or credit card. Coinbase stores coin routing information and account numbers using bank-grade encryption and ensures that all traffic gets transported securely.
Best Robo-Advisor Apps
Robo-Advisor Definition: This refers to a financial adviser that provides automated financial advice online using software and algorithms. Some robo-advisors also have human advisors in case the user has any questions.
10. Personal Capital
Pricing: 0.89% for accounts of $1 million or less. For accounts that have over $1 million, the fees range from 0.79% to 0.49% (higher balance, lower fees)
Personal Capital is an investment/wealth management app and a robo-advisor.
It helps you manage your assets and also provides helpful tips and tools to better manage your finances. You can link all your accounts and get the full picture of your financial status.
This, however, comes at a price. You need to deposit at least $100,000 to use the service.
Pricing: $500 initial investment, 0.25% annual advisory fee
Wealthfront is another robo-advisor for those who prefer a more hands-off investment style.
Based on your financial accounts and a series of questions that determine your lifestyle, goals, and risk tolerance, they create a personalized investment portfolio mainly composed of ETFs with a minimal amount for tax obligations.
It even offers the option of opening a 529 College Savings Plan in case you’re saving for your kid’s or grandkid’s college education.
Pricing: No minimum investment for a standard account (with 0.25% annual fee), $100,000 minimum for a premium account (with 0.40% annual fee)
This robo-advisor app aims to make investing more accessible to everyone. Just like Wealthfront, the app gives you a custom portfolio mostly composed of low-cost ETFs.
It also gives you the option to set aside a percentage of your money for your investments. Unlike other robo-advisor apps, you also have the option to speak to a human financial advisor through the app.
Pricing: Fees vary depending on the Wealthsimple plan you choose
WealthSimple is a robo-advisor that stands out because it offers investment options you can’t find anywhere else, like socially responsible investing options and Halal portfolios.
Socially Responsible Investing (SRI) Definition: This is the practice of investing that seeks out portfolios that produce a positive social impact, such as Affordable Housing bonds and Low Carbon stocks.
It offers three different SRI portfolios based on your risk profile:
- Conservative: Heavy emphasis on securities like Affordable Housing and Local Initiatives
- Balanced: Even split between stocks and bonds
- Growth: Heavy emphasis on stocks like Low Carbon
14. M1 Finance
Pricing: Free to use. $125/year (discounted to $100 on your first year) if upgrading to M1 Plus
M1 strikes a balance between automation and giving you finer control on what you want to invest in. While it gives you a choice of investment presets, you can still choose to invest any ETF or stock you want.
This is unlike other robo-advisor apps that limit you to a pre-defined selection of ETFs without much room for customization.
These are just a fraction of the best investment apps you can find online. Different apps have a different focus, so there’s bound to be an app that fits every investor.
I hope this guide has helped you learn more about the best investment apps to choose from, and which to consider when you’re getting started in investing.
What are some of the best investment apps that you know of? Let us know in the comments section below.