Investment Apps

The best investment apps should have cheap costs and access to the kinds of accounts and investment products you care about most if you're new to investing. The app you use should be compatible with your investing preferences and provide the resources you require (such as access to human advisors, educational guides and/or courses, and great customer service) in order to meet your financial objectives.

• SoFi Invest: Best Overall

The app includes stocks and ETFs listed by category, making it easy to browse potential investment opportunities. It doesn't have the most in-depth investment research, but there is enough to get you started and guide your trading decisions. In addition to cryptocurrency trading (for bitcoin, ethereum, dogecoin, and 19 other coins), you can also access investment education articles from inside the app. Note, though, that SoFi charges a 1.25% markup on crypto transactions. As an added bonus outside of the app, SoFi offers complimentary financial planning sessions for all members, among other benefits. 

• Ally Invest: Best Overall Runner-Up

Ally invest delivers precisely that via its mobile application. There are no costs for trading stocks and ETFs, but there is a $9.95 commission charge for trading mutual funds. You shouldn't be concerned about any recurring charges or minimum balance requirements. Additionally, Ally Invest Robo Portfolios builds a customized portfolio of ETFs for you if you prefer the robo-advisor way. Four portfolios are available through the account: Core, Income, Tax-optimized, and Socially Responsible. You won't have to worry about any advising fees; all you'll need to get started is at least $100. But Ally Invest also introduced a portfolio that is market-focused. Only 2% of your entire portfolio is used by this account as a cash reserve. The first choice sets aside 30% of your holdings as a cash reserve.

• Acorns Invest: Best for Automated Investing
  
  
  

For those who realize they should be investing but lack the time or desire to do so, there is an app called Acorns. Acorns will take care of everything for $3 each month. This involves rounding up transactions to invest spare change automatically, making automated transfers, saving in retirement accounts, receiving banking benefits, and using an entirely automated investment plan. Additionally, for both of its pricing tiers—Acorns Personal and Acorns Family—the website places your funds in a diverse portfolio of exchange-traded funds (ETFs). The fact that Acorns is so simple to use is definitely a plus. The main drawback is that there is always a cost. It may be argued that this is preferable to asset-based fee deductions, which change as your balance increases. With the monthly fee, you'll pay the same amount every year. For additional accounts and features, including investment accounts for children, you'll have to pay $5 per month.

• TD Ameritrade: Best for Active Trading
  

TD Ameritrade is a wonderful place to begin trading actively if you are new to the markets. It provides many account platforms that are compatible with different investment goals and styles while charging no commissions for stock or ETF trades. You'll probably feel the most at ease with the main TD Ameritrade app when you first start off. You can upgrade to think or swim, TD Ameritrade's top active trading platform, as your investing abilities advance. It includes a ton of features that active traders will find beneficial. Inside of think or swim, there is a facility to talk with a seasoned trader, which is crucial for newbies.

• Public Investing: Best for Social Investing
  

Public mixes standard brokerage capabilities with features from social networks like Facebook and Twitter. This makes an investment software perfect for new investors getting acquainted with the markets. By following other experts' articles in the Public feed, you can not only gain insight into their portfolios, but you can also start group chats with other users and take part in live investing events and conversations. Additionally, you can invest in over 25 cryptocurrencies, such as ether, dogecoin, and bitcoin. However, there will be a 1% or 2% markup added to each cryptocurrency transaction (notice that residents of New York, Guam, or the US Virgin Islands cannot trade cryptocurrency).You can also invest in a large number of supported firms without having enough money to buy a complete share thanks to fractional shares that start at $5. The exchange of art, NFTs, collectibles, and other items is now possible on Public's platform for a transaction fee of 2.5 percent.

• Robinhood Investing: Best for No Commissions
  
  
  

In terms of the no-commission brokerage model, Robinhood is a pioneer. As individuals can invest in stocks, ETFs, options, and cryptocurrencies with no commissions, it is still a good alternative for beginners. Regular stock and ETF users can use Robinhood for free, however premium accounts with more features are available for a monthly subscription starting at $5. Additionally, Robinhood provides fee-free bitcoin trading for a variety of digital assets. These include litecoin, dogecoin, ether, bitcoin, and more. In addition, Robinhood provides standard and Roth IRAs with no trading fees, a 1% match on your contributions, suggested portfolios, and more. 

• Stockpile: Best for Kids
  

In addition to providing commission-free stock and ETF trading, Stockpile also has a few special features that go well with its $o commission cost structure. Recently, the platform introduced cryptocurrency investing. Additionally, Stockpile offers the gifting of stock using gift cards and permits fractional share investing, making it ideal for the youngest investors. Stockpile is the ideal solution for you whether you're a parent, grandparent, aunt, uncle, or other family member who wishes to teach a child in your life how the stock market operates. It makes it simple to monitor a minor's account and gift stock. Additionally, it makes it entertaining to browse supported stocks while educating users with "mini-lessons" on investing.

"An investment in knowledge pays the best interest." — Benjamin Franklin

Disclaimer:

I'm not a financial advisor. The content on this website is for educational purposes only and merely cites our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!