Being a novice investor can intimidate you, especially if you don’t know where to begin. Fortunately, with the rise of smartphones and apps, learning how to invest and keeping track of your investments has been made easier through the availabilty of the best investment apps for beginners.
It is also becoming increasingly important to learn about the best investment apps as markets become more democratized and accessible to all. So, if you’re looking for the best investing apps to help you get your finances back on track, a good finance app can handle routine financial tasks such as transferring money to investment accounts and tracking spending.
Table of contents
- Why You Need An Investment App
- What Are The Best Investment Apps For Beginners?
- 4. Acorns
- 8. Investr
- 10. Ally
- How Much Money Should I Set Aside For Investment?
- FAQs On Investment Apps For Beginners
- We Also Recommend
Why You Need An Investment App
Using an investment app helps you have a better awareness of your financial situation. An app can greatly help to track progress towards financial goals and investment performance.
The best investment apps can also allow you to quickly trade stocks, track your account in real-time, and learn about the markets. Investment apps have grown in popularity as a result of their versatility.
In few lines to come, we’ll list the best investment apps for beginners.
What Are The Best Investment Apps For Beginners?
Here are some of the best apps for organizing and investing your money. All of these investment apps are great for beginners, and they make it simple for those who are just getting started with investing or who want to play a stock-picking game for fun.
Below are some of the best investment apps for beginners:
1. SoFi Invest
SoFi Invest, one of the top-rated investing apps suitable for users of all skill levels. Beginners can easily choose automated investing and allow SoFi’s investors to build their wealth for them.
For the more hands-on beginner, you can also diversify your portfolio by selecting crypto, stocks, or exchange-traded funds (ETFs). With SoFi’s low-cost offerings, all you need is $1 to start trading with no commissions.
Betterment is a good place to start if you want an investing app that will help you achieve your goals. This app is ideal for beginners because it handles everything from money management to investing, trading, and portfolio rebalancing.
The only catch is that Betterment does it all for you if you’re willing to pay a little more. You can choose between two investment plans: Digital (0.25 percent of your balance) and Premium (0.25 percent of your balance) (0.4 percent of your balance).
- Investing without touching anything
- Platform with a specific goal
- Advisory fees on an annual basis (high with large balances)
- Premium plan has a high minimum balance.
If you want a smooth interface and to avoid trading commissions, Robinhood is a great pick.
This investment app or beginners allows you to trade stocks, ETFs, options, and cryptocurrency for free, and you’ll be able to do so through a slick mobile interface. The simplified app is easy to use, and after a while, you’ll be moving from screen to screen intuitively as you trade the market. However, because there is no advice available, you must know what you want to invest in.
A stock’s page can be accessed via a search bar at the top of the screen, where you can view charts and vital statistics.
Another great feature of the app is the instant delivery of the first $1,000 of any funds you deposit into your account, allowing you to begin trading right away. If you are a member of Robinhood Gold, a premium tier, you will be able to make instant deposits of up to $50,000.
- Trading with no commissions
- Reports on research
- There is no requirement for a minimum balance.
- There are no 401(k) accounts.
- Mutual funds are not available.
To learn more about this app and get it, click the link below:
Acorns is one of the older of the new breed of finance apps, but it is still one of the most popular due to its ease of use.
After you’ve set up the app, you don’t have to pay much attention to it. When you link a debit or credit card to your account, Acorns will round up your purchases to the nearest dollar and invest the difference in one of several ETF portfolios.
Acorns Lite costs $1 per month, but the company also provides other services. If you want to advance, you can pay $3 per month for Acorns Personal, which is bundled with Lite.
This tier provides an individual retirement account (IRA), which can be opened in one of three ways: traditional, Roth, or SEP. You can also transfer an existing 401(k) or IRA.
On Acorns, you can select your portfolio based on the estimated time until retirement (calculated as age 59 12). This enables you to become more conservative as you approach that age, a timing that may not be suitable for all investors. This tier also includes an FDIC-insured checking account with no additional fees and free access to thousands of ATMs.
You can also add Acorns Family, which includes the features of the first two tiers and investment accounts for children, for $5 per month.
- Rebalances your portfolio automatically by investing your spare cash
- Earn money by purchasing from a pre-selected list of brand names.
- Expertly crafted portfolio
- You cannot build your portfolio solely through monthly fees.
Stockpile is an interesting investment app that allows you to purchase fractional shares of a company. So, if you don’t have $300 to spend on a single expensive tech stock, you can buy half or a third of it instead. There are no trading fees on Stockpile.
Stockpile enables you to give a gift card redeemable for stock, which could be a fun way to introduce a younger relative to investing.
To send a gift, you don’t even need an account. Stockpile allows children to keep track of their investments at any time, and you can create a list of approved stocks for them to trade. The app allows children to share a stock wish list with family and friends.
Webull offers commission-free online stock trading covering full extended hours trading, real-time market quotes that enables you to diversify your portfolio with a comprehensive suite of investment products including stocks, fractional shares, options, ETFs, and ADRs.
Unlike some other investment apps, you will be able to open a taxable account as well as an IRA account (traditional, Roth, or rollover), giving you the option to manage more of your finances through this broker.
If you prefer to trade from your computer, you can install the Webull platform and create watch lists, view stock charts, and manage your investments.
- There is no trade commission.
- There is no requirement for a minimum balance.
- A wide range of investment products are available.
- Instruments for analysis
- There are no cryptocurrency exchanges.
- There are no fractional shares.
Wealthfront is one of the largest independent Robo-advisors, and it can manage your money, whether it’s in a taxable account or an IRA, for a small fee.
Wealthfront builds your portfolio with low-cost ETFs, taking into account how much risk you want to take as well as when you’ll need the money. Wealthfront will add money to your portfolio as you deposit it, keeping your account balanced and on track toward your goal.
The annual management fee at Wealthfront is 0.25 percent, which is industry standard. According to the company, it is an extremely reasonable price for the features on offer, including automated tax-loss harvesting, which effectively covers the annual fee for many clients.
Wealthfront also includes an appealing cash management account (even if you do not sign up for the investment account), a competitive interest rate, early access to direct-deposited paychecks, and a debit card – all without a monthly fee.
- Beginners will benefit from this.
- Instruments for planning
- Investing robots
- Rebalancing your portfolio
- There are no trading fees.
- There are no fractional shares.
- There is no cryptocurrency trading.
Next on our list of best investment apps for beginners is Invstr. Invstr is what you get when you combine learning, real-world investing, and community into an app designed to give beginning investors a way to get into stocks, particularly if you like games.
The app combines a fantasy stock game in which you can help manage a $200 billion virtual portfolio with access to investor opinions on stocks and other investments.
The fantasy game gives you $1 million in virtual money, and you can get ideas from the app’s social network and news feed.
The top performers of the month also win real money. If you want to turn some of your fantasy picks into real-life stakes, the app allows you to buy fractional and whole shares commission-free. When new users open and fund an account, the app will even give them $5.
- There is no minimum balance.
- There are no monthly fees.
- Allows you to trade cryptocurrencies.
- Android devices are not supported.
Stash allows you to invest with no minimum and charges monthly fees ranging from $1 to $9 depending on the account type.
The beginner account allows you to invest in fractional shares of a single stock, bond, or ETF; the $3 per month “growth” account allows for IRAs; and the large “Stash+” offering includes monthly market research and custodial investment accounts for children.
Its Auto-Stash feature allows you to set up regular investments, and it, like Acorns, allows you to round up purchases and invest the difference.
Stash makes investment recommendations based on the profile you create when you sign up. It’s also one of the best investment apps if you want easily digestible educational content to help you improve your trading skills.
It also provides personalized guidance, challenges, and quizzes. There’s even a podcast.
This is another good investing app that can help you as a beginner.
Simple and straightforward investment platforms often work well for beginners. Ally Invest provides this service via its mobile app.
Stocks and ETFs have no commissions; mutual fund trades have a $9.95 commission fee. There are no monthly fees or minimum balance requirements to be concerned about.
The Ally app, which is also used by Ally Bank, is simple and easy to use. It doesn’t have as many bells and whistles as some active trading platforms, but it has everything that a beginner and most passive investors might require.
How Much Money Should I Set Aside For Investment?
The good news for new investors is that it only takes a small amount of money to get started. Fees are so low, if not non-existent, that you can begin with almost any amount of money. In fact, what you start with is far less important than your long-term saving and investing discipline.
The key to long-term investing success is to add money on a regular basis. So, in order to accumulate wealth, you should deposit funds into the account and continue to invest in your positions on a regular basis.
The amount you actually invest is determined by your own financial situation and needs. And today’s low-fee brokerages and apps allow you to keep more money in your pocket.
FAQs On Investment Apps For Beginners
Surprisingly little. You can start an investment portfolio with small amounts of money — even your spare change — thanks to micro-investing apps like Acorns and Stash.
No. If you put your money in the market, it is not insured, and you could lose some or all of it. Stocks, bonds, mutual funds, ETFs, options, and other market-based assets are examples. These types of assets fluctuate over time, which means you could make or lose a lot of money depending on how the market swings.
If you require a highly secure asset, look to guaranteed accounts such as a savings account or CD at an FDIC-insured bank. These accounts protect your funds up to $250,000 per account type and per bank.
For new investors, the following are the best investment apps good for you: SoFi Invest, Betterment, RobinHood, Acorn, Stockpile, Webull, Wealthfront, Stash, Investr, and Ally
With the popularity of investing apps is growing by the day, people with little or no understanding of the making investments market are now taking the first steps and creating a demand for tools to help them invest their hard-earned money and grow their wealth.
Following a thorough investigation of the best investing apps for beginners, we can now state that the best investment apps include SoFi Invest, Betterment, RobinHood, Acorn, Stockpile, Webull, Wealthfront, Stash, Investr, and Ally