Investment apps have greatly increased accessibility to investing and trading. Known as robo-advisors, these digital platforms have harnessed technology to democratize investing by offering lower fees and convenience to all types of investors. Digitizing stock market trading and financial planning allows users to invest on-the-go. And due to the large number of apps out there, you can easily find one that suits your personal needs. Whether you are a novice or a pro, if you are looking for a straight-up investing tool or want something that can cater to other banking needs, you have a variety of options to choose from. You can pretty much find an investment app to suit just about any need.
Here’s a short list of investment apps that we like which can serve both the novice and experienced investor alike.
As an established online brokerage, E*TRADE can serve both beginner investors and more experienced frequent traders. E*TRADE boasts $0 commissions across its three online trading platforms: E*TRADE Web, Power E*TRADE and E*TRADE Pro. All three platforms are free and have no trade activity or balance minimums. For beginners, there is also a library of educational resources available. Known for having exceptional customer service, powerful and easy to use investment tools, along with a large investment selection, E*TRADE understandably has an excellent reputation in the marketplace.
Not only does SoFi provide an easy-to-use app for investing, they also provide investment education for beginners. Another feature that many like is that it allows small fractional shares, called Stock Bits. With no minimum deposit, there are no fees for online stock or ETF trades. Investment types include stocks, ETFs and cryptocurrencies. SoFi offers self-directed and managed portfolios, plus retirement and cryptocurrency accounts. If you’re looking for an easy investment app with no management fees and unlimited access to financial advisors, this could be the one for you. SoFi also offers other services such as digital banking, personal loans, etc.
Betterment specializes in Socially Responsible Investing (SRI). Betterment has two options: Betterment Digital with no minimum deposit and a 0.25% management fee and Betterment Premium. Betterment Premium requires a $100,000 minimum and a 0.40% fee and provides unlimited phone sessions with certified financial planners. The app provides professionally managed portfolios using a selection of ETFs and is calibrated against your own risk tolerance. The goal-oriented tools and features Betterment offers are particularly attractive to retirement investors. Although, the platform can serve a wide range of clients with its multiple investment options.
With no fees or commissions, Robinhood is known for being good for newbies. Robinhood is a no-frills app that provides investors who know what they want with all the tools they need to expedite trading. However, it doesn’t offer retirement accounts or managed portfolios. This means all investments are taxable and self-managed. Robinhood provides the ability to trade stocks, ETFs, options and cryptocurrency all for free through its seamless interface. For users who want a straightforward platform to use to make trades that also facilitates cryptocurrency trading, this could be the investment app for you.
Acorns is free for college students and especially good for hands-off investors. Its “Spare Change” savings tool, which monitors you bank account and invests the change from daily purchases, is a huge draw for many. By keeping things simple, Acorns is a good tool for automated investing. No minimum deposit is required and it includes fractional share investments in stock and bond ETFs. If you’re looking for a hassle-free way to invest in retirement, research Acorns. With Acorns Later, the company’s version of an individual retirement account (IRA), you’ll be able to open one of three versions: the traditional, Roth or a SEP.
Ellevest features no minimums with any of their membership plans. Catering to the specific financial needs of women, they invest in companies with a record of promoting women to upper management. Ellevest stands out by being the only company focused on the needs of women. They do this by giving gender-specific advice to make sure that women invest, bank, and do more for their career. While Ellevest welcomes members of all gender identities, their platform uses gender-specific salary curves and longevity data to provide personalized recommendations and forecast goals.
This robust platform works well for beginners and experts. Featuring no minimum deposit and commission free stock and ETF trades, there are two apps to choose from: TD Ameritrade Mobile and thinkorswim. The firm offers a wide range of investment opportunities including stocks, options, ETFs, mutual funds, bonds and more. There are also multiple account options available: standard, retirement, and education to name a few. A rockstar among investment apps, this platform fulfills the needs of beginners and active traders and frankly, it would be hard to go wrong using this platform.
Regardless of your needs, you should have a variety of investment apps to choose from. Just be sure to research and understand the difference between the platforms you are considering.