5 Best Investing Apps for Beginners

Key Takeaways

• Selecting the best investing app depends on your financial goals, experience, and desired features.
• Acorns is the best app for investors who want to use their spare change to invest.
• Fidelity is the best option for seasoned investors.
• SoFi combines investing with financial planning and loan services.

Introduction

How much screen time do you rack up in a day? If we’re being honest, it’s probably a good chunk, right? Probably scrolling through social media, watching random videos, or laughing at memes.

But what if you could build wealth right from your phone? Yes, with the best investing apps, you can do just that. But wait, why investing apps? Wouldn’t sticking to the old traditional methods or relying on professional brokers be safer?

While these are valid concerns, get this: the digital investment market is expected to hit a high of US$3.1 trillion by 2025 (Statista). This clearly indicates that tech-driven financial practices are where money is.

So, how do you sift through the hundreds of investment apps out there? Below are five of the best investment apps in the market, having been reviewed and tested by our team of experts.

What are investing Apps?

Investment apps are digital tools that are specifically designed to simplify the investment process. These apps let you buy, sell, and manage investments such as stocks, cryptocurrencies, ETFs and more, all from the convenience of your phone.

Most people shy away from investing because it can be a bit overwhelming. However, with investing apps, you get more accessibility, a friendly interface, and educational resources that guide you in investing.

With these apps, you can manage your portfolio and get real marketing insights and automated financial advice. Features that were once exclusive to professional investors are now yours for the taking.

List of the best products/stocks/crypto

• Robinhood: Best for zero-commission trades and ease of use.
• Betterment: Ideal for goal-based automated investing.
• Acorns: Perfect for beginners who want to invest in their spare change.
• SoFi: Great for holistic financial services and tools.
• Fidelity: Best for advanced research and comprehensive investment options.

As an investor, what should you look for when selecting these apps?

What makes a great investing app?

The devil will always be in the details when you have various options catering to the same needs. This is also true when it comes to picking the best investment app. Here is what you should pay attention to:

1. Ease of Use

Investing can feel daunting, especially for beginners; however, using an app with a friendly interface can make learning easier. The best platforms offer clean, intuitive designs that give investors a seamless experience.

If the user spends more time trying to learn the ropes of a clunky interface instead of focusing on financial growth, chances are they will abandon the ship and opt not to invest.

2. Fees

Investors are here to make money, and when investing, every penny counts. So, if you are spending large sums on fees, which could quickly eat into your returns, what’s the point of investing? This is why opting for apps with no or low fees is essential. Go for investing apps that offer commission-free trades on most trading options like stocks.

Pro tip: Keep an eye on apps that have hidden charges like subscription fees, account maintenance costs, or withdrawal penalties, as these can significantly affect your overall returns.

3. Investment Options

Don’t put all your eggs in one basket. This means that you should always strive to have a diverse portfolio when investing. Why? Investing is a risk. So, you always want to cushion yourself by spreading your risks.

The best platforms offer a variety of investment options. These include offering traditional options like bonds and stocks to modern options like cryptocurrencies.

4. Educational Tools

Investing is a learning curve, and as always, knowledge is power. The more information you have, the better financial decisions you can make. Platforms that offer learning materials like tutorials, webinars, or real-time market analysis allow their users to learn on the go.

Most beginners would appreciate tools like glossaries or guided tours to help demystify complex financial concepts, while experienced investors may benefit from detailed charts and technical indicators.

5. Additional Features

How great is an app that offers more than basic investment tips? A good platform should be keen on helping you manage other aspects of your financial life. Most apps today offer additional features like budgeting tools, banking services, and personalized robo-advisers. This allows you to consolidate various aspects of your financial life into one app.

By using these criteria, you are sure to find an app that suits your needs and fits perfectly into your lifestyle.

Best for beginner and active traders

Robinhood

Robinhood is the investment app every beginner needs. They offer commission-free trading, allowing investors to maximize profits. This investing app also has no account minimums, which means you can start investing with as much as you want. You also get to enjoy extended trading hours.

With Robinhood, users can invest in crypto, options, stocks, and even ETFs, all while enjoying an intuitive user interface. A big plus for the app is that it offers real-time market data, giving users instant insights. This keeps users on top of price movements without having to switch between multiple platforms.

However, if you are an investor who relies on in-depth market analysis before making trades, this app might not be for you, as it lacks advanced research tools. It also lacks the convenience of direct phone assistance as customer support is currently only app-based.

Best for automated investing

Betterment

Betterment is the best investing tool if you want a hands-off trading experience. This tool also offers personalized portfolios based on your financial goals. This means you can save towards specific goals like retirement. The best part is you don’t need a minimum balance to get started.

To manage the account, you need an annual management fee of 0.25%, manageable right? What’s more, Betterment’s automated tools can handle tasks like portfolio rebalancing and tax-loss harvesting, which help to maximize returns effortlessly.

With its excellent customer support, you can rest assured that all your queries will be handled promptly. However, Betterment doesn’t offer direct stock or ETF trading, which can be limiting for some users.

Best for micro-investing

Acorns

Acorns is the best investing app for users who are not ready to over-commit into investing just yet. How does this work? Any time you have spare change left over after your everyday purchases, Acorns turns that into an investment opportunity.

For example, when you buy a coffee for $3.75? Acorns will round it up to $4 and invest the extra $0.25. Over time, this adds up.

With Acorns, you don’t need a minimum balance, and for just $3 a month (or $5 for family plans), you get access to pre-built, diversified portfolios that are designed to grow your money steadily. Plus, Acorns offers educational resources to help you learn as you go.

That said, keep in mind that small accounts may not grow much at first, since the monthly fee can eat into your savings. Also, if you’re looking for a wide range of Investment options, Acorns keeps things pretty simple.

Best for all-in-one financial management

SoFi

SoFi stands out as a one-stop shop for all your financial needs. If you ever need to invest, save, borrow, and plan your finances in one platform, then SoFi has got you covered.

Sofi has zero account minimums and absolutely zero management fees. SoFi is a great pick for goal-oriented investors who want low-cost ETFs and an easy way to grow their portfolio.

Plus, the app offers crypto investing, so you can explore digital assets alongside traditional investments. The best part about SoFi is that you can get personal loans from the platform at friendly rates.

That said, active traders might feel limited, since SoFi doesn’t have the advanced tools that some competitors offer. And while it covers the basics well, its investment options aren’t as extensive as those of more specialized platforms.

Best for comprehensive investment tools

Fidelity

Fidelity is the platform where seasoned investors thrive since it offers extensive resources. Fidelity offers access to advanced research tools, retirement planning, and low-cost index funds. This investing app is perfect if you want to see your money grow long-term.

Fidelity has zero account minimums, and no management fees are required. As a seasoned investor, Fidelity will offer you in-depth research and market insights, helping you make well-informed decisions.

However, as a beginner, the platform may be overwhelming at first since there are so many features to explore. Also, a downside is that some of its mutual funds do come with fees, so it’s worth double-checking before you invest.

Bonus platform - Best for deep AI stock analysis

Intellectia AI

Although Intellectia is not directly an investment app, it is a powerful tool for deeply analyzing stocks, crypto, and ETFs. For beginners, starting out in the financial industry can be daunting, especially if you don't know what to look out for before investing.

Hence Intellectia. It is an AI-guided insights tool that enables you to uncover what stocks are good or bad investments. Intellecta helps break down complex financial jargon into simple and easy-to-understand charts and graphs to help guide your investment-making decisions.

You can also keep tabs on what stocks congressmen are snapping up, track AI-powered entry and exit points, spot the best picks before the market opens, and explore a bunch of other cool AI-driven features.

Conclusion

Why are you investing, and what is your experience with investing? These should always be your core questions when choosing investing apps. These five options should offer you a head start and guide you in making good financial decisions for your future. Start investing today and secure your future.

Frequently asked questions

Do I need a fortune to start investing?

Not at all! Many apps let you start with as little as $1, especially with features like fractional share trading.

How secure are these apps?

Most reputable apps have security features like two-factor authentication and encryption systems that wade off any potential threats.

Do I need experience to use these apps?

Not necessarily. Many apps are designed for beginners, and some offer educational resources that can guide you through the journey.