Best Apps For New Investors

There’s never been a better time to invest. The stock market is thriving, and there are more ways than ever to get started.

The only problem: there are also more distractions than ever. The average person spends about half their waking hours distracted by their phone, and every second you spend scrolling through your Instagram feed is another second you could be making money instead of just seeing what everyone else has been up to.

If you want to get into investing but don’t know where to start, here are four apps that’ll help you make the most of your time (and money).

Best Apps For New Investors

The 15 Best Investment Apps For Everyday Investors
Jaime CatmullContributor
I am a personal finance expert and writer.
Oct 7, 2019,01:30pm EDT
Until recently, investing was a pain. If you were lucky, you’d spend an hour on the phone with a financial advisor. Then, you’d cross your fingers until the quarterly report arrived.

With today’s best investment apps, all it takes is a few taps. You can receive a tailored portfolio or trade your own stocks, check your portfolio’s performance, and shift money around without ever talking to a human being. And because both traditional brokerages and fintech startups offer investing apps, you’re likely to find one perfect for you.

These 15 apps provide a painless route to investing for everyday investors. PEXELS.COM
15 Best Investment Apps

Here are 15 of the best options for everyday investors:

Related: Best Investment Apps Of 2021

1. Best investment app for high-end investment management: Round

Investment apps are increasingly turning to robo advisors. Although Round uses an automated questionnaire to generate its users’ portfolios, it works with fund managers like Guggenheim Partners, Doubleline, and Gabelli to provide individual investors with access to institution-grade investments.

Round’s institutional managers lean heavily on alternative assets and strategies, including asset-backed securities, real estate, and merger arbitrage. No matter the account value, Round charges a 0.5% management fee. In the event of a negative return, however, Round waives its monthly fee.

2. Best investment app for minimizing fees: Robinhood

For investors who want to do it themselves and pay as few fees as possible, Robinhood is one of the best investment apps. With no commissions and a $0 account minimum, Robinhood cuts out most of the costs typically associated with investing apps.

Unfortunately, Robinhood users do make some sacrifices. Robinhood doesn’t offer any retirement accounts or managed portfolios, meaning all investments made through the app are taxable and self-managed. It’s relatively bare-bones for an investing app, but it’s the best way to trade individually for free.

3. Best investment app for student investors: Acorns

Every investor has to start somewhere. To cater to the fledgling demographic, Acorns provides free management for college students. Unlike most investing apps, it also offers a “spare change” savings tool, which rounds up purchases users make at select retailers. The difference between the balance due and the next dollar is then invested in the user’s Acorns account.

But be warned: Acorns’ flat fees can be stiff for those with smaller account balances. For $1, $2, or $3 per month — depending on the user’s account balance — Acorns offers a passive portfolio of ETFs.

4. Best investment app for data dissectors: E*Trade

Through the Power ETrade app, do-it-yourself investors can buy into a wide range of assets. ETrade’s stocks, mutual funds, ETFs, futures, and options are backed by its best-in-class research library. There, E*Trade provides interactive charts and expert studies. Users of the investing app can dig deep into earnings, dividends, company news, and metrics like debt-to-equity ratio.

In exchange for that data, E*Trade does charge steeper commissions, at $6.95 per trade, than many providers on this list. Due to its educational tools and array of assets, this investing app is a smart pick at the poles: Beginning investors will appreciate the help building a risk-aligned portfolio, while veterans will like its professional-grade investment options.

5. Best investment app for banking features: Stash

Like Acorns, Stash is one of the best investing apps for beginners. Where Stash stands out is its account options: For a flat $3 monthly fee, users get brokerage, bank, and retirement accounts. At the $9-per-month level, they also receive two custodial accounts, monthly investment research, a stronger rewards structure, and an upgraded debit card.

Stash requires just $5 to open an account, and users can purchase fractional shares in stocks and ETFs. Unfortunately, though, Stash only offers about 150 stocks and 60 ETF options. To make their holdings more obvious to beginners, Stash renames ETFs with monikers, such as “Clean & Green” for the iShares Global Clean Energy ETF.

6. Best investment app for customer support: TD Ameritrade

Another brokerage competing in the investing app space, TD Ameritrade doesn’t require a minimum investment. It does, however, charge a comparatively expensive $6.95 per trade. Options cost even more, with a $0.75-per-contract upcharge.

Why would users pay TD Ameritrade’s fees? Because its asset options and customer support are second to none. Traders can choose between stocks, bonds, ETFs, mutual funds, futures, foreign currencies, ADRs, and more. If they need help, they get 24/7 phone, text, and instant messaging support. And if that’s not enough, they can stop into one of TD Ameritrade’s 364 branch locations.

7. Best investment app for parents: Stockpile

Founded by a CEO who wanted to give his nieces and nephews something more substantial than toys for the holidays, Stockpile lets investors buy blue-chip stocks and ETFs via gift cards. Although this investing app makes sense for parents who want to pique their kids’ interest in investing, beware its fee structure.

For a standard trade, Stockpile charges $0.99. Gift cards, however, cost $2.99 for the first stock and $0.99 after that. And if you buy the gift card with a credit or debit card, expect to pay an additional 3%. Although kids may not care, Stockpile users can’t see company balance sheets or portfolio performance projections.

8. Best investment app for overspenders: Clink

If you’d rather shop than save, Clink may be the best investment app for you. By linking your credit card and bank account to the app, you can invest a percentage of recreational purchases. Alternatively, you can schedule a fixed amount to be transferred into your Clink account on a monthly or daily basis.

Clink investors currently pay no fees, nor do they need a minimum deposit. Instead, Clink collects receives kickbacks from the ETF sponsors offered. ETFs are currently Clink’s only asset option, unfortunately, and they’re only available in bundles based on the user’s risk tolerance.

9. Best investment app for total automation: Wealthfront

Similar to Betterment and other robo advisors, Wealthfront invests in passive portfolios and charges a management fee of just 0.25%. Though the investing app requires a $500 account minimum, it does support daily tax-loss harvesting or realizing losses to offset taxes on capital gains. The value of tax-loss harvesting is limited for everyday investors, but it remains popular among robo-advisor apps.

To make the most of Wealthfront, though, your balance needs to fall in its sweet spot. Unlike many robo-advised apps, Wealthfront doesn’t deal in fractional shares. Serious investors should look elsewhere, too: Although it does offer extras like the Wealthfront Risk Parity Fund to six-figure accounts for an extra fee, there’s no human management option or bonus for large balances.

Related: 5 Best Investment Apps For Managing Your Portfolio

10. Best investment app for human customer service: Personal Capital

Personal Capital’s minimum balance may be high, but its featured savings tools are robust. Those who can meet its $100,000 minimum get a combination of human and robo advisors. Accounts over $200,000 are assigned to dedicated financial advisors. Although Personal Capital’s management fee is a stiff 0.89%, investors with large balances may pay as little as 0.40%.

What do users get for those fees? A pile of financial planning tools, including ones to track spending, net worth, retirement progress, portfolio performance, and more. Two new features include Personal Capital Cash, a savings-like account with a 2.3% interest rate, as well as a retirement paycheck planner, which lets investors project their withdrawals during retirement.

11. Best investment app for data security: M1 Finance

Claiming to be “one finance account that does it all,” M1 Finance might be the toughest-to-categorize investing app on this list. A hybrid broker and investment management app, M1 allows for both self-serve and robo-advised investing.

Although M1 does have some drawbacks, as a free platform with no account minimum, its data security measures are strong. In addition to the typical two-factor authentication, M1 uses 4096-bit encryption for data transfer and storage. On the downside, M1 doesn’t provide tax-loss harvesting, nor does it offer as many asset types as traditional brokerages.

12. Best investment app for introductory offers: Ally Invest

Catering to both new and experienced investors, Ally Invest has a solid selection of educational materials and a fair fee structure. But the reason it’s on this list of top investing apps is its bonuses: With only a $10,000 deposit, investors earn $50, plus 90 days of commission-free trades. For larger deposits, that bonus amount goes as high as $3,500.

Although Ally’s fees are higher than many app-first tools, they’re lower than the other online brokerages on this list. Stock and ETF trades are subject to a $4.95 commission, plus $0.65 for options contracts. If you’re an active or wealthy trader, though, those fees drop to $3.95 with an additional $0.50 for options. That’s not bad, especially given Ally’s intuitive app and resources.

13. Best investment app for socially responsible investing: Betterment

Young investors, in particular, like to support socially responsible companies. To reach them, Betterment offers a best-of-breed socially responsible investing (SRI) portfolio. Compared to its core portfolio, Betterment’s large-cap SRI holdings score 42% higher on its social responsibility index. The other assets in this investing app’s SRI portfolio are mostly broad-market ETFs.

With $15 billion in assets under management, Betterment recently split its services into Betterment Digital — with no account minimum and a 0.25% management fee — and Betterment Premium. For a $100,000 minimum and a 0.40% fee, Betterment Premium provides unlimited phone sessions with certified financial planners.

14. Best investment app for index investing: Vanguard

One of the oldest and lowest-cost investment providers, Vanguard’s investing app could admittedly use some work. If you can handle a confusing interface, though, you’ll find few better options for buying into mutual funds and ETFs.

Vanguard charges no commissions for trading but does receive fees on its own ETFs. Plus, users who receive their account documents electronically pay no account service fees. And believe it or not, Vanguard doesn’t require a minimum balance, either.

15. Best investment app for couples: Twine

Saving as a couple that doesn’t completely share finances can be tough. If you’ve got a wedding or vacation ahead but still want to keep separate bank accounts, check out this investing app. Backed by John Hancock, Twine charges $0.25 per month for every $500 invested.

Although that fee structure is on par with other digital investment providers, Twine’s investment options are not. Twine gives users just three portfolio choices: conservative, moderate, or aggressive. Even more limited is its all-ETF asset mix, covering stocks as well as bonds. Twine is a fair pick for short-term savers who are new to investing.

Investing apps can be a godsend for individual investors who need a painless way to invest in stocks. Not all apps are created equal, but these 15 offer a good place to start.

best investing apps for beginners

The best investment apps for beginners offer low fees and access to the types of accounts and investment products you care about most. The app you choose should suit your investment style and offer the tools you need (e.g., educational guides and/or courses, human advisor access, and strong customer support) to achieve your financial goals.

Best overall: SoFi
SoFi Invest
Account Minimum
$0 ($1 to start investing)
Fees
0% for active trading and automated investing (1.25% for cryptocurrencies)
Investment Types
Stocks, ETFs, and cryptocurrencies
SoFi SoFi Invest
4.54/5
Editor’s Rating
LEARN MORE
Pros & Cons
Details
Why SoFi made our list:
SoFi is a top pick for beginners thanks to an easy-to-use platform paired with rock-bottom pricing. You can get started at SoFi Invest with just $1, and there are no commissions for trades and no recurring account fees. Even the managed portfolio product, SoFi automated investing, where your investments are all picked and managed for you, is free to use.

The app includes stocks and ETFs listed by category, making it easy to browse potential investment opportunities. The app doesn’t have the most in-depth investment research, but there is enough to get you started and guide your research off the app. In addition to cryptocurrency trading (for bitcoin, ethereum, dogecoin, and more than 27 other coins), you can also access investment education articles from inside the app.

As an added bonus outside of the app, SoFi offers complimentary financial planning sessions for all members, among other benefits. If you are a beginner and want help putting an investment strategy together, SoFi is an ideal place to start.

Best overall runner-up: Ally Invest
Ally Invest
Account Minimum
$0 ($100 for Robo Portfolios)
Fees
0%
Investment Types
Stocks, ETFs, options, bonds, mutual funds, and forex
Ally Ally Invest
4.08/5
Editor’s Rating
LEARN MORE
Pros & Cons
Details
Why Ally Invest made our list:
Beginners often do well with simple and straightforward investment platforms. Ally Invest offers just that through its mobile app. You can trade stocks and ETFs with no commissions; mutual fund trades will incur a $9.95 commission fee. There are no recurring fees or minimum balance requirements to worry about.

Plus, if you prefer the
robo-advisor
route, Ally Invest Managed Portfolios creates a personalized portfolio of ETFs for you. The account gives you the choice between four portfolios: Core, Income, Tax-optimized, and Socially Responsible. You’ll just need a minimum of $100 to get started, and you won’t have to worry about any advisory fees.

The Ally app, which is also used by Ally Bank, is straightforward and easy to navigate. It doesn’t have as many bells and whistles as some active trading platforms, but it has everything a beginner and most passive investors might need.

Best for automated investing: Acorns
Acorns Invest
Account Minimum
$0
Fees
$3/month or $5/month
Investment Types
ETFs
Acorns Acorns Invest
4.2/5
Editor’s Rating
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Pros & Cons
Details
Why Acorns made our list:
Acorns is an investment app for people who know they should be investing but don’t have or want to spend the time to manage it themselves. For $3 per month, Acorns will take care of everything. That includes automatic spare change investing through transaction round-ups, automated transfers, retirement account saving, banking perks, and a fully automated investment plan.

The big upside of Acorns is that it’s so easy to use. The big downside is that there’s a fee no matter what. This is arguably better than asset-based fee deductions which fluctuate as your balance grows. 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.

Best for active trading: TD Ameritrade
TD Ameritrade investment account
Account Minimum
$0 ($5,000 or $25,000 for managed accounts through Schwab)
Fees
0% ($300 one-time fee and $30/month for advisor-managed account through Schwab)
Investment Types
Stocks, ETFs, options, mutual funds, futures, forex, IPOs, and bonds
TD Ameritrade TD Ameritrade investment account
4.75/5
Editor’s Rating
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Pros & Cons
Details
Why TD Ameritrade made our list:
If you are new to the markets and plan to get into active trading, TD Ameritrade is a good place to start. It charges no commissions for stock or ETF trades and offers multiple account platforms that align with various investment styles and goals.

When you’re starting out, you’ll probably feel most comfortable in the main TD Ameritrade app. As your investment skills grow, you can upgrade to thinkorswim, the premier active trading platform from TD Ameritrade. It has tons of useful features for active traders. Important for beginners, there’s a feature to chat with an expert trader inside of thinkorswim.

Important to note: Charles Schwab acquired TD Ameritrade in 2020. However, Schwab has announced it plans to keep TD Ameritrade’s thinkorswim in its product lineup going forward.

Best for social investing: Public.com
Public
Account Minimum
$0
Fees
0%
Investment Types
Stocks, ETFs, and cryptocurrencies
Public Public
4.58/5
Editor’s Rating
LEARN MORE
Pros & Cons
Details
Why Public.com made our list:
When you’re a beginner in the stock market, it can feel intimidating to research and choose stocks and other investments on your own. Public combines features from social networks like Facebook and Twitter with traditional brokerage features. That makes for an investment app ideal for beginners learning their way around the markets.

Not only can you learn from the portfolios of other experts by following their posts in the Public feed, you can also create group chats with other users and participate in live investing events and conversations. Plus, you can invest in multiple cryptocurrencies, including bitcoin, dogecoin, and ethereum.

With fractional shares starting at $5, you can also buy into a huge number of supported companies without putting up enough cash for a full share. While it doesn’t offer every popular type of investment, it covers stocks and ETFs in a way that’s great for newer investors or even experienced investors looking to improve their investment strategy.

Best for no commissions: Robinhood
Robinhood
Account Minimum
$0 ($1 for fractional shares; $2,000 for Robinhood Gold)
Fees
0%
Investment Types
Stocks, ETFs, options, cryptocurrencies, IPOs, and ADRs
Robinhood Robinhood
3.54/5
Editor’s Rating
LEARN MORE
Pros & Cons
Details
Why Robinhood made our list:
Robinhood is a pioneer in the no-commission brokerage model. It remains a solid choice for beginners, as they can invest in stocks, ETFs, and options with zero commissions. Typical stock and ETF investors will be able to use Robinhood with no costs at all, though premium accounts are available with more features for a monthly fee starting at $5.

Plus, Robinhood offers commission-free cryptocurrency trading for several digital assets. Among these are bitcoin, ethereum, dogecoin, litecoin, and more.

However, Robinhood has a history of controversies over downtime and how some users have been able to enter extremely risky trades that they didn’t understand. As with any investment app, it’s important for Robinhood traders to understand the risks of what they’re doing so they can invest in line with their goals and avoid unexpected losses.

Best for kids: Stockpile
Stockpile
Account Minimum
$0
Fees
$0/trade
Investment Types
Stocks and ETFs
Stockpile Stockpile
3.79/5
Editor’s Rating
LEARN MORE
Pros & Cons
Details
Why Stockpile made our list:
Stockpile also offers commission-free stock and ETF trades, and it provides some unique features that complement its $o commission fee structure.

Stockpile allows fractional share investing and supports the gift of stock through gift cards, which makes it perfect for the youngest investors.

If you are a parent, grandparent, aunt, uncle, or another relative who wants to help a child in your life learn how the stock market works, Stockpile is perfect for your needs. It makes it easy to gift stock and keep tabs on the account of a minor. It also makes it fun to navigate through supported stocks while educating users through “mini-lessons” that teach how to invest.

Other apps we considered
Webull: Webull is a newer commission-free investment platform. It may be a little more challenging for some newer investors to navigate but offers excellent pricing and investment tools.
Firstrade: Firstrade’s web and desktop investment apps feel a little lower-tech, but its mobile app is simple and easy to navigate. It offers excellent pricing including commission-free mutual fund trades.
Stash: Stash is great for newer investors looking to learn how to invest and build the right mindset, but monthly $1 to $9 fees make it less appealing.
How we determine winners
For beginners, it’s important to choose an investment app that combines low costs with the features you care about most. Whether you’re looking to build a passive portfolio of funds, an active portfolio of stocks, or any other investment strategy, there’s a brokerage and investment app designed to meet your needs.

To make our selections, we focused on costs and fees, app features, types of accounts available, investment products available, and beginner-friendly features to manage your investment account on the go.

Frequently asked questions
What are brokerage accounts?
Brokerage accounts are a type of account where you can store cash and investments — to use an investment app, you’ll fund a brokerage account. With a brokerage, you can fund your account with cash and use that cash to buy and sell stocks, bonds, funds, and other investments supported by your brokerage.

Every brokerage has its own core features and pricing, so there is no perfect brokerage for everyone. However, anyone can find a brokerage that’s a good fit for their needs.

How do brokerage accounts work?
Brokerage accounts work like
checking accounts
at a traditional bank in many ways. In fact, many brokerages offer checkbooks for brokerage accounts if you want one. You can add and remove funds similar to a bank, though certain types of retirement and other tax-advantaged accounts have rules around withdrawals.

Brokerages in the United States are regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Accounts may lose value, but assets are insured by the Securities Investor Protection Corporation (SIPC) in case your brokerage goes out of business.

Who should use a brokerage account?
Just about every single person in the US could benefit from a brokerage account. As long as you have high-interest debts paid off, putting a portion of your income into investments is a wise long-term decision.

Most brokers on this list have no recurring fees and no minimum balance. You can often get started with as little as $5 to buy your first stock or ETF.

How much should a brokerage account cost?
Brokerage accounts should be free! The best brokerages charge no recurring fees and have no minimum balance or activity requirements to avoid a monthly service fee.

In addition, most brokerages have dropped fees for stock and ETF trades, so you shouldn’t pay any commissions for those types of trades.

How do I choose an online brokerage?
Your choice for
online brokerage
and
investing apps
should come down to your investment goals. If you are interested in active investing, you would want a different platform than passive investors. But in any case, it’s important to review fees to make sure you’re not paying for anything you plan to do regularly.

If an app supports the types of accounts you need and the types of investments you want on a platform you enjoy using, you’ve likely found a winner.

Conclusion

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