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Investing in the stock market can be a lucrative way to grow your wealth over time, but it can be intimidating and confusing for beginners. Fortunately, there are many investment apps available that make it easy for anyone to start investing with just a few clicks. In this article, we will review the best investment apps for 2023, taking into account factors like ease of use, fees, and investment options.
Commission-free trading, social investing features, educational resources
Limited investment options, no retirement accounts
$0 commission for online US-listed stock, ETF
$0
Yes
Stocks, ETFs
Social investing features, access to educational resources
Gemini
Cryptocurrency trading and security features
High-security features, insurance coverage for digital assets, user-friendly platform
Limited investment options, high fees for some transactions
Varies by transaction
None
No
Cryptocurrencies
Advanced security measures, and insurance coverage for digital assets.
Robinhood
Robinhood is one of the best investment apps that are perfect for beginners due to its user-friendly interface and the capability to make commission-free trades.
Best for: Beginners and active traders
Pros: Commission-free trading, fractional shares, easy-to-use app, simple user interface
Cons: Limited customer support, limited investment options, no retirement accounts, potential for overtrading
Fees or commission: No commission or fees, but may charge for certain activities such as wire transfers
Minimum investment: $0
Fractional shares: Yes
Types of investments offered: Stocks, options, ETFs, cryptocurrency
Special features: Margin trading, Robinhood Gold premium subscription, free stock for new users
Acorns one of the best investment apps for smaller accounts who like automated savings. It works by rounding up your everyday purchases to the nearest dollar and investing the spare change. The app offers five different investment portfolios based on your risk tolerance, ranging from conservative to aggressive.
Best for: Passive investors and those looking to save money automatically
Betterment is a robo-advisor investment app that offers a personalized approach to investing. The app uses algorithms to create a customized investment portfolio based on your financial goals and risk tolerance, making it one of the best investment apps for passive investors.
Best for: Passive investors and those looking for a hands-off approach to investing
Wealthfront is a mobile investment app that provides robo-advisory services to help users create a personalized investment portfolio. The app offers a wide range of exchange-traded funds (ETFs) that are selected based on the user’s investment goals and risk tolerance.
Best for: Passive investors and those looking for a hands-off approach to investing
Pros: Automated investment service, low fees, tax-efficient strategies, direct indexing
Cons: Limited investment options, no cryptocurrency or individual stock investing
Fees or commission: 0.25% per year
Minimum investment: $500
Fractional shares: Yes
Types of investments offered: ETFs
Special features: Tax-loss harvesting, automatic rebalancing, goal-based investing
M1 Finance distinguishes itself from other best investment apps by offering users the ability to create their own personalized investment portfolios, known as pies. This unique feature enables users to tailor their investments to their individual needs and investment strategies. M1 Finance also allows users to invest in pre-made portfolios created by financial experts, which can be a helpful option for those who prefer a more hands-off approach.
Best for: Long-term investors and those looking to build a custom portfolio
Pros: Customizable portfolios, no commission fees, fractional shares, automatic rebalancing
Cons: Limited research and educational resources, no tax-loss harvesting
Fees or commission: No commission fees, but may charge for certain activities such as account transfers
Minimum investment: $100
Fractional shares: Yes
Types of investments offered: Stocks, ETFs
Special features: Customizable portfolios, can follow experts’ portfolio allocation automatic rebalancing
SoFi Invest is one of the best investment apps that sets itself apart by providing users with free access to the company’s financial planners.
The app offers a wealth of educational materials, including articles, webinars, and a community forum where users can connect with other investors and share their insights. This can be especially beneficial for novice investors who are just getting started, as well as experienced investors who want to stay up-to-date on the latest trends and strategies.
Best for: Beginners and those looking for a simple, all-in-one financial app
Charles Schwab is a full-service broker that offers an investment app that provides a comprehensive range of investment options, such as stocks, ETFs, and mutual funds. Charles Schwab has a user-friendly interface and a suite of helpful tools, making it an excellent option for both beginner and seasoned investors.
Best for: Active traders and those looking for a comprehensive investment platform
Pros: Wide range of investment options, excellent research and educational resources, excellent customer support
Cons: Higher fees, no direct indexing, no cryptocurrency trading
Fees or commission: $0 commission, but have contract fees for options and futures
Minimum investment: $0
Fractional shares: Yes
Types of investments offered: Stocks, options, ETFs, mutual funds, bonds
TD Ameritrade is a full-service broker and has an investment app that provides a variety of investment opportunities and offers a plethora of educational resources to help users learn more about investing. They also offer a robust trading platform and app called Thinkorswim that traders love due to its data and high sophistication.
The app’s interface is user-friendly, making it simple to navigate and execute trades. TD Ameritrade also offers an app specific for trading called Thinkorswim that is robust and great for traders.
Best for: Experienced traders and investors
Pros: Wide range of investment options, advanced trading tools, robust research, and educational resources, excellent customer service including 24/7 phone support
Cons: High commission fees, high account minimums for certain account types, complex trading platform may be overwhelming for beginners
Fees or commission: $0 commission for online US-listed stock, ETF, and options trades; $6.95 commission fee for trading penny stocks OTC; will have fees for options and futures contract
Minimum investment: None for standard accounts, higher minimums for certain account types
ETRADE’s app provides a user-friendly interface and a wealth of research and educational resources to help you make informed investment decisions. In addition, ETRADE offers a robo-advisor service that creates a custom portfolio for you based on your financial goals and risk tolerance.
Best for: Active traders and investors seeking commission-free ETFs
Pros: Commission-free ETFs, educational resources, robo-advisor service
Cons: Charges fees for mutual funds and fixed income investments, penny stock trades have a commission fee
Fees or commission: $0 commission for online US-listed stock, ETF, and options trades, $6.95 commission fee for options and futures contracts
Minimum investment: None, but accounts must be funded within 30-days to remain open
Fidelity is a full-service brokerage that offers one of the best investment apps that provides a variety of investment options, such as stocks, options, ETFs, and mutual funds. The easy-to-use app also offers access to research and educational resources, which can help investors stay up-to-date and make informed investment decisions.
Best for: Retirement planning and long-term investing
Pros: Research and educational resources, a wide range of investment options, commission-free ETFs
Cons: High expense ratios for some mutual funds, limited options for margin trading
Fees or commission: $0 commission for online US-listed stock, ETF, and options; does have $0.65 per contract on options
Minimum investment: None for brokerage accounts, $2,500 for a managed account
Gemini is a popular cryptocurrency exchange that is also one of the best investment apps for crypto. Through the app, users can buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Gemini is known for its strong security measures, including two-factor authentication, cold storage, and insurance coverage for digital assets held on the platform. The app also offers a hot-wallet for users to store and access their cryptocurrency quickly and conveniently.
Best for: Cryptocurrency trading and security features
Pros: High-security features, insurance coverage for digital assets, user-friendly platform
Cons: Limited investment options, high fees for some transactions
Investment apps are a great way to start investing with low fees and easy-to-use interfaces. With so many options available, it’s important to choose the best investment apps that fit your investment goals and risk tolerance. The apps listed above are some of the best investment apps available for 2023, but be sure to do your own research before selecting one!
FAQs
Are investment apps safe to use?
Yes, investment apps are safe to use as long as you choose a reputable app and take necessary precautions like using strong passwords and enabling two-factor authentication.
Do investment apps charge fees?
Some of the best investment apps do charge fees, but many offer commission-free trades and low fees for derivatives like options and futures.
Can you lose money with investment apps?
Yes, investing always comes with some degree of risk, and it’s possible to lose money even with these best investment apps.
What’s the minimum investment amount for investment apps?
The minimum investment amount varies by app, but some apps allow you to start investing with just a few dollars.
Are investment apps suitable for beginners?
Yes, many of the best investment apps are designed with beginners in mind and offer educational resources to help you learn more about investing.
This post may contain affiliate links. We may receive compensation when you click on links to those products at no additional cost to you. Read our full disclosure here.
