Every great investor needs to start somewhere. As complex as investments can seem, modern technology has transformed that world into one people can enter easily with minimal risk. In fact, more people are choosing to invest on their own now than ever before. According to research from Bloomberg Intelligence, individual investors were responsible for almost 20 percent of shares traded in the U.S. stock market. That’s double what the level was back in 2010. One reason for this significant shift is the prevalence of investment apps. These apps make investing easy and accessible, giving newcomers an entry point they didn’t have in years past. But with so many investment apps out there, which ones provide a great experience for people new to investing? If you want to start investing but don’t know how, read on to discover the best investment apps for beginners.
1. TD Ameritrade
The TD Ameritrade mobile app provides a platform for tracking investments that’s clean and straightforward. The company also charges no commissions for ETF or stock trades. With this app, checking the performance of your portfolio is easy. You can even check it on your Apple Watch.
Why This App Stands Out
StockBrokers.com rated the TD Ameritrade app as its best overall trading platform and the stock-trading app that’s best for beginners. One reason for the accolades comes from the app providing a feature that gives users the chance to chat with an expert. As you gain more experience with stock bonds and investment accounts, you can even upgrade to the thinkorswim platform the company provides for more advanced users.
The E*Trade mobile app was one of the first of its kind. Available for Apple and Android devices, the app helps users invest in ETFs, stocks, and mutual funds. E*Trade pioneered web-based trading on the stock market, and their mobile app continues this legacy by providing a large investment selection and excellent customer support. The app charges no fees and has no minimum balance requirement.
Making Connections Through the App
In addition to giving you the ability to trade stocks, this app allows you to manage multiple accounts easily. You can also manage your money from a bank account through the check deposit and transferring features. These connections help you to check on your financial information and condition through the ease of a single app.
For those who want to get started on their investments right away, the Acorns investing app might do the trick. The app boasts you can set up an investment account in under five minutes. The platform is commission-free, but be aware that the least expensive plan you sign up for costs a dollar per month.
An Automated System
That monthly cost goes to one of the main selling points of the Acorns app: automation. The app is intended for people who want to invest money but might not want to invest their time. It takes care of many administrative tasks by itself. That includes investing spare change automatically once connected to other accounts. As a fully automated platform, this is one of the best investment apps for beginners.
4. SoFi Invest
The SoFi Invest app costs a dollar to get started but has no additional fees or commissions after that. The app has a clean user interface that makes checking out potential investments a breeze. SoFi Invest gives you access to Certified Financial Planners to help you establish an investment strategy and even set up retirement accounts. On top of that, the app offers options for investing in fractional shares.
A Gateway to Cryptocurrency
SoFi Invest also provides a way to get started for those interested in cryptocurrency. Through the app, you can trade Bitcoin, Ethereum, and more than a dozen other coins. The app even gives you ten dollars worth in Bitcoin after completing a trade of at least ten dollars.
The Betterment app has the goal of making investing easy for everyone. As part of setting up an account, you share a bit about yourself and what you want to do with your investments. The app then builds a custom portfolio tuned to your needs and goals. Many tasks, including portfolio rebalancing and dividend reinvestment, are handled with automated software.
Reaching Your Goals
The Betterment app sets itself apart by taking a unique approach and making it all about the individual. By inputting your goals into the app, Betterment creates customized plans to help you on your investment journey. You can feel confident that each plan is specific to you. Combine that with the automated tasks, and you have an app that’s easy to use once you’ve started.
6. Charles Schwab
As one of the best investment apps for beginners, the Charles Schwab Mobile app streamlines the investing experience, allowing users to check their portfolio quickly, making it one of the best stock apps. It also gives users the chance to customize the app, helping them prioritize what information they have at the start. Set specific alerts and notifications so you have all the data you need right at your fingertips.
Use It For Research
In addition to no fees, commissions, or minimum balance, Schwab Mobile provides some extensive research options for users. You can check out the latest stock news in real-time while also reading up on researched reports and the company’s quarterly magazine. When you have a large selection of possible investments to consider, this amount of research can help you make a decision.
The Public investing app has beginners in mind right from the start. The app provides a platform that allows users to discover new companies that they might want to invest in. It features no fees or commissions, and it even has a referral program. However, some of its most unique features come from social media.
A Social Media Twist
Public has integrated features normally found on Twitter and Facebook. You can follow people on this app and see where they invest their money. Users can also learn from public figures and share their ideas with the community at large. Think of Public like the midway point between a pure investment app and a social media app, making it one of the best investment apps for beginners.
The Robinhood investment app was one of the first apps to try the no-commission approach. This app is great for beginners as it allows users to quickly and easily invest in stocks and ETFs at no cost. Robinhood also provides a platform to trade cryptocurrencies for free. You can even get a free first stock when you create an account.
How Does Robinhood Work?
Some people may wonder how Robinhood’s developers make money for an app that offers so much for free. To start, users can upgrade their accounts to Robinhood Gold, which has a monthly fee of five dollars and added features. The company also has additional revenue streams through stock loan income, interchange fees from cash management systems, and proxy service revenue.
The Stash app also favors an approach to hook beginners on investing early on. It simplifies trading and even allows for fractional shares. Stash can also give people the Stock-Back card, a debit card that helps grow and diversify your portfolio through regular purchases. Unlike some other apps on this list, there is a minimum fee (one dollar per month for a beginner plan), but you also get some helpful resources.
Helping Users Learn
As a way to get newcomers into investing, Stash offers its users a helpful learning center. The learning center goes beyond just talking about stocks and bonds and provides excellent lessons on topics such as tax savings, student loans, and companies to put on your radar. These educational resources can help you become more knowledgeable about finances.
The Investr app has many of the features found on the above apps, such as giving users the ability to trade stocks and fractional shares. The app also gives you easy ways to track the performance of your investments. These include visualized data where you can gauge performance at a glance. With a large community of users, you can also find your place within a big group.
Investing With Fake Money
One of the most fun elements of Investr is the Fantasy Finance feature. This plays out like a fantasy sports league, where you get a million dollars of fake money you can invest. You can compete against other users and your friends to come out on top. It’s a fun way to test out different investment strategies without the risk of losing your money.
11. Ally Invest
Many apps come with all sorts of fascinating features, but the Ally Invest app keeps things simple. Users can choose from two different approaches: self-directed trading or managed portfolios. Through straightforward interfaces, you can choose what stocks to trade or get help from the app’s recommendations that are tailored to the type of investor you want to be.
Feel Like a Pro
The Ally Invest app can make any beginner feel like they’ve been investing for years. Ally Invest also offers excellent customer service that will help answer any questions you have. It’s as simple as creating an account off the bat or forming your own investment plan from scratch.
The Stockpile app provides a database of more than 4,000 stocks and ETFs to choose from. It also allows users to trade fractional shares, though it should be noted that it does have a commission of 99 cents per trade. You can add funds by linking your bank account to the app, making spending on your investments a quick process.
Perfect For The True Beginner
One feature that sets Stockpile apart is the ability to create custodial accounts for kids. These custodial accounts are ones you can monitor to keep an eye on a child’s finances and approve their own investment choices. It’s a perfect way to introduce interested young ones to the world of investments, making this app one of the best investment apps for beginners.
Coinbase is essentially the original crypto wallet. They started off in 2012 with the revolutionary idea to provide a platform where anyone could send a receive Bitcoin. Coinbase has only grown since then and has expanded to include many other different types of cryptocurrency. Indeed, many people get their start in trading crypto with this app.
A Tried and True Platform
Some people might feel a bit nervous about jumping into crypto. Coinbase can give you a safe platform that’s remained solid for the past decade. The app boasts nearly 70 million verified users along with over 450 billion dollars of quarterly traded volume. The app is also in use in more than a hundred countries, so you should have access to it no matter where you are.
Yotta provides a unique way for people to save their money. Instead of placing it in a traditional high-yield savings account, with Yotta you have the chance to earn even more. For every 25 dollars you deposit, you earn a ticket. Those tickets then get entered into a draw, where you can win even more money. The more you deposit, the more chances you have to win.
A Fun Twist
Yotta acts as an added twist on saving money, making it one of the best investment apps for beginners. Even if you don’t win, you still earn 0.20 percent in savings rewards on what you deposited, which is a competitive rate compared to most major banks out there. You also get a portion of the winnings no matter what. Best of all, you can try it out with a small amount just to test it out a bit.
Get Started With The App Of Your Choice
While many people may feel their financial attention should be focused on credit card bills and their 401(k), it’s not too late to learn about investments with the best stock apps. These apps offer the ideal opportunity to get started at low cost and risk. If you want to try your hand at investing in stocks for the first time, pick one of these best investment apps for beginners and see how you do. Start by choosing the one that has the most features that speak to you. Stick with it, and before long, you’ll feel like an investment expert.
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