Best Investment Apps for Beginners: Top 10 Tools You Need
Starting your investment journey can be both exciting and overwhelming.
With so many apps available, it’s tough to know which ones offer the best tools for beginners.
You want something easy to use, with features that help you learn and grow your investments.
Choosing the right investment app can make a huge difference in your financial future. Whether you’re interested in stocks, ETFs, or socially responsible investing, having the right tools can help you build and manage your portfolio with confidence.
This guide will introduce you to some of the best investment apps perfect for beginners, so you can start investing with ease.
1) Robinhood
Robinhood is a popular investment app known for its user-friendly interface.
It has revolutionized the world of stock trading by offering commission-free trades.
This app is perfect if you’re just getting started with investing.
It’s simple to set up and doesn’t require any initial investment.
You can trade stocks, ETFs, and cryptocurrencies all in one place.
Robinhood also offers options trading, which can be appealing if you’re looking to diversify your portfolio.
One of the key features is its real-time market data.
This helps you make informed decisions quickly.
Robinhood’s app design is clean and intuitive, making it easy to navigate.
Even if you’re a beginner, you’ll find it straightforward to use.
For those interested in short-term trading, Robinhood is a great choice.
It provides the tools you need without overwhelming you with too many options.
If you’re curious about trying out trading without risking much money, Robinhood offers a paper trading feature.
This allows you to practice with virtual currency.
While Robinhood is great for beginners, it’s worth noting that it doesn’t offer as much customer support as some other apps.
It’s mostly designed for users who are comfortable managing their own trades.
Check out this guide for more detailed information on how to get started with Robinhood.
2) Acorns
Acorns is perfect for beginners who want to start investing without much hassle.
It works by rounding up your everyday purchases and investing the spare change.
So, if you buy a coffee for $2.75, Acorns will round it to $3 and invest the $0.25.
This app offers a user-friendly experience.
You don’t need to know a lot about investing to get started.
The app handles everything for you using its robo-advisor feature.
You can also set up tax-advantaged IRAs for retirement through Acorns.
This means you can save for the future while investing your spare change.
Acorns also provides educational content to help you learn about investing.
You can watch videos and read articles to become more confident in managing your investments.
For more details, you can check the Acorns Review 2024: A Micro-Investing App on CNBC.
This will give you more in-depth info about how Acorns works.
Getting started with Acorns is simple.
You just need to link your bank account, and the app will take care of the rest.
It’s a great way to start investing without needing a lot of money up front.
Acorns is available on both Android and iOS, making it accessible to most people.
It’s a handy tool to start growing your money with minimal effort.
3) Stash
Stash is a favorite among new investors who want an easy way to start investing.
It has no account minimum, so you can start with any amount.
Stash charges a $3 or $9 monthly fee, depending on your plan.
The app offers Smart Portfolios, which require just $5 to get started.
You can invest in various assets, like stocks and ETFs, directly through the app.
Stash makes it super simple with educational content to help you learn as you go.
One cool feature is the “Invest spare change” function.
It rounds up your debit or credit card purchases to the nearest dollar and invests the difference.
This is a great way to invest without even thinking about it.
Stash also provides banking features, such as a checking account that’s FDIC insured up to $250,000.
This makes it easy to manage your money all in one place.
Stash aims to make investing approachable for beginners by offering easy-to-use tools and resources.
The app’s goal-planning features help you stay on track with your financial goals.
If you’re new to investing and want an app that simplifies the process, check out Stash.
4) Betterment
Betterment is a top-notch choice if you’re a beginner in investing.
It’s known for its user-friendly design and ease of use.
Whether you’re just starting out or looking to manage your portfolio, Betterment has tools that make it easy.
One of the best features of Betterment is its robo-advisor.
This tool helps you by automatically managing and optimizing your portfolio.
You don’t need to get involved in day-to-day decisions.
The app makes investing stress-free.
You can start investing with Betterment without needing a large sum of money.
It has no minimum balance requirement, so you can begin with any amount you’re comfortable with.
This is great if you’re looking to dip your toes into investing without a big commitment.
Betterment also offers personalized financial advice.
You can answer a few questions about your goals, and the app will create a custom plan for you.
This helps you stay on track and achieve your financial objectives.
The app lets you track your investments and see how they’re performing.
You can easily check how much you’ve invested, your earnings, and your portfolio’s diversification.
This makes it simple to keep an eye on your money.
Betterment charges a low fee for its services, making it affordable for everyone.
The annual fee is a small percentage of your investment, which can be worth it for the benefits you get.
For more details, you can check out Betterment’s review on Forbes.
Betterment is a strong choice for beginners looking for a hassle-free way to start investing.
5) Wealthfront
Wealthfront is an investment app that focuses on robo-advising.
It handles most of the heavy lifting for you.
Just answer a few questions about your risk tolerance and goals, and Wealthfront will create a personalized portfolio.
One cool feature is tax-loss harvesting.
This can help you save on taxes by offsetting gains with losses.
You can also set up different types of accounts, like retirement or college savings accounts.
Besides investments, the app offers financial planning tools.
This helps you see where you stand financially.
Wealthfront has a low minimum to get started, just $500.
It’s a good option if you want automated investing without a high entry barrier.
There’s a management fee of 0.25% per year, which is pretty reasonable for what you get.
If you’re looking for a hands-off investing experience, check out Wealthfront.
It handles the complexities for you, so you can focus on other things.
6) M1 Finance
M1 Finance is a great choice if you want a blend of automated and customized investing.
It lets you create your own portfolios, called “pies,” and automatically manages them for you.
One cool feature of M1 Finance is its automatic portfolio rebalancing.
This keeps your investments aligned with your goals without much effort on your part.
There are no trading fees, which saves you money.
Plus, you can invest in thousands of individual stocks and ETFs with just $100 to start.
This makes it accessible even if you’re new to investing.
However, there are some limitations.
M1 Finance has restricted trading windows.
Trades are only executed in the morning, and if you’re not an M1 Plus member with $25,000, you won’t get access to the afternoon trade window.
M1 Finance also offers a mix of investing and banking products.
This can be handy if you want to manage your investments and finances in one place.
You get the perks of a robo-advisor with the flexibility to tailor your own investment strategies.
It’s particularly good for investors who want both control and automation.
You set up your investment preferences, and M1 takes care of the rest, making it a solid choice for beginners who prefer a hands-off approach but still want to personalize their investments.
Choosing M1 Finance can be a smart move if these features sound appealing to you.
7) SoFi Invest
SoFi Invest is a great choice if you’re new to investing.
It offers commission-free trades, which means you won’t pay extra fees when buying or selling stocks.
This can make a big difference, especially if you’re just starting.
With SoFi, you can also invest in fractional shares.
This means you can buy a portion of a stock, even if you can’t afford a full share.
For instance, if you want to invest in a pricey stock like Apple, you can buy just a part of it.
Another cool feature is the automated investing.
SoFi will manage your investments for you based on your goals and risk level.
This takes the guesswork out of investing and can help you stay on track.
SoFi also has a social feature called SoFi Social.
You can see what other investors are doing and get tips from them.
This can be really helpful if you want to learn from more experienced investors.
If you need help, SoFi offers free access to financial advisors.
You can get advice on your investments, budgeting, or any other financial questions you have.
You can check out more in-depth information on SoFi Invest on their official guide.
If you’re interested in their investment strategies, Business Insider has a detailed review of SoFi Invest.
Overall, SoFi Invest provides a beginner-friendly platform with useful features to help you start your investing journey.
8) Public
Public is a social investing app that makes the stock market feel friendly and accessible.
It offers a platform where you can buy and sell stocks and ETFs without any commissions.
A unique feature of Public is its social aspect.
You can follow other investors, see their trades, and discuss strategies and market trends.
It’s a great way to learn from more experienced investors.
Public also allows you to invest in fractional shares.
This means you can invest small amounts of money, which is perfect if you’re just starting out or don’t have a lot to invest.
You’ll also appreciate the educational content Public provides.
It’s packed with articles, news, and explainers to help you understand investing better.
Public is designed with transparency in mind.
There are no hidden fees and the app is straightforward to use.
It’s a good choice if you want to see what other investors are doing.
If you’re interested in socially responsible investing, Public offers insights into the environmental, social, and governance (ESG) aspects of companies.
This can help you make more informed choices about where to put your money.
Public isn’t just about stocks and ETFs.
They also offer cryptocurrencies if you’re looking to diversify your investments.
Give Public a try if you like the idea of combining social networking with investing.
It’s a fun and engaging way to get involved in the stock market.
Find out more about Public at their official website.
9) Fidelity
Fidelity is a great app for beginners because it offers a wide range of investment options.
You can start investing with no account fees, and you have access to tons of resources to help you learn.
The app is user-friendly, making it easy to navigate through your investments.
Plus, the design is clean, so you won’t feel overwhelmed with information.
Fidelity provides tools that can help you make informed decisions.
You can view real-time data, set up alerts, and use their research tools to understand more about market trends.
Another cool feature is their educational content.
You can find webinars, articles, and tutorials that explain investment concepts in simple terms.
It’s like having a mini-classroom right in your pocket.
If you’re worried about security, Fidelity has got you covered.
They use advanced encryption to keep your data safe.
Plus, their customer service is top-notch.
You can also manage other aspects of your finances through the app, like tracking your spending and saving for goals.
It’s not just about investing; it’s about overall financial wellness.
For more details, you can check out the Fidelity Investments app.
This link will take you directly to their site where you can find more info and sign up.
So, if you’re a beginner looking to dip your toes into investing, Fidelity is a solid choice to get started with.
10) TD Ameritrade
TD Ameritrade is an awesome choice if you’re just starting your investment journey.
It offers a user-friendly interface making it easy for beginners to navigate.
You can find all the tools you need right on the app, from research materials to real-time market updates.
Plus, there are no fees to open an account.
One of its standout features is the extensive educational resources.
You get access to webinars, articles, and videos that can help you learn the ropes.
Even if you’ve never traded a stock before, TD Ameritrade makes it accessible.
The app supports various types of investments, including stocks, ETFs, mutual funds, and options.
This variety lets you diversify your portfolio without needing multiple accounts.
You can also practice your trading skills with paperMoney, a virtual trading platform.
This is perfect for getting comfortable with the app before you put your real money on the line.
Its mobile app is highly rated and mirrors the desktop experience, so you won’t miss out on any features when you’re on the go.
Lastly, the customer service is there to support you 24/7.
Whether you have a technical question or need guidance on a trade, help is just a call or chat away.
For more details on TD Ameritrade, you can visit their site.
Why Invest Through Apps
Investing through apps offers incredible benefits like easy access to markets and lower costs.
These features make it simple for beginners to start investing and manage their portfolios.
Convenience and Accessibility
Investment apps are super convenient.
You can check your investments, make trades, and follow market trends right from your phone.
This accessibility allows you to make quick decisions and react to market changes in real-time.
You don’t need to rely on a computer or physical meetings to manage your investments.
Most investment apps also provide user-friendly interfaces.
This makes it easy for anyone to start investing, even if you’re not tech-savvy or familiar with financial jargon.
Apps like Robinhood are known for their simplicity.
Many apps also offer educational resources.
You can find articles, tutorials, and videos to help you learn about investing directly within the app.
This way, you can educate yourself while you invest, making it a perfect tool for beginners.
Cost-Effectiveness
Investment apps are often more affordable than traditional brokerage services.
Many apps, such as SoFi Invest, offer commission-free trading for stocks and ETFs.
This allows you to invest smaller amounts without worrying about hefty fees cutting into your returns.
Some apps also have lower minimum investment requirements.
This means you can start investing with just a few dollars.
For example, Acorns rounds up your daily purchases and invests the spare change.
This makes it easy to build your portfolio without needing to set aside large sums of money.
Additionally, many investment apps provide tools to track and optimize your spending.
This helps you save money that you can redirect into your investments.
Tips For Getting Started
When starting with investment apps, it’s crucial to know what you want to achieve and understand the costs involved.
Here are some pointers to help you make informed decisions.
Setting Investment Goals
Before you start investing, think about what you want to achieve.
Are you saving for retirement, a house, or just trying to grow your savings? Knowing your goals helps you pick the right investment strategy.
Set short-term and long-term goals.
Short-term could be saving for a vacation, while long-term might be your retirement fund.
Break down your goals into specific amounts and deadlines.
Consider your risk tolerance.
Are you okay with taking risks for potentially higher returns, or do you prefer safer, lower-return investments? Your goals and risk tolerance will guide you in choosing the right app and investment options.
Remember, investing is a marathon, not a sprint.
Understanding Fees
Investment apps often have different fees, and understanding these is crucial.
Some apps charge commission fees for each trade, while others offer commission-free trading.
Look out for management fees on accounts, especially if you use robo-advisors or managed services.
For instance, apps like SoFi Invest might have lower fees compared to traditional brokerages, making them attractive for beginners.
Some apps also have hidden fees, like inactivity fees or withdrawal fees.
Always read the fee schedule to avoid surprises.
Make sure to factor these costs into your investment plan, as they can affect your returns.
By being aware of the fees, you can choose an app that aligns with your budget and investment style.
Common Features of Investment Apps
Investment apps often come with features aimed at making investing easy and accessible for beginners.
These include automated portfolio management, educational resources, and robust customer support to help you get started and grow your investing skills.
Automated Portfolios
Many investment apps offer automated portfolios, also known as robo-advisors.
These use algorithms to manage your investments based on your risk tolerance and goals.
You set up your preferences, and the app does the rest.
This is great for beginners who may not have the time or knowledge to manage portfolios themselves.
Apps like Wealthfront and Betterment are well-known for this feature.
They handle everything from diversification to rebalancing, ensuring your investments stay on track.
Educational Resources
A good investment app isn’t just about managing money; it also helps you learn.
Apps like Robinhood and E*TRADE provide educational content, such as articles, videos, and tutorials.
Some apps also offer in-app quizzes to test your knowledge.
These resources can cover a wide range of topics, from basic investing principles to more advanced strategies.
This helps you understand what you’re doing and make informed decisions about your investments.
Customer Support
Reliable customer support is crucial, especially if you run into issues or have questions.
Many investment apps offer multiple ways to get help.
You might find live chat, phone support, and comprehensive FAQ sections.
For example, Fidelity and Charles Schwab provide 24/7 customer service, making it easy to get assistance whenever you need it.
Good support can give you peace of mind, knowing that help is available if anything goes wrong.
Frequently Asked Questions
Here, you’ll find answers to some common questions about the best investment apps for beginners.
Whether you’re a total newbie or a college student, there’s an app that can help you start your investment journey.
Which investment app is easiest to use for a total newbie?
For someone just starting out, Robinhood is often recommended.
It’s known for its simple and user-friendly interface.
You can start trading stocks, ETFs, and cryptocurrencies without paying any commission fees.
Hey, what’s the top investment app for college students looking to start investing?
If you’re a college student, Acorns might be your best bet.
It helps you invest spare change automatically by rounding up your purchases and investing the difference.
It’s a great way to start investing without even thinking about it.
Is there an investment app that’s great for beginners and totally free?
Yes, Wealthfront is a strong choice that’s free for beginners.
It offers a range of investment options and even provides automated financial planning.
You won’t have to pay any trading fees, making it easier on your wallet.
Got any recommendations for a solid investment app on Android for a first-timer?
Stash is a good option if you’re using an Android device.
It’s beginner-friendly and offers a variety of educational resources to help you understand investing.
You can start with as little as $5, making it easy to get started.
What’s the best choice for a beginner-friendly investment app on iOS devices?
If you have an iPhone, check out Betterment.
It’s known for its user-friendly interface and automated investment services.
You can personalize your investment plan based on your goals and risk tolerance, making it a great choice for beginners.
Are there any cool investment tools that newbies should have in their arsenal?
One handy tool to consider is M1 Finance.
It combines the best of robo-advisors and traditional brokerage services, allowing you to create a custom portfolio with ease.
Additionally, it offers extensive educational resources to help you learn the ropes.