With the rise of fintech, there are more and more investment apps available for beginners to start investing easily. Choosing the right app can help investors better manage their portfolios, automate investing, and minimize fees. This article compares the top apps across factors like user experience, investment options, fees, and key features to determine the best ones for different types of investors. By leveraging technology, these apps make investing more accessible for beginners looking to grow their wealth over the long term.
Leading investment apps prioritize easy onboarding
Many of the top investment apps like Robinhood, Acorns, and Stash excel at quick and easy account setup for beginners through their streamlined UI and mobile experience. They allow users to link bank accounts to transfer funds and start investing in just a few taps without lengthy paperwork. This simplifies the traditionally complex process of opening a brokerage account. Their intuitive interfaces also make navigating the app, tracking investments, and executing trades straightforward for new investors.
Broad investment selection allows customization
The best invest apps provide access to a wide range of securities to build customized portfolios. For example, Robinhood offers stocks, ETFs, options, and crypto while M1 Finance includes stocks, ETFs, and fractional shares. With large investment supermarkets, users can align their portfolio allocations to their unique risk profiles and financial goals. Apps with automated investing like Betterment also build diversified portfolios using advanced algorithms.
Low fees enable cost-effective investing
Many invest apps help users minimize fees through commission-free trading and low expense ratios, maximizing returns. For instance, Webull offers commission-free trades on stocks and ETFs while Betterment has no commissions and charges a 0.25% annual fee on assets under management. Low fees allow beginners to keep more of their investment profits and avoid excessive expenses eroding returns.
Automated tools simplify hands-off investing
Top investment apps provide automation tools like robo-advising and auto-deposits to simplify the investing process for beginners. Apps like Betterment and Wealthfront use algorithms to automatically invest portfolios across asset classes and rebalance. Others like Acorns allow setting recurring deposits from linked bank accounts to steadily build investment accounts. Automation makes staying disciplined with a long-term investment plan effortless.
Social features offer community engagement
Some leading invest apps include social features so users can engage with fellow investors, share strategies, and get feedback. For example, trading apps like Robinhood and Webull have community chat forums related to stocks, options, and crypto. Social investing platforms like eToro also allow following and automatically copying the trades of top-performing investors. The social aspects help new investors learn in a collaborative environment.
The best invest apps for beginners offer an optimal blend of an intuitive interface, low fees, a wide investment selection, powerful tools like automation, and community features. While apps like Robinhood excel at ease of use and Stash at automated recurring deposits, Betterment stands out as the top all-around app with its complete hands-off investing solution.