Mobile investing has been on the rise for several years, with over 150 million users in 2021,up more than threefoldfrom 2016.
With today's best investment apps, your finances are just a few taps away on yourmobile device. But the array of options and features can be overwhelming, especially fornovice investors.
What's the difference between investment products andretirement accounts? Do you need a checking account or an individualbrokerage account? Can you transfer money automatically? What about management fees?
Ourlist of the best investment appswill help you determine whichmobile appfits yourfinancial needs.
Best Investment Apps at a Glance
If you're short on time, here are a few of thebest optionsin popular categories.
- M1 Finance– One of the most flexible investing apps that allows you to create unique portfolios and purchasefractional shares.
- Robinhood– Perhaps the most well-known trading app that allowsfree stocktrades.
- Betterment– One of the original robo-advisors for those who like a hands-off approach to investing.
- Fundrise– An app that makes passivereal estateinvesting accessible to the average investor.
1.EmpowerPersonal Dashboard: Best Investment Tracking App
Formerly called Personal Capital, Empower Personal Dashboard's, $100,000minimum investmentmay be too high for some, but everyone can use their free tools to track externalinvestment accountsand net worth.
For those interested in a more human-centric financial management, Empower Personal Dashboard offers access to a team of financial advisors or even your advisor if you invest $200,000 or more. You pay more for this feature than a robo-advisor, starting at 0.89% and going down to 0.49% for larger accounts.
Track Your Investments With Empower Personal Dashboard
Available on Android and iOS.
2. M1 Finance: Best All-in-One App
M1 Finance is one of thebest investing appsavailable. It's like a flexible blend of Betterment (robo-advisor) and Robinhood (freestock trading), with its unique spin on asset allocation.
While most robo-advisors lock you into their pre-selected mix ofexchange-traded funds(ETFs), M1 Finance offers different features. They offer “pies,” which allow you to create your own portfolio allocations. For instance, if you are a big fan of Tesla, you can make a pie that includes 25% Tesla stock and 75% of whatever else (diversified ETFs, otherindividual stocks, etc.)
You can also take a hands-off approach, invest in pre-defined expert pies, and still benefit from automatic rebalancing plus free stock andETF trades.
Anotherunique featureof M1 Finance is M1 Borrow, which allows you to borrow up to 35% of your taxable account value at a low-interest rate (3.5-5.0% as of this writing). Thegood newsis you can use these funds for anything – buying a car, fixing your house, etc. Since the value of your investment account secures the loan, there is no set timeline for repayment.
This feature is agreat optionto use in an emergency or source of short-term borrowing when you need it.
Start Investing With M1 Finance
Available on Android and iOS.
3.Stash:Best for Fractional Share Investing
Stash personal finance app is a great place to start investing as a beginner. You cantrade stocks, ETFs, options, and cryptos to diversify your portfolio. Stash features offer fractional share options,financial planningtools, banking, and a Stock-Back card. While they charge amonthly fee, Stash also offers all features you need to manage your finances.
After signing up, Stash will ask a few questions about yourfinancial goalsso they can offer helpful financial tips. Next, you'll pick a plan, add money to your account, and start. You can use theirbank accountas an automated investing platform to invest infractional shares, create a budget, andtrack your spending. You'll even earn stock rewards for your everyday spending.
Available on Android and iOS.
4. Fundrise: Best forReal EstateInvesting
Fundrise offers passivereal estateinvestingto the masses and boasts 300,000active investorsand over $160 million in dividends since the app's inception. The app offers access to commercialreal estateequity and debt deals through managed funds called eREITs. In exchange for performing asset management, Fundrise charges a 1%annual fee, which isn't exactly low cost.
This is a solid option for those interested inreal estateinvesting but withoutmuch moneyto get started, plus the app is easy to use and offers a gooduser experience.
Available on Android and iOS.
5.Acorns:Best for Automatic Savings
Acorns was one of the original investing apps and is still around and thriving.
One of Acorn's main benefits is its “round-up” feature, which gives you aneasy wayto save money regardless of yourfinancial situation. Acorns links to yourbank accountand sweepsspare changefrom each purchase into your Acorns account. So if you spend $3.30 on your morning coffee, it automatically rounds up to $4.00 and deposits $0.70 in your savings account.
While it's not the same as learninghow to make extra money, it's close to finding free money in your couch cushions! By working behind the scenes to add to your savings, you don't even have to think about it, which often helps people save more with less effort.
Once the money is in your account, investing with Acorns is pretty simple too. Depending on your age, investing goals, and time horizon, the app recommends one of five different portfolios. While the lack of control over your investments may be a con for some, it's agreat appto help you save and invest long term if you prefer a hands-off approach.
Available on Android and iOS.
6.SoFi Invest: Best forNew Investors
SoFi started in the student loan space and has branched out in recent years to offer many otherfinancial planningproducts. Aimed atyounger investors, SoFi Active Investing offers free trades of stocks and ETFs and the ability to buy and sell cryptocurrencies, all with a $0account minimum. It also provides the ability to tradefractional shares.
Moreadvanced traderswill probably want access to more options, such asmutual funds, bonds, and more. However, with low account minimums and even access to free financial counseling, SoFi is a solid option fornew investors.
Start Investing WithSoFi Invest
Available on Android and iOS.
7.Robinhood: Best for FreeStock Trading
Robinhood is a free app that lets youtrade stocks,mutual funds, options, ETFs, and cryptocurrency. Their claim to fame is no commissions or fees and noaccount minimum. If you want to start building your portfolio, Robinhood is one of the simplest and cheapest platforms.
The app is streamlined and easy to use, allowing you to quickly and easilytrade stocksand track your portfolio. Robinhood is a solid choice if your investing strategy centers aroundcommission-free trading.
Start Investing With Robinhood
Available on Android and iOS.
8.Betterment:Best Robo-Advisor
Betterment was one of the first and most successful Robo-advisors, providing tools and questionnaires to help you find the right mix of investments for your age andrisk tolerance.
Betterment will ask for your income and investing goals when signing up. From there, it will help you craft a balanced portfolio to achieve your goals. Itsmanagement feeof 0.25%. For 0.4%, you can get access to a humanfinancial advisor.
Another useful feature in the app is automatic tax-loss harvesting, which helps you buy and sell to achieve paper losses you can use to offset gains on your taxes.
Start Investing With Betterment
Available on Android and iOS.
9.Ally Invest:Best Full-Featured Broker
If you are an active trader, you may need more features than many simple investing apps can offer.Ally Investoffers $0 commissions on eligible U.S. securities, a $0minimum balance, a large selection of no-transaction-feemutual funds, and very low-fee options trading, making it one of the best investment apps.
For the experienced investor, Ally also offersForex trading, portfolio rebalancing features, and tons of research and technical indicators not available in some other apps.
One ofAlly Invest's standout features compared to traditional brokers is its web-based live trading platform. Instead of downloading software to access the trading platform, you can open it in your web browser from whatever computer you are using.
Start Investing WithAlly Invest
Available on Android and iOS.
10.Vanguard:Best for Index Fund Investing
Vanguard is the grandfather of modern investing apps. They introduced low-fee index fund investing way back before it was cool.
While there aren't many bells and whistles (or technically even an app), Vanguard makes it super simple to invest in quality index funds that consistently offer some of the lowest fees.
Available on Android and iOS.
11.Stockpile:Best Investment App for Gifting Stock
Are you looking to give your kids more than toys and clothes for Christmas? The Stockpile app was founded by a CEO who wanted to provide stocks for his nieces and nephews.
With the Stockpile app, you can give a gift card redeemable for stock shares. It also allows you to buyfractional shares. So if you wanted to invest in Amazon but didn't have a few thousand dollars, you could buy a partial share for $100 or $200.
Start Investing With Stockpile
Available on Android and iOS.
12.Webull:Best Free App
Webull is another investment app that allows zero commissions and no deposit minimums to access its trading platform. You can invest in ETFs,mutual funds, and stocks.
As you become more familiar with investing, you can take advantage of their full extended trading hours, in-depth analysis tools, and fully customizable desktop platform.
Available on Android and iOS.
Final Thoughts
Investment apps allow for a wide array ofstocktradingappsand investment options out there; it can be confusing or overwhelming to find the best apps. Hopefully, these descriptions will help you choose what is best for you andrelieve the stressof investing.
You'll never find the best onlinestock tradingapp for you unless you get started. Whether you're starting small and learninghow to invest $1,000 and double itor growing your portfolio to $100,000 or more, investing is one of the best ways to build passive income and net worth.
With enough time, the power of compounding will help you build wealth beyond what you thought possible.
