DragonImages / iStock.com
Investing your money in stocks, ETFs, REITs and other vehicles is an excellent way to build wealth over time. Using an app streamlines the process, providing you with access to a variety of investment options. However, selecting the best app to suit your needs isn’t always easy. This list of the best investing apps for 2023 can get you started.
What Platform Is Best To Start Investing?
All investment apps provide specific features and benefits. Since everyone has different investment goals, the app that works for you may not be appropriate for someone else. Use this list as a starting point for selecting an investment app that best aligns with your needs.
- Acorns: Best for beginners
- Robinhood: Best all-in-one investing
- Webull: Best for active traders
- Ellevest: Best for women
- E-Trade: Best for investment choices
- Fundrise: Best for alternative investors
- Betterment: Best for goal-setters
- Fidelity: Best for planning and advice
1. Acorns: Best for Beginners
Acorns is an excellent investment app option if you’re new to investing. Setting up an account takes only a few minutes, and Acorns will select a portfolio for you based on your current circ*mstances and future goals. Acorns offers two types of portfolios: Core portfolios and ESG portfolios.
Core portfolios consist of ETFs in various investments, including stocks, bonds and Treasury bills. ESG portfolios focus on companies with a history of supporting environmental, social and governance initiatives.
Acorns provides recurring investment options, allowing you to automatically invest a set amount of your money according to your chosen schedule. You can also connect your bank account with Acorns and round up purchases on your debit card to transfer directly to your investments.
Investing for Everyone
Pros
- Easy sign-up in less than a few minutes
- Automatic investment recommendations based on your goals
- SIPC-insured up to $500,000
Cons
- Monthly subscription fee of $3, which may exceed your returns if you’re only investing a small amount of money
- Few customization options
Costs and Fees
- $3 monthly subscription fee
Account Minimum
- None
2. Robinhood: Best All-In-One Investing
Robinhood is a great app for people who want more control over their investment selections. Through Robinhood, you can invest in stocks, ETFs, options and cryptocurrency. There are no commission fees on trading and no account minimums — benefits all investors will appreciate.
With Robinhood, it’s possible to be part of new IPOs and purchase shares at their initial listing price. You can also set an investment schedule and automatically invest your money daily, weekly, bi-weekly or monthly. Robinhood offers 24/7 customer support.
Pros
- No commissions on trades
- Access to new IPOs
- Automatic investment options
Cons
- Minimal investment guidance
Costs and Fees
- None
Account Minimum
- None
3. Webull: Best for Active Traders
Webull offers a comprehensive platform that’s an excellent fit for active traders. With Webull, you’ll gain access to extensive market research tools, including charts, graphs, market news and a list of upcoming IPOs. Webull offers a desktop option that you can install to receive immediate alerts on any investments you’re tracking.
Through Webull, you can purchase stocks, options, ETFs, OTCs and ADRs. You’ll also have access to extended hours trading.
Pros
- Insured by SIPC
- Extensive suite of market research tools
- No commissions
Cons
- Lack of customer service options
Investing for Everyone
Costs and Fees
- None
Account Minimum
- None
4. Ellevest: Best for Women
Ellevest was created to give women the tools to make intelligent investing decisions. Anyone can join, but the company’s mission is socially- and female-conscious. If you’re wondering how that’s possible, Ellevest creates target portfolios based on a woman’s circ*mstances, such as less time in the workforce due to maternity leave and overall lower lifetime earnings.
Ellevest offers two portfolios: the Impact and Core portfolios. Both portfolios include optimization for risk, tax and investment goals. However, the Impact portfolio ensures that over 50% of your money goes towards ESG and gender-friendly investments.
Pros
- Options for socially-conscious investing
- Customized investment guidance for women
Cons
- High monthly fees
Costs and Fees
- $12 monthly fee
Account Minimum
- None
5. E-Trade: Best for Investment Choices
E-Trade, a Morgan Stanley product, offers a broad array of investments, including stocks, options, futures, ETFs, mutual funds, bonds and CDs. While you can’t directly purchase cryptocurrency through E-Trade, you can gain indirect exposure through various securities and futures.
When you open an E-Trade account, you’ll gain access to Morgan Stanley’s equity research and online tools, such as E-Trade web. E-Trade also provides fully managed portfolios, but they incur advisory fees and require a minimum balance of $500.
Pros
- Lots of investment options
- No commissions on stocks, ETFs, options and mutual funds
Cons
- Managed portfolios have minimum balance and fees
Investing for Everyone
Costs and Fees
- No commissions on stocks, ETFs, options or mutual funds
- 0.30% annual advisory fee for managed portfolios
Account Minimum
- None on individual accounts
- $500 minimum balance for professionally managed portfolios
6. Fundrise: Best for Alternative Investors
While stocks, bonds and ETFs are usually investors’ go-tos, some prefer alternative investments. If that’s the case for you, Fundrise might be the solution you’re looking for. Fundrise offers three portfolios in real estate, private equity and venture capital. Each portfolio includes a diverse mix of investments. You can invest in one portfolio or allocate your funds across all three.
Fundrise gives you access to alternative investments that aren’t available through normal channels. However, you will incur annual investment advisory and asset management fees.
Pros
- Access to alternative investments like real estate and private equity
- Great for individuals who want to diversify their holdings across different assets
Cons
- Annual advisory and asset management fees
Costs and Fees
- 0.15% annual investment advisory fee
- 0.85% annual asset management fee
Account Minimum
- Varies
7. Betterment: Best for Goal-Setters
Whether you’re saving for retirement or have your eye on next year’s Caribbean vacation, Betterment can help you reach your goals. When you sign up for an account, Betterment’s robo-advisor will determine the best way to allocate your portfolio according to your financial objectives.
Betterment’s investment platform includes low fees and requires no minimum balance. You can also access other investment options through Betterment, including cryptocurrency and a high-yield savings account.
Investing for Everyone
Pros
- Comprehensive suite of robo-advisory investment services
- Investment according to personal objectives
Cons
- Limited customer support hours
Costs and Fees
- $4 monthly fee or 0.25% annual fee
Account Minimum
- None
8. Fidelity: Best for Planning and Advice
Fidelity provides investors with a fully customizable DIY or catered investment management solution. You can invest in the stocks, bondsand ETFs of your choice or rely on Fidelity’s robo-advisor for additional assistance. Fidelity also offers dedicated financial advisors for those who want hands-on aid.
Opening an account is straightforward. Once approved, you’ll gain access to a robust set of market research tools to guide you in your portfolio selections.
Pros
- Frequent educational webinars
- Lots of research tools
Cons
- May overwhelm beginning investors
Costs and Fees
- None
Account Minimum
- None
Criteria for Ranking the Best Investment Apps
GOBankingRates considered the following criteria to determine the best investment apps:
- Service fees
- Opening minimum investment requirement
- Educational resources, such as courses that teach investing and trading, webinars, blogs, etc.
- Research and tools, such as multiple trading platforms, in-depth market analysis and screener tools for stocks, ETFs, bonds, etc.
- Automated investment capability
- Real-time streaming data
- Ability to transfer automatically from bank accounts to investment accounts
- Availability for Android and/or iOS devices
- Average user reviews for Android and iOS versions
- 24/7 customer support
Final Take
Selecting the right investment app can be confusing, especially with so many options available! However, once you find the best investment app to suit your needs, you’ll find it easier to save toward your future financial goals, whatever they may be. Remember, the sooner you start your investment journey, the more time you have to watch your account balance grow.
Investing for Everyone
FAQ
- What apps give you money to invest?
- As of late May 2023, Webull delivers up to 12 free fractional shares with every new account sign-up, which have a value between $3 and $3,000 each. Acorns provides a $10 cash bonus to new account holders who sign up for recurring investments.
- Are investment apps safe?
- Investment apps are safe to use. However, like any online account, you'll want to keep your login details private and update passwords regularly. Also note that no investment is risk-free. If your chosen investment fails, you'll lose that money, even with the safest apps.
- Investors who want additional protection over their investment balances should look for an app with SIPC coverage. SIPC coverage provides up to $500,000 of insurance on securities and cash held in brokerage accounts. While brokerage failures are rare, it's good to know your retirement isn't at risk if your firm fails.
- Is Robinhood legitimate and safe?
- Investors who use Robinhood can feel secure knowing that the company is a member of the SIPC, which protects account holders from up to $500,000 in losses if the brokerage were to fail. Robinhood also counts safety as one of its corporate values. The company works with regulators to ensure the security and privacy of its customers.
Cynthia Bowman, Andrew DePietro and John Csiszar contributed to the reporting for this article.
Information is accurate as of May 30, 2023, and is subject to change.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
Investing for Everyone
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circ*mstances.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
- Securities Investor Protection Corporation. "The Securities Investor Protection Corporation (SIPC) protects customers if their brokerage firm fails."
