Investment apps have revolutionized the way we manage our finances, offering a range of features to suit every type of investor. One of the key investment options available through these apps is exchange-traded funds (ETFs), which provide diversified exposure and can track market indices.
Whether you’re looking to explore investment options, build an investment portfolio, trade stocks, or explore socially responsible investing, there’s an app that fits your needs.
Below, we’ll guide you through the best investment apps for 2024, helping you make informed investment decisions that align with your financial goals and personal finance strategies.
Table of Contents
Key Takeaways:Best Investment Apps
- Investment apps simplify the process of managing investment portfolios and investment accounts.
- Choose an app that aligns with your investment strategy, risk tolerance, and financial goals.
- Many investment apps offer features like automated investing, fractional shares, and low account minimums, catering to different types of investors.
- Understanding account fees, investment options, and investment objectives can help you make smarter financial decisions.
- Investing involves risk; only invest money you can afford to lose.
1. Acorns – Best for Beginners
Acorns is designed for those just starting their investment journey. This investment app automatically invests your spare change by rounding up your everyday purchases and investing the difference. Acorns offers diversified portfolios tailored to your risk level, helping you manage investment portfolios without needing extensive financial knowledge.
Key Features:
- Automatic round-up investing
- Diversified investment portfolios
- Low account minimum
- No trade stocks fees
- Opening an investment account is a foundational step for new investors using Acorns
Pros:
- Easy to use for novice investors
- Automatic savings and investing
- Low barrier to entry
Cons:
- Limited control over individual investment options
- Monthly fees can impact small accounts
Available Platforms:iOS, Android, Web
Did you know? Acorns is one of the few investing apps that enable users to start investing with just their spare change, making it a perfect option for those new to investing.
2. Robinhood – Best for Commission-Free Trading
Robinhood offers commission-free trading of stocks, ETFs, and cryptocurrencies, making it a popular choice for cost-conscious investors. This investment app is user-friendly and provides real-time market data, enabling investors to make informed decisions quickly.
Key Features:
- Commission-free trades
- Real-time market data
- Investment research tools
- Fractional shares available
- Access to exchange-traded funds (ETFs) for diversified exposure
Pros:
- No commission fees
- Access to individual stocks and ETFs
- Easy-to-use interface
Cons:
- Limited investment research tools
- No options for investment advice or managed accounts
Available Platforms:iOS, Android, Web
3. Wealthfront – Best for Automated Investing
Wealthfront is a leading robo-advisor that provides automated, personalized investment strategies based on your financial goals and risk tolerance. This investing app is ideal for those who prefer a hands-off approach to managing their investment portfolios. Wealthfront uses algorithms to manage investment portfolios based on users’ risk tolerance and financial goals, making it convenient for both novice and experienced investors.
Key Features:
- Automated investing
- Personalized investment advice
- Tax-loss harvesting
- Financial planning tools
Pros:
- Comprehensive financial planning tools
- Low fees for robo-advising services
- Tax-efficient investment strategies
Cons:
- No direct human advisor access
- Limited control over individual investment strategies
Available Platforms: iOS, Android, Web
4. M1 Finance – Best for Customization
M1 Finance combines the benefits of robo-advising with DIY investing, allowing users to build personalized investment portfolios by selecting individual stocks and ETFs. This app offers automated rebalancing and fractional shares, making it suitable for a wide range of investors, from beginners to more experienced investors. Additionally, M1 Finance allows users to manage investment portfolios based on their individual preferences and financial goals, utilizing algorithms to customize and oversee their investments.
Key Features:
- Customizable investment portfolios
- Fractional shares
- Automated rebalancing
- No trading fees
Pros:
- High degree of investment customization
- No trading fees
- Combines automated and manual investing
Cons:
- No tax-loss harvesting
- Limited research tools
Available Platforms:iOS, Android, Web
5.E*TRADE – Best for Investment Research Tools
E*TRADE provides a comprehensive range of investment research tools, making it a top choice for investors who want to dive deep into market data. It offers a wide variety of investment options, including mutual funds, stocks, ETFs, and bonds.
Key Features:
- Extensive investment research tools
- Access to a wide range of investment options, including exchange-traded funds (ETFs)
- Educational resources
- Commission-free trades on stocks and ETFs
Pros:
- Robust research and educational tools
- Broad range of investment accounts and options
- User-friendly platform
Cons:
- Higher fees for managed portfolios
- Complex pricing structure
Available Platforms:iOS, Android, Web
6. Betterment – Best for Goal-Based Investing
Betterment is a leading robo-advisor focusing on helping users achieve specific financial goals. It offers personalized investment strategies, tax-efficient investing, and automated rebalancing to help manage your investment portfolios. Betterment manages investment portfolios based on users’ financial goals and risk tolerance, utilizing algorithms to customize and optimize investments.
Key Features:
- Goal-based investing
- Tax-loss harvesting
- Automatic portfolio rebalancing
- Retirement planning tools
Pros:
- Low fees for investment accounts
- Easy to set and track financial goals
- Tax-efficient strategies
Cons:
- Limited investment customization options
- No direct stock trading
Available Platforms:iOS, Android, Web
Fact: Betterment was one of the first robo-advisors on the market, pioneering the use of automated investing to manage investment portfolios.
7. Fidelity Investments – Best for Low-Cost Investments
Fidelity Investments offers a wide range of low-cost investment options with no account fees or minimums. This app is ideal for both DIY investors and those seeking robo-advisor services through Fidelity Go. It also provides access to mutual funds, ETFs, and more.
Key Features:
- Commission-free trades on stocks and ETFs
- Access to mutual funds, bonds, and exchange-traded funds (ETFs)
- Robo-advisor services available
- No account fees or minimums
Pros:
- Low-cost investment options
- Comprehensive financial services
- No account minimums
Cons:
- Can be overwhelming for novice investors
- Limited features for mobile users
Available Platforms:iOS, Android, Web
8. Stash – Best for Building Wealth Over Time
Stash combines banking and investing features to help users build wealth gradually. It offers a range of investment options, including fractional shares, and allows you to start investing with as little as $5. Stash also provides educational resources to help new investors understand the risks and rewards of investing.
Key Features:
- Banking and investing combined
- Fractional shares available
- Educational resources for new investors
- Financial goal-setting tools
- Opening an investment account is a foundational step for new investors using Stash
Pros:
- Low minimum investment
- Easy-to-use for beginners
- Educational content for novice investors
Cons:
- Monthly fees can add up over time
- Limited investment options
Available Platforms:iOS, Android, Web
9. Public – Best for Social Investing
Public blends traditional investing with social networking, allowing users to follow and interact with other investors. It offers commission-free trades on stocks and ETFs and focuses on transparency and community engagement.
Key Features:
- Social investing platform
- Commission-free trades on stocks and ETFs
- Fractional shares available
- No account minimums
- Access to a variety of investment options, including exchange-traded funds (ETFs)
Pros:
- Engaging social features
- Transparent fee structure
- Easy to start investing
Cons:
- Limited research tools
- Social features may be distracting for some investors
Available Platforms:iOS, Android, Web
10.TD Ameritrade – Best for Advanced Traders
TD Ameritrade is a full-service investment platform offering a broad range of investment options and research tools. It’s well-suited for both beginners and advanced traders. This app allows users to trade stocks, ETFs, mutual funds, and more, with access to extensive market data and analysis.
Key Features:
- Comprehensive investment research tools
- Commission-free trades on stocks and ETFs
- Wide range of investment options, including exchange-traded funds (ETFs)
- Educational resources available
Pros:
- Extensive research and analysis tools
- No commission on stock trades
- Educational resources for all levels of investors
Cons:
- Higher fees for managed accounts
- Complex interface for beginners
Available Platforms:iOS, Android, Web
11. SoFi Invest – Best for All-in-One Financial Management
SoFi Invest is part of the broader SoFi financial ecosystem, offering investment, banking, and lending services. This investment app provides commission-free trades, automated investing, and access to cryptocurrencies, making it a versatile option for those seeking a comprehensive financial management tool.
Key Features:
- All-in-one financial management platform
- Commission-free trades
- Fractional shares available
- Access to cryptocurrencies
- Opening an investment account is a foundational step for new investors using SoFi Invest
Pros:
- Comprehensive financial services
- Easy to use for beginners
- No commission fees
Cons:
- Limited investment research tools
- No tax-loss harvesting
Available Platforms:iOS, Android, Web
12. Charles Schwab – Best for Comprehensive Services
Charles Schwab is a full-service brokerage offering a wide range of investment options and extensive research tools. It also provides robo-advisory services through Intelligent Portfolios, making it a versatile option for both hands-on investors and those seeking automated investing.
Key Features:
- Wide range of investment options, including exchange-traded funds (ETFs)
- Extensive research tools
- Robo-advisor services available
- Commission-free trades on stocks and ETFs
Pros:
- Comprehensive range of services
- Strong customer support
- No commission on most trades
Cons:
- Higher fees for some services
- Interface can be overwhelming for beginners
Available Platforms:iOS, Android, Web
13. Vanguard – Best for Long-Term Investing
Vanguard is a well-known investment platform focusing on long-term, low-cost investing. It offers a range of index funds, ETFs, and mutual funds with low expense ratios, making it ideal for those looking to build a diversified portfolio over time.
Key Features:
- Low-cost index funds and ETFs
- Focus on long-term investing strategies
- Commission-free trades on ETFs
- No account minimums for mutual funds
- Access to a variety of investment options, including exchange-traded funds (ETFs) that track market indices and offer diversified exposure
Pros:
- Low fees
- Ideal for long-term investors
- Strong reputation in the industry
Cons:
- Limited mobile features
- Not ideal for active traders
Available Platforms:iOS, Android, Web
Conclusion
Choosing the right investment app can significantly impact how you achieve your financial goals.
Whether you’re looking for a simple way to start investing, tools to manage a diversified portfolio, or access to advanced research, there’s an app out there that can meet your needs.
Consider factors such as account minimums, investment options, and your own financial situation to find the best investment app for you in 2024.
Remember, investing involves risk, and you should only invest money you can afford to lose.
For more insights and tips on making smart financial decisions, you can visit StockDaddy’ blogs
FAQs
Q1: What is the best investment app for beginners?
Acorns and Stash are excellent choices for beginners due to their user-friendly interfaces, low account minimums, and educational resources.
Q2: Are investment apps safe?
Most investment apps are regulated and use encryption to protect your financial information. However, it’s essential to review each app’s security features and understand the risks involved in investing.
Q3: Can I start investing with just a small amount of money?
Yes, many investment apps like Acorns, Stash, and M1 Finance allow you to start investing with as little as $5, making them accessible to new investors.
Q4: What are fractional shares, and why are they beneficial?
Fractional shares allow you to invest in a portion of a stock rather than buying a whole share. This feature is beneficial for investors who want to diversify their portfolio without needing a large amount of capital.
Q5: Why is opening an investment account important for new investors?
Opening an investment account is a foundational step for new investors. It allows you to start building your investment portfolio after establishing financial goals and preparing a budget. There are various options available, and choosing a reputable brokerage platform is crucial for long-term success
