Thursday, January 5, 2023

Top 5 Investment Apps for Beginners in 2023

 The 5 Best Investments Apps 2021 for your phone

Investments Apps today can help you earn a side income
Thanks to various investment and stock trading apps, you can do just about anything on your phone, including investing. In this article, we gather a list to help you select the Best Investment Apps in 2021.

Our list will include:
  • Best Investment Apps for Beginners
  • Best Apps for Low-Fees
  • Best Investing Apps for Long – Term Investing
  • Best Real Estate Investment App
  • Best App for Trading Options & CryptoCurrency

And of course… A lot more.

Without further ado…Let’s Get Started.

Whether you are a seasoned investor or just starting out, it is ideal to manage your investments from your fingertips. Fortunately, the rise of technology allows you to do this with ease.

In fact, all you have to do is download an app on your mobile device to start investing. To help you cut through the clutter and nuances, we put together a list of the best investment apps.

The two biggest investing myths holding people back:
  • You need to be rich
  • You need to be a finance expert
The truth is, you can start investing with a few dollars. And you don't need to know stock market lingo.

Backed by hours of research and user testing, we narrowed down the best investment apps. These apps will show you how to start investing and will make sure you make simple financial decisions.

Quick Overview: The Best Investing Apps

Top 05 Best Investments Apps 2021

01. Wealthfront - Best Robo-advisor Investment App

Geo: InternationalDescription
Wealthfront - Robo-advisor Investment App

Robo-advisor Wealthfront automates passive investing with tried-and-true algorithms. With Wealthfront, you don’t need a giant nest egg or a ton of experience to get started.

Investors can start with as little as $500, and the app focuses on passive investing—a “buy and hold” strategy that minimizes trading and maximizes long-term gains. Wealthfront diversifies your portfolio for you, which is ideal for hands-off investors who like to trade cautiously. They even have a feature to search for excess cash in your checking or Cash Account above your set level and automatically invest that money for you in qualifying account types.

The refreshingly low fees make Wealthfront an excellent spot for simple needs, like growing savings or planning for retirement. But the perks multiply once you hit higher investing levels; Wealthfront’s tax reduction strategies for large accounts are impressive. And Wealthfront has a robust suite of services for everyone, including college savings options and free goal-based financial planning.

Wealthfront is worth it for the planning tools alone, which provide down-to-earth, flexible advice for different situations.

Wealthfront is currently offering a high-yield savings account with an annual percentage yield (APY) of 4.05% in 2023. This is one of the highest APYs available among US banks for cash accounts. If you're interested in opening an account, you can join here
  • Best for: investing money
  • Cost: free
  • Get it for iOS or Android

Learn more about Wealthfront

02. Acorns - Best Investment App for Beginners

Geo: InternationalDescription
Acorns - Investment App

One way to make money is to make your current income work for you by making smart investments. If you’re looking to dip your toe in the world of investing, Acorns could be a good place to start. Many beginners on a small budget are fans of Acorns.

This micro-investing app lets you get started with spare change. It's completely hands-off and requires no work on your end. You can open a checking account, save for retirement, and even invest for your children.

It takes your “spare change” from purchases and automatically invests it for you. So if you spend $5.60 using a linked credit or debit card, Acorns will round up your purchase and drop that remaining $0.40 in your investment account. You can also make more significant investments if you want to.

Acorns recommend the best portfolio for you based on your personal info and goals when you sign up. You can accept the recommendation or choose your own
  • Best for first-time investors
  • They have no minimum balance. It's an excellent choice for beginners, and the app is straightforward to use.
  • Takes the complexity out of investing.
    With Acorns' automated tools and hands-off investment practices, it's easy to start investing without knowing a thing about ETFs, stocks, bonds, or real estate.
  • The Acorns monthly fee ranges from $3 - $5
  • No fee for withdrawing funds
  • Set up an IRA using your spare change

Learn more about Acorns

03. Robinhood
 - Best for Trading Options & CryptoCurrency

Geo: InternationalDescription

RobinHood - Investment App

Like Acorns, Robinhood is an app that allows you to invest your money quickly. One of their main selling points is that users can invest and trade without paying commissions or fees.

Another unique feature is that it allows you to trade cryptocurrencies, which most other investing apps don’t offer.

  • $0 Account Minimum
  • Commission-Free
  • Can Easily Trade Options & CryptoCurrency
  • Commissions: $0 per trade

Learn More about Robinhood

04. E*Trade Best Investing App for “Do It Yourself” Investors 

Geo: InternationalDescription

E*Trade’s mobile investment app has served as a home for millions of investors who enjoy detailed educational resources, commission-free trades, and a strong trading platform.

With E*Trade, you have access to thousands of stocks, ETFs, index funds, mutual funds, bonds, and everything in between. The low-fees and easy-to-use mobile app make this an excellent platform for “do it yourself” investors and day traders.

Aside from the plethora of resources, E*Trade’s app also allows you to view breaking news from CNBC, Marketwatch, Wall Street Journal, and more. Within the app, you can customize your stock watch list and turn on alerts so you do not miss the next big investment opportunity.
  • Commissions: $0 Per Trade.
  • Sign Up Promotion: Earn Between $100 – $2,500 With a Qualifying Deposit
  • One of the Best Trading Platforms
  • Easy-to-use Mobile App
  • Commission Free Trades on Stocks, ETFs, Options, and More
  • Create a Tailored Stock Watch List
  • Robust Research is Provided for you to view

Learn More about E*Trade

05. Betterment Best App for Passive Investors

Geo: InternationalDescription
Betterment -  Best Investments Apps

As a Robo-Advisor, Betterment has attracted a legion of fans. This investment app allows you to create a diversified portfolio consisting of both stocks and bonds.

Backed by Nobel Prize-winning research, Betterment has a team of professionals that manage your portfolio, optimize it for tax-loss harvesting, and re-balance it when needed. Rest easy; with Betterment, your portfolio is in good hands.
  • Optimized for Tax Loss Harvesting
  • No Account Minimum
  • Emphasizes Goal-Based Investment Strategy (They want to help you reach your financial goals)
  • Advanced Tools to help you make smart financial decisions
  • Annual Fee: 0.25% – 0.40% Depending on Account Balance.
  • Account Types:
  • Taxable Investment Account
    Traditional & Roth IRAs
    Education Saving Accounts
    Emergency Fund

Are Investing Apps Worth It?

Yes! 100%. 

Investing apps allow you to start investing immediately, which is crucial to increase your net worth and live the life you deserve. Remember, investing is a game of ‘time,’ and the more ‘time’ you have on your side, the better.

Here is the deal, an investing app allows you to start investing today. Better yet, most of the apps offer ample educational resources which will guide you and help you make intelligent, calculated financial decisions.

What is the Best App for Investing?

Listed above, we outlined the best apps for investing. We spent hours compiling the best apps and analyzed each one thoroughly.

Again, the best app for investing is one that is tailored toward your financial goals, provides market research, and is user-friendly.

Whether you want to invest in real estate, stocks, ETFs, Roth IRAs, Traditional IRAs, or mutual funds, our coveted list of the best investment apps will allow you to do that and more.

Can you use investment apps to trade stocks?

Some investment apps allow you to trade stocks and other securities, but that depends specifically on the kind of app and what it’s designed to do:

For example, brokerage apps such as Robinhood allow you to buy stocks and ETFs. Other apps such as those from robo-advisors Wealthfront and Betterment will buy stock funds and create a portfolio on your behalf.

So the ability to buy stocks with an app depends on the app itself.

Methodology’s comprehensive review process evaluates and ranks the most significant U.S. brokers and Robo-advisors by assets under management, along with emerging industry players, using a multifaceted and iterative approach. 

Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs.

Rating Factors

Evaluations vary by provider type, but in each case are based upon the weighted averages of factors that include but are not limited to: advisory and account fees, account minimums and types, investment selection, investment expense ratios, trading costs, access to human, financial advisors, educational resources and tools, rebalancing and tax minimization options, and customer support including branch access, user-facing technology, and mobile platforms.

Each factor can involve evaluating various sub-factors. For instance, when gauging the investment selections offered by Robo-advisors, 80% of the score is based on the potential for diversification (how well-diversified a resulting portfolio of investments could be) combined with the availability of specialty portfolios and the level of customization for investors. Expense ratios form an additional 10% of the score, and low or no management fees the remaining 10%.


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