Why We Like Coinbase:
Coinbase was an early pioneer in the crypto space and now serves more than 103 million users worldwide. More than 150 different coins are available to trade on the platform, providing one of the most extensive marketplace options in the industry.
The app is user-friendly, so its easy to quickly find coins youre looking to trade and invest in. Educational prompts, though limited, encourage you to learn more about different types of coins and blockchain technology.
The fee structure relies on a variety of factors to determine the amount charged, including transaction fees based on the transaction amount. The platforms premier experience, Coinbase Pro, follows a more traditional tiered pricing structure depending on how much you have invested.
While its easy to get started on Coinbase, crypto continues to be a rapidly growing, volatile industry, still in its early stages.
Mobile App And Ease Of Use
A good mobile app is a godsend for active traders. If you are only doing this once in a while, it may not be as important to you. For investors who frequently deal with their investments, though, mobility is crucial.
The easier a system is to use, the more people will enjoy their experience with the software, so ease of use is a pretty important factor, as well. Different applications will have varying ways to make the user experience smoother and more pleasant, offering an assortment of features, tools, and design layouts to accommodate this end.
Tools are also handy when it comes to trading, so weigh these into your equation. Its also nice when the service has multiple trading platforms to cater to the different types and levels of investors out there.
Heres a closer look at 10 brokerage apps that meet the above requirements and cater to those of all income levels, investment goals, and stock market experience:
What Are The Pros And Cons Of Using A Trading App
Pros:
- Can invest and check your portfolio on the go.
- No need for elaborate trading setups.
- Setting up trade alerts can allow you to react quickly when the market moves.
Cons:
- Charts and research are often hard to read on a smaller screen.
- Many apps have far fewer features than whats available on the brokers websites or desktop platforms.
- Connectivity can be an issue.
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What To Look For In Investing Apps
Consider these important points BEFORE choosing the best app for your needs.
- Fees: Most investing apps are free, but some make you pay per trade. Some apps, like Acorns, charge a yearly or monthly fee.
For passive investors, some apps will select investments and manage your portfolio for you. Look into a robo-advisor if you wish to be hands-off.
Are Investing Apps Safe?
Why We Like Betterment:
Betterment is a natural fit for all users who want an automated portfolio thanks to its low fees and intuitive setup process.
The platforms clear focus on user-friendliness ensures your self-guided onboarding is completely straightforward. By sharing some of your personal financial details, investment background and goals, Betterment recommends a portfolio that aligns with your risk tolerance and timeline.
Your money is invested in ETFs, as the platform follows a passive investment strategy intended to match market returns, adjusted for your risk preferences.
Automated guidance is included in all versions of the platform, such as providing recommendations on funding levels needed in certain accounts to reach your financial destination.
Your portfolio is automatically rebalanced once it moves more than 3% away from your initial portfolio allocation, helping your investments stay on track. Automated tax-loss harvesting also helps you stay optimized in taxable accounts.
A large educational section covers a range of financial-planning topics and investing best practices, letting you build your knowledge at your own pace. And while Betterment has a robust set of tools and calculators, the platform stands out for its human element as well.
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Why We Like M1 Finance:
M1 Finance offers a rare combination of automated portfolio management paired with extensive customization. This feature fits a niche in the industry for users who prefer to have more fine control over their strategy, but dont quite want to go all-in on managing a portfolio themselves.
More than 60 pre-built portfolio slices, or pies, are available to choose from and can be combined to make up an allocation that aligns with your preferred approach. These pies fall into seven categories:
- General investing
Fees: 0.15% annual advisory fees, 0.85% annual management fees for eRIET/eFundAssets: Real estate through REITsAccounts: Taxable, retirement, trust
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NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.
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Best App For Active Investing And Saving For Retirement
Who’s this for? Similar to Robinhood, Webull offers commission-free trading on stocks, options, ETFs and crypto, with no minimums required. Users also have access to IPO and fractional shares.
While Robinhood and Webull are both great investing options for active traders, only Webull currently offers IRAs so users can manage their retirement funds along with their stocks all in one place.
Webull offers users a customizable desktop version of its platform if you prefer to trade on a bigger screen and investors have extensive extended trading hours before and after the market closes: 4:00 a.m. to 9:30 a.m. ET and 4:00 p.m. to 8:00 p.m. ET, Monday to Friday.
Webull’s app is available to download for free in both the App Store , where it has 4.7/5 stars, and on Google Play , where is has 4.4/5 stars at the time this article was written.
How Do I Choose The Best Stock Trading App
Now that all stock apps offer $0 stock trades, we recommend comparing other features to choose the best stock trading app. The most widely used stock app features are watch lists, stock charts, and order tickets, so make sure those are great. To help readers, we include full screenshots of each stock trading app in our broker reviews.
Fun fact: Not all stock trading apps offer real-time streaming quotes. Instead, some apps only refresh stock quotes every few seconds or longer. Watch lists aside, apps like TD Ameritrade and TradeStation provide excellent stock chart tools and stock alerts functionality. Both brokers offer traders access to several hundred technical indicators in addition to endless customization options.
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Cryptocom: 2% Deposit Bonus
All qualifying direct deposits made to your Crypto.com Exchange Wallet address within 30 days from the new account opening date will receive 2% bonus of the deposit value in CRO. Accounts registered after May 2, 2020 and completed account verification for Advanced level qualify for this offer.
Frequently Asked Questions About Investing Apps
There are a lot of questions about investing apps and weve answered some of the most commonly asked so you can decide if this is the right move for you.
We think robo-advisors are generally the best investing apps for beginners. These companies use advanced software and algorithms to build a tailored, diversified portfolio based on your risk tolerance, time horizon and financial goals.They keep costs low while offering robust financial planning tools that give you a better understanding of your entire financial situation.Meanwhile, self-directed accounts are best for more advanced investors who understand the complexity and risk involved.
Putting your money in an investment app featured on our list is just as safe as investing at a traditional brokerage firm.Even in the unlikely event an investment app goes under, your money is still safe and insured by the Securities Investor Protection Corporation for up to $500,000.These investment apps also use bank-level security features, including encryption and two-factor authentication, to protect your data and privacy.
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What Apps Let You Trade Stocks For Free
Many brokers today offer commission-free trading, also known as zero-dollar commissions. Our picks for the best apps for trading stocks for free come from the following brokers in 2022:
- Fidelity – Fidelity mobile app for Android and iOS devices
- Interactive Brokers – IBKR mobile and IMPACT app for Android and iOS devices
- Charles Schwab – Schwab mobile app for Android and iOS devices
- TradeStation – TradeStation mobile app for Android and iOS devices
- TD Ameritrade – TD Ameritrade app and thinkorswim mobile for Android and iOS
- E*TRADE – E*TRADE app and Power E*TRADE mobile app for Android and iOS
What Are The Biggest Benefits Of Using An Investment App
Molly Moorhead, Certified Financial Planner:
Apps bring investing and financial planning to the place where you manage so much else of your life nowadays: your phone. If youve put off opening an IRA or becoming more educated before investing real money, all the tools and information you need are in your hands.
Robin Hartill, Certified Financial Planner:
Many investment apps make it easier than ever for beginners to get started. Some apps will let you buy fractional shares which allow you to invest as little as $1 in top stocks rather than saving up hundreds or even thousands of dollars for a full share.
Others will round up your purchases and let you invest the spare change.
Another benefit is that you can get an instant snapshot of how your investments are performing.
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What App Gives You Free Stock
Apps from brokers like Webull and Robinhood may give you a small amount of a stock of their choice usually one or two shares as a way to incentivize you to trade and invest, subject to certain terms and eligibility conditions.
Often the free shares will be given after you first open and fund a new brokerage account, or when you complete certain actions for the first time, such as linking your bank account.
Vanguard: Best Basic Free Stock And Etf Trades Stock Market App
- Available via desktop, Apple iOS and Android App on Google Play.
This list wouldnt be complete without the aptly-named company at the vanguard of fighting for the retail investor: Vanguard. The company has long sought to lower investing costs for retail investors by offering market index investments for increasingly affordable rates.
In fact, John Bogle originated the idea of index fund investing and first offered them to retail investors as mutual funds and eventually exchange traded funds .
These low-cost investments have saved retail investors billions of dollars over the years, allowing their brokerage account returns to compound further.
While apps like Robinhood have slashed trading commissions to $0, Vanguard has led index fund investors to virtually $0 fund expenses as well. When combined, you invest in the stock market for almost nothing.
Talk about a great accomplishment for the small investor looking to invest steadily over time.
Vanguard excels as a free stock trading platform when you wish to buy and sell Vanguard securities like index fund ETFs or mutual funds. You pay no commissions on their ETF products like VTI, or mutual funds like VTSAX and VFIAX.
Further, the company also recently announced it will no longer charge trading fees on competitors ETF trades as well. This marks a departure from the companys long-standing position of charging commissions on other investment firms ETF trades.
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Are Investing Apps Safe
Most popular investing platforms provide robust security features to keep your personal information and data secure. Check for features like two-factor authentication, encryption to help keep your data, your investments and your identity secure. It is also worth noting if the company is registered with the Securities and Exchange Commission, or Financial Industry Regulatory Authority.
The Securities Investor Protection Corporation also provides coverage for investors in the form of returning client assets in the event a member brokerage firm fails.
Of course, investing apps do not protect you from normal investment risk, including risk of loss. Educational material on investing platforms can help to ensure you understand the risk involved with the market and your particular choice
What Are The Best Investment Apps For Beginners
The best investment apps for beginners focus on a few main features: user experience, risk management, and available information. Beginners should find apps that show them the ropes while making investments that fit their personal financial goals. Based on this, here are some of the best investment apps for beginners:
-
Visualization tools for investment decisions
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The Best Investment Apps For Beginners
Our list of the best investment apps beginners can use focuses on apps with low funding requirements that are easy to use. We’ve also chosen apps and platforms with commission-free trades to help limit fees. Finally, many of these apps support numerous asset classes, like stocks and cryptocurrencies, to give you choices when it comes to building your portfolio.
Best Investment Apps For Everyday Investors
While there are a number of beginner-friendly options, apps have a lot to offer investors of all skill levels and portfolio types. Whether you are interested in stock trading or overall portfolio management, there is probably an app for that. The following are some of the best investing apps available:
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How Much Money Should You Invest
While most financial experts recommend dedicating between 5% to 20% of your paycheck to savings and investing, it will all depend on your financial situation, goals and how much you can actually set aside for investing without compromising other responsibilities. For instance, if youre currently paying multiple credit cards and loans, it would be best to temporarily allocate more money towards paying off those debts first.
The good thing about investment apps, however, is that most dont have minimum requirements on how much money you need to start investing. You can literally start with as little as $1. While this may sound like too small of an investment, bear in mind that you can keep adding to your account and investing regularly, so you can build wealth over time.
If youre new to investing or aren’t sure where to start, a financial advisor can help you set up a plan and identify the best investment opportunities for your objectives. We also recommend checking out our guides on how to invest and how to buy stocks.
Sofi Invest: Access To Financial Planners
SoFi Invest offers both DIY and robo investing. You can choose how you want to invest.
You can invest yourself and trade stocks and ETFs with no trading fees, starting from just $1. Crypto trades have a 1.25% fee and have a minimum of $10 per purchase.
Or you can have SoFi automated investing service build a portfolio and manage it for you. The best part about that is that there is no management fee for this service. You only need $1 to start as well.
Top features:
- Buy fractional shares from $5.
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What Assets Can Be Traded On An Investment App
Most investment apps allow you to trade the basics: stocks, ETFs and index funds. More and more apps also allow cryptocurrency trading. Some allow mutual funds and bonds however, these are in the minority. Only a few investing apps allow you to buy and sell equity in real estate, precious metals and tangible assets. It all depends on the app.
Why We Like Td Ameritrade:
If youre eager to expand your horizons, TD Ameritrade provides an unrivaled catalog of educational content that caters to investors of all experience levels.
Its also a well-rounded platform overall, boasting an extensive range of trading tools, asset options and account choices as well as handy user support.
The education section of the mobile experience is easily searchable, providing users with relevant and impactful material in just a few screens. The quality of the content is outstanding, whether you prefer long-form articles, podcasts, videos, tutorials or webinars.
The Immersive Curriculum area of the portal is one of the most comprehensive educational experiences out there, covering everything from executing trading strategies to concepts like learning fundamental analysis.
Investors also have access to financial calculators and goal-planning tools that help ensure theyre on track when pursuing their preferred investing approach.
The client support center is outstanding as well. Investors will find consistent, quick responses whether you reach out by phone, email or chat.
While a few features are missing, such as direct crypto access, youd be hard pressed to find another platform that provides such a deep archive paired with a rich suite of tools.
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