Investing has become more available and easy with the rise of investment apps. With just a few taps on your phone, you can start building a portfolio and invest in various assets, including stocks, bonds, ETFs, and cryptocurrencies. In this article, we’ll explore the top 10 best investment apps of 2023 and why you should use them.
What Are Investment Apps?
Investment apps provide an easy way for individuals to invest in various financial assets such as stocks, bonds, and cryptocurrencies. These apps offer a low-cost alternative to traditional brokers, helping buyers to trade for free or at a much lower cost.
Second, even for people with no prior financial knowledge, investment applications are made to be user-friendly. Numerous applications offer lessons and instructive materials to aid users in making expert investing decisions. They provide a variety of investment options, allowing investors to diversify their holdings and spread risk among several investments.
Last but not least, investing applications offer real-time updates and statistics, enabling users to keep updated on market developments and improve their investment choices. Anyone looking to make changes to their portfolio may find this transparency useful.
Why Use Investment Apps in 2023?
With investment apps, you can invest any time, anywhere, and at a lower cost than traditional brokers. They offer commission-free trading and low minimum investment needs, making it easy for anyone to start investing. Additionally, investment apps provide access to a wide range of investment options and educational resources that can help you make informed investment decisions.
Criteria for Choosing the Best Investment Apps
When choosing the best investment apps, there are several factors to consider. Here are some criteria to guide your selection:
Fees and Commissions
Look for investment apps with low or no trading fees, account maintenance fees, and other hidden charges. Some investment apps may charge fees for advanced features, such as margin trading, options trading, or real-time data.
Choose investment apps that offer a wide range of investment options, including stocks, bonds, ETFs, mutual funds, and cryptocurrencies. The more investment options an app provides, the more diversified your portfolio can be.
User Interface and Ease of Use
Investment apps should be user-friendly and easy to navigate, with intuitive interfaces and clear instructions. They should also provide educational resources, such as articles, videos, and webinars, to help users understand investing concepts and strategies.
Security is a top priority when it comes to investment apps. Choose apps with robust security features, such as two-factor authentication, biometric authentication, and encryption. The app should also be held by a popular financial authority and insured against fraud and theft.
Investment apps should provide excellent customer support, including live chat, email, phone, and social media support. They should also have a complete FAQ section and a knowledge base to help users troubleshoot issues on their own.
Top 10 Best Investment Apps
Without paying any costs, beginner investors may invest in stocks, ETFs, options, and cryptocurrencies with Robinhood, a pioneer in the no-commission brokerage business. Typical stock and ETF customers may use Robinhood’s website for free, and premium accounts with more capacities are also offered for a monthly subscription beginning at $5.
Moreover, Robinhood provides commission-free cryptocurrency trading for a number of virtual currencies, such as bitcoin, Ethereum, dogecoin, litecoin, and more. Those who are interested in the platform’s planned conventional and Roth IRAs, which will provide $0 trading charges, a 1% match on every dollar deposited, suggested portfolios, and other advantages, may also sign up for a waitlist. You may register here to be added to the waitlist.
If you’re a beginner investor looking for a platform that offers commission-free trading on a variety of assets, Robinhood may be the right choice for you. However, it’s important to conduct thorough research and educate yourself on investing before making any decisions.
|Access to educational resources||Low cost of trading||Limited research and analysis tools|
|Commission-free trading||Easy to use||No retirement accounts|
|Wide range of investment options||Good for novice investors|
|Simple and intuitive interface||Offers fractional shares|
Acorns, a user-friendly platform, aims to lower barriers to entry and streamline the investment process, making it an ideal choice for beginners.
One of Acorns’ most appealing features is the round-up function, which rounds up daily credit or debit card purchases to the nearest dollar and invests the spare change. This feature enables users to begin investing without a substantial initial investment.
At Acorns, you can select from premade portfolios based on risk tolerance, background, and objectives. These portfolios consist entirely of ETFs, with the option to allocate up to 5% of holdings in a bitcoin-tracking ETF. This feature allows you to adjust investments according to preferences and financial goals.
Besides its investment offerings, Acorns grants users cash-back rewards with over 450 in-app partners and provides a checking account with no minimums and fee-free ATM access at over 55,000 locations.
The Acorns Learn section offers a wealth of resources to enhance users’ investment knowledge. The portal includes videos, articles, and insights to help users better understand the investing process and make informed decisions.
Acorns features two subscription plans. The Personal subscription, priced at $3 per month, includes investing and banking services, as well as extras like a ZipRecruiter partnership to help users find side hustles. The Family subscription, at $5 per month, encompasses all Personal tier benefits plus early investment accounts for children.
Although Acorns is a fantastic option for novice investors, it lacks advanced robo-advisor features such as tax-loss harvesting, financial tools, and goal-planning components.
|Invests your spare change||Easy to use||No tax-loss harvesting|
Offers traditional investment accounts and IRAs
|Good for passive investors||Fees are higher compared to other investment apps|
|Debit card with cashback rewards||Low minimum investment requirement||Limited control over investment selection|
|Automatic portfolio rebalancing||Offers socially responsible investing portfolios|
M1 Finance offers a unique combination of automated portfolio management and extensive customization that sets it apart in the industry. This feature caters to users who prefer to have more fine control over their investment strategy, but don’t quite want to manage a portfolio themselves.
With M1 Finance, users have access to over 60 pre-built portfolio slices, or “pies”, that can be combined to create an allocation that aligns with their preferred approach. These pies fall into seven categories, including general investing, responsible investing, retirement, income earners, hedge funds, stocks and bonds, and other strategies.
What really distinguishes M1 Finance from its competitors is its money management product. The platform offers digital banking options, such as a checking account and credit card, as well as a feature that automatically allocates your money toward your goals. For instance, users can use the Smart Transfer tool to maximize their annual retirement account contributions and direct any excess cash to their taxable account.
If you’re looking for a platform that offers both automated portfolio management and extensive customization, M1 Finance may be the right fit for you.
|Pre-made portfolios based on investment goals||Automatic portfolio rebalancing||Limited investment research and analysis tools|
|Free automated investing||Offers fractional shares||No support for mutual funds|
|Customizable portfolios||Low cost of trading||No 24/7 customer support|
|Traditional and Roth IRAs||Good for long-term investors|
Prepare to be amazed by the unique investing opportunity Stash offers! Harnessing the power of innovative technology and a user-friendly app, you can invest your hard-earned money toward a bright, tax-free future.
With Stash, you can start saving small amounts daily, starting from as little as R5. Isn’t it incredible that you can invest your money at the push of a button? Choose between the Cash+ and SA Top 40 Shares portfolios, or even invest in both. However, keep in mind that as your portfolio’s value grows, so does your stash’s worth, bringing added responsibility.
Take control of your investments like a seasoned captain with Stash’s cutting-edge app. You hold the power to stop, modify, pause, or resume your investment plan at your discretion. Need immediate access to your funds? Stash provides instant, unrestricted access through the app.
But that’s not all! Stash also enables you to open a tax-free investment account for your children. This account is in your child’s name, fully utilizing their annual and lifetime tax-free allowances. Stash is proudly brought to you by the renowned Liberty Group Limited.
|Low minimum investment requirement||Stash debit card with cashback rewards||Fees are higher compared to other investment apps|
|Personalized investment guidance||Automatic investment management||Limited investment research and analysis tools|
|Educational resources||Good for novice investors||No retirement accounts|
|Range of investment options||Offers fractional shares|
Are you looking for a cutting-edge robot-advising platform? If so, you might have encountered Betterment, a pioneer in the field. This platform is perfect for people who want to be hands-off with their investments. With flexible portfolios, even experienced investors may make adjustments to their investments. Nevertheless, avoid using this platform if you’re looking for an app that enables you to buy certain stocks or invest in specific funds.
The portfolio of Betterment is made up of diverse ETFs, and there is no minimum balance requirement for consumers to begin investing. They charge an annual account fee of just 0.25 percent of your fund balance, which will satisfy you. But, switching to the premium plan at $100,000 will provide you access to actual financial consultants for a yearly cost of 0.40% of your fund balance if you’re searching for more individualized assistance.
|Automated investing||Low cost of trading||Limited investment options|
|Personalized advice||Automatic portfolio rebalancing||Fees are higher compared to other investment apps|
|Diversified portfolio||Good for long-term investors||Limited control over investment selection|
|Traditional and Roth IRAs||Tax-loss harvesting|
Wealthfront is a robo-advisor platform that stands out for its ability to help users identify their financial objectives and create a personalized plan to achieve them. It offers a variety of customizable, automated portfolio solutions, including pre-built portfolios such as the Classic portfolio, which is a low-cost index fund with global diversification, and the Socially Responsible portfolio, which focuses on equity, diversity, and sustainability.
Wealthfront also allows investors to allocate up to 10% of their portfolio to cryptocurrency. Additionally, the platform offers a unique feature of daily automated tax-loss harvesting using its proprietary algorithm, and automatic portfolio rebalancing when the ETF weighting deviates from the original allocation.
The platform provides users with a variety of tools to set and track financial goals from their dashboards. Users can choose a goal such as a retirement, a major purchase, or buying a home, and the platform offers interactive sliders, suggested deposit amounts, and guided portfolio risk levels to help users achieve their goals. Furthermore, external financial accounts can be linked to the platform to provide a more comprehensive view of overall financial progress.
|Automated investing||Low cost of trading||No fractional shares|
|Financial planning services||Automatic portfolio rebalancing||Limited investment options|
|Diversified portfolio||Good for long-term investors||Fees are higher compared to other investment apps|
|Traditional and Roth IRAs||Tax-loss harvesting|
Webull is a commission-free investment app that was launched in 2018. It is made for independent investors who wish to take control of their own investments. Webull is a Securities and Exchange Commission (SEC)-registered broker-dealer, a participant in the Financial Industry Regulatory Authority (FINRA), and a Securities Investor Protection Corporation member (SIPC). As a result, Webull is a reliable and secure app for investment.
Join Webull in the complex world of online trading, where you may conduct transactions with stocks, options, and ETFs without paying any annoying fees. Also, you receive the extra benefit of being able to exchange cryptocurrencies like Bitcoin, Ethereum, and Litecoin at any time without incurring any extra fees. As if that weren’t enough, there isn’t even a minimal need to begin!
You may take advantage of extended-hours trading with Webull to the maximum degree possible. With this broker, you may even open a regular, Roth, or rollover IRA account. However, keep in mind that using this platform to trade bonds and mutual funds is not a possibility.
Overall, the Webull app is designed specifically for investors with some level of trading expertise. Novice players should be aware that the app could seem a little powerful at first.
|Commission-free trading||Low cost of trading||Limited investment options|
|Advanced trading tools||Advanced charting and technical analysis tools||No retirement accounts|
|Real-time market data||Good for active traders||No fractional shares|
|Educational resources||Offers margin trading|
TD Ameritrade offers an unusual collection of instructive materials that cater to buyers of all levels. In addition, the app is well-rounded, offering a wide variety of trading tools, asset choices, account options, and user support.
Easy-to-Use and Comprehensive Education Section
The education section of TD Ameritrade’s mobile app is easy to guide, letting users access relevant and effective materials within a few clicks. Whether you prefer long-form articles, podcasts, videos, tutorials, or webinars, the quality of the content is exceptional.
The Immersive Curriculum area of the platform offers one of the most comprehensive educational experiences available, covering everything from executing trading strategies to learning fundamental analysis. It is an excellent resource for investors who want to deepen their understanding of the market.
TD Ameritrade also offers access to financial calculators and goal-planning tools, which can help investors stay on track as they pursue their chosen investing approach. These resources can be valuable for anyone seeking to create a long-term investment plan.
The client support center at TD Ameritrade is exceptional, offering consistent, quick responses whether you contact them by phone, email, or chat. This high level of support is crucial for investors who may have questions or concerns about their accounts.
While TD Ameritrade offers a complete set of features, there are a few things that are not formed, such as direct crypto access. However, it is difficult to find another app that offers such a vast archive of resources and a robust suite of tools.
|Commission-free trading for stocks, ETFs, and options||Low cost of trading||Fees are higher compared to other investment apps|
|Access to mutual funds, bonds, and futures||Good for long-term investors||No automatic portfolio management|
|Educational resources||Research and analysis tools||No fractional shares|
|Advanced trading tools|
Fidelity, a prominent industry name, stands out for its remarkable trading experience featuring surprisingly low fees. This platform thrives as a comprehensive broker, presenting a broad range of investable assets in a user-friendly, streamlined package. With Fidelity, investors have access to virtually any account type, and they can choose from a vast array of investment options such as stocks, bonds, ETFs, mutual funds, and options trading. However, it’s worth noting that Fidelity does not offer forex and futures trading options in its lineup.
The broker provides commission-free trading for stocks and ETFs, and investors can select from thousands of these securities. Options trading is also available and falls in line with industry standards, charging $0.65 per contract. Nevertheless, it’s important to keep in mind that broker-assisted trading fees are higher than the average, set at $32.95. Hence, utilizing the online experience to trade is the best approach.
A number of educational resources are offered by Fidelity, including news and research insights on a variety of subjects. This aids in the understanding of the nuances of complicated investment methods by investors of all experience levels, from novices to experienced traders. Moreover, the site provides investors with a wide range of trading tools, calculators, and charts, giving them all the resources they need to carry out their investment objectives.
|Easy-to-Use Interface||Customer Service||High Minimum Investment|
|Wide Range of Investment Options||Convenience||Limited Cryptocurrency Options|
|Educational Resources||Low Fees||No Fractional Shares|
|Real-time Market Data||Security|
Founded in 1975 by the iconic John C. Bogle, Vanguard has become synonymous with the notion of low-cost investing. Since its inception, the company has been singularly dedicated to serving buy-and-hold investors with a long-term investment perspective. Vanguard’s foundation was never designed to cater to the caprices of frequent traders or the passing interests of short-term investors. Instead, the brokerage focuses on investors whose philosophies align with their own, offering an intuitive, educational, and financially accessible experience.
Vanguard’s brokerage services cater primarily to long-term and retirement-focused investors, those seeking low-cost investment options, and those inclined towards index funds accessible via mutual funds or ETFs. Catering to younger investors navigating the intricacies of investing and saving, Vanguard recently unveiled its all-digital advice service, Digital Advisor.
Conversely, investors confronting more elaborate financial scenarios can leverage the brokerage’s Personal Advisor Services, gaining access to a Vanguard financial advisor. As such, Vanguard is a prime choice for those looking to develop a diversified, consistently rebalanced ETF-based portfolio. Yet, active investors and traders may find the brokerage’s limited tools and asset selection lacking.
Additionally, Vanguard does not accommodate conditional orders, trailing stops, or simultaneous multiple-order submissions. In summary, the trading experience favors the target audience—buy-and-hold investors methodically constructing their portfolios.
|Account management||Educational resources||Limited investment options|
|Investment options||Low fees||Not ideal for active traders|
|Customizable portfolio||Convenience||No tax-loss harvesting|
|User-friendly interface||Access to unique index funds|
Tips for Maximizing Your Investment App Usage
Once you have selected an investment app that meets your needs, here are some tips for maximizing your usage
Set Investment Goals
Before you start investing, it is important to set clear investment goals. This will help you determine your risk tolerance, time horizon, and investment strategy. Some common investment goals include saving for retirement, building an emergency fund, or saving for a big purchase.
Diversify Your Portfolio
Diversification is key to reducing investment risk. By investing in a variety of asset classes, such as stocks, bonds, and real estate, you can minimize the impact of market volatility on your portfolio.
Monitor Your Investments Regularly
It is important to regularly monitor your investments to ensure that they are on track to meet your investment goals. This can involve reviewing your portfolio performance, rebalancing your investments, and making adjustments as needed.
Take Advantage of App Features
Many investment apps boast valuable features, including auto rebalancing, tax-loss harvesting, and instructive resources. Capitalize on these offerings to optimize your investment app experience and maximize returns.
Choosing the best investment app in 2023 depends on your individual needs and goals. For novice buyers, we recommend Robinhood or Stash. For experienced investors, we recommend Betterment or Wealthfront. However, all of the apps on our list offer unique features and benefits that can help you reach your investment goals. By following our tips for maximizing your investment app usage, you can make the most of your investments and achieve financial success.