In the world of finance, managing your investments has become more accessible than ever with a wide range of investment apps designed to cater to different needs. Whether you are a seasoned investor or just starting out, these apps offer many features, including buying and selling stocks, ETFs, mutual funds, and other investment opportunities, all at your fingertips. In this article, we will introduce you to the best investment apps for October 2023 that can help you make informed financial decisions and take control of your investment portfolio.
Exploring the Top Investment Apps
Betterment – Best app for automated investing
Betterment stands as one of the leading robo-advisors in the industry, renowned for its professional portfolio management. The app leverages a selection of ETFs tailored to your risk tolerance and financial goals. Whether you’re seeking high returns or a more conservative approach, Betterment can accommodate your preferences.
- Minimum balance required: $0 for digital service; $100,000 for premium service.
- Fees: Management fee of 0.25 – 0.40 percent of assets annually.
Why we like it
- Offers the potential for higher returns with a bit more risk.
- Provides a free cash management account.
- Allows you to set and achieve your investment goals.
- Affordable management fees compared to traditional financial advisors.
Who is it best for?
- Those seeking professional portfolio management at a low cost.
Invstr – Best app for education
Invstr is a unique app that combines learning, real-life investing, and community interaction. It offers a fantasy stock game, allowing you to manage a virtual portfolio while gaining insights from other investors. With no minimum balance required, Invstr makes investing an educational and entertaining experience.
- Minimum balance required: $0.
- Fees: $0, $3.99 for Invstr Pro. Commission-free trading for stocks, crypto, and ETFs with a $5 minimum investment.
Why we like it
- The fantasy game offers $1 million in virtual money for learning and fun.
- Allows you to buy fractional shares and whole shares commission-free.
- Offers $30 worth of Bitcoin for new users funding their account with $100.
- Expands to commission-free trading in cryptocurrencies.
Who is it best for?
- Aspiring investors looking to learn from a community, play a fantasy stock game, and explore investment opportunities.
Acorns – Best app for saving
Acorns is a popular choice among those looking to save and invest effortlessly. By linking your debit or credit card, Acorns rounds up your purchases to the nearest dollar and invests the difference in a variety of ETF portfolios. This makes saving and investing a seamless part of your daily life.
- Minimum balance required: $0 for the basic savings account.
- Fees: $3 or $5 per month, depending on the service tier.
Why we like it
- Makes investing automatic and hassle-free.
- Offers FDIC-protected checking accounts, free access to ATMs, and early direct deposit.
- Tailors your portfolio based on your target retirement age.
- Provides investment accounts for children in the premium tier.
Who is it best for?
- Individuals who prefer automatic investments and easy retirement planning.
Wealthbase – Best app for trading games and contests
Wealthbase is a fantastic platform for those who enjoy the social aspect of investing. It allows you to create and participate in stock market games with friends, adding an element of competition and fun to investing. This app marries social media with stock picking, providing you with updates on your friends’ stock selections and friendly interactions.
- Minimum balance required: $0.
- Fees: $0 for up to 5 players, $20 game fee for up to 1,000 players, plus five cents per player per day.
Why we like it
- Combines social interaction with stock picking.
- Smooth and intuitive app performance.
- Allows trading in cryptocurrency in the simulation.
Who is it best for?
- Investors who want to pick stocks, play games, and engage in a social investment environment.
Wealthfront – Best app for portfolio management
Wealthfront is a prominent independent robo-advisor known for managing your investments effectively. It constructs your portfolio using a diverse range of ETFs based on your risk tolerance and financial goals. The app’s management fee is reasonable, and it offers features like tax-loss harvesting.
- Minimum balance required: $500.
- Fees: Management fee of 0.25 percent of assets annually.
Why we like it
- Creates portfolios tailored to your risk tolerance and goals.
- Regularly rebalances your portfolio to keep you on track.
- Offers a cash management account and early access to direct deposits.
Who is it best for?
- Investors looking for hands-off portfolio management and additional cash management features.
Fidelity Investments – Best app for managing money all-in-one
Fidelity Investments stands out for its comprehensive suite of financial services. Whether you need an investment account, a checking account, an IRA, or even a business retirement account, Fidelity provides it all. This app offers a one-stop solution for all your financial needs.
- Minimum balance required: $0.
- Fees: $0 for stock/ETF trades, $0.65 per contract on options.
Why we like it
- Centralizes all your financial accounts in one place.
- Provides extensive research and educational resources.
- Offers responsive customer support.
Who is it best for?
- Individuals who want all their financial accounts and services under one roof.
Robinhood – Best app for active trading
Robinhood is a top choice for active traders, offering a user-friendly interface and commission-free trading for stocks, ETFs, options, and cryptocurrency. It simplifies the trading process, allowing you to access essential stock information, charts, and news.
- Minimum balance required: $0.
- Fees: No commissions for stock, ETF, options, or crypto trades.
Why we like it
- Provides a streamlined trading experience.
- Offers access to stock information, charts, and news.
- Enables quick and easy trading.
Who is it best for?
- Active traders who seek commission-free trading and a user-friendly interface.
Charles Schwab – Best app for beginners
Charles Schwab caters to both novice and experienced investors, offering extensive educational resources. With no minimum balance requirement and commission-free trading, it’s an excellent choice for those new to investing. Schwab also provides access to fractional shares and a wide selection of no-transaction-fee mutual funds.
- Minimum balance required: $0.
- Fees: $0 for trading.
Why we like it
- Offers a wealth of educational resources.
- Provides access to fractional shares and no-transaction-fee mutual funds.
- Offers excellent customer service.
Who is it best for?
- Beginners who want to learn and start investing with a friendly company.
READ ALSO: The Best Cryptocurrency Exchanges and Finance Apps in October 2023
Ellevest – Best app for socially responsible investing
Ellevest is a top-ranked robo-advisor with a mission to promote socially responsible investing. It tailors portfolios to incorporate social impact and sustainability factors. This app is designed to meet the specific needs of women investors, emphasizing affordable housing, sustainability, and female leadership.
- Minimum balance required: $0.
- Fees: $5 or $9 per month (or discounted annually).
Why we like it
- Focuses on social impact and sustainability.
- Empowers women investors to make smart financial decisions.
- Offers attractive returns with modest additional costs.
Who is it best for?
- Individuals looking to invest in socially responsible portfolios while achieving attractive returns.
Public – Best app for learning about companies
Public is an educational trading app designed to help new investors learn about businesses and investments. It offers commission-free trading for stocks, ETFs, and cryptocurrency. What sets Public apart is its emphasis on educational content, including town hall meetings with business leaders and a podcast called Public Live.
- Minimum balance required: $0.
- Fees: Commission-free stock and ETF trades; $5 inactivity semiannual fee for accounts less than $20.
Why we like it
- Promotes learning about businesses and investments.
- Provides commission-free trading for stocks and ETFs.
- Offers a social platform for discussions with other investors.
Who is it best for?
- Beginners interested in learning about businesses and discussing investments with others.
Fundrise – Best app for direct investment in real estate
Fundrise offers individual investors the opportunity to invest in commercial real estate with relatively small amounts of money. It provides information about potential real estate deals, and you can select the ones that align with your investment goals. Fundrise also allows you to reinvest your dividends, making real estate investing accessible to a broader audience.
- Minimum balance required: $10.
- Fees: 0.15 percent annual advisory fee, annual asset management fee of up to 0.85 percent; 1.85 percent for Innovation fund.
Why we like it
- Allows investment in commercial real estate with small financial commitments.
- Offers an attractive track record on deals sourced through the platform.
- Provides access to deals not generally available to small investors.
Who is it best for?
- Individuals looking to invest in real estate with deals sourced and managed by experts.
Personal Capital – Best app for budgeting for investors
Personal Capital doesn’t offer brokerage services or robo-advisory, but it excels in budgeting, net worth tracking, and financial advisory support. It allows you to link all your financial accounts, providing a comprehensive view of your financial life. The app offers free retirement planning tools and analytical features.
- Offers excellent account tracking tools.
- Provides a single-screen view of your entire financial life.
- Includes free retirement planning tools.
Why we like it
- Sells the services of human financial advisors.
- Simplifies budgeting and net worth tracking.
- Integrates multiple financial accounts in one place.
- Provides free retirement planning tools.
Who is it best for?
- Best for investors looking for an all-in-one platfor for budgeting, retirement planning and investment analytics
How to Choose the Best Investment App
When selecting an investment app, consider the following factors to make an informed decision:
- Diverse Investment Options: Ensure the app offers a variety of investment options, including stocks, bonds, ETFs, options, and mutual funds, to match your investment preferences.
- Low or No Commission Fees: Look for apps with low or no commission fees to maximize your returns.
- Limited Extra Fees: Avoid apps with excessive extra fees, such as annual fees, transfer fees, withdrawal fees, and inactivity fees.
- Affordable Account Minimum: Choose an app with an account minimum that fits your budget, as some allow you to start with as little as $1.
- Educational Resources: If you prefer to make investment decisions independently, look for apps that provide educational resources and research tools.
- User-Friendly Platform: Ensure the app’s online and mobile platform is user-friendly, reliable, and efficient.
Pros and Cons of Investing Apps
Pros
- Simplify retirement planning and investing without complex strategies.
- Automate your investments for hands-off financial growth.
- Manage your investments on the go through mobile apps.
- Gain a consolidated view of your financial accounts and services.
- Access educational resources for informed investment decisions.
- Affordable fees and low or no commission rates.
Cons
- Lack of access to human advisors for personalized guidance.
- Fees may constitute a significant portion of assets for micro investors.
- Varying levels of customer support quality.
Are Stock Investment Apps Worth It?
The worthiness of stock investment apps depends on your unique financial circumstances and goals. Investment apps offer a cost-effective and automated approach to investing, making them a suitable choice for many individuals. These apps provide an affordable alternative to traditional financial advisors and allow you to automate your investments for long-term financial growth.
The advantage of investment apps is their cost-efficiency and automation, allowing you to invest without high fees and minimal effort. However, if you prefer hands-on investment strategies or personalized services, a traditional brokerage or local financial advisor may be a better choice for you.
Deciding How Much to Invest
Today, investing requires very little money to get started. With low or non-existent fees, you can start investing with almost any amount of money. The key to ongoing investment success is regular contributions over time. By consistently adding money to your account and investing in your chosen assets, you can build wealth over the long term.
The amount you invest should align with your financial situation and goals. Many modern brokerages and apps offer options that allow you to invest according to your budget, making it accessible for a wide range of individuals.
What Investments Are Offered with Online Investment Apps?
Investment apps provide a range of assets that you can buy and sell. These may include:
- Individual stocks
- Bonds
- Mutual funds
- Exchange-traded funds (ETFs)
- Futures
- Cryptocurrencies
- Automated portfolios
- Foreign currencies
- Precious metals
- Fine art
Each app may offer a different set of investment options, so choose one that aligns with your investment goals and preferences.
Investment Apps FAQs
Can you use investment apps to trade stocks?
Yes, many investment apps allow you to trade stocks and other securities. The availability of trading features may vary depending on the app’s specific purpose and design.
Is the money I use to trade on investment apps insured?
Money invested in the market is not insured, and you can potentially experience gains or losses. Guaranteed accounts like traditional savings accounts and high-yield savings accounts offered by FDIC-insured banks provide insurance coverage for your deposits.
Are some apps better for investing than others?
Each investment app offers distinct features and focuses, catering to various needs. The best app for you depends on your specific investment objectives and preferences.
What assets can you trade on investing apps?
The assets you can trade on investment apps may include stocks, bonds, ETFs, options, mutual funds, cryptocurrencies, and more. The availability of assets depends on the app’s offerings.
Are investing apps good for active trading?
Some investment apps are suitable for active trading, particularly those that provide commission-free trading in a wide range of assets, including stocks, ETFs, options, and cryptocurrencies.
Remember that using an investment app should align with your unique financial goals and preferences. Whether you’re a hands-on investor or prefer an automated approach, there’s likely an investment app that suits your needs.