7 Best Investment Apps for Beginners
Unless you took finance classes in college, you probably weren’t taught about how to participate in the stock exchange — so investing your money on your own might seem a little dangerous. The only thing I learned about investing in school was that the stock market crashed in 1929 and tons of people lost their money, and the United States spiraled into a depression. So, yeah — I didn’t feel like throwing my money into the stock market. However, using some of these best investment apps make investing easier, which can really help if you are trying to save up for a house or even retirement.
Investopedia found that someone who saves 12% of a $40,000 income every year over four decades can save up to $1.17 million. Someone who chooses to save 12% of the same income for a 30-year-period will only have saved $230,000. Use some of these apps for investing to do the hard work for you, so you can just sit back and watch your money multiply.
Stash is one of the best investment apps for beginners because it allows you to spend a minimum of $5 on investments known as “exchange traded funds.” Most commonly known as ETFs, these are a basket of securities that significantly decrease risk.
The Stash app costs $1 per month for all accounts under $5,000 and 0.25% for accounts over $5,000. It’s up to you how much you invest, but the minimum is $5. What makes Stash one of the best investment apps is that it offers suggestions, displays risk as an easy-to-read bar, and offers quick synopses of each investment.
Student discounts can save you a lot of money, but you won’t need it once you start investing with Acorns. This stock trading app wanted students to be able to invest, so the company offers the app for free for four years to any college student with a valid .edu address.
It’s also one of the best investment apps for someone who has little money to invest because you can save loose change by rounding up purchases linked from credit and debit cards. It sweeps the money into a computer-managed investment portfolio. While Acorns does require $5 to start investing, it only costs $1 per month for non-students with accounts under $5,000 and 0.25% for accounts of $5,000 or more.
TradeKing has famously been one of the best investment websites beginners use to start participating in the stock market. Now, they’re making it a lot easier to invest thanks to their mobile app. Why carry around your MacBook when you don’t have to?
TradeKing is one of the best investment apps because it allows investors to trade anywhere without lagging down your phone. It costs $4.95 in commissions, and it’s designed to help beginners grow to (maybe) become the next Sallie Krawcheck (one of the most powerful women on Wall Street). Over the past few years, the quality, breadth, and depth of the firm’s investment offerings have evolved to allow for more well-known and higher-priced competition.
SigFig has been known for its easy-to-use platform that includes a helpful explanation of confusing investments, straightforward analysis, and stock market trackers. Users start by filling out a questionnaire that then allows SigFig’s algorithm to build an intelligent, tax-efficient, diversified portfolio that can help save money short- or long-term.
SigFig is one of the best investment apps because it offers a free account for your first $10,000 in earnings — but it does have a $2,000 minimum balance. $2,000 isn’t exactly pocket change, but it does give users a portfolio tracker, reporting dashboards, external portfolio analysis, and live chat and phone support.
5. Motif Investing
It’s no secret that world events heavily impact the stock market. Sometimes, it can lead to major gains, but it could also result in serious loss. Motif Investing is a great investment app that monitors world events and trends that a beginner may miss. The company then puts your money to work by building portfolios based on related stocks that are performing well.
The only downside to this app is that it requires a $250 minimum and charges a commission fee of $9.95 for a portfolio. However, these portfolios do contain 30 stocks and ETFs that could result in a lot of moolah while simultaneously learning about the market.
6. Fidelity Investments
For those who have a little experience in the stock market, Fidelity Investments is one of the best investment apps for you. It’s designed for investors who have started feeling comfortable with the ebb and flow of the market. This app allows you to track accounts from anywhere – while in line at Starbucks or during your latest Netflix binge.
The best feature of Fidelity Investments is the ridiculous range of tools offered, including advanced charting, options trading, and daily market videos that can help you determine the best stocks and ETFs. The pricing is also straight-forward at $4.95 per stock, $0.65 per contract options, and $495 for non-Fidelity and non-iShares ETFs.
The first thing I should tell you is that the CNBC isn’t one of the best investment apps for actual investing — instead, it gives you breaking news, real-time stock market quotes, stock charts with customizable timeframes, and access to full-length CNBC programs. You may not have advisors at the tip of your fingers like Warren Buffett, but you can take a look at the stocks that are doing well and watch your investments perform without delay. Did I mention that you can have all this information for free?