Best investment app 2023 | Trusted investment apps
The investment app and powerful finance app can greatly help you in dealing well with various routine financial tasks, distributing your money to various investments, and keeping track of your spending habits. The benefits of investment applications do not stop there, as the latter can also give you the opportunity to trade stocks quickly, follow your account in real time, help you learn about the markets, and many other things that can make your investment journey easier and smoother. Since the can do so much, investment apps are becoming increasingly popular today.
In this article, we are going to present you with a selection of the best and trusted investment apps that can be especially useful for beginners and those with little or no investment experience.
The most reliable investment applications
Betterment’s trusted investment app
Betterment is one of the biggest and most popular robo-adviser apps out there, and for good reason. This app offers professionally managed portfolios using a selection of ETFs calibrated to your risk tolerance level. Having the ability to create socially responsible portfolios that focus on climate change or social impact can be a great addition to the investment community. If you’re willing to take more risks, this reliable app can find you higher-yielding investments. If you need a more secure wallet, Betterment can do that too. All you have to do now is set up Betterment and then relax while the professionals do the rest of the work for you.
This app charges a much lower price than you would pay for a traditional financial advisor. The management fee for the basic account is 0.25 per cent, which is a competitive rate in the financial advisory world. But you will have to pay extra for the ETFs that Betterment invests in, as you would for any automated advisor. The app allows you to set goals to invest in, such as retirement, and there is no account minimum.
Minimum deposit required: $0 for the digital service and $100,000 for the premium service.
Low Fees: Management fee of 0.25 – 0.40 percent of the assets annually.
Invstr is the investment app you get when you combine learning with real-life and community investing. This app is designed to give novice investors a better way to get into the stock market, especially if you like games. This app combines a fantasy stock game, where you help manage a virtual portfolio, with access to investor thoughts on stocks and other investments.
The fantasy game gives you $1 million in virtual money, and you can use the app’s social network and news feed to get investment ideas from across the sector. The top performers of the month also win real money. And if you want to convert some of these fantasy snapshots into real shares, then you can buy fractional shares and whole shares with no commission in the app. This app gives new users $30 worth of bitcoin when they open an account and fund it with $100. Invstr has also started offering commission-free trading in cryptocurrencies.
It would be great to have this app if you want to learn from the investment community, hear why they like certain stocks, and play a fun fantasy game.
The trusted Acorns investment app
Acorns remains one of the most popular savings apps, due to how easy it is to use. You don’t really have to pay much attention to it once you set it up. Link a debit or credit card to your account, and the investment app Acorns will round up the total purchases in dollars and invest that difference in a few ETF portfolios.
The cost is a modest $3 per month for Acorns Personal, which includes an investment account, Individual Retirement Account (IRA), coin debit card, and more. You’ll be able to open one of three IRAs: traditional, Roth, or SEP, and you can take advantage of your individual retirement account, too.
Acorns chooses your portfolio lineup for you based on your target time until your retirement, and becomes more conservative as you approach that age, which may not be a good time for all investors. This app also provides you with an FDIC-protected checking account, at no additional charge with no-fee access to thousands of ATMs and early access to direct deposits.
For a total of $5 per month, you can add Acorns Family, which includes Level 1 features as well as investment accounts for children.
Minimum balance required: $0 for a savings account.
Fee: $3 or $5 per month, depending on the service category.
Wealthbase is a newcomer to the world of stock market games, and it may be the most user-friendly and trusted investment app for enjoying and choosing stocks. You can set up games with friends to last as long as you want – a few weeks, days, or even the end of the day.
There are two things that set Wealthbase apart in the world of stock simulators: First, this app combines social media with the opportunity to pick stocks. You’ll see a feed of the stocks your friends pick, with daily updates on who’s going to win, and you can engage in friendly ‘bubble talk’. Secondly, the app works very smoothly – there are no loading delays and no hiccups. Even if you are not a big stock picker, you will have fun in this app and you can also trade cryptocurrencies in the demo account.
Wealthfront investment app
Wealthfront is one of the largest independent robo-advisors and can manage your money for a small fee whether it’s in a taxable account or a retirement account. Wealthfront uses hundreds of ETFs to build your portfolio and takes into account how much risk you want to take as well as when you will need the money. As you deposit funds, Wealthfront will add them to your wallet and keep your account balanced and on the road to your goal.
The management fee for this app is 0.25 percent annually, which is the industry standard. It’s very reasonably priced compared to the features on offer including tax harvesting that effectively covers annual fees for many customers, the company says. Wealthfront also offers an attractive cash management account (even if you don’t sign up for the investment account), and you’ll receive early access to direct deposit paychecks and a debit card — all without a monthly fee.
Minimum balance: $500.
Management fee of up to 0.25% of the assets annually.
Stockpile is one of the best investment apps because it allows you to buy parts of companies’ stocks. So if you don’t have $300 to buy maybe an expensive technology stock, you can buy half or a third of it instead of all of it. The application does not charge any trading fees.
The other great thing about Stockpile is that it allows you to offer a gift card that can be redeemed for stocks, so this could be a great way to get younger relatives to invest in a fun way. You don’t even need an account to send a gift via this app. Stockpile allows kids to track their investments at any time, and you can set a list of approved stocks for them to trade. The app also allows kids to share their wish list with friends and family.
Fidelity Investments is the trusted investment app
If you want to live and manage your entire financial life on Fidelity Investments, you can do so without any problems and get the best overall experience. At Fidelity, you can get an investment account, checking account, retirement account, savings account, robo advisor account, and even credit card accounts to cover larger accounts.
You can have all your money and accounts with one company on one dashboard and you get opportunities to do powerful research on ETFs and mutual funds and tons of articles on budgeting, investing, personal finance and webinars too.
Minimum balance required: $0.
Robinhood is one of the best investment apps you should have if you want a seamless interface and avoid trading commissions, whether you are trading stocks, ETFs, options or cryptocurrencies. You’ll be able to do all of this without commission and with a sleek mobile interface that makes seamless work part of the experience.
You can access the stocks page from the search bar at the top of the screen and then pull up the charts and vital stats. This application also provides you with a feed that collects news from news and investment sites, so that you can always be informed of what is going on.
Minimum balance required: $0.
Fees: There are no commissions for trading stocks, ETFs, options or cryptocurrencies.
Charles Schwab’s investment app
Charles Schwab is one of the best investment apps that works great for experts, but it is also a great app for beginners because of all the resources it offers. Schwab provides plenty of research and education opportunities, helping new investors quickly learn about topics such as investing and personal finance. It also provides fractional rations.
Schwab is also great for mutual fund investors, with over 4,000 transaction-free fee funds. You’ll also get highly responsive customer service that answers your questions quickly. You will also get one of the best sign-on promotions, with a cash bonus starting with just $25,000 deposit.
Minimum balance required: $0.
Ellevest trusted investment app
Ellevest is one of the best robo-advisors, but also the best app for socially responsible investing. Ellevest’s mission is to help investors make smart investment decisions. This is done by creating portfolios and investment plans that take into account the different conditions of women, such as low income for life.
Ellevest allows clients to build portfolios that integrate up to 53 percent of their portfolio into social impact funds. These funds invest in companies that have more female leaders, that support affordable housing and community services that have higher standards of sustainability. The Impact portfolio costs slightly more than the basic, low-cost Ellevest portfolio, only $13-19 per year on average for every $10,000 invested.
Minimum balance required: $0.
Fee: $1, $5, or $9 per month (or reduced annually).
What to consider when choosing reliable investment apps
When it comes to investment apps, think about how you plan to use them. Do you need an educational tool or are you looking to actually trade and invest? Some apps charge fees that can eat into your investment returns, while others have very low costs and offer commission-free trading. If you are interested in trading assets like cryptocurrencies, you will want to make sure that this is a feature offered by this app.
How much money should I plan to invest?
The good news for investors who want to start investing today is that it takes very little money to get started. The fees are so low or even non-existent that you can get started with almost any amount of money. In fact, deciding what to start with is far less important than the discipline of saving and investing over time.
The key to achieving continued investing success is to add money regularly and over time. So you will need to add cash to the account and continue to invest in your positions regularly over time in order to create wealth.
How much you actually invest depends on your financial situation and needs. Today, low-fee brokerages and apps leave more money in your pocket for the actual investment.
Are some apps better for investing than others?
Some apps provide special features or focus more on education, while others focus heavily on executing trades. For example, Wealthbase is a great app for playing stock market games, but it won’t execute trades for you. In turn, Wealthfront and Betterment will invest your money for you, so you don’t have to do much other than deposit money into your account and set up.
These apps differ from brokerage apps like Robinhood, Charles Schwab, and Fidelity Investments, where you need to know what you want to buy with these apps. These brokers also allow you to buy various securities, such as stocks, bonds, mutual funds, and more. Robinhood and Invstr allow you to buy cryptocurrency without commission as well.
So investing apps can offer a variety of different features and benefits, and you’ll need to decide which one meets your specific needs.
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