Marcus Marion, CMA™ If you are uncertain about where to begin investing and have no experience in the field, the solution may be within your reach. Regular people who want to try investing but want to avoid making a big investment can choose from various apps.
Meanwhile, experienced investors may find investment applications convenient for facilitating trading and investing while on the move and staying updated on market developments through their mobile devices.
To help facilitate your decision-making process, the editorial team of Wallet Wingman evaluated several renowned mobile investment apps currently available to Android and Apple users. Minimum deposit requirements, investment alternatives, app reviews, monthly fees, account perks, and accessibility by phone or email were all considered.
The following is an overview of the 8 best investment apps, including relevant information you should know before signing up for any of them.
1. Autopilot Investment App
This new investment app called “Autopilot” allows users to mimic the strategies of profitable and seasoned traders. Downloading and using it does not cost anything. However, there is a recurring monthly charge of $10.
Connecting your brokerage account to Autopilot gives you access to pre-made investment portfolios, also called “pilots.” These pilots are prepared by accomplished investors, which somewhat guarantees users how to invest money short-term and long-term. When you select a pilot, Autopilot will immediately replicate all of the trades made by that account into yours.
Autopilot offers various benefits. It allows you to spread your investment risk across a broader range of equities and other assets. This can increase your likelihood of achieving your investment objectives while decreasing risk exposure. Also, you can avoid wasting time researching stocks by buying the same ones established investors buy.
On the other hand, Autopilot could also have some downsides. There is the possibility that you will lose control of your investments if you rely too much on this approach. After all, you’re sort of putting your eggs into the proverbial basket of whichever investor puts the portfolio together.
2. Betterment
Betterment is an excellent option for those new to investing because it lets you set and achieve financial objectives without much effort, making it one of the leading investment apps of the year. Let’s simplify it for you.
- The needed minimum balance to use the digital service is $0, while the premium service requires $100,000.
Our Verdict
This application can help you identify investments with a larger potential yield if you’re ready to take on more risk. They can also make your stock safer if you need it in your beginner-friendly investment apps. It also comes with powerful (and cost-free) money management features, making it perhaps the best way to invest money for a child.
After setting up your Betterment account, you can relax and let this portfolio management app handle the rest. Yet, the fees charged by Betterment are substantially lower than several mainstream financial planning apps.
3. Interactive Brokers
Interactive Brokers, a 46-year-old company headquartered in Greenwich, Connecticut, provides clients with an extensive selection of investment assets, such as equities, mutual funds, options, futures, fixed income, and others. Some notable upsides include:
- Account opening minimum: $0
- App store rating: 4.1
- Zero yearly account fee
- Account owners can reach customer care representatives by phone, chat, email, or regular mail around the clock for assistance with their accounts.
Our verdict
Excellent for people seeking a variety of investing opportunities. Interactive Brokers’ extensive selection of investment opportunities—including cryptocurrencies, ETFs, options, futures, bonds, and event contracts—earned it such a high spot in this list. In addition, it provides free access to several learning materials on the IBKR Campus website, which you can access as an account user or as a site visitor.
IBKR Campus offers classes, online seminars, podcasts, and market commentary designed to teach even novices how to invest money in their 20s. You also better understand trading, financial markets, and the investing tools provided by Interactive Brokers.
4. TradeStation
TradeStation was initially introduced as a software tool that provided clients with trade notifications whenever the criteria of their strategies were satisfied. In 2001, it changed into an online exchange for stocks and bonds. Today, TradeStation is a full-service online brokerage that provides trading lessons and solutions.
Notable among its perks include:
- No account opening minimum.
- App ratings: 4.2
- Account fee per year: $0
- Customer service agents are reachable through phone, email, and live chat between 8:00 a.m. — 5:00 p.m. ET, Monday to Friday.
Our verdict
This is ideal for busy traders. TradeStation is a decent app for active traders who perform lots of trades because it doesn’t charge any annual fees and has low transaction fees. Additionally, investors can allocate their capital towards a diverse array of assets, such as bonds, equities, ETFs, options, futures, futures options, cryptocurrencies, and mutual funds.
5. Tastytrade
Tastytrade (previously Tastyworks) is headquartered in Chicago. It debuted in 2017, targeting active day traders with low-cost options.
- There is no account opening minimum.
- App Store Review Score: 4.6
- There are no yearly account maintenance fees.
- For further information, clients may contact Tastyworks customer support via phone from 7:00 a.m. to 5:00 p.m. CST, Monday to Friday. Also, there’s a chatbot available on the site in case you need urgent assistance.
Our Verdict
This is an outstanding mobile app experience for people who prioritize user-friendliness. The mobile app assessment for Tastytrade was the highest among the various apps we considered, which earned it this position on our top picks for investment apps.
From any location, users can navigate between accounts, view account information, create and modify watch lists, and execute quick transactions through the application. Investors using Tastytrade have various asset classes, including stocks, options, futures, and cryptocurrencies.
6. Fidelity
Fidelity was started in 1946 and had its main office in Boston. It serves its consumer base via 12 regional sites and more than 200 investment centers around the world. It takes great pleasure in providing affordable rates, first-rate customer support, and resources to assist clients learn how to invest and make money daily.
- Requires $0 to create an account.
- 4.5 out of 5 stars for the mobile app
- There are no annual account charges.
- Live chat is accessible Monday through Friday from 8:00 a.m. to 10:00 p.m. ET. You can also reach them on Weekends, Saturdays, and Sundays from 9:00 a.m. to 4:00 p.m. ET. Meanwhile, phone support is available around the clock.
Our Verdict
Fidelity is a deal for people with several financial priorities for those investing on the go. Individuals with a Fidelity account can use their mobile app to begin investing immediately with no less than $5. Users can set objectives and track how they perform over time. Users can put their money into stocks, mutual funds, ETFs, options, bonds, CDs, etc.
7. Charles Schwab
Schwab founded its first Sacramento branch in 1975, introduced its web-based trading platform in the late 1990s during the internet boom, and currently processes over 5 million deals daily.
- The account opening minimum is $0.
- Approval ratings: 4.2
- No annual account charges
- Schwab’s customer service is available around the clock via phone, online chat, and in person at any of its over 300 locations nationwide.
Our Verdict
Overall, this app is excellent for investors who want to minimize expenses, rendering it one of the best ways to invest money in your 20s. Hence, Schwab’s platform could be a good choice for investors who wish to avoid trading with low minimums and high fees.
Plus, customers who sign up for a Schwab account can reach a team of trading experts around the clock. Like other entries in this list, Schwab lets you buy in stocks, bonds, mutual funds, exchange-traded funds (ETFs), and money market funds, among others.
8. E*Trade
E*Trade was founded in the 1980s and is a subsidiary of Morgan Stanley, a financial services firm best recognized for its asset management, investment advice services, research, and market analytics.
- Required no funds to create an account
- 4.2 stars out of 5
- Yearly cost of Account: $0
- The phone lines are open 24 hours a day, seven days a week.
Our verdict
It’s suitable for individuals who prefer to avoid being bound by minimum balance obligations. The investment application developed by E*Trade received an average rating of 4.2 on both the Apple and Android app stores.
Ready to Trust an Investment App?
Keep in mind that investing always has some degree of risk; therefore, it is vital to understand the dangers connected with various investment apps and to talk with a financial advisor if you’re experiencing any challenges or concerns regarding your investments. The decision to begin investing with an app comes with its own set of benefits and drawbacks, all of which are ultimately determined by the requirements and objectives unique to the individual investor.
