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Best Investment Apps For Beginners
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Best Investment Android Apps
If you are a new investor, congratulations! Deciding to start building wealth through the stock market is one of the smartest decisions you can make for your future. However, investing can seem like a daunting task for beginners. Also, there are literally hundreds of apps that allow people to invest in the stock market. How should you decide which one is best for you?
In this article, we will take a look at the different types of investment apps for beginners. We’ll discuss some of the most important questions to ask when deciding on one. And we’ll share some of the important information you need to know about fees and investment types. Finally, we’ll reveal our picks for the best investing apps for beginners to help you narrow down your search to some great candidates.
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It offers tons of educational resources and a wide variety of investment options to choose from. It offers standard brokerage accounts, IRAs, education accounts, and pretty much any other type of brokerage account you can think of. There are some drawbacks, such as the lack of fractional share trading.
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It makes it easy to buy and sell stocks in its app and has one of the best selections of cryptocurrencies that a non-crypto exchange offers. It is very much an all-in-one app, with a great auto-advice option as well as many other financial products in one app.
A great option for people who want to keep fees to an absolute minimum and want the ability to trade stocks, options and cryptocurrencies all in one place. Robinhood’s app is very easy to use and is one of the few places where these three investment vehicles trade commission-free.
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The simple and modern approach to investing helps people invest faster. Their fee structure is easy to understand and low, which is well suited for hands-off investors who want to participate in the market, but want to invest in cruise control.
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One of the highest rated robo-advisors and helped pioneer the space years ago. It has low management fees for investments, no minimum balance requirements, and a high-yield cash management account to pair with your robo-advisor. It offers a variety of account types, as well as features (such as tax loss harvesting) that are typically only available to high-balance customers of other companies.
Perhaps the easiest place for new investors to buy and sell stocks. It’s very easy to use and offers many other financial features (and more will probably be added over time). Bitcoin trading is also available and the money transfer functionality of the Cash app is excellent.
There is no shortage of investment apps that allow you to put your money to work in the stock market. But most of the best stock trading apps fall into one of three main categories: trading apps, robo-advisors, or all-in-one apps.
Trading apps, as the name suggests, are a type of investment app designed to allow customers to buy and sell individual stocks, ETFs, and perhaps other investments like options or cryptocurrencies. For example, if you want to buy Apple stock or want to invest directly in Bitcoin, you’ll need an app that lets you put your money into individual investment vehicles like these.
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Unlike commercial applications, robo-advisors are designed for investors who do not have the desire to choose their own investments. All robo-advisors use slightly different methods. However, the general idea is that a robo-advisor will ask you a few questions about your age, investment goals and risk tolerance. It will then create an appropriate investment portfolio based on your answers.
Some investment apps offer trading and auto-advisory capabilities on a single platform. Large, established online stock brokers like TD Ameritrade and Fidelity are likely to have both offerings. Some apps also have adjacent financial services. For example, SoFi offers bank accounts and loan products. Cash App provides a person-to-person money transfer platform. There is certainly an element of convenience to having several of your financial accounts in one place.
There is no single investment app that is perfect for all beginners. That’s why we’ve included several top options in our list – all of these investment apps offer different features and investment options.
The best way to narrow down the list to the best investment app for you is to determine which features and investments matter most to you.
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At the very least, the best stock trading apps for beginners should allow you to trade virtually any security or ETF listed on a major US exchange. However, many offer additional investment options, such as the following.
Many trading applications offer the ability to buy and sell stock options. By the way, options are generally not the best idea for beginners. It’s smart to learn as much as you can about how they work before you decide if they’re right for you.
Some trading apps offer the ability to buy, sell, hold and even spend cryptocurrencies like Bitcoin and Ethereum. If you’re interested in incorporating cryptocurrency investing into your strategy, look for an investment app that offers it.
Technically, this is a form of investing in stocks and ETFs, but many trading applications require you to buy whole shares. Some allow you to buy fractional shares of stock, which can be very useful for beginning investors. For example, if Amazon stock is trading at $3,000 per share, fractional shares can allow you to invest in the company with as little as $1.
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A mutual fund can be a good way to invest for the long term without relying too much on any individual stock. Many commercial applications do not offer mutual funds. If you are a buy-and-hold investor and are interested in these, be sure to check if your trading application supports them.
Futures are similar to options, and some trading applications offer them. Like options, futures don’t lend themselves well to novice investors, so make sure you know what you’re doing before you dive in.
Bonds are also known as fixed income investments. Some trading applications (especially those offered by major brokerages) offer the ability to buy and sell individual bonds.
To be clear, the best stock trading apps do not charge anything to buy and sell stocks from time to time. Opening an account should be free, there should be no monthly maintenance fees, and app-based stock trades should be free.
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That said, there are some fees you may encounter, depending on how you invest. Here are a few to watch out for.
Free stock trades are common these days. However (with a few exceptions, you’ll notice in our top picks), in most cases options trading isn’t free. Costs vary, but if you plan to trade options, standard commissions range from $0.50 to $1 per contract traded.
Cryptocurrency transactions have fees in most cases, and fee structures can be complex. Some do not charge an actual “commission”. But they profit from a spread between the price at which they will buy a given cryptocurrency and the price at which they will sell it. Some charge a flat fee for a trade. Some charge a percentage of the trade amount. And many charge a combination of these fees.
You can generally trade exchange-traded funds, or ETFs, commission-free, but that doesn’t mean there are no commissions. ETFs have management fees, known as expense ratios, which are expressed as a percentage of assets. For context, a 0.25% expense ratio means that for every $1,000 you invest, you pay $2.50 in annual investment fees. You don’t actually pay for it — it’s reflected in the share price — but it’s worth knowing.
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If you choose the robo-advisor route, there are two types of fees you may be charged. Most often, robo-advisors charge a management fee based on a percentage of your assets under management. Some may charge a flat monthly fee.
Some commercial apps offer all the basics for free, but have additional services that have subscription fees. Robinhood is a great example. Trading stocks (and even options) is free. But if you want access to margin privileges or stock research reports, you’ll have to pay for the premium level service.
When you’re looking for the right one
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