5 Best Investing Apps
From sleep tracking, to fitness motivating, to cat painting (yes you read that right) – there’s an app for just about anything. So why should it be any different when it comes to investing? These five best investing apps will help you put the power of investing in your pocket.
At Wall Street Survivor, we strive to equip our audience with the simplest and smartest path to financial knowledge and security. Long gone are the days of communing at stock exchanges, paper trading, or even chaining yourself to a desktop computer in order to invest in the stock market. In 2020, everyday investors use apps to buy and sell stocks, budget, manage their money, and learn about finance. And these best investment apps are here to help you get started!
So don’t worry, we’ve got you covered. These next apps are the best in the investing game – and we don’t want you to miss out.
Round: Best All-Around Investing App
With Round, there are 4 steps to kick off your portfolio with this investment app.
Step 1: you start your Round experience with a questionnaire to better understand your risk tolerance, timeline, and goals.
Step 2: Based on what you desire for your financial needs Round will create a mix of world-class investors to help grow your portfolio.
Step 3: Now that you have a representative for your portfolio, they will manage your investments every single day in areas more than just the basic stocks or bonds.
Step 4: Your fund manager will adapt and change as the market evolves to ensure the best course of action for your money.
Round separates themselves from the rest of their competitors as they provide access to real fund managers rather than using a Robo investor like other products today. So what does this deliver? Active investing, an adaptive portfolio to avoid negative risks, sophisticated investment strategies, and waived fees if your returns are negative.
With a lot of fee-free options out there it is important to recognize some of the cons of Round. First, it does have a monthly fee based on a .05% annual fee. The bonus is you will get the monthly fee waived if your returns were negative for the month.
Overall, the positives of having a fund manager, a special portfolio created for you, available customer support, and you only pay the fees when you generate returns; these outweigh the biggest con of a .05% fee that can add up month after month.
Robinhood: Best Investment App for Beginners
Robinhood has completely changed the game for best investment apps. Just like many industry disruptors we have seen in the last ten year, think AirBnB, Uber, Tesla, and so on, Robinhood has transformed the access to investing and the revenue model for investing brokerages. With Robinhood:
- you no longer need a $1,000 or more to open a brokerage account.
- you no longer need to pay commissions (fees for selling or buying stocks).
- you can now buy fractions of stock shares instead of having to pay the full share price.
- you can automatically dollar cost average by setting up recurring investments through the Robinhood app.
- you can get free stocks for you and you friends just by signing up!
All of these risky innovations have totally paid off for Robinhood and they have forced other brokerages to follow in their footsteps. Very quickly Robinhood has become the fastest-growing investment app in the United States.
They now have over 10 million users – a massive accomplishment for an investing app!
More on this best investment app…
Robinhood changed the best investment app game by allowing everyday investors to open an account with no account minimum and start buying shares without paying a fee for every single trade.
Robinhood started with just an iOS app but then quickly announced an Android version, as well. The app allows users to invest in U.S. stocks, ETFs, options, and cryptocurrencies – which most investing apps don't offer.
Robinhood also offers Robinhood Gold account which is a premium account that allows you to trade on margin. But beginning investors don't need to worry about that or pay for that.
So, what makes Robinhood so popular?
Robinhood is famous for its commission-free trading, easy application process, and intuitive mobile platform.
Robinhood led the charge in commission-free trading, forcing almost all of their competitors to immediately drop fees for buying and selling stocks. But today, Robinhood stands out for an impeccable user experience, a growing range of financial services, and features that give beginning investors the tools they need to start investing, such as:
- $0 Account Minimum
- $0 Commissions for trading stocks, ETFs, options, or cryptocurrencies
- Fractional Shares
- Recurring Investments
- Free Stocks when you sign up and invite friends!
Other investment apps struggle to put together a package that makes it this easy and simple to start investing. Additionally, Robinhood offers instant deposits, high yield savings through their cash management account, and easy to read research and analysis.
Robinhood is consistently rated as one of the best stock brokerages for beginners, because their app makes investing in the stock market super accessible and understandable.
Anyone can start a Robinhood account and feel comfortable navigating their investments. The user experience is simple, yet Robinhood still offers users over 5,000 stocks and over 500 ETFs. These benefits easily place Robinhood in our list of best investment apps, especially if you are just getting started in investing.
Bonus tip: Robinhood is giving away a FREE STOCK (between $2.50 and $200 in value) to anyone that opens a new account, if you click on the promo image below. Then, once you open and fund your account with at least $10, you will receive more free stock (again between $2.50 and $200 in value) for referring your friends and family. The more people you refer, the more free stock you get – up to $500 in free stocks! Click on this promo below to start your Robinhood account application and get your first FREE stock…..
Acorns: Best Robo-Advisor for Beginners
Acorns is a revolutionary app that makes saving and investing money much easier. If saving up enough money to feel like it’s worth investing, Acorns can help! Acorns offers a variety of services that allow for a great connection from spending to investing.
There are three main services Acorns offers: banking services (i.e. debit cards), securities investments (i.e. stocks and ETFs), and retirement savings accounts. You gain access to these services through Acorns tiered subscription model, which starts at $1 per month and ranges to $5 per month. Which is fairly low compared to other investment services offered.
The biggest benefit to Acorns is how easy it makes investing. For people who have not had much exposure to the stock market, or long term investing, or people who have not been exposed to the idea of saving and effective strategies, Acorns makes it incredibly easy to start.
Acorns provides an effective way to start saving, while learning about investments and the stock market as a whole. So here is how it works. For $1 a month Acorns will begin investing money for you. You will take a questionnaire so Acorns can best set up your investment strategy and the securities you should be investing in.
Then on every purchase, you make Acorns will take the spare change from that transaction and place it in your investment portfolio. So if you go to the store and buy a coke for $2.50 then Acorns will round the “spare change” from your purchase to $3.00 and invest the additional $0.50 in your portfolio for you!
These automated investment techniques are great to keep investors honest and in line with their long term strategies. Acorns stands out as they began the trend of “Robo-Investing”, which is automated investment strategies.
If these automated investment techniques could help you, open an account with Acorns today!
SoFi: Best All-Around Personal Finance App
SoFi, in the finance world, is the definition of a one-stop shop. SoFi’s connection as a hub across all aspects of finance is why we think SoFi deserves to be on this list of investment apps.
SoFi has a total of 4 main offerings in its product portfolio; SoFi offers borrowing, investing, insurance, and credit options. The ability to oversee all 4 of these financial needs in one place separates SoFi from other finance firms.
Borrowing – SoFi is widely known for its quick and great rates they offer when providing loans. SoFi can help you refinance your loans, start a student loan, open a mortgage, or even receive a personal loan.
Credit – In addition, SoFi will also allow you to borrow/spend money through their new credit card. This credit option from SoFi is as competitive as any other, as SoFi’s credit card offers 2% unlimited cashback. On top of the cashback, SoFi has no annual fees linked to their credit card!
Insurance – SoFi offers a variety of protection plans to keep your assets safe. The five insurance options they provide are renters insurance, homeowner insurances, auto insurance, life insurance, and estate planning. Instantly through the app or online you can become protected by SoFi, which is very convenient to have all five of these insurance plans in one location
Investing – Under SoFi’s investment offerings there are 5 options you should be aware of active investing, automated investing, retirement accounts, cryptocurrency, and Investing 101. SoFi is a one-stop-shop for all of your investing needs providing you with a variety of options to reach your goals. If you are an experienced investor and use the active investment feature or if you are inexperienced you can simply use their automated investment tool. As long as you have a saving plan you will be set in the long-run.
SoFi has a full portfolio of products to fulfill everyone’s needs! The ability to stay connected with every one of your financial needs from borrowing to credit to insurance to investments all in one app solidifies SoFi’s spot on this best investment app list.
Wealthfront: Best for Least Time Needed
Wealthfront is perfect for the investor who does not want to learn about investing but understands the value of investing their money. Wealth front is completely automated, so out of all of the apps on this list, Wealthfront requires the least amount of time to manage your account.
There are two caveats with the Wealthfront app, First it requires a $500 minimum, and second, there is an account management fee of .25%. Some benefits to help offset this are Wealthfront supports a variety of accounts, 529 college savings plans, IRA, Trusts, retirement accounts, and regular cash accounts.
Additionally, there is a tax strategy, automatic account rebalancing and high-yield savings accounts all included in your fee.
So where will your money be invested with Wealthfront? To get started you will take a questionnaire to determine how much risk you are willing to tolerate. From there, your assets will be placed into a portfolio to fulfill your investing needs. In a large investment account, you will hold individual securities.
Your money will be invested in ETFs in 11 different classes from U.S Stocks to Dividend Stocks to even bonds. As Wealthfront you continue to advance in your finances your wealth front will continue to grow with you.
The company is expanding and the foundation of the company is making your investing experience as easy and seamless as possible. With Wealthfront providing a different experience as the other apps on our list, we have rounded out the list with an app that takes the difficult parts out of investing.
Overall, after reviewing the list of the five best investment apps, the key takeaway should be there are a variety of high quality apps out there to meet various investors’ differing needs. Every person has different investment goals, and so each should have different investment apps to help meet those!
For example we have Robinhood that is tailored towards trading securities or we have Wealthfront that simplifies the investment experience. Also, we discussed an app like SoFi that could be used for all aspects of finance, from loans, to banking, to investing. It is important that you find the best app for you, as each app will meet different needs.
That wraps up our list of best investing apps! We hope these apps can help you on your personal investing journey and that you’ll take advantage of the power at your fingertips! Comment down below what your favorite investment apps are and how you're using them to conquer your financial future.