The Best Investing Apps – Take Control of Your Portfolio
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There was a time when the only way to invest in the stock market meant hiring a stockbroker and letting that person manage your investments. Thankfully, the internet created space for platforms that allow you to manage your investments. Many new investment apps are also great for new investors who want to dip their toes into investments but may not have the funds larger brokerages require. Having the option to purchase just a couple of shares or even going in on fractional shares can help you get into investing today. This is why we love these investing apps.
In this article
Overview of the best investing apps
- Best for small investments: Acorns
- Best for self-directed investors: Ally Invest
- Best for goal-based trading: Betterment
- Best for managed portfolios: E*Trade
- Best for seamless financial management: M1 Finance
- Best for beginners: Robinhood
- Best for easy-to-understand plans: Stash
- Best for robust app features: Charles Schwab
- Best for free financial planning services: Wealthfront
Compare the best investing apps
App | Cost | Types of investments | Minimum investment amount |
$3 to $12 per month | 25 ETFs | $ 5 | |
$0 for self-directed, 0.3% for managed portfolios | Stocks, ETFs, bonds, mutual funds, options and forex | $ 100 | |
0.25% annual fee or $4 monthly | Stocks, ETFs, fractional shares | $ 10 | |
0.30% of assets annually for Core Portfolios | ETFs in Core Portfolios | $ 0 | |
$0 for trading or commissions | Stocks and funds | $ 1 | |
$ 0 | Stocks, ETFs, options and cryptocurrency | $ 1 | |
$3 to $9 per month | ETFs and stocks | $ 1 | |
$ 0 | Stocks, ETFs, bonds, mutual funds, options, futures and forex | $ 0 | |
0.25% annual advisory fee | ETFs and stocks | $ 500 |
This does not include individual fees for options, futures, etc. All apps are available for Android or iOS through Google Play and App Store.
Best for small investments: Acorns
Pros & cons
Pros
- Automated savings.
- Offers a wide range of services.
- Easy to use.
Cons
- High fees.
- Limited portfolio options.
Cost: $3 - $12 monthly
Acorns offers a simple and easy-to-digest approach to investing. This app is a great option for beginners who are curious about investing but are not ready to dive in head-first. The concept is simple — connect your credit card or checking account, and let Acorns take the “spare change” from each purchase and put it into your account. For each purchase you make, Acorns will round up the purchase to the nearest dollar and put that extra change into your Acorns account, ready to be invested. Once your Acorns account reaches a balance of $5.00, you can start investing with it.
While the Acorns Bronze account is what Acorns is primarily known for, Acorns also offers other types of accounts. You can enroll in a retirement account called Acorns Silver. Acorns can even recommend the IRA and portfolio that best fits your situation. Then, you can set up an automatic recurring contribution to keep funding your Acorns Later account without thinking about it.
You can also set up investment accounts with your kids using the Acorns Gold account. This custodial account can be set up and used for anything that will benefit your child. Acorns allows you to add multiple kids to the Early account at no additional cost, so there’s no need to divide the money across different accounts unless you want to. As with the other products, Acorns makes it easy to set up recurring investments to your Acorns Early account, starting at as little as $5. You can set up these recurring investments in daily, weekly, or monthly increments.
Visit Acorns
Or read Joywallet's review of Acorns.
- In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
- Make your first successful Recurring Investment (min $5) - get your $20 bonus within 10 days of following month
- Over 13M All-Time Customers
- Over $22B Invested
Best for self-directed investors: Ally Invest
Pros & cons
Pros
- Zero commission.
- Web and mobile trading.
- Plenty of investment options.
Cons
- Online only.
- Doesn't offer cryptocurrencies.
Cost: Free
Ally Invest is unique because it provides options for every level of investment experience. If you’re a beginner, you may want to consider Ally Invest’s Managed Portfolios. However, if you’re a more experienced investor, you can opt into Ally Invest’s self-directed trading to take matters into your own hands.
Ally Invest’s Managed Portfolios offer automated investing for the trader who prefers to be hands-off. All you need to get started is $100 to meet the minimum investment requirement set by Ally Invest for a robo account. Ally Invest will ask you about your investment goals and then use this information to build your portfolio with a diverse mix of exchange-traded funds (ETFs). You can move forward with the recommended portfolio or customize the portfolio as you see fit. Unlike some competitors, Ally Invest has a team of human specialists to build each portfolio, which may make some investors more comfortable.
After you’ve set up your portfolio, you can sit back and let Ally Invest handle it. You can access your account and track your goals 24/7 using Ally Invest’s digital tools. You can also trust that Ally Invest will manage and monitor your portfolio daily and rebalance it as needed. This is important because your portfolio must be adjusted to align with your investment goals. If, at any point, your goals or financial needs happen to change, you can update the portfolio goals to ensure that Ally Invest can do the best for you. Ally Invest Managed Portfolios does not charge management fees for cash-enhanced portfolios, but you can expect to pay 0.3% for a market-focused portfolio.
Ally Invest’s self-directed trading option lets you choose from various investment choices designed for the DIY investor. You can build your portfolio using stocks, commission-free ETFs, options, bonds, and mutual funds. There is no account minimum for stocks, ETFs, or options. If you choose the self-directed trading option, you can access in-depth research and market analysis tools to help you choose and manage your investment strategy. You’ll also have access to articles to help you build your knowledge of investment strategies and market trends.
Visit Ally Invest
Or read Joywallet's review of Ally Invest.
Best for goal-based trading: Betterment
Pros & cons
Pros
- Several plan options.
- Goal based approach.
Cons
- Management fees.
- Additional cost of human advisors.
Cost: $4 monthly or 0.25% annually
Betterment offers goal-based investing strategies to help you save as much as possible on your taxes. After setting up your Betterment account, you can choose to answer some questions to allow Betterment to provide you with a personalized recommendation based on your situation. Or, if you’d rather choose your accounts yourself, you can do that as well.
Betterment’s personalized recommendations can help you start thinking about your financial goals and how to achieve them. After you receive your initial recommendations, Betterment offers the option to add goals such as purchasing a new car, saving for a wedding, or starting a business. Setting up these goals in your profile can help Betterment help you save for these goals.
There are two paid tiers of Betterment to choose from. The digital plan has no minimum account balance and a $4 monthly or annual fee of 0.25% if you meet certain requirements. This plan has several benefits, including unlimited automatic rebalancing, no additional transaction fees, and no additional fees when transferring money to or from your Betterment account.
Betterment’s priciest tier, Crypto Investing, charges a 1% annual fee plus any trading expenses.
In addition to its investment products, Betterment offers a checking account with a debit card, a high-yield cash account, and a retirement plan. It even offers a satisfaction guarantee to ensure every customer is happy with their experience.
Visit Betterment
Or read Joywallet's review of Betterment.
Best for managed portfolios: E*Trade
Pros & cons
Pros
- User-friendly.
- Robo-advisor.
- Retirement accounts.
- Wide investment options.
Cons
- Core Portfolios have a higher minimum requirement.
- E*Trade can become overwhelming for a beginner.
Cost: Free
E*TRADE is a popular investment app that offers several investment choices. Like some competitors, E*TRADE offers a robo-advisor option (Core Portfolios), tools, and resources to help you manage your portfolio.
E*TRADE’s brokerage account offers commission-free trades on several investment options, including online U.S.-listed stock, ETF, and options trades. You can diversify your portfolio with mutual funds, bonds, and futures with E*TRADE. No matter whether the investment choice is right for you, you can expect transparency about the pricing and fees that E*TRADE charges. You can also count on robust resources to help you better understand investing, including tutorials, articles, videos, and interactive tools.
E*TRADE Core Portfolios offers automated investment management customized to your goals and preferences. To open this type of account, you’ll need a minimum of $500 to start. It also charges a 0.30% annual fee. After your account is open and set up, you can monitor your progress, make updates, and watch real-time alerts, all in the E*TRADE app. E*TRADE also offers several retirement accounts that you can enroll in.
Visit E*Trade
Or read Joywallet's review of E*Trade.
- Commission free stock trading.
- No account minimum.
- Trade stocks, options, ETFs, and more.
- First stock free.
Best for seamless financial management: M1 Finance
Pros & cons
Pros
- Easy to use.
- Offers customization.
- Makes investing easier with charts.
Cons
- No financial advisors.
- Offers a limited number of investment vehicles.
Cost: Free
M1 Finance offers investing, borrowing, and cash management all in the same place. For some, you may be able to consider this app your one-stop shop to manage most or all of your financial needs.
M1 Finance comes with three separate branches. First, you can build your investment portfolio for free. You can build a custom portfolio of the stocks and funds of your choosing. You can also choose one of the expert portfolios if you’re more comfortable with that. To simplify diversification, you can own stocks and ETFs with fractional shares, no matter the share price. M1 also offers individual, joint, IRA, and trust accounts to fit every need.
After your portfolio value reaches $2,000, you can access a flexible portfolio line of credit and use the funds for anything. Borrowing from this line of credit can replace student loans, auto loans, credit card debt, and large and unforeseen expenses. You can also use M1 Borrow to add leverage to your portfolio and increase the potential for higher returns. However, there are some things to consider before you take out a loan with M1 Borrow. First, you should know that the interest rate is variable. The risks that come with M1 Borrow can also increase the risk of potential losses in your portfolio.
M1 Spend allows you to keep your money in the same place and makes it simple to transfer money to and from your M1 Invest and M1 Borrow accounts as needed. You can also use your M1 Spend debit card anywhere Visa is accepted.
Visit M1 Finance
Or read Joywallet's review of M1 Finance.
Best for beginners: Robinhood
Pros & cons
Pros
- Ideal for beginners.
- User-friendly.
- Low-cost.
- Educational resources.
Cons
- No financial advisor.
- Security concerns.
Cost: Free; $5 monthly
Robinhood offers three levels of investment accounts that can meet the needs of almost any investor. Of all the investment apps, this one was particularly popular among Millennials because of its referral program.
The free base-level account is Robinhood Instant, which you’ll automatically be enrolled in if you sign up. It gives you up to $1,000 of instant deposits and extended-hours trading. For $5/month, you can upgrade to Robinhood Gold, which gives you access to greater instant deposits and access margin investing. You can also downgrade from Robinhood Instant to Robinhood Cash. This account doesn’t offer instant deposits, but you can still place commission-free trades during standard and extended-hours trading sessions.
If you have an Instant or a Gold account, you’ll have access to commission-free options for investing. Commission-free cryptocurrency investing is also available to Robinhood customers in qualifying states.
Though Robinhood can be a great investing app, you should know that it has its limits. Robinhood does not offer joint accounts, trusts, IRA products, or custodial accounts at the time of this review.
Visit Robinhood
Or read Joywallet's review of Robinhood.
Use Motley Fool's Stock Advisor To Invest
- Over 100 Stock Picks with 100%+ Returns
- Averaged Stock Pick Return over 593% (vs. 165% for the S&P)
- 2 New Stock Picks Every Month
- Investment Community With 700,000+ Loyal Members
- 30-Day Membership-Fee-Back Guarantee
- Joy Wallet Reader Deal: The Motley Fool is offering 50% off its top stock-picking service for new members (Limited Time)
Best for easy-to-understand plans: Stash
Pros & cons
Pros
- Offers fractional shares.
- User-friendly.
- Stock-back rewards.
- Offers retirement accounts .
Cons
- Flat-fee structure.
Cost: $3 to $9 monthly
Stash is a personal finance app that offers plans for every type of financial future. Instead of picking and choosing your products and accounts, Stash makes it simple by laying out plans for each level of investor.
Stash Growth is available at $3 monthly and is recommended for long-term savers and investors. It includes a personal investment account, a bank account with no hidden fees, $1,000 of life insurance coverage, and more. This plan also gives you access to budgeting and saving tools, advice, and education and may even give you access to early direct deposit so you can get paid earlier. If you choose this plan, you’ll also benefit from personalized retirement advice and tax benefits for your retirement investing.
Stash+ is the top-tier plan offered at $9 per month. It’s recommended for families, debit card spenders, and savvy investors. This plan includes everything from Stash Growth, two investment accounts for kids, and an additional $9,000 of life insurance coverage. It also gives you access to monthly market insights reports and exclusive bonus offers.
Visit Stash
Or read Joywallet's review of Stash.
Best for robust app features: Charles Schwab
Pros & cons
Pros
- Solid investment tools.
- Great customer service.
Cons
- There is a separate interface for futures.
- The amount of information could become overwhelming for beginners.
Cost: Free
Charles Schwab, which acquired TD Ameritrade and its advanced trading platform, thinkorswim, offers an array of investment products and two separate apps to help you take control of your investments.
The mobile app provides everything you need to manage your accounts from anywhere. You can track the market’s and your portfolio’s performance with a few simple taps. You can also set up price alerts on equities, ETFs, options, and indices to keep you informed even when you’re not using the app.
You can use the thinkorswim app to evaluate your risks and potential profits. The app also gives you access to charts and live news to update you on market insights. TD Ameritrade offers several account types, including retirement accounts and education accounts.
With Charles Schwab having acquired TD Ameritrade and their integration slated for completion later this year, it would probably make sense just to open an account with Schwab.
Visit Charles Schwab
Or read Joywallet's review of Charles Schwab.
Best for free financial planning services: Wealthfront
Pros & cons
Pros
- Suitable for multiple goals.
- Ideal for long-term financial planning.
- Tax-loss harvesting.
Cons
- No customization.
- No fractional shares.
- Minimum investment of $500.
Cost: 0.25% annual advisory fee
Wealthfront makes it easy to optimize your money to make it effortlessly work for you. All you need to do is deposit your check and let Wealthfront automate the allocation of your funds using its software. Wealthfront can pay your bills, build your emergency fund, and even invest your money based on your goals.
Wealthfront’s investment strategy revolves around passive investing in growing your long-term savings. It builds a diversified portfolio of low-cost index funds to maximize returns within your risk comfort zone. The app’s software also implements tax strategies to help lower your owed taxes. Wealthfront charges only a 0.25% annual advisory fee based on what you invest.
The financial planning offered by Wealthfront can also help you understand your whole financial picture to help you make better financial decisions. The app will learn about your finances and aspirations and provide customized recommendations to help you meet your goals. You’ll find out which accounts are best suited for you, how much you should deposit, and how much money you should save each month.
Like some competitors, Wealthfront offers a portfolio line of credit to help you fund your immediate goals. Wealthfront offers a line of credit if you have an individual, trust, or joint investment account of $25,000 or more. You can borrow up to 30% of your account and set a repayment schedule that works best for you. Like other portfolio lines of credit, risks involve variable interest rates and the possibility that your portfolio value may decrease. However, Wealthfront says it mitigates your risk by setting a borrowing limit of 30% of your account value.
Visit Wealthfront
Or read Joywallet's review of Wealthfront.
- In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
- Make your first successful Recurring Investment (min $5) - get your $20 bonus within 10 days of following month
- Over 13M All-Time Customers
- Over $22B Invested
Why should I use an investing app?
There are several benefits to using an investment app. Creating an account with many investment apps is either free or low-cost, making them a very accessible option even if you’re just starting. There are also plenty of options out there with several different investment strategies to choose from, so there’s bound to be an app that works for you.
Whether you decide to use a robo advisor or manage your portfolio on your own, using a streamlined investment app can help you stay on track no matter how busy you are.
How to choose an investment app?
It's crucial to bear in mind that not all investment apps are created equal, and selecting the right one requires careful consideration. Before making a choice, it's essential to realistically assess your position in your investment journey. If you're a beginner, seek out an app that provides an approach and guidance aligned with your comfort level. On the other hand, if you're a seasoned investor, you may want to explore apps that facilitate continued growth in your knowledge and investment strategies, including features related to stock trading, research tools, and sophisticated decision-making capabilities.
FAQs
Can I use an investment app if I’ve never invested before?
Yes! Beginners can benefit from the low costs of investment apps, as well as the automated features that some of them offer.
Are investment apps safe?
Yes; your funds are protected by the SIPC (Securities Investor Protection Corporation) with banking connections protected by FDIC (Federal Deposit Insurance Corporation).
What trading options are available on investing apps?
Every investment app is different, so it’s best to carefully review each app to see what trading options it offers before you pick one to use. Most provide ETF trades and individual stocks in the United States, some offer international trades. You can select the options that meet your risk tolerance with these apps offering guidance and customer support to help you.
Use Motley Fool's Stock Advisor To Invest
- Over 100 Stock Picks with 100%+ Returns
- Averaged Stock Pick Return over 593% (vs. 165% for the S&P)
- 2 New Stock Picks Every Month
- Investment Community With 700,000+ Loyal Members
- 30-Day Membership-Fee-Back Guarantee
- Joy Wallet Reader Deal: The Motley Fool is offering 50% off its top stock-picking service for new members (Limited Time)
The bottom line
Investment apps have emerged as an easy and accessible way to take control of your finances, offering a plethora of features to cater to your financial needs. With these apps, you can seamlessly manage your investment portfolio, automate your finances, receive valuable financial guidance, and much more.
Regardless of whether you're just starting or have been investing for years, the world of investment apps undoubtedly offers something for everyone. These apps have evolved to encompass a wide range of functionalities, enabling you to tailor your financial approach and optimize your investment decisions with ease.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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