Until a few years back, investing was trouble. If you were lucky, you’d spend an hour on the cell phone with a financial advisor for his consultation. Then, you’d cross your fingers until the quarterly report arrived. Here, I have rounded up 7 best online investment apps for you.
Today, with the best investment apps, it has become a matter of a few taps. You can get a customized portfolio or trade your stocks, check your portfolio’s performance, and shift money around without ever having to talk with any human being. And because both traditional brokerages and fintech companies offer investing apps, you’re likely to find one perfect for you.
Here are 7 best online investment apps for everyday investors:
1. Best investment app for minimum fees: Robinhood
For new investors, who want to start on their own with minimum fees, Robinhood is one of the best investment apps. It has no commissions and a $0 account minimum, this app cuts out most of the costs typically associated with investing apps.
But as a Robinhood user, you may not get any retirement accounts or managed portfolios, meaning all investments made through the app are taxable and self-managed. But is just bare-bones, but it’s the best way to trade for free individually.
2. Best investment app for students: Acorns
As an investor, you need to start from somewhere. To cater to the fledgling demographic, Acorns provides free management for college students. Unlike most investing apps, it also offers a “spare change” savings system, which rounds up purchases users make at select retailers. The difference between the balance due and the next dollar is then invested in the user’s Acorns account.
Acorns’ flat fees can be stiff for those with smaller account balances. For $1, $2, or $3 per month, Acorns offers a passive portfolio of ETFs.
3. Best Investment app for high-end Investors: Round
Investment apps are now becoming Robo advisors. Although Round uses an automated questionnaire to create users’ portfolios, it works with fund managers like Guggenheim Partners, Gabelli, and Doubleline to provide individual investors with access to institution-grade investments.
It leans heavily on alternative assets and strategies, including asset-backed securities, merger arbitrage, and real estate. Round charges a 0.5% management fee. In the event of a negative return, it waives its monthly fee.
4. Best investment app for data dissectors: E*Trade
This is the best app for do-it-yourself investors as they can buy into a wide range of assets. E*Trade’s mutual funds, stocks, ETFs, futures, and options are backed by its best-in-class research library. There, E*Trade provides expert advice and interactive charts. Users of this investing app can have insights into earnings, dividends, company news, and metrics like debt-to-equity ratio.
In exchange for that data, E*Trade does charge steeper commissions, at $6.95 per trade, than many providers on this list. Due to its educational tools and array of assets, this investing app is a smart pick. This is the best tool for beginning investors as it helps them build a risk-aligned portfolio, while veterans will like its professional-grade investment options.
5. Best investment app for banking features: Stash
This app is the best investing apps for beginners. Where Stash stands out is its account options: A flat $3 monthly fee, users get brokerage, bank, and retirement accounts. At the $9-per-month, you can also get two custodial accounts, monthly investment research, a stronger rewards structure, and an upgraded debit card.
It asks just $5 to open an account, and you can purchase fractional shares in stocks and ETFs. Unfortunately, Stash offers only about 150 stocks and 60 ETF options.
6. Best investment app for customer support: TD Ameritrade
This app is yet another brokerage in the investing app space which doesn’t require a minimum investment. It does, however, charge an expensive $6.95 per trade. Options cost even more, with a $0.75-per-contract upcharge.
This fee is for its asset options and customer support which are second to none. You can opt between stocks, bonds, ETFs, mutual funds, futures, foreign currencies, ADRs, and more. You also get 24/7 support on phone, text, and instant messaging support. And if that’s not enough, you can step into one of TD Ameritrade’s 364 branch locations.
7. Best investment app for parents: Stockpile
Founded by a CEO who wanted to provide his nieces and nephews something more substantial than toys for the holidays, this app will help you buy blue-chip stocks and ETFs via gift cards. It is more popular amongst parents who want to pique their kids’ interest in investing, beware of its fee structure.
For a standard trade, Stockpile charges $0.99. Gift cards will cost $2.99 for the first stock and $0.99 after that. And if you buy the gift card with a credit or debit card, get ready to pay an additional 3%. Although kids may not care, you cannot see company balance sheets or portfolio performance projections.
These are the 7 best investment apps that as a cell phone use you can use and get the best dividends while trading online. So, try it out if you are ready to jump into online trading want to test the waters.