Dabbling in the Stock Market? Best Investment Apps to Consider

It is always a good idea to learn early on how investments and the market works. It may be one’s only chance to secure a comfortable future. Especially if you have spent your life in the service sector or are looking to set money aside for your retirement plans, investing money wisely is one of the best ways to go about your finances.

Not everybody is naturally gifted when it comes to investments and often needs guidance from experts. If that sounds like you, then there are a few investment apps that you can try.

1. Robinhood

The Robinhood app is a great way to begin investing in the stock market. It launched in 2015, and the parent company Robinhood Markets, Inc. is headquartered in California and has been at the forefront of several American financial trends.

Robinhood investing is one of the best kinds of investing. If you are looking for an easy-to-use no-commission brokerage model, then the Robinhood app makes it incredibly easy.

It can be used by beginners and experienced stock market professionals alike. Robinhood has an easy learning curve, allowing you to invest in stocks and ETFs (exchange-traded funds).

The basic service app you can use for free. However, if you opt for the premium account, you can get a few more features for a monthly fee of $5.

One of the biggest things the app has going for is commission-free trading. While this was a novel back in 2015, it is no longer the case as plenty of other apps have capitalized on this feature.

2. Acorns App

Acorns has one of the best investment apps, especially for those who want to set aside money for investment but are unsure how to start.

It is not a free app, though. Fees vary from $1 to $5 a month and cover automated transfers, and include a fully automated investment plan based on your existing finances.

One of the great features of this app is that it will round up your transactions and invest the spare change. 

Acorns is also one of the easiest apps to use and is perfect for someone entirely new to the stock market. If you are looking to rely completely on an app to do your investing without a single worry, then automated investment plans are one of the best out there.

3. Stash

Stash is one of the most popular investment apps in the market and is one of the most useful if you are looking to navigate what types of investments to select, such as stocks or exchange-traded funds.

The app makes it easy and smooth for beginners to learn more about investments for a monthly subscription fee, starting at $1 for a basic brokerage account. You will also have access to an online bank account with the app, as well as a debit card.

While there is a brokerage fee, there is no minimum balance that one must have to open a personal portfolio. Stash also has fractional investing as a feature, allowing you to purchase percentages in a company’s stock for very little money at a time.

If you get the $3 membership account, you will also be provided with a retirement account, in addition to having access to a bank account. Typically, the retirement account is a traditional IRA, but you can even opt for a Roth account.

The slightly more expensive account option at $9/mo offers all the features mentioned above, in addition to a rewards program, a monthly report on your investments, as well as two custodial accounts for minors.

On top of this, the Smart Portfolios option offers fully automated investment portfolios that are managed and rebalanced without any effort on your end. 

4. Stockpile

Stockpile does not offer commission-free brokerage. However, at 99 cents, the per trade fee is less than most other apps. This app also offers fractional share investing features that allow you to exchange stocks as gift cards! Stockpile gift cards are available toward a stock purchase in hundreds of well-known companies — including Google, Amazon, Apple, Berkshire Hathaway, the Bitcoin Investment Trust, Disney, Cisco, McDonald’s, Microsoft, and Netflix.

The Stockpile app is a good replacement for what children cannot possibly learn in school. It is an easy-to-use app that allows kids to tinker, experiment, and learn more about investments without putting their money and future at risk.

It also allows you, as a parent or guardian, to keep track of the activities in the minor’s account. So, Stockpile may ask you for brokerage and is not the cheapest option in the market, but it is a great app to consider if you are a beginner or if you want to teach the ropes to your child.

5. Public

Public, again, is another app that can be very useful, especially if you are a beginner. The app is user-friendly and knows the rhythms of the modern digital world.

This means that the app also incorporates social networking platforms like Facebook and Twitter, making it all the more appealing to beginners familiar with these platforms, especially to a younger audience.

Like Robinhood, the app does not charge a brokerage fee, and there is no account minimum required to begin trading with the app. 

One of the most significant drawbacks of the app is that it has limited options when it comes to investments and is primarily good only for stocks and ETFs.

Even if you have been in the investment game for a long time and want to improve your numbers and strategies, this is a great app to consider.

6. Ally Invest

Ally Invest is a popular and highly efficient investment app that tops several internet listicles of the best investment apps. This is a sophisticated yet straightforward app that allows you to trade stocks and ETFs without paying any commissions or brokerage fees.

You do not have to bother about maintaining a minimum account balance, nor do you need to worry that a recurring fee might be debited from your account. However, if you are making mutual fund trades, it will cost you a commission fee of $9.95.

The app is used by Ally Bank and is a safe, simple, and straightforward app for anyone to navigate, even the most amateur stock market investor. It does not beat around the bush or try to distract with fanciness. Instead, it gets right to the point and is an investment app that anyone can be comfortable using. 

6. TD Ameritrade

TD Ameritrade is one of the best investment apps for you to consider as it can be helpful for investors across the skills spectrum and has something for everyone.

Besides, the app also offers great pricing, which you will find extremely useful. For those who have been in the investment business for a long time or have at least intermediate experience, the Think or Swim mobile app is a great way to get tips and engage in professional experience.

This app also provides a live feed to the CNBC channel, which offers constant updates on how the market is doing. 

There are no commission fees expected for trades, and both the apps will be available on one’s brokerage account.

However, there is a flat fee of 65 cents for each contract for options contracts.

For broker-assisted trades, you will need to shell out $25, which can be quite steep for some people.

So, while the app is easy-to-use and imparts expertise to all kinds of users, it can be sort of pricey to sustain, especially if your account balance is low, to begin with. The fees notwithstanding, this is an excellent app for investments of various types, including stocks, ETFs, mutual funds, fixed income, retirement, etc.

FAQs

These investment apps certainly make life a lot easier if you are looking to get involved with the stock market, especially if you are a beginner. However, it is only natural to expect to have more questions even if you have the app downloaded, given how complex the market can be despite guidance. The following are some of the frequently asked questions one may have about investment apps:

Are Investment Apps Safe to Use?

Yes, investment apps are generally safe to use, but it is also important to do ample research before selecting an app.

Trading stock is an inherently risky endeavor, but the idea is to take all the risks into account and then proceed with a robust plan, which an app may help with. Having said that, it is also essential to keep up with what the app is doing. 

Even if there is an automated investment plan in place, ideally, you shouldn’t rely entirely on the app to take care of your investments. Try to retain some control by keeping tabs on what the app is doing.

Who Should Use an Investment App?

Depending on the app’s interface, it may vary whether it is suitable for beginners or someone with more experience. 

In fact, often investment apps will make it easier for a beginner to navigate the stock market without feeling overwhelmed. It makes the market itself user-friendly, which is a massive task as for most people investing in stocks is not the most intuitive thing. There is a lot of trepidation and thinking involved, making it a daunting place. An investment app makes it a bit easier. 

So, in short, if you are a beginner, you should certainly consider an investment app. But even if you are more experienced, an investment app can help you strategize better.

How Do You Choose the Perfect App?

Each investor will have their own needs, so there is no standard answer that can apply here.

Whether you are a beginner who wants to learn or someone trying to invest their IRA?

Will You Need a Brokerage Account?

If you get an investment app, that means you will need to open a brokerage account.  

To make use of your investment app, you will need to do transactions through the brokerage account. The brokerage allows you to transfer funds into this account, using which you can purchase or sell stocks, funds, bonds, etc. 

There are various brokerage accounts that one could consider, each with different features and pricing. 

Since there are various types of brokerage available, you are likely to find something that suits your needs with a bit of probing. 

Good luck and may the trading gods look upon you favorably!

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-Adam Smith

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