Best Investment Apps for Beginners
Investing has become more accessible than ever, thanks to user-friendly apps that simplify the process of buying stocks, ETFs, and other financial products. For beginners, these apps are an excellent starting point, offering low fees, educational resources, and easy-to-use interfaces.
Here’s a list of the best investment apps for beginners in 2024 to help you grow your wealth with confidence.
1. Robinhood – Best for Zero Fees and Simplicity
Why It’s Great for Beginners:
Robinhood is known for pioneering commission-free trading, making it easy for beginners to invest in stocks, ETFs, and cryptocurrencies without paying hefty fees. The app’s straightforward interface is designed to get new investors trading quickly without overwhelming them with complex charts and data.
Key Features:
- Commission-free trading for stocks, ETFs, options, and cryptocurrencies.
- Easy-to-navigate interface.
- No minimum deposit required.
- Fractional shares allow beginners to buy small portions of expensive stocks.
Ideal For:
First-time investors looking for a simple, no-cost platform to start trading in stocks and cryptocurrencies.
2. Acorns – Best for Automated Investing
Why It’s Great for Beginners:
Acorns makes investing incredibly easy by rounding up your everyday purchases and automatically investing the spare change. This micro-investing strategy is perfect for beginners who want to start investing without needing a large sum upfront. Acorns also offers different investment portfolios based on your risk tolerance, making it easy for novice investors to get started.
Key Features:
- Automatic investments by rounding up purchases.
- Professionally managed portfolios tailored to your risk level.
- Low monthly fees starting at $3.
- Educational resources for beginners through Acorns Grow.
Ideal For:
Beginners who want an automated, hands-off approach to investing with a focus on long-term growth.
3. Wealthfront – Best Robo-Advisor for Beginners
Why It’s Great for Beginners:
Wealthfront is one of the best robo-advisors, offering automated, diversified portfolios based on your financial goals and risk tolerance. For beginners, the platform provides professional management of your investments with little involvement on your part, making it an excellent choice for those who prefer a passive investing approach.
Key Features:
- Automated portfolio management with low fees (0.25% management fee).
- Tax-loss harvesting to maximize your after-tax returns.
- Access to a wide range of investment assets like ETFs, stocks, and bonds.
- Financial planning tools to set and track your investment goals.
Ideal For:
Beginners who want a professionally managed, automated investment solution without the need for hands-on management.
4. Stash – Best for Learning While Investing
Why It’s Great for Beginners:
Stash combines investment tools with educational resources, making it an excellent choice for beginners who want to learn while they invest. You can start with as little as $5, and the platform offers curated investment options based on your interests and values. Stash also provides a debit card that allows you to earn stock rewards on everyday purchases.
Key Features:
- Invest with as little as $5.
- Curated investment portfolios based on your interests.
- Educational resources to help you understand investing basics.
- Stock-Back® rewards program that gives you stock for your purchases.
Ideal For:
New investors who want to learn more about investing and build a portfolio based on their interests and values.
5. Betterment – Best for Goal-Based Investing
Why It’s Great for Beginners:
Betterment is another popular robo-advisor that focuses on goal-based investing. The platform helps you set specific financial goals, such as retirement, and creates a personalized portfolio to help you reach them. With low management fees and automated rebalancing, Betterment makes investing accessible for beginners who want to build wealth over time.
Key Features:
- Low management fees (0.25% annually).
- Automated portfolio rebalancing.
- Tax-efficient investing strategies.
- Personalized financial advice based on your goals.
Ideal For:
Beginners who want to invest with a specific financial goal in mind, like saving for retirement or building an emergency fund.
6. Fidelity Investments – Best for Long-Term Investing
Why It’s Great for Beginners:
Fidelity is one of the most reputable names in the investment world, offering a wide range of financial products and educational resources. The platform provides commission-free trading for stocks and ETFs, and there are no account minimums or fees to get started. Fidelity also excels in its educational offerings, providing videos, articles, and tools to help beginners understand the markets.
Key Features:
- Commission-free trading for stocks, ETFs, and options.
- No account minimums or fees.
- Extensive educational resources for new investors.
- Access to financial advisors for personalized advice.
Ideal For:
Beginners who are looking for a reputable platform with long-term investment opportunities and a wealth of educational resources.
7. SoFi Invest – Best for Fee-Free Automated and Active Investing
Why It’s Great for Beginners:
SoFi Invest allows users to choose between actively managing their portfolio or opting for an automated robo-advisor approach. The platform is completely fee-free and offers fractional shares, making it accessible for those with limited capital. SoFi also offers additional benefits like career coaching, financial planning, and member-only events.
Key Features:
- No management fees for automated or active investing.
- Fractional shares allow beginners to buy into expensive stocks.
- Free access to financial advisors and career coaches.
- Access to crypto trading and IPO investing.
Ideal For:
Beginners who want the flexibility to choose between active and automated investing while enjoying extra perks like financial planning and career services.
8. Public – Best for Social Investing
Why It’s Great for Beginners:
Public is an investment app that combines social media elements with stock trading, allowing users to share ideas, learn from others, and follow experienced investors. It’s a great app for beginners who want to join a community of like-minded investors and learn about the stock market through social interaction.
Key Features:
- Commission-free trading for stocks, ETFs, and cryptocurrencies.
- Fractional share investing.
- Social feed to share ideas and follow other investors.
- In-app educational content to improve investing knowledge.
Ideal For:
Beginner investors who want a social investing experience and enjoy learning from peers and experts.
9. E*TRADE – Best for Beginner to Advanced Investors
Why It’s Great for Beginners:
ETRADE is one of the most established investment platforms, offering commission-free trading for stocks, ETFs, and options. While it’s a great option for beginners, ETRADE also provides more advanced tools and features for those looking to grow their investing skills over time. The platform includes educational resources, a user-friendly app, and a robust suite of research tools.
Key Features:
- Commission-free trading for stocks, ETFs, and options.
- Extensive educational resources for beginners.
- Access to a wide range of investment tools and research.
- Easy-to-use mobile app with advanced features for experienced investors.
Ideal For:
Beginners who want a platform that can grow with them as they become more experienced investors.
10. M1 Finance – Best for Custom Portfolios
Why It’s Great for Beginners:
M1 Finance offers a hybrid approach to investing, combining elements of robo-advisors with the flexibility to create and customize your own portfolio. The platform allows beginners to automate their investments while giving them control over where their money goes. With no fees and fractional shares, M1 Finance makes it easy to start investing with any budget.
Key Features:
- Customizable portfolios with automation options.
- No trading fees or commissions.
- Fractional shares allow for investment in expensive stocks.
- Automated portfolio rebalancing.
Ideal For:
Beginners who want a combination of automation and control over their investments without paying any fees.
Conclusion
Whether you’re looking for a simple app to get started with a few dollars or a more advanced platform that offers educational resources and personalized advice, these investment apps make it easy for beginners to dive into the world of investing. Consider your financial goals, risk tolerance, and the level of control you want over your investments when choosing the best app for your needs.
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