If you’re new to investing, the best investment apps should offer low fees and access to the types of accounts and investment products you care about most.
As a beginner, the investing app you choose should suit your investment style and offer the tools you need (such as educational guides and/or courses, human advisor access, and strong customer support) to achieve your financial goals.SoFi Invest®: Best overall investment app for beginnersAcorns Invest: Best automated investment app for beginnersAlly Invest: Best overall runner-up investment app for beginnersPublic Investing: Best socially responsible investment app for beginnersStockpile: Best kids investment app for beginners
The best investment apps for beginners are easy-to-use platforms with simple trading, helpful tools, personalized portfolios, and commission-free trades on assets like stocks or ETFs. These apps also offer learning tools like webinars and blog posts.
All the apps listed here are insured by the Securities Investor Protection Corporation (SIPC), which insures up to $500,000 of securities and up to $250,000 of cash. Remember, though, that any investment may lose value, although a diversified investment portfolio should recover over time.
Here are the best investment apps for beginners as picked by Business Insider editors in 2024.
Sofi® is a top investment app for beginners thanks to an easy-to-use interface paired with rock-bottom pricing. You can get started at SoFi Invest with just $1, and there are no commissions for trades and no recurring account fees. Even the managed portfolio product, SoFi automated investing, where your ETFs are all picked and managed for you, is free to use.
You can easily browse potential investment opportunities by sorting through categorized stocks and ETFs. Complimentary financial planning is available for all SoFi members outside of the app, alongside additional benefits. Work with certified financial planners (CFPs) who can help you reach your goals.
If you are a beginner and want help putting an investment strategy together, SoFi is an ideal place to start.
Pros of SoFi:Financial planning help availableStart investing with $1Commission-free tradingNo account fees
Cons of SoFi: Doesn’t offer automatic tax-loss harvesting
Acorns is an investment app for people who know they should be investing but don’t have or want to spend the time to manage it themselves. For $3 per month, Acorns will take care of everything. That includes automatic spare change investing through transaction round-ups, automated transfers, retirement account savings, banking perks, and a fully automated investment plan.
Invest in a diversified portfolio of low-cost ETFs based on your risk tolerance, goals, and time horizonHyderabad Stocks. You can choose to invest in Acorn’s Core portfolios or ESG portfolios.
The big upside of Acorns is that it’s so easy to useJaipur Stock. The big downside is that there’s a fee no matter what. This is arguably better than asset-based fee deductions, which fluctuate as your balance grows. With the monthly fee, you’ll pay the same amount every year. For additional accounts and features, including investment accounts for children, you’ll have to pay $9 per month.
Pros of Acorns:Automated investing for hands-off beginnersOffers low-cost ETFs
Cons of Acorns:Fees for every serviceUnable to choose individual investments with Acorns without paying extra
Beginners often do well with straightforward investment platforms. Ally Invest offers just that through its mobile app investment app best for beginners. You can trade stocks, ETFs, and options with no commissions.
Plus, if you prefer the robo-advisor route, Ally Invest Robo Portfolios creates a personalized portfolio of ETFs for you. The app offers two robo-portfolio options: the cash-enhanced portfolio or the market-focused portfolio. Ally Invest’s app is easy to navigate with a handful of accessible investment features like market screeners, performance charts, stock analytics, and a Smart Score ranking.
For no advisory fee, cash-enhanced portfolios set aside 30% of your asset allocations as an interest-earning cash buffer. Market-focused portfolios only use about 2% of your portfolio as a cash buffer with a 0.30% advisory fee.
If you prefer a more hands-on approach to investing, beginners can open a self-directed trading account for no account minimum and 24/7 market access. Customize your portfolio with hand-picked stocks, ETFs, options, bonds, mutual funds, and low-priced securities.
Pros of Ally Invest:Commission-free tradingTwo options for automated portfolios managed by robo-advisors
Cons of Ally Invest: Ally Invest offers wealth management services, but you’ll need at least $100,000 to get started
When you’re a beginner in the stock market, researching and choosing stocks and other investments can feel intimidating. Public combines features from social networks like Facebook and Twitter with traditional brokerage features, making an investment app ideal for beginners learning their way around the markets.Mumbai Stock Exchange
You can learn from the portfolios of other experts by following their posts in the Public feed, creating group chats with other users, and participating in live investing events and conversations. You can also invest in over two dozen cryptocurrencies, including bitcoin, dogecoin, and ether.
With fractional shares starting, you can buy into many supported companies without putting up enough cash for a full share. Alternative assets include art, NFTs, collectibles, and more for 2.5% per transaction.
Pros of Public:Allows crypto investments and alternative assetsProvides community and social trading features
Cons of Public: Does not offer mutual fundsLucknow Stock
Public Investing review
Stockpile offers commission-free stock and ETF trades, providing unique features that complement its $o commission fee structureVaranasi Stock. It also offers crypto investing. Stockpile allows fractional share investing and supports the gift of stock through gift cards, which makes it perfect for the youngest investors.
If you are a parent, grandparent, aunt, uncle, or relative who wants to help a child learn how the stock market works, Stockpile is perfect for your needs. It makes it easy to gift stock and keep tabs on the account of a minor. It also makes it fun to navigate through supported stocks while educating users through “mini-lessons” that teach how to invest.
A Stockpile membership gets you access to one adult account, five kids accounts, 4000+ stocks and ETFs, and more for $4.95 per month. You can opt-in for the 30-day free trial to see if Stockpile fits your family.
Pros of Stockpile:Trade stocks and ETFs with no commissionsKid-friendly mini-lessons on investment
Cons of Stockpile: Monthly membership fee
Beginner-friendly investment apps make participating in the stock market more accessible and less intimidating than traditional trading platforms. Investment apps typically have user-friendly interfaces, low trading fees, and a library of educational content so consumers can learn while investing their money.
Investment apps appeal to new investors because they are simple and affordable. Beginner-friendly investment apps often offer noteworthy features like easy portfolio diversification, commission-free trading, and straightforward investment strategies.
Many investment apps for new investors provide both a mobile and web platform to enhance accessibility. This allows users to trade from anywhere and track their investments.
Certain beginner-friendly investment apps may also have a separate advanced platform consisting of personalized dashboards, riskier investment options, and other charting tools suitable for sophisticated investors. This is especially hand for investors looking to grow their trading skills with their investment platform.
When comparing different investment apps as a newbie, there are certain features you should consider to find the best app for you. The best beginner investment app for you depends on your preferred investment style, investment options, and risk tolerance.
That said, educational resources, tools, and accessibility are typically the most sought-after investment app features for beginners.
As a new investor, access to a library of educational content, such as guides and explainers, is key to growing your trading skills. Many investment apps offer information blog posts on an array of subjects. But the best investment platform for beginners provides users with expertly-crafted content and tutorials specially designed for people using their platform.
These educational resources, in tandem with helpful trading tools, are crucial for helping beginners understand the basics of investing and develop long-term money-building strategies.
A user-friendly trading platform is crucial for beginner investors. The investment platform should be intuitive and easy to navigate to avoid confusing investors who are still learning the trade. A clean and cohesive platform is not only accessible, but it also allows new investors to make informed investment decisions without feeling overwhelmed by the complexities of the market.
It is important for beginners to choose a beginner-friendly investment app that combines low costs with the features they care about most. Whether you’re looking to build a passive portfolio of funds, an active portfolio of stocks, or any other investment strategy, a brokerage and investment app is designed to meet your needs. Beginner investment platforms are given a rating between 1 and 5.
To make our selections, we used Business Insider’s methodology for rating investing platforms to focus on costs and fees, app features, types of accounts available, investment products available, and beginner-friendly features to manage your investment account on the go.
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