Determining the best way to start your investment journey can be challenging, especially for new investors. Thankfully, technology has made investment easier by introducing user-friendly apps for new investors that help build their wealth.
The popularity of trading apps is booming. These apps help you trade your stocks fast, track your account progress and provide you with educational resources to help you learn about the markets.
Here are the top five trading apps that Nachgefragt.net recommends for new investors.
Let’s dive in!
Invstr is a powerful app that provides new investors a means of getting into stocks, particularly if you are a game enthusiast. A fantasy stock game is available in the app, where you manage a $200 billion virtual portfolio of stocks and other investments, with access to investors’ views.
If you are a new investor, this is the best app to practice investing before using real money. You can download and register with this app for free, and it has a wealth of educational resources from Invstr Academy. It is possible to start investing in fractional shares with as little as $1 with Invstr.
- You don’t have to risk your money to start investing
- Access to educational materials
- Availability of a huge investing community
- Excellent performance and portfolio insights
- You can only conduct limited trades in a day
- Limits investment to U.S. stocks only
- Requires lots of fees
Acorns is another excellent investment app with an in-built Robo-advisor to help beginners invest their extra cash. This app is useful for new investors as it allows them to micro-invest. The micro-investment concept means investing small amounts consistently so that your contributions accumulate over time.
Through Acorns’ Round-Ups® feature, you can micro-invest by taking spare change and investing it in diversified ETFs. You will need to link your debit/credit card to your Acorns account, and then the app will automatically round up your purchases to add funds to your account. Using this app, you can invest in various fractional shares in stocks and ETFs.
- Allows automatic investment of spare change from purchases
- It has an in-built Robo-advisor
- Availability of educational resources
- Charges monthly fee on all accounts
- It’s impossible to build your portfolio
Betterment is one of the best investment apps that help you meet your investment goals. This app has automated investing features, retirement planning, and tax-loss harvesting at affordable prices.
This is an excellent app for new investors because it manages your cash, trades, invests, and rebalances your portfolio, but you must be willing to spend a little more money on it. Betterment comes with two investment plans: digital, which takes 0.25% of your balance, and premium that charges 0.4% of your credit.
Offers automated investing
Relatively affordable pricing
Provides advice on how to save money from taxes
Gives investment guidance
You can get your cashback after shopping at the chosen brands
- Charges a monthly fee on all accounts
- Lacks real estate funds
- The premium account involves a high minimum balance
Stash is an excellent app for new investors willing to learn about investments fast. This app combines games and educational content to make it fun and easier to learn financial topics. Stash lets you set goals based on what you want to accomplish, and you can also track your progress.
Additionally, this app offers you suggestions for portfolio building and allows you to invest in fractional shares or ETFs with any amount of cash. When you sign up for Stash as a new member and deposit about $5 into a Personal Portfolio, this app gives you $10 that you can use for your first investment.
- A wealth of educational materials
- You get a piece of personalized advice on investment based on stock research
- Investing is automated
- Supports fractional shares
- High monthly fee
- It doesn’t support tax loss harvesting using smart portfolios
Ally is a perfect choice for new investors who would love to invest in stocks and bonds. This app uses actual data to allow you to trade from anywhere and at any time. With Ally, you can access ETFs, bonds, and mutual funds.
The Ally app is user-friendly, and then it doesn’t require any minimum balance to operate.
- Commission-free stocks and options
- Doesn’t require a minimum account balance
- Few trading tools
The demand for investing apps is high these days as many people are looking for different ways to invest their cash.
If you are taking your first steps in your investing journey, you don’t have to worry, as the above beginner-friendly apps will help you invest your money. These apps, especially those with Robo-advisors and are wealthy in educational material, are the best for new investors.