10 Best Investment Apps 2022 – Investment Apps for Beginners

For someone just dipping a toe into the investment waters, Acorns does most of the work for you. There’s no account minimum you need to get started, and you can choose the level of risk that you feel comfortable with — and then let it do the rest. You can also set up recurring contributions and allow it to round up and invest the change from any purchase you make from a linked credit or debit card, so you can increase your investments without even really thinking about it. Unlike many other apps, though, there is a monthly fee: $1 for the individual (Lite) version, $3 for the personal version and $5 for a family plan.

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Robinhood is best for those who want to dive into investing with both feet: With no fees and no minimums to get started, you can begin trading as soon as you set up an account. The app grabbed headlines for being at the center of some big swings in stock prices during the pandemic, but even if you want to stay away from meme stocks, Robinhood is attractive for beginners because it offers unlimited, commission-free trades in stocks, exchange-traded funds (ETFs) and options, and even lets users invest in cryptocurrency and gold. Then again, the New York Times reports that the ease with which stocks can be traded on Robinhood encourages risky trading, so you have to be careful.

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At Betterment, you can grow your wealth without compromising your values, choosing portfolios that prioritize sustainability, social impact, gender equality, lower carbon emissions, ethical labor management and greater board diversity. You can also tell it your financial goals — are you saving for something specific, like college or a house? — and your risk tolerance. Once that’s done, you can let Betterment’s robo-advisors take care of the details, and you can even set up recurring investments so you don’t have to keep on top of your portfolio. But while there’s no minimum to get started with the basic digital plan, there is a fee, usually .25% of your fund balance per year.

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One of the OG investment apps, E*Trade has done away with fees and minimums for its most basic investing plan, making it as affordable to use as some of the easiest, hands-off investment apps. But for those who want to have a greater hand in their finances, once you’ve given them an idea of your goals and risk tolerance, you can customize E*TRADE’s portfolios however you like. Investors can put a greater emphasis on social responsibility, for example, or try their hands at cryptocurrency. Not sure what any of that means? This app also hosts a library of information — and a livestream of Bloomberg TV — to demystify investing for you. You will bump into fees and a $500 minimum if you want to invest in one of their Core Portfolios.

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Depending on your level of experience, you can do self-directed investments or automate the investing experience using a robo-advisory service. The more hands-off you want to be, however, the more you’ll pay: There’s a $5,000 minimum to use the robo-adviser Schwab Intelligent Portfolio. (If you have less than $5,000 in assets, stock and ETF trades are still free.) In addition, with Charles Schwab’s acquisition of TD Ameritrade, it has committed to keeping Ameritrade’s popular thinkorswim platform, which gives users access to more complex investments like Forex trading.

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With SoFi, you can get started with just $5, thanks to the ability to invest in fractional shares of stocks. If you’re just starting out and want to try your hand, it’s a way to get going with putting very little on the line. If you like it, you can make use of SoFi’s automated portfolio, which doesn’t require account minimums. You can also get commission-free stock and ETF trades, but unfortunately there are no mutual funds or bonds to trade. You can invest in cryptocurrency, but at charge.

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If all this talk of commission fees, percentages and account minimums is too much to keep track of, Stash makes things simple with an easy-to-understand subscription model. There are three pricing plans: $1/month gets you advice, investing access, a bank card and even life insurance; $3/month adds in an investment portfolio and retirement portfolio and $9/month adds on two kids’ portfolios, another bank card and even more life insurance. It’s a one-stop app for family finances. The card is particularly innovative: Instead of getting cash-back rewards, rewards are given in shares of stock!

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Lots of investment apps say they’ll help you achieve your financial goals, but this one has the chops to really do it. Saving for college? Wealthfront has a 529 to invest in. Need cash now? You can use your portfolio as security toward a line of credit. You can even withdraw from an ATM. Investing? Oh yeah, it does that, too, though there is a 0.25% advisory fee per year and a $500 minimum.

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If you don’t want the educational materials, the stock-reward bank cards, the insurance, the fancy financial products or the hassle that comes with them, Ally has a great, basic investment app. Choose the self-directed route, and you’ll have no commission fees on stocks or ETFs, options for just $0.50 per contract and the ability to invest in bonds, mutual funds and margin accounts. Go for a robo-portfolio, and they’ll take over based on your preferences — though you’ll have to start with a minimum of $100 and 30% of your assets have to be set aside in a cash buffer.

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Though you don’t have to be a woman to invest with Ellevest, it’s managed by women, directed at women and run with the specific needs of women in mind — everything from the wage gap to women’s longer lifespans. It also is committed to education and offers online workshops and e-courses so investors can grow more confident in their investing. There are three tiers of pricing: $1/month gets you investing, banking and education services; $5/month adds in retirement planning and $9/month allows for multi-goal investing.

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