8 Best Investing Apps for Beginners in 2024

In 2024, the stock market is hitting new highs. This growth brings changes to investing apps for beginners. Now, these apps have more to offer, suiting different styles and goals. If you’re just starting or are an experienced trader, you’ll want an app with low fees and easy use. The best ones will help you trade easily, give you useful tools, and not charge commission on stocks or ETFs.

We’ve put together a guide to the 10 best investing apps for beginners in 2024. These apps are great for new investors. They not only offer what you need but also teach you with webinars and blog posts. This way, you start your financial journey in the right direction.

When picking an investing app, think about how you want to invest. This could be holding onto stocks for a long time or trading every day. Also, look at the fees. Go for apps that match how you want to invest and that have low fees. This saves you money and helps your investment grow.

Don’t overlook the company behind the app you choose. A good company means a reliable app and service. That’s key if you stay with the app or use more investing services in the future.

– Top apps for new investors are affordable, easy to use, and have no trading charges.
– It’s smart to pick apps that fit how you invest and cost less.
– The app’s parent company matters for a reliable and extra services experience.
– Apps also help by offering to learn from webinars and blogs for beginners.
– It’s good to look into how each app lets you invest, their fees, and what they teach you about investing.

Introduction

Choosing the right investment app is key for those starting their financial journey. The best app is easy to use and offers tools and features for new investors to gain confidence.

The Importance of Choosing the Right Investment App

The app you choose should match your style, goals, and how much risk you’re okay with. It needs to have the types of accounts you need, like for stocks, ETFs, or cryptocurrencies. It also should have learning materials and maybe let you talk to experts to make better choices.

Key Features to Look for in an Investment App for Beginners

For beginners, focus on apps with strong research tools, many account types, and low fees. These will keep you from needing to switch as you get better at investing. Also, make sure the app comes from a solid company. They need to offer a good online experience and be there when you need help. Your investing needs might get more complex than what the app alone can handle.

Choosing the right app helps new investors build a foundation for a bright financial future.

Robinhood: Best for No Commission Fees

Robinhood is a leading figure in the world of no-commission brokerage. It’s an ideal pick for those who are just stepping into the investment world. Here, you can trade stocks, ETFs, and more without any commission charges. It has earned a high trust score among beginners, with an Insider’s Rating of 4.21 out of 5. This shows it’s a reliable platform for new investors to begin.

If you usually invest in stocks and ETFs, using Robinhood means no additional costs. But you should know that there are also premium plans. With Robinhood Gold, for example, you get extra features for a monthly fee as low as $5.

Robinhood’s Commission-Free Trading

Robinhood shines as a cost-friendly choice for mobile investing. It charges no commission fees for trading various assets. This benefit is great for those starting out, as it means more of your money can go towards building your portfolio. Additionally, Robinhood supports retirement accounts and offers a 1% match on contributions, which can go up to a 3% match for Gold members.

Cryptocurrency Trading with Robinhood

When it comes to cryptocurrencies, Robinhood offers a big advantage. You can trade over a dozen digital coins without paying any commission. And for keeping your investments safe, Robinhood provides a cold storage wallet. This ensures the protection of your digital assets.

Robinhood’s User-Friendly Interface

The Robinhood app is well-loved for its easy-to-use design. On both iOS and Android platforms, it has gotten high ratings for the user experience. This is especially good for new investors. The app allows easy navigation and access to a variety of investment options. Plus, it provides tools to make well-informed choices.

Acorns: Best Automated Investment App

Acorns investing app is perfect for people new to investing. It’s simple and easy to use. You don’t need a lot of money to start. It helps you spread your money across different investments. Plus, it has tools to see how your money is doing. Even though you might pay a bit more, the app’s convenience is a good reason to choose it.

Acorns’ Robo-Advisor Services

Acorns is built around a smart robo-advisor. It gives you the best mix of investments based on how much risk you like. This is great for people who are new to investing. It takes the hard work out of picking investments, which can be a big relief.

Acorns’ “Round-Up” Feature

The “Round-Up” feature of Acorns is really cool. It rounds up your purchases to the nearest dollar and invests the spare change. This way, your investments grow a little with each purchase. It’s especially great for those just starting to save and invest. It turns everyday spending into savings.

10 best Investing apps for beginners

SoFi Invest: Best Overall Investment App

SoFi Invest makes trading easy for US investors. It lets you open an active or automated investing account. If you fund a new account, you can get up to $1,000 in stock, with a small chance to get $1,000. There are many investment choices, like IPOs. You can also learn from its educational resources and talk to Certified Financial Planners for free. On the app stores, it gets a 4.8 on iOS and 3.8 on Android. Also, SoFi Invest doesn’t need a minimum deposit and doesn’t charge fees.

Comprehensive Investment Options

SoFi Invest covers a lot of investment choices for new investors. You can trade stocks, ETFs, ADRs, cryptocurrencies, and options. This helps you have a varied and balanced investment portfolio.

Educational Resources and Financial Advisors

SoFi Invest cares about helping you learn and get advice. It has webinars, blog posts, and planning tools. Plus, you can get help from Certified Financial Planners without any extra cost. They can give you advice just for you on your investing journey.

Ally Invest: Best Overall Runner-Up

Looking at investment apps, Ally Invest stands out. It’s a great option for those starting out. With low trading costs and many research tools, it’s a solid choice.

Low-Cost Trading Platform

Ally Invest offers a cheap way to trade stocks, ETFs, and options. This is ideal for beginners eager to invest without high fees.

Extensive Research and Analysis Tools

But, it’s more than just cheap trading. Ally Invest has tools for smart investing. This includes market data and stock analysis.

Ally Invest and Interactive Brokers are similar in offering cheap trades and tools. But with Ally’s zero commissions and detailed research tools, it’s a standout choice for new investors.

TD Ameritrade: Best for Active Traders

TD Ameritrade is a top pick for those who actively trade and want to learn more. It offers advanced platforms like the thinkorswim tool for deep analysis and swift trading. These tools help traders stay on top of market changes with cutting-edge features.

The app provides tons of ways to increase trading knowledge. There are webinars, tutorials, and detailed research, all helping traders sharpen their strategies and learn about market trends.

Advanced Trading Platforms

At TD Ameritrade, their app is designed to meet the needs of active traders. It works seamlessly with thinkorswim, known for powerful charting and real-time data. This setup ensures traders have everything they need to trade wisely and swiftly.

Besides, the app has various tools for trading, such as options and portfolio management. These cater to the different trading styles of its users.

Educational Resources for Active Traders

Learning never stops for active traders with TD Ameritrade’s rich educational materials. They can dive into webinars, tutorials, and detailed market analysis. These resources cover it all, from basic to advanced trading topics.

This learning package aims to make traders more informed and confident in their decisions.

Public: Best for Socially Responsible Investing

Public is a great investment app for those starting. It lets users invest in what they believe in. This includes many socially responsible options. So, people can make portfolios that match their values.

Socially Responsible Investment Options

At Public, you can choose from various funds and stocks. They focus on renewable energy, sustainability, and helping society. It’s easy for new investors to look into these socially responsible choices. They can pick what aligns with their money goals and ethics.

Community-Driven Investment Platform

Public is more than an investing app. It’s a community where people share and learn. Users discuss their investments, learning from each other. This makes it great for those who are new to socially responsible investing. They can get advice and talk with like-minded people.

Stockpile: Best for Kids’ Investments

Stockpile is perfect for beginners wanting to invest for their kids. This app introduces children to investing in a unique way.

Fractional Share Investing for Kids

Stockpile allows kids to start investing with just $1. They can own parts of their favorite companies or cryptocurrencies. This feature helps them learn about investing early.

Custodial Accounts and Gifting Options

Parents, grandparents, and others can easily add to a child’s investment account with Stockpile. Stockpile gift cards let them gift stocks or crypto, supporting a child’s financial future.

Stockpile combines fractional investing with easy gifting and saving for kids. It helps families teach their kids about money and investing. The app offers many choices, like 30+ cryptocurrencies and 4000+ stocks, for young investors.

Comparison of the Top Investment Apps

For those starting out in investing, it’s key to look at what each app offers. A deep report compares the best apps out there, pointing out what makes each one special.

Key Features and Differentiating Factors

SoFi Invest catches the eye by giving new users up to $1,000 in stock with a new account. But, not everyone gets this, as it’s offered in only 0.028% of cases. Beyond that, it doesn’t need any money to start, and charges nothing for trading or for help from financial experts.

Robinhood, however, stands out differently. It gives you a tiny bit of interest on your cash, but a lot more if you subscribe to Robinhood Gold. It also welcomes you to the trading world without asking for a minimum, except for the extra perks of a Gold account that costs $5 monthly.

Then, there’s Acorns Invest. It hands over $20 when you start a new account and make the first investment regularly. You don’t need much to get going, $5 works. Plus, there are plans for every budget, from $3 a month up to $9.

Fees, Account Minimums, and Promotions

Checking what you might have to pay, or not pay, is crucial. SoFi Invest, according to a detailed review, is good for those who want no initial costs. It also doesn’t charge for active and automatic trading. Plus, its loan rates aren’t bad, ranging from 5.83% to 6.83%.

On the other hand, Investr makes trading easy with no minimum amount to start and no trading fees. They let you deal in stocks, ETFs, and even bits of shares with just $5.

For those looking at Betterment, know you’ll need $100 to begin. Thereafter, there are no charges for buying stocks and ETFs. The upkeep fee applies, set at a flat $4 a month or a quarter of what’s in your account.

Robinhood thrives on free trading, at least basic trading. It doesn’t force you to have a minimum amount either. Yet, for the step up in features like the tiny APY and the Gold perks, you’ll pay $5 monthly.

Acorns takes a unique approach with micro-investing. It needs just $5 to start and rounds up your spending to add to your investments. On the flip side, Ellevest requires no minimum and aims at helping women navigate the investment world through specific funds.

On the nitty-gritty of account balances, several recommended apps don’t make you hold a specific amount. This includes big names like Fidelity and smaller ones like Public. They all let you dabble in various investments, from stocks to cryptocurrencies, with ease.

Security is paramount in these apps, with many having top-notch protection like two-factor authentication and encryption. Assets up to $500,000, with a chunk for safekeeping uninvested funds, are under SIPC’s guard. But remember, investing is not risk-free. Your money’s safety depends on what you choose to invest in, your comfort with risk, and for how long you plan to invest.

Conclusion

This article has shown the best investment apps for new investors in 2024. Apps like Robinhood offer commission-free trading. Acorns has a feature for automated investing. SoFi Invest includes many different options for new investors.

When picking an app, think about fees, minimum account amounts, and what you can invest in. Also, check the educational tools available. This helps you choose the app that best fits your investment goals and how much risk you’re okay with.

Researching and comparing these apps will help you start investing with confidence. For example, Public lets you invest in companies that align with your values. Stockpile is good for young investors because you can buy parts of shares and have an account managed by an adult.

The selection of apps for new investors is vast. Those starting out and even those with more experience can find what they need. There are great options for everyone in the best investing apps for beginners category.

It’s key to keep learning about investments and the apps that can help you. Observing each app’s details, charges, and ease of use is crucial. This way, new investors can choose wisely and begin working towards their financial dreams confidently.

Source Links

1. https://www.fool.com/the-ascent/buying-stocks/best-investment-apps-beginners/
2. https://www.businessinsider.com/personal-finance/best-investment-apps-for-beginners
3. https://www.securities.io/best-investing-apps/
4. https://www.fool.com/the-ascent/buying-stocks/best-free-stock-trading-app/
5. https://money.usnews.com/investing/articles/investment-apps-for-beginners
6. https://www.nerdwallet.com/best/investing/investment-apps
7. https://www.stockbrokers.com/guides/beginner-investors
8. https://thecollegeinvestor.com/19598/investing-apps-invest-for-free/
9. https://www.vectorvest.com/blog/stock-advisory/best-investment-apps-for-beginners/
10. https://apps.apple.com/us/app/stockpile-how-families-invest/id1021737158
11. https://www.stockpile.com/
12. https://smartasset.com/investing/investing-apps-for-beginners
13. https://www.wallstreetsurvivor.com/best-investing-apps/