Investing money is without a doubt one of the best ways to save for your future. Although investing can be super intimidating, it definitely does not have to be. There are plenty of apps that can set you up with an account that can get you started with investing in just a matter of minutes. Only ten years ago, if you wanted to invest in the stock market, you needed to either call a broker, or visit a bank to find a plan that works for you. But now a days, you can easily log onto an app, link your bank account, and either purchase any individual stock that you please, or some bundle of stocks. Now, this is not going to be any sort of guide on how to invest your money, but rather, the best apps for you to use, if you wish to invest your money into the stock market.
The criteria for me when writing this article was simple, I wanted apps that allowed you to invest in the stock market without having to jump through hoops, and to get rid of that stigma that investing is difficult. Now, some of these apps require you to actually open accounts with a bank, but some of them a simple account with the app itself is good enough. All of these apps are completely safe and secure, and will definitely get you started on your path to a good financial future! So without further ado, here are what I consider to be the top apps to get started to investing in the stock market.
Betterment takes the number five spot on our list because it is a great tool for investors who are just getting their feet in the water. You start off by creating your profile, which will consist of a small questionnaire to better find out your level of risk, and how much you are planning to invest. With Betterment, there is a ‘robot advisor’ who will recommend stocks to you based on what your interests are, as well as your preferences. This is a great feature for those who do not have the time to sink hours and hours each day into researching different companies. With Betterment, they will manage your money for free for the first year, and after that, they will start to charge a small annual investing fee.
Betterment allows you to monitor your contributions, make projections, and makes taxes a breeze. Betterment has truly set you up for success and it is definitely an app that I would recommend to anyone who wants to get their foot in the door and start investing.
Vanguard is without a doubt a well known company among the investment community. They provide a low cost investment service. There are no account service fees, and only a small annual fee to hold your money with them. Vanguard will allow you to purchase mutual fund or ETFs as well as individual stocks. With Vanguard, you will not have to pay commission fees when you are buying and selling their ETFs which is a huge plus.
I definitely recommend this app to anyone who doesn’t necessarily want to invest in individual stocks, but in an entire collection of stocks in the market. Vanguard is a completely safe and secure service, and it is a great tool that allows you to pool your excess funds into an account that will help you accumulate more wealth.
Acorns is without a doubt one of the most beginner friendly apps on this list. With Acorn, you link your bank account to the app, and the app allows you to round up every purchase and invest that spare change into an account for you. For example, if your purchase comes to $5.70, Acorn will round that up to an even $6 and put the difference into an account for you. The beauty of this app is the fact that you do not need to be hands on with the money at all. It is designed for people who want to invest their money, but are not quite sure how to do so.
I would most definitely recommend Acorn to anyone who wants to passively start investing their money. Acorn is an extremely easy platform to use, and it is without a doubt one of the best ways to open an account and watch it grow over time. You just set the account to round up your purchases, and let the app do its thing. It is definitely best I you do not check it every day, but just kind of let the magic happen. For some peace of mind, the person who invests and manages the funds is a Nobel Prize winning economist, so there is a ton of merit as to who actually invests the money.
Fidelity is a personal favorite app as it has one of the cleanest looks to it. Although this app is more on the advanced side, if you want to trade stocks like a professional, Fidelity is probably your best bet. There are several options when it comes to trading stocks through Fidelity, and that is through their ETFs, and their individual stocks. If you are planning on trading just individual stocks, I would probably not recommend Fidelity as they tend to have high brokerage fees, but if you want to trade ETFs, then Fidelity is a great place to start.
Fidelity takes the number two spot for having such a clean looking interface that is very user friendly. There is no minimum to open an IRA account, and there are no maintenance fees for having it. If you want to get a kick start on your retirement, Fidelity is without a doubt a great place to start.
Without a doubt my personal favorite app for trading individual apps, Robinhood allows you to trade individual stocks with absolutely no fees. Robinhood is definitely the best app and my go to app to trade stocks. Whether you are a beginner or an expert, Robinhood has something for you. If you wish to start investing and get a feel for it, Robinhood is great because it allows you to start with just purchasing a few shares, and eventually buy more and more when you feel more confident, all the while, saving you a ton of money on trading fees.
Robinhood is definitely the app I would recommend to anyone who wants to start investing, as it gives you a nice little biography about any individual company that you are interested in. Robinhood is also constantly updating and adding more features, such as a website, the ability to listen in on conferences with your favorite companies, and buying and selling on margin. This is without a doubt the best app to try out if you want to get your foot into the investing world.