Best Investing Apps for First-Time Investors

Best Investing Apps for First-Time Investors

These days, stock market investments can be done with several swipes at your fingertips. Investors are now turning to investing apps when they want to buy shares in the stock market.

While there are numerous apps for stock trading out there, it can be difficult to differentiate the genuine ones and the bad ones. This article lists some of the best investment apps that first-timers can use for investment purposes. It will help you find the right investment app that will fulfill your needs.

We did enough research and came up with the best investing apps available and every one of them was evaluated in regarding different areas. This is how we were able to compile this list which will help you find what you need.

We all have different financial situations. Our knowledge about investments, goals, tolerance for risk, and amounts to invest vary. Whether you only have a small amount of money that you want to start investing with or you’ve saved up lots of cash for investments, you’ll be able to find the right investment app for your need on this list.

Best Investment App for Free Trades: Robinhood

Robinhood is an investment app which is truly commission free. This means that the app doesn’t charge you for trading (EFTs, cryptocurrency, stocks, options and more) through the platform.

With Robinhood, you’ll also be able to purchase fractional shares, meaning you can invest in multiple stocks with as little money as $1. Most people who use the app like it for the intuitive interface and simplicity. One of the current reviews’ states “can be used with ease, and love how they update new features frequently.”

Read: Millionable’s Robinhood Review

Best Investment App for Automation: Acorns

Acorns offers:

  • Retirement accounts
  • Taxable investment accounts
  • Checking accounts with debit card

Acorns offers you a great and easy investing experience regardless of your past experiences, thanks to features such as automatic roundups. If all your transactions are done through a linked account, the purchase will be rounded off to the nearest dollar and then Acorns will invest the rest of the money in your portfolio. There are different types of portfolios, from conservative to aggressive.

Users are also able to make long term investments or lump-sum deposits, however, the app endorses that you open an individual account which will be updated according to your goals.

Read: Millionable’s Acorns Review

Best Investing App for Access to Human Advice: Betterment

Betterment uses real financial advisors to provide specific advice or answer questions. The advisors have to be Certified Financial Planners, meaning that they need to act as a fiduciary and only offer advice that will be useful to you.

Your Betterment package determines your cost. If your Betterment account is of the basic variety, you’ll be charged between $199 to $299 for every call. If you have a premium account with investments worth $100,000, you’re given unlimited access to CFP. Incase you need more hands-on, customized support, you can request the company to link you with one of their partner advisor firms.

Read: Millionable’s Betterment Review

Best Investment App for Short-Term Trading: TD Ameritrade

TD Ameritrade comprises of several investing resources and tools like thinkorswim, which is the company’s desktop trading platform. Active traders will be able to access back testing capabilities, real market heat maps, technical analysis studies and tools, real-time news and a variety of other capabilities available on the app.

TD Ameritrade Mobile Trader, the companion app, also provides users with tools required for advanced trading like complex option ordering capabilities and future trading and forex.

Related: Millionable’s TD Ameritrade Review

Best App for Managing Your 401 (K): Blooom

Blooom is different from other investment apps because it concentrates on optimizing your existing retirement accounts which are employer sponsored such as your IRA or 401 (K). If your current employer offers a 401 (k) but you don’t know how the existing money can be invested, Bloom will look at your plan and offer you a personal investment strategy for free with regards to your risk tolerance and goals. This is the best investment retirement plan that’s employee-sponsored.

Best Investing App for Long-Term Investing: Wealthfront

The strategy behind Wealthfront when in terms of chasing the market is centered around long-term investments. The platform provides 529 college savings accounts, 401 (k) rollovers and IRAs. Wealthfront’s diversified portfolios, automated investment approach and tax-optimization strategies are what make it the perfect fit for both advanced and first-time investors who are looking for a more hands-off approach.

Best App for Real Estate Investing: Fundrise

Fundrise reduces the entry barrier which is experienced by real estate investors by enabling users to make REITs or real estate investment trusts. You’ll be provided with eREITs that invest in eFunds and income-producing real estate in charge of selling and developing housing.

The eFunds and eREITs deals are performed by limited liability companies. You can purchase eFunds and eREITs shares by getting part of the Fundraiser Core Plan: Starter, Balanced Investing, Supplemental Income or Long-Ter Growth. The minimum buy-in amount is set at $500 while the remaining 3 investments can be bought at $1,000 or more.

Related: Millionable’s Fundraise Review

Best Investment App for Cryptocurrency: Coinbase

Coinbase is believed to be “the easiest platform to sell, buy and manage a cryptocurrency portfolio.” Users can sell and buy popular cryptocurrency like Litecoin, Ethereum and Bitcoin. With the Coinbase Wallet, you’ll also be able to see all your tokens from a central place as well as pay other members through the app. This is available on both iOS and Android devices.

If you want to earn more cryptocurrency for free (which will then be added to your wallet), consider taking the free courses about certain cryptocurrency which are offered by Coinbase. Advanced traders can benefit from Coinbase Pro’s lower charges as well as extra trading options.

Best App Designed Specifically for Women: Ellevest

While Ellevest accepts male clients, the automatic advisor focuses on the investment needs of women. The algorithm used considers everything from career breaks, pay gaps and women’s long lifespans, making it the only existing app that does this. The app provides users with three tiers of service: Executive, Plus and Essential. Every tier comes with a monthly rate of $9, $5 and $1 respectively.

Apart from the company’s Core investing capabilities, you’ll also be able to invest in Impact portfolios. They are meant to provide positive social impact and advance women on senior leadership boards and teams. Everyone can sign up for training with financial planners and career experts for a specific fee paid through Ellevest.  However, members will be given discounts of up to 50% on such services depending pm the type of membership plan they have.

Best for Chase Cardholders and Clients: J.P Morgan

If you already have an account with Chase bank, the company’s You Invest app is designed to integrate your mobile banking app and other existing accounts. This is a DIY app that gives $0 commissions as well as an automated advisor option. This can be used on the You Invest Portfolios allowing you to have a more hands-off approach.

Although you’re required to pay a 0.35% fee for your portfolio which is a bit higher than others in the industry. This a great option for customers who already have Chase accounts and are looking to invest quickly and don’t want to manage their investment by themselves.

How Millionable Rates Investing Apps

Our team of specialists considers different factors when trying to give investing apps using a 1 to 5 rating system. The following are some important factors that are considered when making a rating:

  • Cost per trade
  • Ease of use
  • Access to research
  • Compatibility with competitor financial apps
  • Account balance requirements
  • Mobile app reviews
  • Availability of commission (free ETFs)
  • Reviews from third-party websites
  • Customer service
  • Fees, and the possibility of increasing them

Apart from giving brokers a 1 to 5-star rating for every broker we check out, we also work towards finding the best brokers for specific kinds of investors, like:

  • Cryptocurrency investors
  • Active traders
  • First-time investors, etc.

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