The 6 Best Investment Apps of 2024

Selecting the most suitable investment application raises a formidable challenge due to the vast array of available options. There exists a multitude of platforms with alluring features, from micro-investing applications enabling the acquisition of fractional shares with your surplus change to sophisticated active trading platforms equipped with advanced trading tools and market commentary. They cater to every distinctive skillset and budget.

Our meticulously curated ‘top pick’ investment apps all share advantageous characteristics such as minimal fees, non-existent account minimums, retirement portfolios, and access to insightful educational resources.

Each of these applications are advantageous for novice investors; however, certain platforms provide users with a higher degree of control, customization, and investment options than others.

When electing your optimal investment application, it is crucial to ascertain whether you desire a passive portfolio or a self-directed one. The passive portfolio option offers day-to-day management of your investments, while the self-directed portfolio hands you the responsibility and control over your own investments’ selection and management, necessitating a keen sense of your personal risk tolerance.

We advocate for the use of robo-advisors due to their affordable pricing, user-friendly interfaces, and require minimal maintenance.

Below, we provide our comprehensive list of the most beneficial investment apps, including answers to frequently asked questions and expert financial advice to assist you in making an informed decision.

The 6 Best Investment Apps

1. Best for Automated, Passive Investing: Betterment Digital
2. Best for Emerging Investors: Stash
3. Best for Regular and Active Traders: E*TRADE
4. Best for Access to Professional Financial Advisors: SoFi Active Investing
5. Best for Cost-Efficient Investment Management: Fidelity Go
6. Best for Intermediate Investors: Webull

Betterment Digital: Top Choice for Passive Investing
Overall rating: ★★★★★ 5/5

Key Features:

• Managed portfolios enabled with automated investing
• Proficient at tax-loss harvesting
• Integrated with a functional bank account and a comprehensive debit card
• Also offers Socially Responsible Investing options

In-Depth Details:
Betterment creates a remarkable synergy between versatility and simplicity as a goal-based robo-advisor with the provision of managed portfolios, financial planning tools, and cash accounts. Its wide array of investment features include daily tax-loss harvesting, automatic portfolio rebalancing, and the availability of socially responsible investing alternatives.

As a user, you will enjoy the benefits of a high-yield banking account that accrues interest. Ease your mind when withdrawing cash as the Betterment debit card reimburses all ATM and foreign transaction fees. Furthermore, Betterment eliminates the barrier of a minimum account balance requirement.

Minimum Account Requirement: $0 (A minimum of $10 is required to commence investing)
Fees: $4 per month or an annual 0.25% based on the invested amount
Account Types: Individual/Joint brokerage account, Traditional IRA, Roth IRA, SEP IRA, Checking account, Savings account
Investment Choices: Exchange Traded Funds (ETFs) and Cryptocurrency

Additional Information: Betterment appeals to users who prefer a hands-off investment strategy by automatically investing your money into diverse ETFs. The ETFs in your portfolio are carefully selected based on your specific financial objectives and risk tolerance.

For users with a minimum balance of $100,000 in their investment accounts, Betterment provides an option to upgrade to the Premium plan at an account management fee of 0.40%. As a Premium customer, you gain in-depth financial advice and unlimited access to phone consultations with a financial advisor.

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Stash: The Ultimate Choice for Micro-Investing
Overall rating: ★★★★★ 5/5

Key Features:

• Engaging micro-investing opportunities
• Ownership of fractional shares
• Access to in-depth educational resources

In-Depth Details:
Stash is a versatile investment platform that can construct a diversified portfolio to meet your financial aspirations while aligning with your risk threshold. Alternatively, you can opt for a more active role by choosing from an extensive selection of over 3,000 individual stocks, Exchange-Traded Funds (ETFs), bonds, and cryptocurrency options.

For a monthly subscription of $9, Stash+ provides two custodial UGMA/UTMA accounts, making it an ideal investment solution for children as well.

Minimum Account Requirement: $0 (Start investing with $5)
Fees: Growth Plan, $3/month; Stash+, $9/month
Account Types: Individual brokerage account, Roth IRA, Traditional IRA, UGMA/UTMA custodial accounts
Investment Choices: Diversified options including ETFs, stocks, bonds, and cryptocurrency

Additional Information:
Stash’s popularity with novice investors lies in its low barrier to entry, as it allows for the purchase of fractional shares with a modest initial investment of $5. You can choose to engage the assistance of the application’s micro-investing functionality for establishing a diversified investment portfolio or exercise agency over your investments by selecting from an incredible array of available asset types.

You should note, however, that unlike other robo-advisors that charge a management fee based on percentage of the portfolio balance, Stash operates on a flat monthly fee structure. Although this system surprises some users, individuals with lower account balances may find this pricing model less economical in comparison.

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E*TRADE: Premier Solution for Active Trading
Overall Rating: ★★★★★ 5/5

Key Features:

• Comprehensive selection of investment options
• Access to over 4,400 no-load mutual funds free of transaction fees
• Equipped with advanced trading tools

In-Depth Details:
ETRADE distinguishes itself as a diverse platform catering to both active and advanced investors by offering an extensive range of financial products. Showcasing a commitment to value, ETRADE eliminated all stock and ETF trading fees in 2019. The platform features a remarkable collection of more than 4,400 mutual funds, which are devoid of any load or transaction fee. With a minimum balance of $500, investors have the option to activate an automated Core Portfolio subject to an annual management fee of 0.30%.

Minimum Account Requirement: $0
Fees: 0% for self-directed accounts; 0.30% annual fee for automated accounts
Account Types: Brokerage accounts, Traditional & Roth IRAs, Savings, Checking, Custodial account, IRA for minors
Investment Choices: Stocks, ETFs, Bonds, Options, Mutual Funds, Futures, and CDs

Additional Information:
E*TRADE’s streamlined mobile application empowers you with the smooth on-the-go access for intuitive stock purchases and trades.

For the more seasoned and intermediate traders, ETRADE offers its advanced platform—Power ETRADE. Here, traders can employ more than 145 charting tools, leverage optimal options strategies, undertake risk-reward analysis, and stay updated via a live-streaming Bloomberg TV feed.

The Power platform also presents a unique paper trading feature, allowing you to refine your investing skills, test and tweak strategies without risking real capital.

Please be informed that Power ETRADE is not a separate brokerage account—it’s an enhanced platform with its own dedicated mobile application. Consistent with the core platform, Power ETRADE does not impose trading costs or account management fees.

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SoFi Active Investing: Unparalleled Access to Professional Financial Advisors
Overall rating: ★★★★★ 5/5

Key Features:

• Unrestricted access to a dedicated financial advisor
• No account minimum threshold
• Complimentary stock and ETF trades

In-Depth Details:
SoFi Active Investing distinguishes itself remarkably with three remarkable features: The absence of account minimums, waiving of annual advisory fees, and provision of free stock and ETF trades. Additionally, with SoFi Active Investing, you can participate in forthcoming Initial Public Offerings (IPOs) prior to their debut on the public market.

Minimum Account Requirement: $0 (A starting investment of $5 is mandatory)
Fees: None
Account Types: Individual/Joint taxable account, Roth IRA, Traditional IRA, SEP IRA, Keogh plans
Investment Choices: Stocks, ETFs

Additional Information:
SoFi Active Investing presents an appealing platform, particularly tailored for seasoned investors.

The exhaustive fee structure is highly competitive, eliminating account minimums, annual advisory fees, and charges on stock and ETF trades. The platform also enables fractional share investing.

Clients who fund their Active Invest account with at least $10 within 30 days of account opening stand a chance to receive up to $1,000 in stock (subject to terms and conditions).

However, certain investment types like bonds and mutual funds are not accessible through this platform. Additionally, it lacks advanced trading options such as options trading. For investors seeking a more passively managed approach, SoFi also offers Automated Investing.

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Fidelity Go: Unbeatable for Low-Cost Management
Overall Rating: ★★★★☆ 4.5/5

Key Features:

• No advisory fees for account balances below $25,000
• No investment expense ratios on Fidelity Flex Funds
• Seamless integration with other Fidelity accounts

In-Depth Details:
Fidelity Go may not teem with extravagant features as some other investment apps do, but it holds its own through its unrivaled cost-effectiveness—an attribute that greatly appeals to novice investors. Fidelity Go does not charge any advisory fee for account balances of $25,000 or less, making it an ideal platform for newcomers to the investment world. The portfolios are constituted of Fidelity Flex Funds, which are mutual funds void of investment expense ratios. Any existing Fidelity account holder, whether it be an IRA or a taxable account, can effortlessly opt into this top-tier robo-advisor service.

Account Minimum Requirement: $0; A minimum of $10 is required to commence investing
Fees: No charge for accounts under $25,000; a management fee of 0.35% per annum for balances of $25,000 and above
Account Types: Individual/Joint brokerage account, Traditional IRA, Roth IRA, Health Savings Account
Investment Choices: Mutual Funds

Additional Information:
Fidelity Go offers a rich diversity of 14 portfolio options, half of which are retirement portfolios, while the remaining half consists of taxable portfolios. Regardless of your choice, all portfolios are crafted from Fidelity’s hallmark Flex Funds.

These funds span across four key asset classes encompassing U.S. Stocks, International Stocks, Domestic Bonds, and Short-Term Securities. It’s important to note, however, that some assets like commodities, real estate investment trusts, and international bonds are not available. Nonetheless, for investors less concerned about the absence of these additional choices, there still exists substantial opportunity for diversification. It’s also worth noting that unlike other robo-advisors, Fidelity Go does not offer the service of tax-loss harvesting.

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Webull: Superior Choice for Intermediate Investors
Overall Rating: ★★★★☆ 4/5

Key Features:

• Commission-free trading on stocks and ETFs
• Access to cryptocurrency trading
• Includes advanced investment tools

In-Depth Details:
Webull stands out with a rich suite of advanced stock market trading tools, encompassing comprehensive charting, curated watchlists, a plethora of technical indicators, and free options trading, among others. As a noteworthy feature, it provides access to an impressive collection of 44 cryptocurrencies, with plans to incorporate more in the future.

However, it is significant to note that Webull does not provide the in-depth educational resources typically offered by other investment applications. Additionally, it does not support trading in mutual funds and bonds.

Minimum Account Requirement: $0
Fees: None
Account Types: Taxable brokerage account, Roth IRA, Traditional IRA
Investment Choices: Stocks, ETFs, Options, Cryptocurrency

Additional Information: Webull is ideally suited for active traders who are comfortable with self-managed stock and ETF trades. Although Webull hosts a vibrant user community, its traditional educational resources are rather limited. It also does not provide access to common securities such as bonds and mutual funds.

Webull distinguishes itself with advanced features like margin accounts and options trading. Notably, it is one of the few online brokers that offer free options trades without imposing any commissions or contract fees. Other salient features include real-time market quotes, fully extended-hours trading, and commission-free cryptocurrency trading.

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Best Investment Apps: Features Summary

Comprehensive Guidance on Optimizing Your Investment Portfolio

We are delighted to inform you that the investment world is more accessible than ever before with many brokerages, some of which are encapsulated in our curated list, flexibly offering low-to-zero minimum investment thresholds. This enticing feature implies that a financial commitment that aligns with your paycheck capacity is not just an option – it is imperative to lay the foundation of your investment journey.

Experts in this field commonly advocate for setting aside a minimum of 10% to 15% of your total income for investment purposes. To illustrate, if your annual income amounts to $45,000, your investment targets should be fixed at approximately $4,500 to $6,750 per year.

However, this rule, despite its widespread acceptance, does not always accommodate everyone’s financial circumstances or aspirations. It would be prudent to consider your financial stability and goals in order to make more tailored adjustments to your investment portfolio. Bearing in mind necessities such as clearing outstanding debts, building an emergency fund, achieving short-term savings targets, and catering to daily expenses should take precedence over increasing your investment amounts.

Taking advantage of an employer-sponsored plan such as a 401(k) can be an excellent entry point for investment. We would highly recommend aiming to invest between 10-15%, especially given that many employers pledge to match a percentage of their employees’ contributions. This represents an enticing monetary bonus and thus optimizes the benefits offered by your employment.

If the process feels overwhelming, rest assured that investment is not a sprint but a marathon, designed to accumulate wealth over the long term. Robo advisors and multitude of available investment apps offer user-friendly, visual tools that help you maintain focus on your financial objectives.

For instance, the Betterment app showcases visual tools that project retirement savings according to varied time horizons. These tools provide the opportunity to experiment with hypothetical increases in investment and consequent growth in retirement savings. Having an estimated figure of your potential retirement funds is likely to enhance your motivation to consistently invest more, or increase the frequency of your investments. It is crucial to embrace the journey and celebrate each milestone on your path to financial success.

Diversifying Your Portfolio Through an Investment App

Utilizing the advances in modern technology, investment applications allow you to trade an extensive variety of securities, offering flexibility and abundant choices in the assets you can invest in.

The categories of tradable assets commonly available on such platforms include:

• Stocks (domestic and international)
• Bonds (domiciled both locally and overseas)
• Exchange Traded Funds (ETFs)
• Mutual funds
• Foreign-exchange (Forex)
• Options contracts
• Futures contracts
• Cryptocurrencies

These broad options are available to cater to diverse investment preferences, however, the assets’ availability greatly depends on the brokerage account you opt for. As an illustration, one may be permitted to trade cryptocurrencies on the Webull platform but the same may not apply on Fidelity Go. This underlines the importance of thoroughly researching before opening an investment account. You need to ensure that the app supports the types of assets you are interested in.

Furthermore, while focusing on the variety of securities, it is essential not to overlook the account type selections that correlate with these assets. Examples of account types to consider include Individual Retirement Accounts (IRAs) or taxable accounts. There are also options to establish investment accounts for minors such as children or grandchildren, which is a beneficial way of safeguarding their financial future.

Understanding your individual requirements and aspirations for an investment account is a crucial factor in finding a platform most suitable to fulfill your financial objectives. Research is key to unveiling the best option that aligns with your personal needs. Taking the time to meticulously examine a range of investment apps, including those provided in our list, will aid you in making an informed decision that is beneficial to your financial journey.

Expert Advice for Selecting the Best Investment App Tailored to Your Needs

In efforts to provide profound insights on the topic of investment apps, we engaged in a dialogue with two highly esteemed financial experts from Klefka. Their combined expertise yields a rich knowledge base, and they have generously shared their insights, providing an informed perspective beneficial for individuals navigating the investment app landscape.

Their professional advice aims to guide prospective investors to make knowledgeable decisions when selecting an investment app that best aligns with their financial objectives and investment style.

What Are the Biggest Benefits of Using an Investment App?

Jennifer Wafer, a Certified Financial Planner, highlights the key advantages of leveraging an investment app:

“Employing an investment app for your financial activities introduces a level of convenience and immediacy that aligns with today’s digital era. It situates your investment activities and financial planning within an easy, accessible device – your phone – which already serves as a hub for many other areas of your modern lifestyle.

“For those who have been hesitant to establish an Individual Retirement Account (IRA) or felt they need to become more informed before committing actual funds to investments, the beauty of these applications is that they place a wealth of resources and information literally at your fingertips. The tools required to navigate the financial world are now within your reach, offering empowerment and accessibility in your personal investment journey.”

Robert Steiner, another esteemed Certified Financial Planner, shares his perspective on the advantages of utilizing an investment app, particularly for novice investors:

“The advent of investment apps has dramatically lowered the barriers to entry for individuals seeking to embark on their investment journey. Multiple apps offer the opportunity to purchase fractional shares, making it possible to invest small amounts—starting from as little as $1—in top-tier stocks. This considerably reduces the need to amass significant capital beforehand to buy full shares.

“Moreover, several applications facilitate micro-investing by rounding up the amounts on your purchases and allocating the spare change towards your investment portfolio. This feature allows you to make consistent, albeit small, additions to your investments.

“Another outstanding benefit provided by these apps is the ability to access real-time insights into your investment performance. You can instantly obtain a comprehensive overview of how your portfolio is faring, enabling you to make informed decisions and refine your investment strategy accordingly.”

What Are the Problems with Using an Investing App?

Jennifer Wafer, a Certified Financial Planner, cautions about potential drawbacks associated with the use of investment apps:

“While investment apps provide easy, instant access to your portfolio, they can potentially exacerbate tendencies for excessive monitoring and impulsive decision-making. A common inclination among investors is to constantly review their 401(k) or the performance of a recently purchased stock.

“However, for most individuals, daily market tracking isn’t necessary. Additionally, making investment decisions based on short-term market fluctuations typically isn’t advisable. Remember, the primary objective is to build wealth over time – the journey of investing is a marathon rather than a sprint.

“Therefore, while the ubiquitous availability of financial data can be useful, it’s crucial to avoid the temptation that your chosen app may pose to make hasty, potentially ill-informed investment decisions.”

Certified Financial Planner Robert Steiner discusses potential pitfalls associated with the use of investment apps:

“For those who tend to react nervously to unfavorable market trends or have a propensity for impulsive buying, investment apps may not be the most advantageous choice. It’s important to remember that successful investing is a long-term commitment that should be driven by careful planning rather than emotional responses or spur-of-the-moment decisions.

“Furthermore, it is imperative to be mindful of the fee structures associated with some apps. At first glance, these may appear minimal, but they can significantly impact your portfolio’s net value over time. For example, if an app charges a $1 monthly fee on a $100 lump sum investment, it equates to a substantial 12% annual investment fee – a costly charge that could severely affect your long-term investment returns.”

How Can I Learn More About the Investment Choices an App Offers?

Certified Financial Planner, Jennifer Wafer, provides valuable insights about understanding the investment options offered by an app:

“Predominantly, investment apps tend to promote stock Exchange-Traded Funds (ETFs). When you purchase shares in these funds, you acquire fractional ownership in a broad spectrum of companies operating across various sectors. This diversity allows for risk mitigation as your investment is not concentrated in one particular company or industry.

“If you’re interested in learning more about these investments, you can access detailed information directly through your app. Simply log into your account, locate the stock symbol for the companies included in the ETF, and examine their historical performance.

“You might observe fluctuations over time, but because your funds are dispersed across a wide range of companies, the negative impact from any single company’s stock decline will be significantly minimized. This offers the dual advantage of potential returns from market growth while protecting against substantial losses.”

Robert Steiner, a Certified Financial Planner, explains how individuals can gain insights about the investment options provided by an app:

“Exploring online reviews can offer useful insights about user satisfaction concerning the range of investment choices offered by an app, as well as any potential limitations.

“If you identify a specific investment that piques your interest, it is imperative to conduct thorough research. For instance, if you’re considering an individual stock, endeavor to understand the business model of the company, how it derives its revenue, and why you believe it could be profitable in the future.

“However, keep in mind that most investors don’t require an exhaustive array of investment options. A simple but effective method such as investing in an S&P 500 index fund is often all it takes to steadily accumulate wealth over the long term. These funds provide broad market exposure, diversification, and a historical track record of delivering sound returns over the long run.”

How Much Money Can You Earn with Investing Apps?

Jennifer Wafer, a Certified Financial Planner, indicates that profitability through investment apps hinges significantly on the level of investment:

“Profitability varies and is largely contingent on the volume of funds invested. Micro-investing apps, which allocate the spare change from your transactions towards investments, are unlikely to make you wealthy. Their value lies primarily in promoting an investment habit rather than their potential for high returns.

“However, a consistently disciplined investment approach, such as designating a fixed sum of money every month for automatic investment into a diversified portfolio, can accelerate your financial growth over time. This strategic approach promotes financial soundness and enables you to gradually amass a substantial nest egg, securing a considerably more comfortable future.”

Robert Steiner, a Certified Financial Planner, reminds that returns from investing apps are influenced by both the quantum of funds invested and the specific investments selected:

“Clearly, your returns are subject to how much you invest, as well as the type of investments you choose. However, an important caveat to remember is that past performance is no guarantee of future returns. Hearsay about massive returns gained by others through investment apps, perhaps by investing in a little-known cryptocurrency or a trending stock, doesn’t necessarily ensure that you would achieve similar results.

“It’s crucial to make informed investment choices and to exercise prudent risk management. The objective should be to align your investment decisions with your own financial goals, risk tolerance, and time horizon, rather than being swayed by anecdotal success stories.”

Frequently Asked Questions about Investment Apps

Navigating the realm of investment apps can sometimes spark numerous queries. To assist you in clarifying any doubts and making informed decisions, we have addressed some of the most frequently asked questions about investment apps.

We envision that our comprehensive responses to these common queries will enable you to determine whether adopting such an investment method aligns with your financial strategy and ultimate objectives.