Through a procedure that is entirely separate from being influenced by advertisements, we determine which items are the best and then offer them to you. If you decide to visit one of our recommended partners, we might get paid for it. For additional information, please see our advertiser disclosure. Investing is crucial for laying the groundwork for a secure financial future. Since there is an app for everything in this day and age, it stands to reason that there are a number of them available to assist you in investing. Even while most investment apps perform the same function, which is to assist you in buying and selling stocks, bonds, and other securities via your phone, each app is developed with a specific sort of investor in mind. Even if features such as minimal costs, low account minimums, and a straightforward user interface are beneficial for all users, you should still consider the types of investors that each app is designed to serve before using any of them. Here is the information you must be aware of to utilize an app for investing if you are planning to do so.
The best mobile applications for investing
- Best overall: Wealthfront
- Highly recommended for DIY and self-directed trading: TD Ameritrade
- Highly recommended for beginners: Betterment
- Highly recommended for active investors: Interactive Brokers
- Highly recommended for options traders: tastyworks
Best overall: Wealthfront
- Minimum deposit: $500
- Fees: $0 each trade, 0.25 percent per year
- Types of accounts available: traditional brokerage, retirement, and education accounts.
Why did we pick it?
For several different reasons, Wealthfront is our pick for the title of the best investing app. One of the many factors that set Wealthfront apart and contribute to its greatness is the fact that it maintains its low prices. There is a minimum deposit requirement of $500 to start an account, but no fees are associated with making trades. There is an annual cost equal to 0.25 percent of your assets. Still, the service provided makes this fee worthwhile for many different clients to pay. Wealthfront is our pick for the finest automated Robo-advisor investing app. This is in addition to the fact that it is a terrific app for users who wish to manage their own money. You will be asked a few questions regarding your objectives concerning investing whenever you register an account. Wealthfront may handle your investments on your behalf and create a balanced investment portfolio for you based on your preferences. You only need to contribute money to the account whenever you find yourself in a position to save more. Because it uses automated tax-loss harvesting, the program boasts that it will save you more money than it costs you. Wealthfront allows users to take a more active role in managing their portfolios, making it an excellent software for the investment strategy for anyone. This gives users who desire a more hands-on investing experience, the opportunity to do so.Pros
- The top application for automated financial advice
- Multiple varieties of accounts
- 96 percent of clients report that tax-loss harvesting helps them save money on fees.
- Open access to the cash management account
Cons
- If you self-manage your portfolio, you are still required to pay the annual charge of 0.25 percent.
- You have limited options for investments.
Highly recommended for DIY and self-directed trading: TD Ameritrade
- Minimum deposit: $0
- Fees: $0 associated with trading equities, exchange-traded funds (ETFs), or mutual funds
- Types of accounts available: traditional brokerage, retirement, and educational accounts
Why did we pick it?
Suppose you're the type of investor who likes to get their hands dirty and manage their portfolios. In that case, the TD Ameritrade app has everything you need to succeed in the market. The software features a user interface that is intuitive and straightforward, making it simple to seek stocks, ETFs, and options even when the user is moving around. It even interacts with smartwatches, monitoring your investments without taking your phone out of pocket. You can establish price alerts that will warn you about changes in the market throughout the day. This allows you to purchase or sell your investments based on movements in the value of those investments. The program also provides research and analysis available round-the-clock, which you may utilize to change your tactics. Active traders don't have to worry about costs eating away at their returns because TD doesn't charge commissions for trading on stocks and ETFs. This makes TD an excellent choice for investors who wish to handle their investments on their own because they don't charge commissions.Pros
- No minimum deposit
- The application includes research and analysis.
- Free trading of equities, exchange-traded funds, and mutual funds
Cons
- Investing in fractional shares is not permitted.
Highly recommended for beginners: Betterment
- Minimum deposit: $0
- FEES: 0.25 percent
- Types of accounts available: Traditional brokerage, retirement planning
Why did we pick it?
Betterment is one of the best apps you can use if you are looking for assistance in investing and simplifying that procedure. Betterment, much like Wealthfront, provides a Robo-advisory service to its customers. When you sign up for an account with Betterment, you will be asked about your objectives and how much you are willing to risk. The program will use this information to construct an investment portfolio for you. It will also assist you in maintaining the appropriate asset allocation. You will be set up and ready in a matter of minutes. You also can choose one of the prebuilt portfolios offered by Betterment rather than letting the company construct an investment portfolio for you. Funds concentrating on global diversification, innovation, or socially aware investments are included in this category. As of this writing, crypto investments will also be available very shortly.Pros
- Begin to invest your time in minutes.
- No minimum deposit.
- Reduced costs.
- investments with a focus on social responsibility and cryptocurrency are accessible.
Cons
- A minimum of $100,000 is required for premium service, including access to certified financial planners (CFPs) and additional counseling.
Highly recommended for active investors: Interactive Brokers
- Minimum deposit: $0
- Fees: Ranging from nothing to 0.05 cents per share in some cases.
- Types of accounts available: Regular brokerage and Individual Retirement Account
Why did we pick it?
While some people choose to participate in the market by buying securities and keeping them for several years, others invest in the market to profit from relatively short-term shifts in price. Some people even decide to become day traders, in which they engage in many deals on a single day. A technique like this one can be hazardous, but it also has the potential to be lucrative. The app developed by Interactive Brokers makes it simple for day traders and active investors to buy and sell using their mobile devices by catering to their specific needs. In addition to this, it caters to expert investors by providing more than one hundred different order types and enabling investors to trade utilizing complicated derivatives or trade on margin. In addition, it offers modest fees, charging fractions of a cent for each share exchanged and capping those fees at 1 percent of the total amount of the trade, which makes it attractive to active investors. Investors interested in gaining a competitive advantage will also benefit from the research and analysis included in the app. This will make it much simpler for them to locate profitable investment options.Pros
- There are a variety of order kinds available.
- Reduced costs
- Can engage in trading using margin
- Trade numerous derivatives
Cons
- Not designed for beginners
HIGHLY RECOMMENDED FOR OPTIONS TRADERS: tastyworks
- MINIMUM DEPOSIT: $0
- FEES: None for stocks or ETFs; one dollar per options contract to open (with a maximum of ten dollars per transaction); nothing to close a position. $1.25 for each futures contract, and 1 percent for crypto, with a maximum of $10 for each transaction.
- TYPES OF ACCOUNTS AVAILABLE: Traditional brokerage, retirement planning, and investment
Why did we pick it?
For various compelling reasons, tastyworks is the superior investment tool for options traders. The structures of its fees come in towards the top of the list. It may severely impact your profits due to the additional costs that many brokers charge for derivatives transactions. Even if you are engaging in huge transactions, the total amount you are required to pay will not exceed $10 for each transaction since tastyworks maintains minimal fees and places a limitation on them. In addition to its affordable prices, tastyworks provides traders with options of tools that make it simpler for them to locate chances and determine when the best time is to purchase or sell. You might try to locate trading opportunities by looking at many stock charts using the same data. In addition, there are helpful tools that permit you to modify your orders on the fly or locate the most suitable price goals for your trades. Additionally, Tastyworks is compatible with cryptocurrencies, which may pique the curiosity of traders in options.Pros
- Low transaction costs, with a maximum of $10 per purchase
- Can trade many derivatives
- Investigate several tools to discover available opportunities.
- Robust order options that facilitate a more straightforward trading experience
Cons
- Developed primarily for use with derivatives, then stocks
- Not beginner-friendly
Final verdict
It's vital to have investment applications because they make it simpler for investors to examine and manage their portfolios even when they're away from their computers. When searching for the most suitable investing app for your requirements, you should consider minimum balances and fees. Still, you should also evaluate the clientele that the app serves. A novice investor who is more comfortable with a hands-off approach to investing will require a different mobile application than an options trader.FAQs
How does a mobile app for investing work?
An investment app gives users the ability to buy and sell various investments, such as stocks, bonds, mutual funds, ETFs, or derivatives, directly from their mobile devices. There is a diverse selection of software applications, each of which is geared toward a particular category of investor. Different sorts of investors should look for various characteristics in investment apps. While everyone should look for an app that is simple to use, has cheap costs, and has an account minimum that they can fulfill, different types of investors should look for different benefits. An advanced investor, for instance, would be interested in a mobile application that provides access to specialized research and powerful screening capabilities. An app that provides a Robo-advisory service or has more "hand-holding" features is probably what beginners are looking for in a financial app.What kind of capital do you need to use an investment app?
It is up to the individual investment app to determine what constitutes a sufficient minimum amount. There are a lot of apps that will help you get started without requiring you to make a minimum deposit; nevertheless, the bigger your initial amount is, the simpler it will be for you to construct a diverse portfolio.How should I go about selecting the most appropriate investment app?
Consider first how you would like to invest your money. Do you like to trade derivatives every day actively, or do you prefer to develop a portfolio out of passive investments like mutual funds? Using the following criteria, you should choose the investment app that is the best fit for your needs. After you have chosen the method by which you intend to invest, you can limit your search to only those applications tailored to your preferences. The next step is to consider aspects such as fees and minimums. Be sure that the app you choose has fair fees and that it doesn't cost much to use. Think about the apps' other features and the standard trading functions. Is it easy and straightforward to navigate the user interface? Does it provide other helpful services, such as the opportunity to receive assistance by speaking with a financial advisor?Is using mobile apps to make investments safe?
Yes, it is safe to use investment applications in the same manner as using the website of brokerage businesses to do financial transactions. These applications protect your data by utilizing the industry's standard safeguarding methods and procedures. In addition to this, they are covered by insurance provided by the Securities Investor Protection Corp. (SIPC). This safeguards them against loss of up to $500,000 in cash and securities if a member app provider experiences monetary difficulties.How we carried out this research?
Our readers can count on us to provide them with reviews and ratings of online brokers that are objective, thorough, and comprehensive. Our reviews culminate several months' worth of research and analysis into every facet of an online broker's platform. These aspects include the user experience, the quality of trade executions, the available products, the costs and fees, the level of security, the mobile experience, and customer service. Based on these criteria, a rating scale was developed. Thousands of data points were collected to be included in a scoring system.