Are you looking for the best investment apps to make your financial life more fruitful? A good investment app can handle most of your financial tasks, including money shuffling, expenditure tracking, and much more. In the following section, we will take a look at the top 10 investment apps for 2021 that you should use.
Our top 10 investment apps list doesn’t come from traditional big investment firms or brokers. Instead, we focused on technology and fintech that might reduce your pressure while trading and making trading life easy.
Moreover, in the list, you will find these apps to make your investment life like a game by picking stocks in a fun way.
What is an Investment App?
It was not that long ago that investing was a difficult venture. You probably had little chance to contact your investment advisor over the phone. Therefore, you would cross your fingers until the financial report arrived.
An investment app is a software program or smartphone application that can do most of the work you would take a long time to finish.
Modern technology changed the current financial world, where traders cannot pass a day without trading software in any electric device. With today’s best investment apps, the steps to complete a financial task are far fewer. You can operate your trade yourself from the app, check the portfolio’s performance, and transfer money without a middleman.
Many fintech startups and traditional brokerages offer investment apps, and you can choose the one that suits you best.
3 Ways You Can Benefit from an Investment App
If you have the best investment apps in your smartphone or internet-enabled device, you will get benefits that are often impossible to get. An investment app can bring you a lot of help, and among them, we will see 3 benefits in the below section:
First, you can operate your trades anytime and anywhere as it does not require any third-party confirmations. Second, you can invest and withdraw money through the app at any time by linking your bank accounts or credit cards with your investment apps. Third, the most significant benefit is the availability of trading instruments. You can trade many trading instruments like ETFs, stocks, commodities, futures, forex, and precious metals through one trading app.
Our Picks for the Best Investment Apps
We have prepared the following list of the best 10 Investment Apps a trader can use because of their excellent functionality, historical performance, and the strong team behind them:
- TD Ameritrade
- M1 Finance
Acorns is one of the older investment apps that is very popular among investors due to its user-friendly interface. You can easily add your Credit card, and Acorns will total round up purchases and invest that difference in ETFs.
This app’s cost is $1 per month for Acorns Lite and $3 for Acorns Personal. This tier has three versions - Roth, traditional, and SEP. Moreover, with the $5 per month, you can use the Acorns Family that includes those two tiers and investment accounts for children.
TD Ameritrade focus is on providing the best customer support that makes it unique among other platforms. Investors can get customer support 24/7 over the phone, text, emails, and instant messages. Moreover, traders can pick ETFs, stocks, bonds, futures, mutual funds, and foreign currencies in their app
TD Ameritrade does not require any minimum investment to trade while it takes a comparatively expensive charge of $6.95 per trade.
Round is a prominent investment app for high-end investment managers with Robo investors. It focuses on automated questionnaires to create user portfolios, but it works well with fund managers like Doubleline, Guggenheim, and Gabelli.
Institutional traders can trade alternative assets like real estate, asset-backed securities, and merger arbitrage through these apps. No matter the asset value, investors should pay a 0.5% management fee while Round waives the monthly payment in a negative return.
If you want to focus on minimizing fees, Robinhood would be the best app for you. They have one of the best investment apps that has a $0 minimum account with no commission. Additionally, this platform cuts out all costs associated with the app.
However, Robinhood does not offer any managed portfolio or retirement account that may disappoint some traders. Overall, based on its bare-bones features, it is one of be the best investment apps for 2021.
If you are looking for a vast number of assets in a single platform, E*Trade would be the best option.
You can trade stocks, mutual funds, options, and futures with the E*Trade app through its extensive research library. Moreover, you can trade with interactive charts with many fundamental indicators like dividends, earnings, company news, and essential ratios.
You have to pay a steeper commission of $6.95 per trade with all investment tools and an array of assets.
Stash is a suitable investment app for beginner investors that takes a flat $3 monthly fee, though it bak, brokerage, and retirement accounts.
On the other hand, investors can get two custodial accounts, monthly research, and an upgraded debit card with a $9 per month level.
This app’s minimum deposit requirement is $5, where you can trade 150 stocks and 60 ETFs.
Clink would be the best investment app for those who focus on savings than shopping. You can link your bank account and credit card with this app and invest a percentage of recreational purchases.
You don’t have to pay any fees to use Clink, and it doesn’t require a minimum deposit. However, Clink gets kickbacks from ETF sponsors. Clink's only available asset is ETFs, so you can choose this platform if you are focused on ETFs in 2021.
Stockpile is an investment app that focuses on people buying ETFs as a gift card. Moreover, this app focuses on parents to encourage their kids in investing through the free structure.
You have to pay $0.99 on standard trades while trading through this app. However, you have to pay $2.99 for the first purchase in the app and an additional 3% to buy ETFs with a kredit or debit card.
Betterment would be the best investment app for investors who are socially responsible in investing.
For investors who focus on socially responsible companies, Betterment offers a socially responsible investing (SRI) portfolio that is 42% higher than its social responsibility index.
Betterment’s asset management service has two categories - Betterment Digital and Betterment Premium.
You have to pay a 0.25% management fee for Betterment Digital with no minimum account. Betterment Premium takes a 0.4% fee for a $100.000 minimum investment.
M1 would be the best investment apps for 2021 in terms of data security. It is a hybrid broker and investment app that focuses on both self-service and Robo advice investing.
M1 Finance is a free platform with no account minimum but provides strong data security, including 2-factor authentication and 4096-bit encryption.
How do the best Investment Apps work?
You can take your investment decisions in a minute with investment apps. There are many types of investment apps, but the best investment apps should ensure your trading requirements.
Some apps are suitable for new traders to create an investment portfolio from their trading journey. On the other hand, some apps provide a user-friendly platform with a quick low free trading environment.
3 Steps to Using the Best Investment Apps
Find a Suitable Investment App
The suitable investment App depends on investors’ expectations and requirements. Moreover, it involves a cost that you should consider while choosing the app. The best approach is to focus on a regulated platform where the number of trading instruments is high with many facilities.
Learn the Basics
After getting a suitable app, you should study the function to get the maximum output. An app’s primary function might include its facility, operation criteria, execution, investment operation, deposit, withdrawal, etc.
Once you are familiar with the core function, you can take trades on your favorite instruments through the app. Most of the investment app allows live trading without any third-party confirmation, making trading easier for all traders.
What Are the Advantages of Using an Investment App
An investment app can reduce your trading hassle in many ways:
Investors from beginner to skill level can start investing quickly through the best investment apps. You can set your investment goal and operate trades on your own based on your income and lifestyle.
Using an algorithm, rather than a human brain might face reduced pressure in their brain. Moreover, investment apps are less costly than traditional platforms where some apps offer free trading.
You can get your financial information, alter any changes, or instantly take trading decisions through an investment app. All you need to have an internet-enabled device and the investment app.
What are the Disadvantages of Using an Investment App
Despite providing a lot of benefits, investment apps have some limitations that might affect an investor’s psychology:
Investment apps allow investors to make investment decisions instantly. Therefore, there is a possibility of wrong decision taking in trades or making decisions without proper calculation.
Lack of Human Element
Some apps allow speaking to an advisor while some apps show information based on algorithms. Therefore, the possibility of having incomplete information or false information may alter your trading decisions.
Expert Tip on Selecting Best Investment Apps
Selecting the best investment app often becomes difficult for traders as they fail to match the functionality requirement. Moreover, getting all facilities in one place is also hard to get. Therefore, investors should focus on what they expect to get from an app before jumping into it. For beginner traders, many free apps allow trading without any payment. On the other hand, for expert traders, some apps allow an excellent diversification opportunity.
How to Choose the Best Investment App?
In this section, we will see what precautions you should take while choosing the best investment app.
Is the Investment App Regulated?
Regulation is the most important requirement that you should consider while choosing the best investment app. A well-regulated platform ensures the safety of your funds.
What Fees and Charges Apply?
Fees and charges are not fixed for all investment apps. Therefore, you should focus on choosing the platform with minimum fees and charges with maximum benefit.
What Devices Can You Use?
Most of the investment apps are available on iOS and Android-based devices. Some apps are available for Windows, Mac, and other operating systems.
What are the Available Assets to Trade on Best Investment Apps?
Identify available assets before opening an account in investment apps. Otherwise, it will be difficult for you to run the app in an uncertain environment.
Is There a Demo Account?
In most cases yes. A demo account allows you to get familiar with the trading environment. So, before using the app, demo testing might provide a short glimpse of the service.
What Is the Account Minimum?
For new traders, a low minimum is important as it is often difficult and risky for new traders to start trading with a higher investment.
What Educational Resources are Available?
Extensive educational support is a sign of a good investment app, so find apps that allow a lot of educational support.
Is There Help and Support Available?
Consider the help and support functionality before choosing the best investment app. A good help and support function is evident for the best investment app.
Can I Use This From Anywhere?
Most of the investment apps allow logins from anywhere globally, but there might be some limitations while opening the account.
Frequently Asked Questions
Any well-regulated investment app with the maximum functionality has the best reputation.
Investment apps with lower fees and user-friendly interface are best for beginners.
Investment apps usually offer extensive trading tools like- lines, Fibonacci, Gann, etc.
You can easily download an investment app within a minute, depending on your internet connection speed.
The main earnings from an investment app come from the fees that a user usually pays monthly or per trade.