New to investing? Check out the best investment apps for beginners that offer easy navigation, helpful resources, and low-cost trading options.
Particularly for beginners, investing can be like staring out at a wide, unexplored ocean. The rising tide of financial markets is intimidating enough – the sea of choices makes it more difficult to find starting points. The good news is that with today’s technology, there has never been a less daunting way to get started investing, even with no prior knowledge.
Investment apps for beginners are a revolutionary technology for anyone who is just getting started. These apps provide no-frills, simple-to-use platforms for people to create portfolios and monitor investments (and learn while doing so). Armed with the right tools, everyone has the ability to dive into the world of finance with confidence and make moves toward building wealth.
How We Choose the Best Investment Apps for Beginners?
But, if you are looking for the best apps for investing money for beginners, you need to pay attention to the best features like ease of use, educational help, and low-cost structure. In my view, the best apps should be easy to use, have great navigation and a good array of investment products. Plus, with commission-free trading, educational content and the flexibility to manage your portfolio at your own pace, many of the apps make it easy for investing newbies to get started.
Now, below are some of the best investment apps for dummies that will help you get your investment journey started with minimal stress and maximal rewards.
SoFi Invest: Best for Beginners Overall
SoFi Invest: SoFi Invest is a tough contender for best beginning investor platform. It has a user-friendly interface and zero commissions on trades, making it the ideal place to start for people who want to enter the stock market. Its most alluring aspect is probably the ability to begin investing with only $1, opening the door for everyone and removing economic barriers.
SoFi also offers financial planning and access to certified financial planners (CFPs), which is a huge plus for anyone who wants professional guidance as they begin their investment journey. And the platform’s hands-off investing options make it ideal for anyone looking to maintain a hands-off approach.
Pros:
- Commission-free trading
- Start with just $1
- Access to certified financial planners
Cons:
- No options for tax-loss harvesting
Vanguard: Best Focus on Retirement
If retirement planning is a basics person long-term wealth-building consideration, then Vanguard is a great choice! Vanguard’s platform is highly recognized for its low-cost investment offerings and access to a range of retirement accounts like IRAs and 401(k) rollovers.
This app also provides retirement tools that allow you to make informed decisions, while its wide selection of ETFs and retirement funds can give your portfolio the stability needed to grow it over the long haul.
Pros:
- Low-cost retirement funds
- Automated investing options
- We are also taking a holistic approach to your financial planning
Cons:
- Private managed funds cost more than Robo-advisory services.
Acorns: Best for Small Dollar Levying
Acorns makes investing as easy as rounding up your purchases. It invests your spare change, meaning you can build up a diversified portfolio of your own without even thinking about it. It’s the ideal solution for novices who want to start investing but don’t have the time or money to devote to the process.
Acorns does most everything for you (automating transfers and investments, giving you retirement accounts and so on) for $3 a month. What makes the platform unique is that it does not demand too much energy from users but is really straightforward.
Pros:
- Make money while you spend: Micro-investing with auto round-ups
- Hands-off investing
- Low-cost ETF portfolios
Cons:
- Monthly fee for all accounts
Betterment: Best for Hands-off Investing
Betterment is a great option for beginner investors who want passive investing yet still to do a reasonable job of containing a diversified portfolio. Its unique algorithms create customized portfolios based on your financial goals and risk tolerance. A variation on “robo-advisor,” Betterment helps track your progress and make adjustments along the way, whether you’re saving for retirement, building an emergency fund or planning for a major purchase.
It is perfect for those looking to build their investment prowess without worrying about the complexities of stock management with its low-cost structure and automated investing options.
Pros:
- Automated, goals-based investing
- Portfolios optimized for tax at a low cost
- No minimum deposit requirement
Cons:
- Ongoing access to certified financial planners comes with a minimum balance or additional fees
Ally Invest: Best Account for Tax-Optimized Investing
If you are focused on tax-optimized ways to invest, Ally Invest is a clear winner. It allows users to build a portfolio of stocks and ETFs, offering tax-efficient strategies. As a beginner, the platform’s mobile app is easy, and it offers commission-free stock and ETF trading.
The portfolio options provided by Ally’s robo-advisor are either to focus on the market with a market-centric portfolio or a cash-enhanced one, with your beginner level experience informing your choice.
Pros:
- Tax-optimized investing
- Commission-free trading
- Two Portfolio Options from a Robo-Advisor
Cons:
- Private wealth services require a minimum of $100,000
How to Pick the Right Investment App
So, which is the best investment app for beginners? It depends on your goals. No matter if you’re looking to retire, micro-invest, or take the hands-free route to management, there’s an app that fits the bill. A few things to think about when deciding:
- Learning Resources: Are there educational literature, videos, webinars, or other resources to enable learning?
- Ease of Use: Is the app easy to use and intuitive?
- Fees: Are there any fees for the account or transactions that could consume your investment?
- Key features: Does the app have tax-optimization or other advanced tools for beginners?
Get Started on your Investment Journey
It does not matter where you are in your financial journey, there is an investment app for beginners that’s right for you and will help you build the wealth you need. The right app allows you to start small, learn as you go, and invest more and more as time goes on. Keep in mind that investing is not simply a way to get rich quickly — it’s about being informed and establishing long-term goals.”
The best investment apps for beginners can help you navigate the financial markets with confidence, whether you’re trading stocks, ETFs or retirement funds. But the important thing is to get started now — even a laundry basket at a time, and see the snowball effect of your investments grow.
