Best investment apps of August 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 5:46 a.m. UTC Aug. 6, 2024
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Picking an investment app is a crucial step in your financial journey. You want one that offers the investments, features and resources that are important to you.
Our team assessed 15 leading options to determine the best investment apps of 2024. We examined each app’s investment selection, cost, automatic features, resources, customer reviews and more.
Robinhood
Best investing apps
- Robinhood: Best overall.
- Acorns: Best for automatic investing.
- Public: Best for real-time research.
- M1 Finance: Best for easy diversification.
- Fidelity Investments: Best for low costs.
- Charles Schwab: Best for full-service features.
- Invstr: Best for educational resources.
- Wealthfront: Best for hands-off investors.
- Webull: Best for hands-on investors.
- SoFi: Best for all-in-one financial management.
Why trust our investing experts
Our team of experts evaluates many investing products and analyzes various data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 15 investment apps reviewed.
- 10+ data points analyzed.
- 3-step editorial review.
- 5-step fact-checking process.
M1 Finance
Fidelity Investments
Charles Schwab
Invstr
Wealthfront
Webull
Compare the best investment apps
| COMPANY | COST PER MONTH | MINIMUM BALANCE TO START INVESTING | ||||
|---|---|---|---|---|---|---|
| Robinhood | $0 to $5 | $1 | ||||
| ||||||
 Acorns | $3 to $9 | $5 | ||||
| ||||||
 Public | $0 to $10 | $0.01 | ||||
| ||||||
 M1 Finance | $3 (waivable) | $100 | ||||
| ||||||
 Fidelity Investments | $0 | N/A | ||||
| ||||||
 Charles Schwab | $0 | $0.01 | ||||
| ||||||
 Invstr | $0 to $7.99 | $5 | ||||
| ||||||
 Wealthfront | $0 | $1 | ||||
| ||||||
 Webull | $0 | $5 | ||||
| ||||||
 SoFi | $0 | $1 | ||||
|
Methodology
We researched more than 10 queries for each firm in our rankings. Our researchers verified the data and confirmed any missing points by contacting each company directly and conducting online research.
The investment apps that made our list excelled in the major categories of features and ease of use. Within each major category, we considered several subcategories, including the following:
- Cost.
- Automatic investing.
- Automatic round-up feature.
- Checking account features.
- Minimum balance.
- Stock trading.
- Crypto investing.
- App reviews.
We then combined them to give an overall score for that category. Data points were scored on a 0.00 to 1.00 scale. The top raw score was 0.90 and was curved to a 5-star rating as the highest possible score.
Why other investment apps didn’t make the cut
The investment apps that didn’t make our list lacked certain features.
Some had high account minimums or costs per month.
Others had limited or subpar mobile app reviews in the iOS and Android app stores. This could indicate that the app experience isn’t intuitive or straightforward.
Final verdict
Our best overall investing app of 2024 is Robinhood. The brokerage firm offers an intuitive approach to investing with no commissions. And you can start with as little as $1.
One benefit of a mobile app is round-the-clock access to your portfolio. Robinhood is the only app on our list with 24/5 trading for select stocks and ETFs. You’ll also get instant access to some of your deposits. So you can start investing as soon as you complete your transfer request.
With Robinhood Gold, you’ll get more advanced research and data and several other perks. It’s more affordable than some of the premium plans other apps offer.
Pros and cons of investment apps
Using an investment app to manage your portfolio has advantages and disadvantages. Here are some to keep in mind.
Pros
- Accessibility. The best investment apps are easy to use, even if you have no experience in the market. They also offer low minimums to start with your investment portfolio.
- Low costs. Our top choices charge no commissions on trades of more popular investment options like stocks and ETFs. Some even skip the contract fees on options.
- Easy access to resources. Are you interested in learning more about investing? Investment apps can be an educational resource at your fingertips.
Cons
- It can encourage risky moves. With easy access to your portfolio, you could be more likely to make emotional decisions with your investments.
- Some offer little assistance. Investment apps typically don’t provide access to human advisors. Many don’t offer robo-advisory services either. This leaves you to fend for yourself.
- Limited options. Investment apps are less likely than established brokers to offer robust account options and asset classes. For example, many apps on our list don’t provide access to mutual funds, futures, foreign currencies or alternative investments.
Choosing the best investment app
Investors represent various experiences, goals, risk tolerances and preferences. So no single app is best for everyone.
Here are some features to keep in mind as you decide which investment app is right for you:
- Investment approach. Consider whether you want to manage your portfolio independently or need help from a robo-advisory service.
- Account options. Some investment apps offer only individual brokerage accounts, while others may offer IRAs, college savings plans and custodial accounts for minors. Consider your investment goals to determine which account type you need.
- Asset types. Most investment apps allow you to trade stocks and ETFs. But if you want to access other securities, focus on apps that offer what you want.
- Costs. Most investment apps don’t charge trading commissions on stocks and ETFs. But they may charge monthly fees for specific plans or annual advisory fees for hands-off investing. Consider how much you need to start investing, too.
- Ease of use. Big brokerage firms usually offer investment apps. So you generally aren’t limited to using a mobile app to manage your portfolio. But you’ll still want to read app reviews. They can give you a sense of how easy it is to transfer money, make trades and track your performance on your mobile device.
Look at what you already use to manage your finances.
"Consider whether the app integrates with other financial tools you use, streamlining your investment process."
– Ramona Ortega, founder of WealthBuild and THRIVE, an initiative to educate Black and Latino investors
How much do you need to invest?
Many of the best investment apps allow you to open an account with no minimum balance. But you may need between $1 and $5 to buy fractional shares of stocks and ETFs.
Apps that offer robo-advisory services may have higher investment minimums. So it’s important to consider how much you can afford as you begin.
Investing tips for beginners
If you’re just getting started with investing, here are a handful of tips to help you avoid common pitfalls:
- Evaluate your situation and goals. To develop an investment strategy, you must understand your risk tolerance, time horizon and financial goals. Doing so can help you determine where to put your money and how much to allocate to each investment type. It can also help you decide whether to manage your own portfolio or get help from a robo-advisor.
- Diversify your portfolio. You can buy fractional shares of individual stocks for as little as $1. But ETFs and mutual funds can help you diversify your portfolio across dozens or hundreds of assets. Diversification can also help minimize exposure to risks resulting in big losses.
- Invest regularly. If you can afford it, create a plan to contribute to your portfolio regularly. This can be done through automatic monthly transfers, roundup investments or another approach that works for you.
- Avoid emotional decisions. Investing can spawn a range of emotions, from excitement to anxiety. One way to avoid emotional investing is to pick a strategy and stick to it. As you gain more experience, you may need to adjust your approach. But letting your emotions drive your decisions can put you at greater risk of losing money.
- Avoid trying to time the market. Day trading may sound like a great way to earn money fast. But the reality is many of the best money managers in the industry can’t beat the market and most day traders lose money. Instead of trying to time the market, develop a long-term strategy and stick to it.
Frequently asked questions (FAQs)
An investment app is a mobile app that allows you to monitor and manage your investment portfolio using your smartphone or tablet.
As with any form of investing, there’s a risk of losing money invested in stocks, ETFs and other securities through an investing app. But some investment apps allow you to set up a virtual stock portfolio to test strategies without risking money.
“Beginners should tread carefully with strategies like options and margin accounts, which allow you to borrow against your portfolio but come with high risks, including the potential of losing more than your initial investment,” Ortega said.
The best investment app depends on your goals and preferences. But if you want robust resources to help you learn how to invest your money, Investr offers a comprehensive course.
Brokerage firms typically employ security measures to keep your information and funds secure. These may include two-factor or biometric authentication and the latest data encryption technology.
Additionally, funds invested with a broker may be protected by the Securities Investor Protection Corp., which offers insurance if the brokerage firm fails.
Downloading an investment app is typically free. But some charge monthly service fees or annual advisory fees.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
