Imagine telling your grandparents that all you have to do is make a few taps on your phone to invest in a company or manage your portfolio. A decade ago, they would have thought you were crazy, but these days, you can do everything on your mobile device, including buy and sell stocks. It's so easy, practically anyone can do it. As competition grows, some of the biggest names in investing are offering cool apps that are super user-friendly, whether you're a beginner, expert, or somewhere in between. Here are eight of our favorites.
1. Robinhood
Robinhood has become one of the most popular investing apps on the market, appealing to people of all generations. Part of that appeal is that there's no minimum balance required to invest, and there are no fees involved with investing. You can even invest in fractional shares and crypto. Robinhood allows you to invest in real-time and manage your portfolio as you see fit. It's ideal for anyone who likes to play around with trades on a day-to-day basis.
2. Vanguard
While Robinhood appeals to investors of all ages and backgrounds, Vanguard is more suited for those planning for retirement. You can use the app to make commission-free trades without paying a commission fee. Use Vanguard to trade stocks, exchange-traded funds (ETFs), and mutual funds. Users also enjoy how closely they can keep an eye on their account with the app and measure their daily performance.
3. SoFi Active Investing
SoFi Active Investing is another app that's highly rated and popular with investors of all ages and backgrounds. It appeals to both beginners and those who have been in the game a while. Make active trades in real-time or sit back and let the company's brokers do it for you. SoFi allows you to trade stocks, ETFs, and cryptocurrency.
4. Acorns
Acorns is another app that appeals to investors of all ages, levels, and backgrounds, in part, because you don't need much to get started. The app will invest your spare change. You need a minimum of $5 to invest, and you may have to pay a monthly fee of up to $5. There's also a cool feature for parents who want to set up a custodial account and teach their kids about investing.
5. Ally Invest
The Ally Invest app is very user-friendly and offers a wealth of tools and information to help make you a better investor. Charts, screening tools, real-time data, research — it's all there at your fingertips. Trades are commission free, and there is no account minimum to get started. You can also earn a cash bonus for certain types of deposits.
6. Betterment
Betterment is ideal for beginners who are trying to get their finances and their portfolios on track or back on track. Your money is managed professionally, so you can take a hands-off approach, but it's built so that it will help you reach whatever goals you set. It'll even help you build a portfolio that's socially responsible if that's important to you. Keep in mind that if you want to opt for Betterment's Premium Plan, you'll need a minimum deposit of $100,000.
7. Fidelity
The Fidelity app is another great option if you're looking to manage your entire financial life, not only your portfolio. In addition to making trades and managing your portfolio, you can set up a checking account or savings account, pay bills, set up an individual retirement account (IRA), and more. Plenty of educational resources and materials are also available to help you become a better investor. Best of all, customer service is top-notch, and no minimum balance is required.
8. Charles Schwab
Charles Schwab has been around since the 1970s, so it's safe to say the company knows a thing or two about investing, and these days, they're helping you with one of the best apps around. It's ideal for beginners, though experts like it too, and with the numerous tools, materials, and bits of information it provides, you'll find that you can go from beginner to expert in no time. There's no account minimum, no fees for stock and NFT trades, and it has one of the largest selections of no-transaction-fee mutual funds.
