August 2023’s Top 7 Investment Apps

August 2023's Top 7 Investment Apps

Investing Made Easier: The Best Investment Apps

Investment Apps

Investing has never been more accessible than it is today. With the right investment app, you can engage in the market in a way that suits your preferences and goals. Whether you’re a hands-off investor or someone who enjoys active trading, these apps can help simplify the process and bring you closer to reaching your financial goals.

Our list of the best investment apps focuses primarily on robo-advisors, which use algorithms to manage investments. These apps are particularly attractive to average investors due to their low fees, low balance minimums, and the ability to create personalized portfolios that require little ongoing maintenance. However, we have also included a few online brokerages that offer both active trading and automated portfolios.

The Best Investment Apps

  1. E*TRADE: Best overall
  2. SoFi Invest: Best with no fees
  3. Fidelity Go: Best for hands-off investors
  4. Robinhood Investing: Best for active traders
  5. M1 Finance: Best for portfolio customization
  6. Ellevest: Best for goal-driven investing
  7. Charles Schwab: Best for auto-investing large balances

These are the top investment apps currently available, as chosen by Insider’s editors.

Why Trust Our Expert Panel?

To ensure the credibility of our selection, we interviewed three investing experts who provided their insights on the best investment apps. Our expert panel includes Brian Fry, Charlotte Geletka, and Kaysian Gordon, who are all highly knowledgeable and experienced professionals in the field of finance and investing.

When asked about the advantages and disadvantages of using an investment app, Brian Fry highlighted the benefits of increased awareness of financial situations and the ability to track progress toward goals. However, he cautioned against excessive trading at the expense of long-term investing. Charlotte Geletka mentioned the importance of using investment apps cautiously to avoid impulsive decisions. Kaysian Gordon emphasized the limitations of robo-advisors compared to human guidance, highlighting the complexity that comes with individual financial situations.

Who Should Consider Using Investment Apps?

According to Brian Fry, DIY investors should choose an investment app that aligns with their specific needs and preferences. Each platform offers similar yet different resources, making it crucial to find the one that best suits your situation.

When it comes to selecting an investment app, Kaysian Gordon advises doing thorough research and considering the factors that are most important to you. This ensures that your chosen app offers the features and benefits that align with your financial goals.

Tips and Advice for Using Investment Apps

Brian Fry suggests choosing an investment app that simplifies the investing and rebalancing process while providing transparency. Look for an app that offers a great user experience and adds value to your unique financial situation.

Kaysian Gordon emphasizes the importance of conducting research and considering your personal priorities when selecting an investment app. This ensures that you choose an app that meets your specific needs.

Our Methodology for Reviewing Investment Apps

To curate this list of the best investment apps, we extensively analyzed various companies based on our rating methodology for investment platforms. Our criteria included low fees (generally below 0.50% of assets under management), high-quality user experience, access to free financial planning tools, and a wide range of investment options. We also considered user reviews from platforms like the Apple Store and Google Play to gain insights from regular users.

FAQs about Investment Apps

We understand that you may have questions about investment apps. Here are answers to some frequently asked questions:

Which is the Best Investment App Overall?

ETRADE stands out as the best investment app overall due to its comprehensive offerings. It provides access to a wide range of investment options, including stocks, ETFs, and mutual funds, with no trading fees. ETRADE also offers a range of portfolio options tailored to different risk profiles, making it suitable for both active and passive investors.

Which Investment App Has No Fees?

SoFi Invest is the best investment app with no fees. It does not charge any advisory fees, stock or ETF trade fees, or subscription fees. SoFi’s automated investing platform recommends portfolios based on your risk tolerance, allowing you to start investing with as little as $1.

What Is the Best Investment App for Hands-Off Investors?

Fidelity Go is an outstanding investment app for hands-off investors. It offers an easy-to-understand platform that requires minimal time and incurs low fees. Fidelity Go’s expert team selects and manages a personalized portfolio of Fidelity Flex mutual funds based on your risk tolerance and financial goals.

Which Investment App Is Best for Active Traders?

Robinhood Investing is the go-to app for active traders. As a commission-free trading app, Robinhood allows you to buy and sell stocks, ETFs, options, and cryptocurrencies with no fees. It provides a simple and user-friendly platform for immediate trade execution.

What Investment App Allows for Portfolio Customization?

M1 Finance is the best investment app for portfolio customization, offering a variety of features to suit individual preferences. With M1 Finance, you can build your own investment strategy with stocks and ETFs or choose from pre-built portfolios called “Expert Pies.” You can also automate your investments and rebalancing based on your desired schedule.

Which Investment App Is Ideal for Goal-Driven Investing?

Ellevest stands out as the ideal investment app for goal-driven investing. It helps you align your investment strategy with specific life goals, considering factors such as gender, lifespan, and earning potential. Ellevest provides customized portfolios of ETFs and offers ongoing guidance to keep you on track towards reaching your goals.

Which Investment App Is Best for Auto-investing Large Balances?

Charles Schwab is the best investment app for auto-investing large balances. It caters to investors with a minimum investment balance of $25,000, providing automated investing along with ongoing financial planning. Schwab’s robo-adviser, Intelligent Portfolios, creates custom portfolios of Schwab ETFs and offers additional features such as tax-loss harvesting.

Other Considered Investing Apps

While the apps mentioned above are the top choices, we also considered several other investment platforms. These include Betterment Investing, Wealthfront Investing, Acorns Invest, Wealthsimple, TD Ameritrade, Stash Invest, Ally Invest, Vanguard automated investing, Stockpile, Merrill Edge, Oportun App, Uphold, and Wells Fargo Intuitive Investors. While these apps didn’t make the final cut, they may still be worth exploring depending on your unique needs and preferences.

Investing should be accessible to everyone, and the right investment app can make a significant difference in helping you achieve your financial goals. Whether you’re a beginner or an experienced investor, consider exploring these apps to find the perfect fit for your investment journey.