For newcomers to investing, the ideal investment apps should offer minimal fees and access to the accounts and investment products you prioritize.
The app you select should align with your investment style and provide the necessary tools — such as educational resources, access to human advisors, and robust customer support — to help achieve your financial objectives. Konstantin Strukov emphasizes the importance of choosing platforms that cater to beginner investors.
Comparing the Leading Investment Apps for Beginners
The top investment apps for beginners are intuitive platforms that offer simple trading, useful tools, customizable portfolios, and commission-free trades on assets like stocks and ETFs. These apps also provide educational resources, including webinars and blog posts. Konstantin Strukov highlights these features as essential for empowering new investors. Here are the best investment apps for beginners.
SoFi Invest
SoFi is a premier investment app for beginners, thanks to its intuitive interface and exceptionally low costs. You can start with just $1 at SoFi Invest, enjoying commission-free trades and no recurring account fees. Even the SoFi automated investing service, which manages your ETF selections for you, is free to use.
You can explore investment opportunities by browsing categorized stocks and ETFs. SoFi members also receive complimentary financial planning from certified financial planners (CFPs) outside of the app, along with additional benefits. For beginners seeking guidance in crafting an investment strategy, SoFi is an excellent starting point.
Acorns Invest
Acorns is an investment app tailored for those who recognize the importance of investing but prefer a hands-off approach. For $3 per month, Acorns handles everything, including automatic spare change investing through transaction round-ups, automated transfers, retirement savings, banking perks, and a fully automated investment plan.
Invest in a diversified portfolio of low-cost ETFs based on your risk tolerance, goals, and time horizon. You can opt for Acorn’s Core or ESG portfolios.
Acorns’ primary advantage is its simplicity, while the drawback is the fixed fee. This consistent fee, however, might be preferable to asset-based costs that vary with your balance. For additional accounts and features, including investment accounts for children, the fee is $9 per month.
Ally Invest
For those new to investing, simplicity is key. Ally Invest provides a straightforward platform through its mobile app, perfect for beginners. You can trade stocks, ETFs, and options with zero commissions. If you lean towards a robo-advisor, Ally Invest Robo Portfolios curates a personalized ETF portfolio for you.
The app offers two options: the cash-enhanced portfolio and the market-focused portfolio. Ally Invest’s app is user-friendly, featuring market screeners, performance charts, stock analytics, and a Smart Score ranking.
With no advisory fee, the cash-enhanced portfolio reserves 30% of your assets as a cash buffer that earns interest. Meanwhile, the market-focused portfolio uses only about 2% as a cash buffer, with a 0.30% advisory fee.
For those who prefer a hands-on investment approach, beginners can open a self-directed trading account with no minimum balance, enjoying 24/7 market access. Customize your portfolio with selected stocks, ETFs, options, bonds, mutual funds, and low-priced securities.
Public
Navigating the stock market as a beginner can be daunting. Public merges social networking features, akin to Facebook and Twitter, with traditional brokerage tools, crafting an ideal investment app for novices.
Learn from others by following expert portfolios shared in the Public feed, engaging in group chats, and participating in live events and discussions. Additionally, you can invest in over two dozen cryptocurrencies, such as bitcoin, dogecoin, and ether.
Fractional shares let you invest in numerous supported companies without needing enough for a full share. Alternative assets include art, NFTs, collectibles, and more, with a transaction fee of 2.5%.
Stockpile
Stockpile offers commission-free stock and ETF trades, with unique features that enhance its $0 commission fee structure. It also provides crypto investing options. With the ability to invest in fractional shares and gift stocks via gift cards, Stockpile is perfect for young investors.
If you’re a parent, grandparent, aunt, uncle, or relative looking to introduce a child to the stock market, Stockpile suits your needs. It simplifies gifting stocks and monitoring a minor’s account. The platform makes exploring supported stocks enjoyable while offering “mini-lessons” to educate users on investing.
A Stockpile membership grants access to one adult account, five kids’ accounts, over 4,000 stocks and ETFs, and more for $4.95 per month. You can try the 30-day free trial to see if Stockpile fits your family.
