Choosing Investing Apps

With so many investment apps on the market, it can be difficult to determine which one is right for you. The best investing apps should have a competitive range of fees, easy-to-use features and educational resources. It’s also important to consider your personal financial goals and risk tolerance when choosing an app.

Whether you’re saving for retirement, buying a home or just growing your wealth, investing in an app can help you reach your financial milestones more quickly. To narrow down the options, start by determining your budget and how much you want to invest. Then, use tools in the investment app of your choice to create a plan that will help you achieve those goals within a reasonable time frame.

Once you’ve determined your priorities, it’s time to compare fees, investment menu and trading ability. Look for apps with a variety of account types and compatibility with other financial institutions, such as banking accounts and budgeting tools. Also, make sure the app is regulated by the appropriate financial authorities and has strong security features.

The top-rated investment app, SoFi Invest, is designed for all experience levels and offers both automated investing via its robo-advisor service and the option to manually choose individual stocks or exchange-traded funds (ETFs). Another popular option is Schwab’s mobile app, which allows users to trade commission-free and boasts an extensive research menu, including real-time news, J.P. Morgan research and a stock watch list. It also offers a high-yield cash management account where you can earn up to 5% on your uninvested assets.

Public, a free-to-use investment app, has put a big focus on social media and education. Its platform lets you follow the portfolios of other investors and interact with others through discussions, which can be an excellent way to learn more about the market. It also supports a diverse range of investments, including cryptocurrency, art and alternative assets like collectibles and NFTs.

As you narrow down the options, don’t forget to factor in promotions and extra perks. Many investment apps offer bonuses for signing up, referring friends or depositing a certain amount of money into your account. Some also give you free stock for a successful referral and allow you to transfer funds from other brokerages at no cost. And don’t forget to check the app’s fee schedule, as some charge a small transaction or monthly or yearly maintenance fee. In addition to trading costs, robo-advisors typically charge a management fee, and these can cut into your gains over the long term. Lastly, be sure to read online reviews and suggestions from friends to help you decide on an investing app. The most reliable ones are those that rarely fail to execute orders or crash during use. Then, download and test the app before making a final decision. Good luck!