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Are you aiming to gain control over your finances in 2021? In that case, investing apps are the most efficient way to diversify your wealth growth. However, figuring out the best available resource to get started is very critical as well as daunting.
Thanks to the evolution of smartphone technology, a huge range of investing apps are available at your fingertips. So let us explore some of the best investing apps you can download in 2021.
8 Best Investment Apps in 2021
Here are eight of the best investing apps that can help you get started right away.
An investing app with truly diversifying features can help even when you do not have much to invest. Acorns allows you to make investments with whatever amount of money you have. You make the funds available, and Acorns automatically starts investing them on your behalf.
You can set up an Acorns investing account within minutes and begin your journey to automated micro-investment. You have various plans to pick from with a monthly subscription fee. Whether you wish to save for retirement, start a diverse investor portfolio or want to save for your kids, Acorns can help.
- You can invest spare change from your purchase automatically
- A built-in robo-advisor
- Cashback facility at select retailers
- Investing and educational support.
You cannot build
- a portfolio; Acorns does it
- High monthly fee in comparison to small investing returns and account balances.
If you are looking for an investing app that can help you achieve your financial goals faster, start with Betterment. This investing app is perfect for investors because it offers everything you may need to manage the money, invest it, indulge in trading and rebalance your portfolio.
However, all of these features come with a caveat, i.e., you should be serious and willing to spend a little bit extra on the investing app. The app offers investing plans with a fee
- Digital plan charging 0.25 percent of your total balance
- Premium plan charging 0.4 percent fee on your total balance.
However, there are no commissions involved. Another important aspect to remember is the minimum balance. There is no obligation to maintain a minimum balance for the digital plan, whereas a premium plan requires a minimum balance of $100,000.
Pros of Betterment
- It is a purely goal-oriented investing app
- Allows hands-off investing
Cons of Betterment
- It charges annual fees for advising
- Requirement of high minimum balance for investors on a premium plan.
Schwab mobile is an investing app suitable for beginners. So if you wish to learn and put this knowledge to use, then download Schwab mobile. The app offers extensive research, including real-time news and a quarterly magazine free of cost.
You can also benefit from expert quotations and research reports on which stocks to invest in. In addition, this investing app allows you to trade, monitor your position, and customize your investing experience via alerts, notifications, and summaries.
Pros of Charles Schwab
- There is no fee and no commissions
- Large investment selection
- Biometric security
- There are no requirements to maintain a minimum balance
Cons of Charles Schwab
- Small cash sweeps for un-invested funds.
If you are looking to diversify your investment portfolio, Fundrise is an ideal investing app. This app offers real estate investment opportunities. The unique low-fee investing model by Fundrise changed the real estate investment domain and now offers opportunities for both beginners and market-savvy investors.
It will take a few minutes for you to create an account using a low investment minimum. In the next step, you select a preferred investing strategy, sit back and see Fundrise diversify your investment portfolio. However, there is a fee associated with this investing app i.e.
0.85 percent asset management annual fee – for
- all standard investing portfolios
- 0.15 percent yearly advisory fee
You also maintain a minimum balance of $500 for a starter account, whereas minimum balances for other accounts vary. The good thing is Fundrise does not charge you any commission on trading profits.
Pros of Fundrise
- Lower minimum balance
- Lower fee
- Allows non-accredited investors
- 90-day guarantee
- Biometric security and two-factor authentication
Cons of Fundrise
- It is not suitable for short-term investing
- Your investments are non-liquid.
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SoFi invest is one of the most popular investing apps on both Google Play and Apple Store. This app is perfect for investment aficionados from all experience levels. However, if you are a novice, SoFi invest allows you automated investing to build your wealth.
On the other hand, if you are a seasoned investor, you get the freedom to work on diversifying the portfolio. You can choose from stocks, exchange-traded funds (ETFs), and cryptocurrency options. All you need is a dollar to start trading on SoFi, and the app does not charge any commission whatsoever.
Pros of SoFi Invest
- it is a user-friendly platform
- you get fractional share options
- affordable trading app
- free financial planning features
Cons of SoFi Invest
- You get limited investment options.
This investing app offers simplified investment opportunities for regular people. So, if you are someone relatively new to investing, Stash can help grow your wealth. You begin with investing the money in fractional shares via subscribing to one of Stash’s three monthly plans, i.e., Stash Beginner, Stash Growth, and Stash+.
Promisingly there is a bonus when you sign up as a new member on Stash and deposit a minimum of $5 in your personal portfolio. Stash will give you an additional $10 to use towards the first investment option.
- No commission fee
- No minimum balance required
- Educational resources
- Automated investing
- Personalized investment advice
- A monthly fee that may be high if you maintain a low account balance
- There are only 4 trading windows.
Stockpile allows investors to start their investing journey with a small amount like $5. You can purchase fractional shares as per your budget. Plus, you can also get gift stock ownership using a gift card. Furthermore, it allows you to select investment options from ETFs and stocks. The best part is there is no account fee, and you only pay a tiny commission, i.e., 99 cents for each trade.
- You can use redeemable stocks gift cards
- Educational resources and mini-lessons
- No requirement for minimum balances
- Fractional shares
- Commissions on each trade
- No real-time investing
An award-winning trading platform is also an impeccable mobile investing app for novice and seasoned traders alike. There are no minimum balance pre-requisites, and you do not have to pay any commission on trades.
The app also provides you free educational resources to get started. You can set up free price alerts and get real-time investing quotes.
- no commissions on US ETFs and stocks
- You only pay 65 cents contract fee for each option trade
- Large investment selection
- Apple watch support, and you can use it on your tablets too.
- There is a fee for their advisor program – they charge you a percentage amount on your managed assets
Now that you know some of the best investing apps available on your iPhone and Android devices, you can download and begin your investing journey in 2021. However, a quick piece of advice that you will be dealing with real money, so learn the ropes first and make informed investing decisions.