Investing is hard. The world of finance is best left to stock brokers and mutual fund managers. Regular people will never understand the incomprehensible jargon, obscure acronyms and complex math involved in making every investment decision.
At least, that’s what they want you to think.
In reality, once you dig in to the world of stocks and bonds, you’ll find it’s not nearly as intimidating as investment pros would have you to think. A multi-billion dollar industry revolves around you making the decision to outsource your investment decisions instead of doing it yourself. And while there are certainly financial gurus out there who are fantastic traders, almost all their strategies boil down to just a few simple values: patience, discipline and passion for learning.
The best investment apps for beginners offer low fees and access to the types of accounts and investment products you care about most. The app you choose should suit your investment style and offer the tools you need to achieve your financial goals.
So here are some of the most popular investment apps for 2020.
Fidelity is a top brokerage with extensive resources for long-term and retirement-focused investors. With a Fidelity account, you can access some of the best education and research resources available among brokerages. The firm is a standout for its focus on retirement education, including retirement calculators and other tools.
The Fidelity mobile app integrates with both Apple Watch and Google Assistant for even more features. The brokerage offers a few of its own mutual funds with no transaction fees or recurring fees. It’s also one of the only major brokerage firms to offer fractional share investments.
SoFi started as a student loan lender and quickly grew into a full-service finance company with lending, banking, and investing managed in one convenient mobile app. SoFi is great for beginners because it includes investment education and allows you to start small with fractional shares, which it calls Stock Bits.
SoFi Invest users can trade stocks, ETFs that are on a curated list, and cryptocurrencies. Stock and ETF trades are free. SoFi Invest also offers a managed portfolio product with no added investment management fees. Overall, SoFi offers some impressive accounts that are well priced and easy to use. That’s a winning combination.
Ally Invest offers just that through its mobile app. You can trade stocks and ETFs with no commissions; mutual fund trades will incur a $9.95 commission fee. There are no recurring fees or minimum balance requirements to worry about.
The Ally app, which is also used by Ally Bank, is straightforward and easy to navigate. It doesn’t have as many bells and whistles as some active trading platforms, but it has everything a beginner and most passive investors might need.
It’s great for trading stocks, ETFs, and options. However, that’s all you can currently buy or sell on the platform. Cryptocurrencies are a newer asset to the platform, but there are no bonds, mutual funds, or other assets. This brokerage app supports both taxable and IRA accounts.
While Webull is focused on free investing and trading, it’s best for investors with at least a little bit of experience in the markets. With many features focused on active stock and options traders, the app may be a bit overwhelming for beginners. But if you’re willing to take the time to learn, the price might be right.
For investors who want to do it themselves and pay as few fees as possible, Robinhood is one of the best investment apps. With no commissions and a $0 account minimum, Robinhood cuts out most of the costs typically associated with investing apps.
Unfortunately, Robinhood users do make some sacrifices. Robinhood doesn’t offer any retirement accounts or managed portfolios, meaning all investments made through the app are taxable and self-managed. It’s relatively bare-bones for an investing app, but it’s the best way to trade individually for free.
Jeton allows users to exchange money, make secure money transfers and online purchases. The better way to send money to those you love; simpler, faster, and safer.