How To Choose The Best Investment App For Your Smartphone

Investing can be a daunting task, especially for beginners. With the rise of technology, more and more people are turning to investment apps on their smartphones to make investing easier and more accessible. But with so many options out there, how do you choose the best investment app for your smartphone?

In this guide, we’ll go through the important factors to consider when choosing an investment app and provide some recommendations to help you get started on your investing journey.

Table of Contents

Why choose an investment app?

Before we dive into the factors to consider when choosing one, let’s first understand why using an investment platform app can be beneficial.

Here are some reasons why investing in your smartphone may be a good choice for you:

Convenience: With an investment app on your smartphone, you can access and manage your investments anytime and anywhere.
Lower fees: Many investment apps have lower fees compared to traditional brokerage firms, making them more cost-effective for investors.
Education and guidance: Some investment apps offer educational resources and tools to help beginners learn about investing and make informed decisions.

Now that we understand the benefits of using an investment app, let’s look at the factors to consider when choosing one.

Factors to consider when choosing an investment app

Type of investments offered: Before you start investing, it’s important to know what type of investments you want to make. Do you want to invest in stocks, bonds, ETFs, or cryptocurrencies? Make sure the investment app you choose offers the types of investments you’re interested in.
Fees and commissions: As mentioned, investment apps may have lower fees compared to traditional brokerage firms. However, it’s still important to compare the fees and commissions of different investment apps to find the most cost-effective option for your investment needs.
User interface and ease of use: The user interface of an investment app can make a big difference in your investing experience. Look for an app that is easy to navigate and has a user-friendly interface.
Account minimums: Some investment apps may require a minimum amount of money to open an account. Make sure you are aware of any account minimums before choosing an investment app.
Security measures: When it comes to investing, security is crucial. Look for an investment app that uses strong security measures, such as encryption and two-factor authentication, to protect your personal and financial information.
Customer support: In case you encounter any issues or have questions about the app, it’s important to have access to reliable customer support. Look for an investment app that offers various ways to contact their customer support team.
Investment tools and resources: Some investment apps offer a variety of tools and resources to help you make well-informed investment decisions. These can include market research, investment calculators, and educational materials. Consider what type of tools and resources are important to you when choosing an investment app.

Recommended investment apps

Now that you know the important factors to consider when choosing an investment app, here are some recommendations to help you get started:

Seeking Alpha: This investment app offers a variety of market research and analysis tools, as well as a community forum where investors can share ideas and insights.
Robinhood: This investment app offers commission-free trading for stocks, ETFs, options, and cryptos. It also has a user-friendly interface and offers educational resources for beginners.
Acorns: This app is great for those looking to invest small amounts of money. It automatically rounds up your purchases and invests the spare change. It also offers educational resources and tools to help you learn about investing.
Stash: This app allows you to start investing with as little as $5. It offers a variety of investment options, including stocks, ETFs, and fractional shares. It also has a “Retire” feature that helps you plan for retirement.
Betterment: This investment app offers a range of investment options and has tools to help you create a personalized investment plan. It also offers tax-efficient investing features.