To help you manage your money, you don’t need a full-service stock broker or financial counselor. You don’t even need a computer to do this. Excellent mobile applications make it simple to purchase and sell stocks, ETFs, mutual funds, and other investments from anywhere using your phone. Apps for active trading and hands-off automation are available for both novice and expert investors. Some even provide advanced functions such as stock analysis and research.
The top investment apps are much more than that. While some of the applications on our list are just for that purpose, others go beyond investing to bring your entire financial picture together in one spot, allowing you to set up banking and loans all in one area. There’s an app for everything when it comes to money. Our picks for the top investing applications are listed below.
Robinhood is a user-friendly platform that allows you to invest in a range of basic financial instruments. Its cash management tool rewards cash holdings with interest. For $5 a month, you can get Morningstar stock analysis reports and $1,000 in interest-free margin with a Robinhood Gold premium membership.
On the negative, there are minimal instructional features, advanced trading tools, mutual funds, and IRAs available through the app. The corporation has also been criticized for how it handled the GameStop (GME) debacle in January 2021.
Betterment was one of the first robo-advisory companies, and it remains one of the finest in the industry. Betterment will create a portfolio tailored to your age and risk tolerance to help you achieve your long-term objectives. It features a cheap maintenance fee and no minimum balance requirement. Tax-loss harvesting is available, which is uncommon for low-balance brokers. You may also earn interest on your idle cash by using a cash management account. Betterment is an excellent option for new and intermediate investors, and its user-friendly interface is among the best in the industry.
Customers can use one or both of TD Ameritrade’s mobile applications to connect their accounts. The basic app from TD Ameritrade is the easier of the two and the best place to start. It’s an easy-to-use interface for checking accounts and trading equities. Thinkorswim, the other alternative, is aimed for active traders and offers almost as much capability as the award-winning desktop software of the same name.
SoFi (short for Social Finance) aspires to be a one-stop shop for all things financial. The company’s most well-known business is lending, which includes:
- Loans for individuals
- Credit cards
It also has a high-yield savings account and a SoFi Active Invest investing option. The platform may be used for both active trading and automated investment. SoFi, unlike many other financial technology firms, allows you to invest in both standard and Roth IRAs, as well as cryptocurrency and traditional assets.
Webull is a mobile-based trading platform with many more features than most of its competitors. Customers can trade stocks and options commission-free because there are no account minimums. Webull boasts some of the lowest margin rates in the business for investors that use margin. As they learn, new investors can use Webull’s simulated trading “play money” option. As a result, it’s one of the finest mobile investing applications for newbies.
Fidelity’s investment platform is simple to use and adaptable. Users may tailor their news feeds, access stock research, and even deposit checks and pay bills via the app. It’s also one of the few brokerage applications that allows you to trade on foreign marketplaces.
Charles Schwab has a great app for IRA investment and all of your other investing and banking requirements. On the move, you can handle a wide range of account needs. When compared to many other stock brokers, who offer applications with limited feature sets and need you to manage your account online to access all functions, TD Ameritrade stands out. Importantly, IRA account users can make yearly deposits and take funds for required minimum distributions (RMD) or other purposes while still paying taxes on the withdrawals.
A brokerage account or a robo-advisor are not available with Personal Capital. Instead, it’s a budgeting, net worth tracking, and financial advising tool to help you plan your investments. All of your financial accounts, including banks, brokerages, and even your employer’s 401(k), can be linked (k). The software displays your complete financial life on a single screen. It provides outstanding retirement planning tools as well as other analytical capabilities, all of which are available for free. The firm generates money by offering its human financial advisors’ services. However, the free side of the company (which includes the app) is wonderful in and of itself.
tastyworks was one of the first brokers to make option trading available to ordinary people. While it does offer other sorts of investments, like as cryptocurrency, it is still known for its alternatives. The tastyworks app gives you access to all of the most popular options trading methods, such as strangles, straddles, and iron condors. It also allows you to browse a trading activity stream and track the movements of traders you’re interested in.
There is a learning curve with tastyworks, and it lacks the capabilities of all-in-one investment programs. As a result, it’s not intended for new investors. If you’re primarily interested in options trading, tastyworks is difficult to top.
Ally Invest’s mobile app combines a number of important financial services into a single, user-friendly app. This financial software allows you to purchase and sell stocks, ETFs, options, and mutual funds. You may also use a variety of features.
In a nutshell, Ally is a fantastic financial software with excellent investment capabilities. It’s one of the top personal investment applications for those who wish to combine their banking and investing in one convenient location.