Long gone are the days when trading and investing were limited to professionals and accredited investors. The emergence of smartphones has brought about the development of easy-to-use applications and platforms that have introduced trading and investing to the masses. However, the numerous choices are overwhelming so this article will cherry-pick the best investment apps for 2024.
Why use an investment/trading app?
Some knowledge is recommended before taking the plunge, so we suggest looking at our reading crypto charts guide as the principles and technical indicators also apply to forex and stock trading.
Trading and investment apps simplify the entire process of managing personal finance by buying and selling stocks, currencies, or digital assets online. With a couple of taps, you can make a trade or set up your first investment.
Mobile apps are also very handy for tracking markets in real time on the go. You don’t have to sit in front of a computer screen all day to see what the markets are doing. Trading assets like cryptocurrencies can be volatile, so instant access to prices and market information is essential.
Best apps for investing in 2024
Life on the go these days is all about convenience, and these investment apps score well in that department. These apps offer a range of tools and resources tailored to enhance the investing experience for beginners and seasoned investors alike in 2024.
1. Robinhood
The Robinhood app has been targeted at millennials, the largest demographic group using smartphones to trade or invest. It rapidly became popular for crypto trading due to its zero-fee structure and has over ten million users.
With no commissions and an easy-to-use interface, the Robinhood app appeals to beginners with small amounts to invest or trade. Its simplicity will be a drawback to more experienced traders seeking better research and data.
On the plus side, Robinhood has virtually no minimums, allowing for very small trades, and has very easy deposits and instant access to funds. On the negative side, larger spreads offset the commission-free deal, especially on some cryptocurrencies. Prices may also lag somewhat behind other real-time data providers.
2. eToro
Using a system of ‘social trading,’ eToro allows newer traders to learn from more experienced ones, following their trades. Social trading is not necessarily for newer traders.
It makes eToro’s platform a place for users to engage, connect, and share knowledge. The app also has a CopyTrader feature that allows users to copy the moves of top traders. This is one of the platform’s best features/makes the platform unique in the world of trading and is worth mentioning.
The app is very easy to use and comes loaded with a wealth of educational material. Offering trading and investment to the U.S. and more than 140 countries worldwide, eToro is one of the industry’s more popular platforms.
3. SoFi
SoFi, short for ‘social finance,’ started in the student, home, and personal loan business. It has since evolved into another millennial-targeted trading app that offers Automated Investing for beginners. SoFi Automated Investing charges no advisory or admin fees and offers access to low-cost exchange-traded funds (ETFs).
The app is most suited for investors who need financial planning guidance, cost-conscious traders, and low-balance users. Clients using managed trading options choose 10 portfolios based on risk tolerance and investment objectives. They are comprised of a selection of ETFs that give exposure to U.S. and international stocks, real estate, and high-yield and Treasury bonds.
4. Coinbase
The crypto exchange giant offers an app for buying and selling digital assets. Coinbase has, for a while, been the entry-level into crypto trading for beginners. Its app is easy to use and designed for those who lack the knowledge to work with more technical platforms.
For that reason, it is ideal for new crypto traders and investors. The app features instant buying and selling and live market prices. There are loyalty bonuses and earning programs through video education.
On the downside, Coinbase often experiences outages under heavy load when markets are volatile, and it has some of the highest commissions and fees in the industry.
5. Acorns
Acorns is one of the more popular new-breed finance apps because of its ease of use. Once installed, the app works using a spare-change savings tool and cash-back rewards programs. It is a hands-off experience in which Acorns rounds up the total on credit and debit card purchases to the next dollar and invests that difference into one of a few ETF portfolios.
Additionally, the Mighty Oak Card encourages financial growth by making saving and investing part of daily life. It features Real-Time Round-Ups® to support spare change from purchases and offers automatic paycheck splitting for investment. Additionally, it boasts competitive annual percentage yields (APYs) with a 3.00% checking APY and a 5.00% APY for its Emergency Fund, without minimum deposit or balance requirements.
6. FXCM
This company is specifically tailored to forex traders, and they have some very slick charting platforms for desktops. FXCM was established over two decades ago, and they have a solid reputation and are regulated by top-tier financial authorities.
FXCM offers cryptocurrencies and a selection of other tradeable products, including nearly 40 currency pairs and 32 CFDs (contract for differences) options. It also offers a wide range of different apps and trading tools but is not really suitable for beginners or those looking to invest long-term.
7. WeBull
WeBull is a platform that competes with apps like Robinhood. This app offers commission-free stock trading, covering full extended hours on markets, real-time quotes (with an additional subscription), customizable charts, and analysis tools. Unlike its competitor, however, there are no cryptocurrency trading options on the platform yet.
There are no minimum deposits and generous free stock promotions for new users and referrals, making WeBull popular with new traders and investors. The app also offers margin trading with up to 4x leverage, but commissions are payable on these trades.
8. Finhabits
Finhabits, launched in 2017, appears to be more demographically targeted towards customers who do not work for companies offering investment opportunities and retirement plans.
The app has a clean appearance and is easy to use and set up, aiming to attract beginners. There are very low initial deposits, and the service costs just a dollar a month. Finhabits is more for those with low incomes and little spare cash for investments. It invests in low-cost ETFs at companies such as Vanguard and BlackRock.
On the negative side, there are further commissions and fees in addition to the monthly subscription cost.
9. Stash
Stash is another investment app that aims to make investing and trading approachable for beginners and those with lower budgets. There is no minimum balance but monthly charges for the service, depending on the type of account used.
Stash has very good educational materials for new traders and offers fractional shares, which are a good way to get exposure to the stock market heavyweights. The app also provides brokerage, bank accounts, and a retirement account for an extra monthly fee. Users need to build their own portfolios, and it has very little in the way of investment management.
10. Cash App
Payments provider Square has developed the Cash App, which started as a money transfer platform. It has since grown into a financial services and investment platform which also offers cryptocurrency investing.
The app primarily offers sending and receiving via debit or credit cards; however, when dealing with banks, transfers can take time if you choose the free option.
Instant deposits have a 0.5% -1.75% fee (with a minimum fee of $0.25). The app also supports Bitcoin which can be bought, sent, and received.
11. Interactive Brokers
This investment app is more suited to active traders as it offers many tradable securities, including foreign stocks. The app offers full trading services and tools like charts, indicators, and extensive research materials.
There are cryptocurrency options, but there are also over zero-transaction-fee mutual funds to choose from. Low margin rates are also a bonus. IB also offers a Pro version of the app for advanced traders, but there are inactivity fees.
12. E*TRADE
This was one of the first online brokerages in the United States, so it stands to reason that it has a solid reputation. The mobile app, available on Android and iOS, provides real-time quotes, stock news, and charts. It has a slick design featuring live Bloomberg TV, customized stock screening, third-party research ratings, and a customizable dashboard.
This industry leader also has an expansive set of resources, learning materials for beginner traders, and more in-depth information for the more experienced. Due to high competition, E*TRADE also offers zero-commission stock and ETF trading and low fees on options. The fees do climb for mutual funds and broker-assisted trades, however.
Choosing the right trading app: A wealth of options
Today’s market is flooded with mobile trading and investing apps, catering to a wide range of users—from beginners and low-income individuals to seasoned forex day traders, long-term retirement savers, and cryptocurrency enthusiasts. With their significant advantages over desktop platforms, mobile apps are quickly becoming the preferred choice for managing investments. If you find the options overwhelming, choosing an app that aligns with your specific financial goals and needs is best.
Frequently asked questions
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