Best Investment Apps Of August 2024 (2024)

Best Investment Apps of August 2024

Forbes Advisor compiled this list of best investment apps based on their excellence in various areas, including usability, low fees and the availability of educational materials.

  • Binance.US – Best Investment App for Cryptocurrency
  • Betterment – Best Robo-Advisor Investment App
  • TDAmeritrade’s thinkorswim – Best Investment App for Experienced Investors
  • Fidelity Mobile – Best Investment App for Average Investors
  • E*TRADE from Morgan Stanley – Best Investment App for Beginners

Best Investment App for Cryptocurrency

Binance.US

4.9

Best Investment Apps Of August 2024 (2)

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Account minimum

$1

Available on

Apple iOS and Android

Learn More

Read Our Full Review

$1

Apple iOS and Android

Why We Picked It

Crypto enthusiasts will notice that none of our other picks directly allow for trading digital currencies. Investors who want exposure to what some have called “digital gold” should consider our top choice for best investment app for cryptocurrency, Binance.US.

Binance.US offers the best mix of low fees, wide selection and crypto transfer flexibility among cryptocurrency investment apps.

Pros & Cons

  • Industry-low trading costs
  • More than 50 cryptocurrencies available
  • Strong user reviews and cybersecurity rating
  • Binance, its international parent company not available in the United States, has more cryptocurrency options
  • Residents of some states, including Texas and New York, cannot use Binance.US
  • Not enough educational material for new investors

Details

Certain beginner-friendly investment apps, like Robinhood and Webull, allow you to easily buy crypto along with other more mainstream investments, like stocks and exchange traded funds, or ETFs. But just because you can doesn’t mean you should.

Platforms like Robinhood and Webull offer a relatively limited range of cryptos. Perhaps more importantly, they don’t let you move your cryptos off of their apps.

Some crypto investors like to transfer their coins from the apps where they buy them into so-called cold crypto wallets that are disconnected from the internet to protect their investments from hackers. What’s more, Robinhood and Webull’s “free” trades aren’t really free. Instead, they have fees baked into the prices at which you buy and sell your cryptocurrencies.

That’s why we recommend a pure crypto app, like Binance.US, even for those new to crypto. Binance.US provides access to countless more cryptocurrencies, from mainstays like bitcoinand Ethereum to dozens of lesser-known altcoins. Beginners and advanced traders alike can benefit from the industry-low fees and instant buy on more advanced trading platforms like Binance.US.

One caveat: Binance.US accounts are not available to residents of Alaska, American Samoa, Hawaii, Maine, New York, Northern Mariana Islands, Texas, U.S. Virgin Islands and Vermont.

Best Robo-Advisor Investment App

Betterment

4.8

Best Investment Apps Of August 2024 (6)

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Account minimum

$0

Available on

Apple IOS and Android

Learn More

Read Our Full Review

$0

Apple IOS and Android

Why We Picked It

Many top online brokerages offer robo-advisor services. But if you’re looking for a dedicated robo-advisor investment app that can manage a low-cost diversified portfolio of ETFs, you’d be best served by Betterment. It is one of the original robos. And it is the No. 1 pick in our ranking of the best robo-advisors for everyday investors.

Betterment has no account minimum. That makes it easy to get started. And Betterment offers a strong platform that can help you automate your investments in a way that best suits your long-term goals and risk tolerance. Just remember that Betterment hosts only trading in ETFs, not individual securities like stocks and bonds.

Pros & Cons

  • Relatively low annual advisory fee
  • Ability to construct multiple goal-based portfolios
  • Tax-loss harvesting available
  • Emergency fund portfolio may contain too many equities for conservative investors

Details

Here’s how Betterment’s fees work: If your total Betterment balance is below $20,000 and you do not have a recurring deposit of $250 or more per month, you have to pay Betterment $4 per month. That would be $48 a year.

If your balance is higher than $20,000 or you make combined recurring deposits of $250 more each month, you’ll pay 0.25% per year. Annually, that’s $25 per $10,000 that you invest.

Other leading robos, like SoFi Invest, Acorns, Ellevest and Schwab Intelligent Portfolios, charge monthly subscription fees of $0 up to $30 a year. Schwab also charges a one-time planning fee of $300.

Alternatively, some robo-advisors charge a percentage of the assets you have in your account, with yearly rates up to 0.89% by Empower. So, Betterment’s fees effectively penalize small balances. But once your balance exceeds their trigger points, fees tumble.

Instead of starting with a rival platform that seems easier or cheaper, you’d probably be better off starting with Betterment’s app to take advantage of its leading platform and low-fee access to all investment account and goal types.

*Disclosure

*Paid non-client of Betterment. Views may not be representative, see more reviews at the App StoreandGoogle Play Store.Learn moreabout this relationship.

Ratings as of 09/01/21 for services offered in 2021.

¹Betterment is not a licensed tax advisor. Tax Loss Harvesting+ (TLH+) is not suitable for all investors. Read more at https://www.betterment.com/legal/tax-loss-harvestingand consider your personal circumstances before deciding whether to utilize Betterment’s TLH+ feature. Investing involves risk. Performance not guaranteed.

Best Investment App for Experienced Investors

TD Ameritrade’s thinkorswim

Best Investment Apps Of August 2024 (9)

4.4

Best Investment Apps Of August 2024 (10)

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Account minimum

$0

Available on

Apple iOS and Android

Best Investment Apps Of August 2024 (11)

$0

Apple iOS and Android

Why We Picked It

Note: TD Ameritrade’s thinkorswim app has been incorporated into parent company Charles Schwab’s platform.

Many advanced and do-it-yourself traders were—and still are—big fans of TD Ameritrade’s app in large part because of its thinkorswim trading platform. Most traders find its interface easy to use. Users hail its real-time market data, charts and quick trade execution.

Those traits are why thinkorswim is our top choice for Best Online Broker Mobile App. Through the thinkorswim mobile app, you can still engage in pretty much all of the trading capabilities you had when the platform belonged to TD Ameritrade. Plus, eligible customers gain entry to more sophisticated investments like forex.

Pros & Cons

  • Ability to trade OTC, options, futures and forex
  • Margin trading available
  • No access to cryptocurrencies

Details

The thinkorswim platform is still available to customers even after TD Ameritrade’s takeover by Charles Schwab. Customers still have access to the basics—for example, stock, options and futures trading—as well as advanced charting functions, margin trading and the ability to buy and sell securities on the over-the-counter, or OTC, market. Traders can monitor market-breaking news easily in-app and benefit from a wealth of educational resources.

What’s more, you can access the settings you enable on thinkorswim’s powerful desktop platform in-app, meaning your chart drawings and market scans are always with you. thinkorswim also offers chatrooms and paper trading for you to discuss and try out your trading ideas.

Are you a fan of fractional share trading? New parent company Schwab has opened the door to trading partial shares worth at least $5, so long as the companies are in the S&P 500 Index. Fractional shares are not directly available on thinkorswim, but thinkorswim users can access them through Schwab.com and Schwab Mobile. And thinkorswim customers are allowed to access either of those Schwab platforms without needing to create an additional account on those platforms.

Customers of thinkorswim can also access cryptocurrency in various ways, including through spot bitcoin ETFs and ETF-like trusts that the SEC has approved. Spot bitcoin ETFs allow for the institutional trading of bitcoin at its spot, or current, price.

Also fair game for thinkorswim customers: ETFs that invest in cryptocurrency futures and in the stock of companies whose businesses are related to crypto, such as crypto-mining companies and exchanges. And once they are approved by Schwab to trade futures directly, thinkorswim customers can access their futures account to trade crypto futures via their thinkorswim app.

Best Investment App for Average Investors

Fidelity Mobile

Best Investment Apps Of August 2024 (12)

4.3

Best Investment Apps Of August 2024 (13)

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Account minimum

$0

Available on

Apple IOS, Android and Amazon

Best Investment Apps Of August 2024 (14)

$0

Apple IOS, Android and Amazon

Why We Picked It

The Fidelity app combines low costs and clean graphics with easy buying and selling of stocks.

One reflection of those traits is that Fidelity requires no account opening minimum for U.S. stock and ETF trades. Also, Fidelity levies no account fees, and your orders aren’t sold to high-frequency trading shops. That practice, called selling order flow, is thought by some to result in customers getting worse prices when they buy or sell investments.

Further, Fidelity permits fractional share investing for as little as $1, allowing you to buy less than one share of a particular security.

Pros & Cons

  • Low costs
  • Strong educational material
  • Access to wide range of account types and investments
  • No cryptocurrency trading
  • No market news function

Details

The Fidelity mobile app is easy to navigate. It’s also chock-full of useful educational materials that will help fledgling Warren Buffetts learn to invest.

One perk is the ability to coordinate with Fidelity Go, the Boston-based investment firm’s robo-advisor service. As with most leading robos, you’ll be presented with a suite of premade portfolios that aim to match your risk tolerance and are stuffed with low-cost funds.

Generally, you can use the Fidelity mobile app to do anything you would online with a desktop or laptop computer. You can even trade bitcoin and Ethereum through your mobile app. But first you must open a Fidelity Crypto account because you cannot trade cryptocurrencies through your regular brokerage account.

What you can trade via your regular brokerage account with the mobile app are securities such as ETFs that hold cryptocurrencies or crypto futures contracts or companies engaged in crypto-related activities. The last category includes businesses like crypto exchanges and crypto mining companies.

Somewhat ironically, you cannot trade spot bitcoin ETFs like Fidelity’s own Wise Origin Bitcoin Fund (FBTC) through Fidelity Crypto, even with the Fidelity mobile app. That’s because the ETF holds cryptocurrency but is not itself a cryptocurrency. Instead, you can trade it through the regular brokerage on your mobile app if you wish.

You don’t need to commit to short-term buying and selling either. Fidelity offers a variety of account types outside of normal taxable investment accounts, like you find at Robinhood. Fidelity retirement and 529 accounts allow you to invest for your and your children’s futures.

Bolstering the appeal of the Fidelity mobile app are the full capabilities of its parent, investing behemoth Fidelity—which Forbes Advisor selects as the best online broker for everyday investors. Traders desiring more esoteric options, such as commodities—except for certain precious metals—will be disappointed, as they are not offered directly for trading.

Best Investment App For Beginners

E*TRADE from Morgan Stanley

Best Investment Apps Of August 2024 (15)

3.6

Best Investment Apps Of August 2024 (16)

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Account minimum

$0

Available on

Apple iOS and Android

Best Investment Apps Of August 2024 (17)

Learn More Best Investment Apps Of August 2024 (18)

Via E*TRADE's Website

$0

Apple iOS and Android

Why We Picked It

While Fidelity stands out as a solid choice for the everyday investor, beginners in particular who are interested in trading should look to E*TRADE from Morgan Stanley. The original online-first brokerage boasts an average Apple App Store rating of 4.6 (with 151,000 reviews). And it nabbed the top spot in the ease of use category of our ranking of Best Online Brokerages for Beginners, in no small part because of its investment app.

E*TRADE from Morgan Stanley has no trading minimums or commissions for online U.S.-listed stock, ETF, mutual fund and options trades. It also offers a surfeit of investing information, from basic definitions of common terms like diversification to live-streaming of Bloomberg TV. You can also sign up for a wide range of account types, including IRAs and custodial accounts for children, in addition to more typical taxable accounts.

Pros & Cons

  • Low costs and fees
  • Excellent news and educational resources
  • No cryptocurrency trading
  • No 529 accounts

Details

One drawback to the E*TRADE from Morgan Stanley app is that you can’t open a 529 plan account to save for children’s college educations.

Another drawback is the absence of most fractional share trading. You’re only allowed to sell fractional shares obtained through dividend reinvestment plans. That can make it harder for investors with less cash to buy the security they want. Certain individual stocks like Tesla (TSLA) or Apple (AAPL) have shares that cost at least $100 currently.

You can also access a robo-like service through E*TRADE from Morgan Stanley’s Prebuilt Portfolios, though you’ll need $500 to get started with mutual funds and $2,500 to open an account with exchange-traded funds.

A third limitation is that you can’t directly trade commodities or cryptocurrency. Still, those restrictions can reduce risk for trading newcomers, since those assets tend to be volatile. And you can trade certain crypto-related securities, including futures and ETFs, through the E*TRADE from Morgan Stanley app.

Summary: Best Investing Apps

CompanyCompany - LogoForbes Advisor RatingForbes Advisor RatingBest ForAccount minimumLearn More CTA textLearn more CTA below textLEARN MORE
Binance.USBest Investment Apps Of August 2024 (19)4.9Best Investment Apps Of August 2024 (20)Best Investment App for Cryptocurrency$1Learn MoreRead Our Full Review
BettermentBest Investment Apps Of August 2024 (21)4.8Best Investment Apps Of August 2024 (22)Best Robo-Advisor Investment App$0 Learn MoreRead Our Full Review
TD Ameritrade’s thinkorswimBest Investment Apps Of August 2024 (23)4.4Best Investment Apps Of August 2024 (24)Best Investment App for Experienced Investors$0View More
Fidelity MobileBest Investment Apps Of August 2024 (25)4.3Best Investment Apps Of August 2024 (26)Best Investment App for Average Investors$0View More
E*TRADE from Morgan StanleyBest Investment Apps Of August 2024 (27)3.6Best Investment Apps Of August 2024 (28)Best Investment App For Beginners$0Learn MoreVia E*TRADE's Website

Methodology

To determine the best investment apps, Forbes Advisor tracked more than 20 leading platforms, assessing hundreds of data points spanning five main categories: usability, fees, investment profile, trading ability and educational materials.

Forbes Advisor weighted each of these categories in accordance with their importance to various types of investors to compute the best app for each specific type of investor.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates investing products.

What Is an Investment App?

An investment app is a service for mobile devices that allows users to invest and manage their money in various financial markets, including stocks, bonds, mutual funds and cryptocurrencies. These apps offer users an easy and convenient way to manage their investments, track their portfolio performance and make informed investment decisions.

Investment apps typically offer a range of features, including real-time stock quotes, news and analysis, investment research tools, customizable portfolios and trading capabilities. Some apps also offer automated investing features, such as robo-advisor services, that use algorithms to create and manage investment portfolios based on the user’s risk tolerance and investment goals.

Investment apps can be a useful tool for both experienced and novice investors, offering easy access to the financial markets and a range of investment options. However, users should be aware of the potential risks and fees associated with investing through these apps and should carefully evaluate the app’s features, fees and security measures before investing.

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What Should You Look For When Choosing an Investment App?

If you’re looking for the best investment app, you may be new to the world of investing. That means you’ll want an easy-to-use platform with generous educational resources.

But because investing is all about the long game—you could be investing for 40 years or more if you’re saving for retirement—you also want an app that you can grow with. That’s why even as a beginner, you should seek out a platform that offers robust research tools, a wide range of account types and low fees so you don’t feel like you have to switch providers when you’ve become a more advanced user.

Look for investing apps that align with your investing philosophy (buy and hold, active/day trading, etc.) and have low or no fees. Also consider the investment options and account types supported to ensure the platform can support your needs for years to come.

Ryan Nelson, CPA, CFP, wealth advisor at RLN Wealth

And while ultimately you want a good app experience, you also inevitably sign up for so much more when you open an account with an investment app. That’s why it’s important to consider the broader company powering the investment app you download.

You’ll notice our top choices in this listing also rank highly in other brokerage, robo-advisor and crypto exchange listings we’ve conducted. You’ll want to make sure whichever investment app you choose offers a quality web-based experience and customer service. Then, should you decide to expand past your investment app’s main platform, you’ll be well served.

How To Use an Investing App

Using an investment app can be a great way to manage your investments and keep track of your portfolio. Here are some general steps for how to use an investment app:

  1. Choose an investment app. There are many investment apps available in the market, so choose the one that suits your investment style and needs.
  2. Sign up. Once you have selected an investment app, download it from the app store and sign up. You may need to provide personal information such as your name, address, social security number and bank information.
  3. Set up your account. After signing up, you’ll need to set up your account, including funding it with money. You can link your bank account, debit card or credit card to the investment app and transfer money to your investment account.
  4. Explore investment options. Once your account is set up and funded, you can start exploring the investment options available on the app. This may include stocks, bonds, ETFs, mutual funds and more.
  5. Build your portfolio. Use the investment app to build your portfolio by selecting investments that align with your investment goals, risk tolerance and investment horizon.
  6. Monitor your portfolio. It’s important to keep an eye on your portfolio and make adjustments as needed. Stick to your long-term investment plan, especially amid market volatility. Use the app’s tools to monitor your investments and track their performance.
  7. Make trades. You can use the investment app to buy and sell investments as needed. Be aware of any fees associated with trades and make sure you understand the tax implications of selling investments.
  8. Stay up-to-date. Stay informed about market news and changes in the investment landscape through the app’s newsfeed or other resources.

Remember, investing always involves some degree of risk. It’s essential to understand the risks associated with different investments. Consult with a financial advisor if you have any questions or concerns.

Investments That You Can Trade Through an App

Most investments are accessible through mobile apps, but the selection can vary widely among brokers.

Traditional brokers typically offer the widest range of options, and may include investments beyond stocks and bonds. Those include:

  • Fractional shares
  • Commodities
  • Options
  • Futures
  • Foreign currencies

There are even apps that focus on alternatives, but bear in mind that most alternatives are limited to investors who meet specific eligibility requirements.

A few apps offer cryptocurrency, but in our view cryptocurrency is best sourced through a reputable exchange.

How Much Should You Invest?

The question of how much to invest is highly personal, based on each investor’s unique financial circumstances, objectives and time horizon. Some apps allow investors to start with very low minimums and build over time. Many financial experts suggest that 15% to 20% of after-tax income should go to saving, investing and debt repayment.

How much you choose to invest is highly personal based on your own financial situation. Experts recommend you invest 10% to 20% of your income, but getting started with whatever you can afford today will allow you to build the habits required to get there.

Dave Fortin, CFA, portfolio manager and COO of FutureMoney

Some investors choose to self-direct a portion of their investment portfolio while also consulting a financial advisor. However, all of your saving and investing decisions are informed by your unique financial picture. Seeking professional advice is an excellent way to develop a holistic financial plan. It can also become increasingly necessary if you have significant assets.

Things To Know When Investing With an Investment App

When you decide to invest through an app, you should evaluate several aspects of the app to make sure it suits your needs.

  • Product selection. Make sure that it offers all the products and services necessary to support your investment objectives.
  • Customer service. Prompt and attentive customer service is critical for investors of any experience level.
  • Educational materials and other features. Offerings like research, model portfolios, educational materials, blogs and chat groups can enhance your investment experience and help you make informed decisions.
  • Fees. Understanding the app’s fee structure is also critical. You should know what you’ll be paying for to avoid surprises. Before you choose an app, you should understand how much you’ll be trading and how much you want to invest. Will you be charged per trade? Is the fee structure asset-based? The optimal fee structure depends on how you intend to invest.

Investment App FAQs

What is an investment app?

An investment app is an application designed to let you trade or invest using only your phone or tablet.

How much money do I need to open an investment app?

Nearly all investment apps have no minimum balance requirements. That lets you get started with just a few dollars. Keep an eye out for any requirements specific to apps you’re interested in, though, because some may require higher opening balances or require you to buy whole shares of stocks or funds.

How do I open an account with an investment app?

You can generally open an investment account with an investment app simply by downloading the program from your app store of choice. Each platform has its own requirements. Generally, you should be prepared to provide key personal identification and strategic information.

This enables the app to provide you with an account that you, the app and, yes, tax authorities can link exclusively and reliably to you.

Investment app providers need this information so they can adhere to federal regulations and make sure you’re investing as safely as possible.

Why use an investment app?

Using an investment app is a great way for beginner investors to start learning how to invest. The most important factor for beginners is to get started putting money to work in the market right away. Investment apps get the job done quickly.

Are investing apps safe?

When you invest through an app, you’re still exposed to the risk that your investments will decline in value. Your account is very unlikely to be insured against such market action.

Most brokerage accounts are protected by the Securities Investor Protection Corporation, or SIPC. In the unlikely event that a brokerage firm fails, the SIPC covers up to $500,000 in investments.

Can you trade stocks using an investment app?

That question made you blink, right? Maybe your first reaction was, well, of course you can trade stocks using an investment app. But of course, some apps don’t let you trade stocks at all.

For example:

    1. Brokerage apps such as Fidelity, Charles Schwab and Interactive Brokers’ allow you to buy stocks, among other securities.
    2. Apps run by robo-advisor Betterment let you invest only in ETFs, not individual stocks or bonds.
    3. Wealthbase lets customers engage in stock and crypto trading contests for educational and entertainment purposes.
    4. Invstr helps you learn how to invest as well as invest for real in stocks and other securities.
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