After all, there are a lot to pick from.
The first manages your investments day-to-day for you.
We tend to favorrobo-advisorsbecause theyre affordable, easy to use and dont require much ongoing maintenance.
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you’re free to buy and sell slices of stock.
We all hope were doing everything we can to grow our money.
Another benefit to Magnifi is it can go through all your investments and help fill in any gaps.
you could connect external accounts to optimize your investments, but also invest directly through the app.
SoFi Active Investing offers an attractive platform for more experienced traders.
It also offers fractional share investing.
However, the platform lacks access to some fundamental investment types, including bonds and mutual funds.
It also lacks some advanced trading options, such as options trading.
For a more hands-off investing approach, you’re free to choose SoFi Automated Investing.
Robinhood is known for being one of the first platforms to make investing accessible to the average American.
Acorns
Acorns is a popular micro-investing app, but the fee can be a drawback for people.
What makes it popular is that you put aside spare moneyautomatically while you go about your regular day.
Betterment Digital
Betterment uses a hands-off investment strategy to get your money in the market.
You cant buy or trade stocks with this investing app; Betterment automatically invests your money into diversified ETFs.
It picks the ETFs inside your portfolio based on your risk tolerance and financial goals.
Premium customers get more in-depth financial advice and unlimited access to phone calls with a financial advisor.
For more details on the apps features and offerings, check out our fullBetterment app review.
The flat fee is a potential drawback for Stash users with low account balances.
For more details on the apps features and offerings, check out our fullStash app review.
Power E*TRADE isnt a separate brokerage account just a different platform with its own mobile app.
Like the original platform, theres no trading costs or account management fees.
For more details on the apps features and offerings, check out our fullE*TRADE app review.
No matter which you choose, theyre created from Fidelity Flex funds.
Keep in mind that this robo-advisor doesnt offertax loss harvesting.
For more details on the apps features and offerings, check out our fullFidelity Go app review.
Webull
Webull is best for active traders comfortable placing their own stock and ETF trades.
While the Webull platform features a thriving user community, its traditional education resources are slim.
It also lacks access to some common securities, like bonds and mutual funds.
Webull is most appealing for its advanced features, including margin accounts and options trading.
Other key features include real-time market quotes and full extended-hours trading.
The change took place in response to the SECs litigation against other platforms like Binance and Coinbase.
For more details on the apps features and offerings, check out our fullWebull app review.
Best Investment Apps: Features Summary
How Much Money Should You Invest?
Given that, many experts recommend investing at least 10% to 15% of your income.
However, this common rule of thumb isnt always the best fit for everyone.
Dont fret if you think that youre not doing enough.
Investing is meant to be a long-term endeavor.
Think of it as a marathon, not a sprint.
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What Assets Can You Trade on an Investment App?
you’ve got the option to invest in virtually all types of securities on an investment app.
For example, do you want an IRA or taxable account?
What about the option to open an investment account for your children or grandchildren?
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What Are the Biggest Benefits of Using an Investment App?
Others will round up your purchases and let you invest the spare change.
Others will round up your purchases and let you invest the spare change.
Another benefit is that you might get an instant snapshot of how your investments are performing.
What Are the Drawbacks of Using an Investing App?
Likewise, if youre an impulse buyer, be careful with investment apps.
Long-term investing is what builds wealth.
Also, some apps have substantial fees that may not look like a lot.
How Can I Learn More About the Investment Choices an App Offers?
Most apps will steer you toward stock ETFs.
Once you find an investment youre interested in, do your homework.
Most people dont need a ton of investment options.
An S&P 500 index fund is one of the most surefire ways to build wealth over time.
How Much Money Can You Make with Investing Apps?
To state the obvious, it depends how much you invest.
Of course, your returns depend on how much you invest and what you invest in.
But keep in mind: Past results dont guarantee future returns.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
Freelance writers Sarah Li-Cain and Adam Palasciano contributed to this report.