People are rapidly moving towards digital modes of earning, especially after the unexpected prevalence of covid-19 all over the world. Millions of people have lost their jobs, while the jobs of many are still at stake. Investing your little money or savings in an investment app is no less than a savior in this critical time.
There are quite a good number of investment apps where you can invest confidently, but the actual task is to choose the best according to your investment strategy.
If you are a beginner, the right investing app is the one that offers you low fees along with the accessibility to different account types and investment items you consider the most.
Let’s quickly have a look at the best investment apps that are beginner-friendly.
1. Merrill Edge
Merrill Edge is the best option for you if you want sustainable investment, as its exclusive instruments are developed for investors with significant wealth. It is a self-directed investing platform that also provides a dedicated consultant for complex wealth management requirements.
Pros
- It offers you help in the selection of your investment and assessing your portfolio.
- The app informs you about the impact of any public organization you want to invest in.
- Variety of stocks, ETFs, bonds, and mutual funds to choose from and invest in
- Portfolio management and rebalancing is done by professionals
- Retirement planning
Cons
- High rates of financing
- Limited withdrawal or deposit options
- consultancy fee is a little high
Price
- Trading charges are low
- High fees for mutual funds
- The bond fee is low
- No fees for opening an account
- No fees for self-directed investment
- No annual account fee
2. E-Trade – One Of The Beginner Investment Apps
Whether you are a beginner or a regular trader, this investment app is for everyone with its effortless to use features which include saving, investing and borrowing.
Pros
- Trading charges are low
- Mobile trading is user-friendly
- Market awareness
- Broker-assisted trades and automated investing
- Retirement planning
- Educational resources available
- Provides guidance to beginner investors
Cons
- Live chat is not very quick
- Restricted to the markets of the USA only
Price
- Non-trading charges are low
- Commission-free stock along with ETF trades
3. Acorns
This investment app is for you if you are a saving–oriented person/investor. Acorns have a built-in Robo-advisor that will take care of and maintain your portfolio.
Pros
- Automatic rebalancing of your portfolio
- Seamless customer support around the clock
- Has portfolio built by financial experts
- You can begin with small investments
- Retirement planning available
- You can earn money when you shop from specific brands
Cons
- It does not offer tax policy
- Charges on small account balances can be high due to the pricing structure
- Cannot build your own portfolio
Price
- No charges for opening an account
- Charges for managing an account for an individual are $3 per month, while $5 for a family.
4. Fidelity
It is one of the most secure and best-investing app options for beginners as it is controlled by top-tier financial authorities. Fidelity makes investing stress-free with simple investing solutions and financial planning tools.
Pros
- US stocks and ETFs are commission-free
- Easy usability of web-trading platform
- Gives you trade market news
- No minimum balance required
- No commission on trades
Cons
- For US citizens only
- The account verification process may be slow for some
- Broker-supported trade is quite pricey
Price
- Non-trading charges are low
- Low fees level for US stock
5. Stash
This one also ranks among the best investment apps for a beginner as it simplifies the procedure of choosing investments in an app.
Pros
- Fractional shares can be purchased
- Value-based investment advice
- Provides access to research on different tradable items
- Retirement planning available
- Offers tax benefits for retirement investment
- Provides recommendations for building a portfolio
Cons
- Higher fees compared to the competitors
- No tax-loss collecting with smart portfolios
Price
- Trading and non-trading charges are low
- Low fees level for US stock
- Free trial for a month and then a monthly fee is charged.
In short, you should select the investment app keeping in view the style of your investment as well as the instruments you require, such as access to a human advisor, learning guides, and others. Only in this way will you be able to attain your financial targets safely.
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