When choosing an app for investing, think about its ease of use, educational resources, and your ability to grow with the app as your skills and needs evolve. The best app for you is one that aligns with your investment style and goals and offers the support and tools you need to succeed.
Let’s check out the top picks from Forbes Advisor to help you find your perfect investment buddy.
Forbes Rating: 4.9
Binance.US is an app that simplifies cryptocurrency trading and offers low trading costs. It caters to crypto enthusiasts with a selection of over 50 cryptocurrencies and is known for its strong security features. However, it’s important to note that it’s not available in every state, and the educational resources for new investors might not be as comprehensive as desired.
Pros:
- Low trading costs make it easy on your wallet.
- A hefty selection of over 50 cryptocurrencies means you’ve got options aplenty.
- Stellar user reviews and top-notch cybersecurity keep things smooth and secure.
Cons:
- The international buffet of Binance’s global platform isn’t fully available in the U.S., so you might get menu envy.
- Some states, like Texas and New York, are left out of the crypto party.
- It could use a beefier library of learning materials for the crypto-curious newcomers.
Forbes Rating: 4.8
If you’re looking for an investment companion that’s smart, low-maintenance, and goal-oriented, Betterment is your go-to. It’s like having a financial planner in your pocket, minus the hefty fees.
You can set up various goals and watch your money work for you, including some neat tax-saving strategies. But, if you’re the type who likes a one-on-one with a financial advisor, be prepared to pay a bit more.
Pros:
- The advisory fee won’t break the bank, and you get a lot of bang for your buck.
- Goal-based portfolios mean your investments align with your dreams, whether it’s a trip to Bali or a cozy retirement.
- Tax-loss harvesting could give you a nifty tax break, making tax time a bit less taxing.
Cons:
- If you’re hankering for a chat with a financial advisor, it might cost you a pretty penny.
- The emergency fund option might be too adventurous for those who prefer their investments as steady as a rock.
Forbes Rating: 4.4
Fidelity is like the Swiss Army knife of investment apps – it’s versatile, user-friendly, and packed with educational goodies to boost your investment IQ. Whether you’re exploring IRAs or diving into mutual funds, it’s got you covered. However, if you’re looking to ride the crypto wave or stay updated with real-time market news, you might find it lacking.
Pros:
- Wallet-friendly costs mean more of your money gets invested, not spent on fees.
- Educational resources turn investment jargon into plain English.
- A variety of account types and investment options cater to just about every financial goal you can dream up.
Cons:
- Crypto traders will have to look elsewhere for their digital currency fix.
- It lacks a market news feature, so you might need to supplement your market intel elsewhere.
Forbes Rating: 4.4
For the seasoned investor who loves the thrill of trading over-the-counter or dabbling in futures and forex, thinkorswim is your battleground. It’s a powerhouse app that caters to the intricate needs of experienced traders. Just a heads-up, though – if cryptocurrencies are your thing, you’ll need to look elsewhere.
Pros:
- Trade just about anything your heart desires, from OTC to futures and forex.
- It offers margin trading for those who like to live a little on the edge.
Cons:
- Crypto enthusiasts will need to venture beyond thinkorswim for their blockchain fix.
Forbes Rating: 3.6
Starting your investment journey can feel like charting unknown territories, but E*TRADE lights the way with its low costs, abundant educational resources, and user-friendly interface. It’s perfect for newbies looking to learn the ropes without overwhelming jargon or fees. Just note, crypto trading and 529 accounts aren’t part of the package.
Pros:
- Keeping costs low means you get to invest more of your hard-earned cash.
- A library of educational resources makes learning about investing as easy as pie.
Cons:
- No crypto trading here — digital currency aficionados will have to explore other apps.
- It lacks 529 accounts, so those saving for education will need to look elsewhere.
Pro Tips for Using Investing Apps
Make sure you’re familiar with an app’s products, services, and fees. Stellar customer service and resources like blogs, tutorials, and community forums can enrich your knowledge. And about fees — no one likes surprises, so get clear on what you’re paying for.
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