Are you looking to achieve financial independence or even just simply retire comfortably? No matter what your future goals include, investing needs to be part of your plan. But oftentimes, it's hard to know where to get started. That's where these best investing apps come in.
Investing apps open the gateway to investing for beginners and can help experienced investors step up their portfolios at a fraction of the cost of working with traditional financial advisors. In short, if you're interested in investing yourself, you'll want an investing app.
Let's explore some of the very best to see which is right for you.
The Benefits of Investing Apps
Before we talk specifics about the best investing apps, it's important to understand why investing tools are so useful.
- Save in fees. Investing apps and platforms can save investors tons of money with low-fee and no-fee options.
- Set it and forget it. Roboadvisors and brokerages that allow you to auto-invest put your money on autopilot.
- Get expert guidance. Invest like a pro without the price tag but keep the same level of confidence thanks to the digital tools.
- Understand where your money is going. Investing apps and platforms often offer custom dashboards and specific feedback to help you understand exactly how your investments are performing.
- Your money at your fingertips. More and more people want convenience when it comes to their money. Having your investments in a convenient app makes investing easier and more enjoyable.
7 Best Investing Apps of 2022
To help you get started investing, we reviewed some of the most talked-about investing tools to come up with our list of the best investing apps. All of these apps allow you to invest with tax advantages through a Roth IRA and all have simple low-cost index fund / ETF solutions.
Read on to discover the standout features of each of these tools.
No list of best investing apps would be complete without mentioning Vanguard.
With index funds helping so many people become millionaires, it's no wonder that Vanguard quickly became a fan favorite. Vanguard allows investors access to low-fee funds that take the guesswork out of investing.
Index funds are designed to track market indexes, meaning you don't have to try to guess the best individual stocks or cobble together your own portfolio (though you can do that with Vanguard, too!).
In addition to boasting some of the lowest fees in investing, Vanguard stands out for another reason. When you invest in Vanguard, you aren't just an investor. You're also an owner. That means that Vanguard isn't torn between what its clients want and what its owners want–the two are one and the same.
Learn more about why Vanguard comes so highly recommended in the personal finance world here.
Fidelity is a brokerage like Vanguard. In fact, the two are similar enough that it often comes down to personal preference when choosing between the two.
Fidelity offers a variety of low-fee and no-fee funds to choose from. These funds help diversify your investments, allowing your money to grow and protect against market volatility.
The best part? Once you invest in the funds, you can set up recurring transfers so that it all happens in the background.
Are you a more advanced investor who is looking for more hands-on investing options? Fidelity has you covered, too. They feature $0 trading commissions, in addition to a variety of research tools. Plus, you can customize the user dashboard for a more personalized investing experience.
Check out Fidelity and its offerings here.
M1 Finance took the personal finance world by storm when it broke onto the scene in 2015. While it's still a relative new kid on the block, M1 Finance already has $5 billion in assets under management.
They also allow fractional shares which means you can invest in a slice of a company (or ETF) –even if you can't cover the cost of a full share.
No matter what type of investor you are, M1 Finance can help you grow your portfolio. They offer a variety of portfolio-building options, including nearly 100 expert portfolios for you to learn from. Their user-friendly dashboard allows you to track your portfolio's performance clearly. Plus, there are no asset management fees or trading fees.
Learn more about M1 Finance here.
Schwab calls itself a modern approach to investing and retirement.
They offer investors three different platforms to invest through and they've done away with minimums and fees. They also offer unique features, such as their Schwab Stock Slices. These slices allow you to buy fractional shares of any of the S&P's top companies for as little as $5. You can also purchase multiple slices at once, putting together a pie of top-performing companies at a price that feels right for you.
Whether you're a long-time investor or just getting started, you will also appreciate their commission-free trades of stocks, options, and ETFs.
See what Schwab is all about here.
Betterment is one of the most popular Robo advisor investment platforms. They have over half a million clients with nearly 30 billion dollars under management.
As a Robo advisor, Betterment prompts users through a questionnaire to understand your risk tolerance and investing goals. Then, it will recommend a portfolio made up of low-fee exchange-traded funds (ETFs). You can either accept their recommendation or customize your portfolio with their flexible portfolio options.
After that, Betterment gets to work growing your money with auto rebalancing and tax optimization strategies. Of course, all of this comes at a fraction of the cost of traditional investing services, making it one of best investing apps for beginners and seasoned investors alike.
Recently, Betterment got the attention of investors by expanding its socially responsible investing (SRI) options. In addition to the Broad Impact portfolio, they also feature two more SRI portfolios: a Climate Impact portfolio and a Social Impact portfolio. These SRI options allow investors to put their money where their values are. Whether it's a greener tomorrow, minority empowerment, gender equality, or a combination of things, Betterment lets you do that.
In addition to helping you invest like a pro, Betterment can also streamline your finances. Their cash management services include a Cash Reserve account and a checking account.
See if Betterment is right for you here.
One of the most talked-about investing apps is Wealthfront. Wondering if Wealthfront is worth it? Their almost half a million clients say so! They currently have over 470,000 clients and manage nearly $30 billion in assets.
At Wealthfront, investors can find a mix of passive and active investing options. For a truly passive approach, you can open an investing account using an expertly-designed portfolio. If you're ready to get your DIY on, start with a pro portfolio and customize it to truly make it your own.
Investors can incorporate their interests into their investments. Wealthfront fund category options include:
- Socially responsible investing
- Emerging markets
- Clean energy
Once you have your portfolio set up, Wealthfront does all the heavy lifting for you. From portfolio rebalancing to tax minimization, their automated software does it all. This “set it and forget it” approach comes with a very reasonable 0.25% annual fee.
In addition to their automated investing software, you can also explore their banking options and portfolio lines of credit.
Check out more from Wealthfront here.
It's no secret that money management has long been geared toward men. Ellevest is looking to flip the script. They offer investment advice and tools for women, designed by women. (Of course, men can be clients too!)
Ellevest has over a billion dollars worth of assets under management. They take an exciting approach to gender-based investing. Women tend to have lower incomes and longer lifespans than men, so it makes sense that their money needs might be different. Ellevest members get access to money coaching, free resources, and an investing algorithm tailored to their unique circumstances.
Ellevest has three membership tiers:
- Essential – $1/month
- Plus – $5/month
- Executive – $9/month
Discover more about Ellevest here.
Closing Thoughts on Best Investing Apps of 2022
It's not enough to just save your money. You need to invest to really see your money grow. That's where the best investing apps and tools come in.
Whether you want to “set it and forget it” or trade actively, there's something to help every investor on their financial journey.
Where are you on your investing journey? Do you have a favorite app or tool?
Please let us know in the comments below.
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