Investing apps are an excellent way to stay abreast of market developments and make informed investments. Furthermore, they provide educational resources as well as alerts on new investment opportunities.
Investment apps come in many varieties and the right one for you will depend on your investing objectives and budget. No matter if you’re just starting out or an experienced investor, the ideal app will cater to all of your needs and help grow your finances.
Acorns
Acorns is a micro-investing app that enables you to invest spare change and small lump sums of money. It’s an excellent way to start investing for the long term, though it should not replace saving in a savings account.
Acorns invests any leftover funds from linked credit and debit cards into a portfolio tailored to your risk tolerance, objectives, and time horizon. Their portfolios range from conservative to moderately aggressive.
Account setup with Acorns involves answering a brief questionnaire about your financial situation and objectives, then Acorns will suggest one of five prebuilt investment portfolios tailored towards those needs. These options may include real estate, government bonds, corporate bonds, large-company stocks or small-company stocks in various sectors.
Acorns also provides checking accounts to its customers in two upgraded membership tiers. This account comes with a debit card that rounds up purchases and boasts several features not found with other robo-advisors, such as mobile check deposits.
Betterment
Betterment is an investment app with a host of features. Its robo-advisor software assists you in selecting a portfolio tailored to your goals and risk tolerance, as well as flexible portfolios with adjustable asset class weightings.
Automatic rebalancing and tax-loss harvesting strategies help keep your portfolio on track with goals. Their portfolios are built upon modern portfolio theory, which suggests spreading money across a variety of assets for maximum return.
For instance, if you’re building an emergency fund, investing in low-cost yet high-quality bonds could be a wise move. Doing this ensures a reliable stream of income even if the stock market crashes.
Betterment also offers a checking account linked to your savings, enabling you to deposit and withdraw funds online. The service’s two-way sweep tool analyzes spending habits and automatically transfers any unused money into savings if needed.
Ellevest
Ellevest is a groundbreaking robo advisor created by women to address the financial difficulties experienced by female investors, such as career breaks and gender pay gaps. Its investment algorithm takes into account these aspects and helps guarantee your portfolio remains balanced, diversified, and tailored towards reaching your objectives.
Ellevest’s robo-advisor features include an automated investment portfolio using low-cost ETFs designed to produce maximum returns within your risk tolerance level, monthly progress reports and automatic rebalancing. Unfortunately, it does not provide tax loss harvesting or the same level of expertise as some other robo advisors.
In addition to a personalized portfolio, Ellevest also provides free educational resources to help you manage and grow your wealth. These benefits include live workshops with CFPs and executive coaches, free financial articles, email courses and blog content.
Ellevest stands out by not having a minimum account requirement, making it easy to get started with just a small balance. While this may be convenient for some users, keep in mind that higher fees may apply until you’ve built up a larger balance.
Webull
Webull is a brokerage app that allows users to trade stocks, options and ETFs without paying commissions. Additionally, it provides free cryptocurrency trading with instant settlement as well as customizable desktop trading features.
Webull’s trading tools appeal to a variety of investors, from casual traders who appreciate the convenience of mobile trading to advanced active traders who require technical analysis and customization provided by more sophisticated platforms. The app provides real-time bar, candlestick and line charts along with hundreds of technical indicators as well as market data from multiple sources.
Webull is a FINRA-regulated broker and member of the Securities Investor Protection Corporation (SIPC). SIPC safeguards customers’ assets up to $500,000 in securities and $250,000 in cash against failure at member brokerages.
