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At the time when investing meant calling a broker or visiting a bank branch, things were different. Those days are long gone.
I tested dozens of investment apps over several months and discovered that choosing the right one can feel overwhelming. The market is flooded with popular investment apps. Each claims to be the best investment app for beginners. Some platforms offer commission-free trades. Others emphasize automated investing, while a few transform spare change into investment opportunities.
This extensive testing helped me identify the top 5 investment apps that deliver real results in 2024. These platforms blend essential features with user-friendliness and growth opportunities perfectly. You can start small or build a serious portfolio. These apps are a great way to get the tools you need to build wealth - no suit and tie required.
Robinhood: The Commission-Free Pioneer
Image Source: Robinhood
Robinhood has revolutionized the investment world, and my extensive testing of the platform shows why it ranks among the best investment apps for beginners in 2024.
Robinhood Platform Features and Capabilities
The platform distinguishes itself with a clean, easy-to-use interface that makes stock trading less daunting. Their commission-free approach to trading stocks, ETFs, and options caught my eye. The mobile app impresses with up-to-the-minute streaming stock quotes through their NASDAQ partnership.
Robinhood Investment Options and Limits
The platform gives users access to over 5,000 stocks and ETFs. Users can trade:
- Stocks and ETFs with fractional shares
- Options trading with simple and advanced strategies
- Cryptocurrency trading
- ADRs for over 650 global companies
ACH transfers allow up to $50,000 daily, making it one of the most flexible investment apps I've tested.
Robinhood Pricing and Premium Features
Basic trading costs nothing, and the Robinhood Gold subscription provides great value at $5 per month. Gold members get:
- 4% APY on uninvested cash
- Professional research from Morningstar
- Level II market data from Nasdaq
- First $1,000 of margin borrowed interest-free
- Bigger instant deposits up to $50,000
The standard margin rates range from 4.7% to 5.75%, which beats many competing investment apps. The platform's transparent fee structure stands out - no hidden account maintenance or inactivity fees exist.
SoFi Invest: All-in-One Financial Solution
Image Source: SoFi
I tested many popular investment apps and SoFi Invest stands out as a top choice for anyone looking for a complete financial platform in 2024.
SoFi Invest Platform Overview
SoFi's strength lies in its detailed approach to financial services. My testing showed that there was a single, secure app that manages investments, banking, and loans. The platform gives free access to Certified Financial Planners (CFPs), which you rarely find in other beginner-friendly investment apps.
SoFi Investment Products and Services
The platform shines with its variety of investment options. Here's what you can access:
- Commission-free stock and ETF trading
- Fractional shares starting at just $5
- IPO investments before they hit public markets
- Alternative investments including commodities and real estate
Their transparent pricing structure makes a real difference. Stock and ETF trades come with no commission fees, making it one of the most economical investing apps I've tested.
SoFi Automated Investing Features
SoFi's automated investing service sets it apart from other top investing apps. The robo-advisor impresses with:
- Expert-built portfolios managed by SoFi's investment committee with over 100 years of combined experience
- Automatic portfolio rebalancing
- Goal-based investing strategies
The platform has three distinct portfolio themes that match different investment styles and risk tolerances. SoFi's automated accounts provide one-on-one guidance from financial advisors at no extra cost, a feature that's rare among other popular investment apps.
The retirement planning options include traditional, Roth, and SEP IRAs, with an automatic 1% match on IRA contributions. This unique benefit makes SoFi stand out from other top investment apps in 2024.
Fidelity: Traditional Broker Goes Mobile
Image Source: Fidelity Investments
I've tested dozens of investment platforms, and Fidelity really stands out. They've changed their traditional brokerage services into one of the best investment apps for 2024. NerdWallet agrees - they named Fidelity their 2024 winner for Best App for Investing.
Fidelity Mobile App Features
The app shines with its reliable security features, including 2-factor authentication and voice biometrics. The sort of thing I love is how everything works together - I can deposit checks, pay bills, track spending, and trade stocks in one place.
These features really caught my eye:
- Immediate quotes and advanced charts
- Customizable alerts for price triggers
- 24/7 Virtual Assistant support
- Commission-free trades for US stocks and ETFs
Fidelity Investment Options
My testing showed that Fidelity lets you trade US stocks, ETFs, and even fractional shares starting at just $1 with no commission. Their selection of zero expense ratio mutual funds sets them apart from other popular investment apps. This makes them a great choice for long-term investors.
Fidelity Research Tools and Resources
The research capabilities at Fidelity are impressive. The platform gives you:
- Powerful screening tools for stocks, ETFs, and mutual funds
- Immediate market analysis and commentary
- Customizable watchlists and alerts
Their Learning Center is a great resource that offers complete educational content with archived webinars and beginner classes. They excel at retirement education and include a financial planning tool to track your retirement progress and other spending goals.
Active traders will appreciate their Active Trader Pro® platform. It comes with advanced features like Trade Armor™ - a tool that helps you learn about profit and loss scenarios. You can create custom workspaces on multiple monitors, which works great for serious trading sessions.
Acorns: Automated Micro-Investing
Image Source: Acorns
Acorns is one of the best investment apps I've tested. It takes a fresh approach by letting users invest their spare change. This micro-investing pioneer has helped users put away over $3 billion in spare change alone. Small amounts really add up to big investments.
Acorns Round-Up Investment Strategy
The platform's signature Round-Ups® feature changed how I think about investing. My coffee purchase of $3.25 prompts Acorns to round up to $4.00 and invest the $0.75 difference. This works great because the average Acorns customer puts away over $150 in their first 4 months just through Round-Ups. The best part is that you can multiply these Round-Ups by up to 10x to speed up your investment growth.
Acorns Portfolio Options
My testing showed that Acorns has several expert-built portfolio choices. Each portfolio has:
- 5 Core portfolios ranging from Conservative to Aggressive
- 4 ESG portfolios for eco-friendly investing
- Bitcoin-linked ETF option (up to 5% allocation)
The portfolios use ETFs from trusted names like Vanguard and BlackRock. You get exposure to over 7,000 stocks and bonds through fractional shares.
Acorns Subscription Plans and Pricing
Acorns keeps its tiered subscription model simple and valuable:
Bronze ($3/month)
- Investment account
- IRA account
- Checking account with Visa debit card
Silver ($6/month)
- Everything in Bronze
- 1% IRA match on new contributions
- Better banking features with 3% APY checking
Gold ($12/month)
- Everything in Silver
- Investment accounts for kids
- 3% IRA match
- Custom portfolio options
- $10,000 life insurance
Acorns stands out from other investment apps because it doesn't charge extra transaction fees or commissions for accounts under $1 million. The live Round-Ups feature works great with the Acorns Visa debit card. Your spare change gets invested right away.
Public: Social Investing Platform
Image Source: Public app
My tests of popular investment apps led me to Public, a social-first platform that revolutionizes investing. Public stands out among the best investment apps for 2024 because of its community-driven approach to financial growth.
Public's Social Trading Features
Public's social feed transforms how investors learn from each other. Users can follow experienced traders, join group chats, and attend live investing events. The platform's "town hall" feature lets investors ask questions directly to CEOs of publicly traded companies. This direct access and transparency sets Public apart from other investing apps.
Public Investment Options
Public provides a complete range of investment choices:
- Stocks and ETFs with fractional shares
- Seven major cryptocurrencies through Bakkt Crypto
- Corporate and government bonds
- Treasury bills with competitive 5.4% annualized yields
- Alternative assets like art shares and music royalties
The platform lets users create customized investment plans with up to 20 different assets. Public's Bond Account offers an attractive 7% yield, making it a solid choice for steady income generation.
Public Educational Resources
Public's educational offerings shine with their all-encompassing approach. Users get access to:
- Simple "101" content that explains investing basics
- Four years of earnings call transcripts and recordings
- Live market analysis and stock-specific research
Premium membership costs $10 monthly or $96 annually and includes prioritized customer service and exclusive Morningstar research. New investors will find value in the platform's educational resources that explain complex concepts through articles, videos, and community discussions.
Betterment: Robo-Advisor Excellence
Image Source: Betterment
Let's take a closer look at Betterment to understand why it ranks consistently among the best investment apps for automated wealth management. Their approach to portfolio management is impressive, especially when you have a pioneer robo-advisor.
Betterment Portfolio Management
Betterment's Core portfolio stands out with its sophisticated approach that uses ETFs from thousands of global stocks and bonds. The platform's tax-optimization strategy distinguishes it from other popular investment apps. There was a remarkable finding - 69% of customers who use their tax-loss harvesting features have their advisory fees covered by likely tax savings.
The platform offers several portfolio options:
- Core Portfolio - globally diversified stocks and bonds
- Socially Responsible Investing - three distinct options
- Goldman Sachs Smart Beta - for potential market outperformance
- BlackRock Target Income - 100% bonds focus
Betterment Goal-Based Investing
Betterment's goal-based approach makes it unique among the best apps for investing. The platform creates tailored investment recommendations based on specific goals like retirement, major purchases, or emergency funds. The system automatically adjusts your investment strategy as you get closer to your goal's target date.
Betterment Fees and Premium Services
The pricing structure competes well with other top investing apps. The simple Digital plan starts at $4 monthly and switches to 0.25% annually once you reach $20,000 in balance or set up monthly deposits of $250. The Premium plan is a great way to get unlimited access to CFP® professionals at 0.65% annually with a $100,000 minimum balance.
Betterment's steadfast dedication to optimization shows in their results - customers using automated deposits earned 6% higher annual returns compared to those who didn't. The platform monitors investments continuously and handles rebalancing and dividend reinvestment automatically. It stands out as one of the best investment apps for beginners by offering ongoing guidance and tax-efficient strategies at just a fraction of traditional advisor costs.
M1 Finance: Customizable Automation
Image Source: M1 Finance
My research into investment platforms has led me to M1 Finance. This platform stands out from other investment apps because of its fresh take on portfolio customization and automation.
M1 Finance Pie Investing System
M1's "Pie" investing system has reshaped the way I handle my portfolio. Each Pie lets you add up to 100 "Slices" of different investments. This flexibility makes it perfect for various investment strategies. My testing showed several impressive features:
- Create custom investment Pies
- Use expert-crafted Model Portfolios
- Combine multiple Pies within a single portfolio
- Visualize portfolio performance easily
M1's Model Portfolios are a great way to get ready-made investment strategies that match different goals and risk levels. New investors can use these portfolios as starting points, while experienced traders can adjust them to their needs.
M1 Finance Automation Features
M1's automation tools have simplified my investment process substantially. Dynamic Rebalancing keeps my target allocations on track by smartly distributing new investments. The Auto-invest feature has become my favorite - it puts any extra cash to work when it exceeds my minimum balance by $25 or more.
M1 outshines other popular investment apps with its sophisticated rebalancing approach:
Feature | Benefit |
|---|---|
One-click rebalancing | Instant portfolio arrangement |
Dynamic cash handling | Efficient fund distribution |
Automated dividend reinvestment | Continuous growth optimization |
M1 Finance Banking Integration
My tests of the best investment apps 2024 showed M1's banking integration provides uninterrupted service. The platform connects with most US retail banks, and their High-Yield Cash Account rates compete well with others. Their Plaid partnership enables secure connections to over 12,000 financial institutions.
The Smart Transfer feature lets me create threshold-based rules between my M1 accounts. This automation keeps my money working efficiently between investments and savings - something rare among other top investing apps.
M1's reliable security measures handle all authentication internally instead of sharing credentials with outside providers. This security focus, plus commission-free trading, makes M1 an excellent choice for investors who want to automate their strategy, regardless of experience level.
Comparison Table
Platform | Key Features | Investment Options | Account Minimum/Fees | Unique Selling Point | Additional Services |
|---|---|---|---|---|---|
Robinhood | - Commission-free trading | - Stocks & ETFs | - No minimum | Commission-free pioneer | - 4% APY on uninvested cash (Gold) |
SoFi Invest | - All-in-one platform | - Stocks & ETFs | - $5 minimum for fractional shares | Detailed financial solution | - 1% IRA match |
Fidelity | - 2-factor authentication | - Stocks & ETFs | - $1 minimum for fractional shares | Zero expense ratio mutual funds | - Virtual Assistant support |
Acorns | - Round-Ups feature | - ETF portfolios | - Bronze: $3/month | Spare change investing | - Banking services |
Public | - Social trading feed | - Stocks & ETFs | - Premium: $10/month or $96/year | Social investing platform | - Live market analysis |
Betterment | - Tax-loss harvesting | - ETF portfolios | - Digital: $4/month or 0.25% annually | Robo-advisor excellence | - CFP access (Premium) |
M1 Finance | - Pie investing system | - Stocks & ETFs | - Commission-free trading | Customizable automation | - High-yield cash account |
Conclusion
I've tested seven investment apps that show we're light years ahead of old-school investing methods. Each platform brings something special to the table. Robinhood stands out with commission-free trading. SoFi delivers complete financial services, and Acorns lets you invest your spare change.
These apps tackle different investment hurdles head-on. Betterment's guided approach and Public's social learning features work great for newcomers. Fidelity's research tools and M1 Finance's customizable portfolios give experienced investors what they need. Almost every platform now includes fractional shares, so you can diversify your portfolio with minimal funds.
Your specific needs should guide your choice. Robinhood makes sense if you want simple stock trading. Acorns might be your pick if you like the idea of automated micro-investing. SoFi or Betterment's advisor access could be perfect if you need professional guidance.
Investment opportunities are now at everyone's fingertips. These apps prove that you don't need a fortune or deep financial knowledge to build wealth - just a smartphone and clear investment goals.
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