Best Investment Apps In February 2023 - 91Smarttech

Best Investment Apps In February 2023: Here are some of the best apps for organizing and investing your money.

Best Investment Apps In February 2023 - 91Smarttech
Best Investment Apps

Looking for the best investing apps to help you get your finances back on track? A good finance app can handle routine financial tasks like transferring money to investment accounts and tracking spending. However, the best investment apps can also allow you to quickly trade stocks, track your account in real-time, learn about the markets, and much more. Investment apps have grown in popularity as a result of their versatility.

Here are some of the best apps for organizing and investing your money. All of these apps are great for beginners, and they make it simple for those who are just getting started with investing or who want to play a stock-picking game for fun.

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Here are The Best Investment Apps in February 2023

Best Investment Apps In February 2023 - 91Smarttech

A Closer Look at The Top Investment Apps in February 2023

Betterment – Best app for automated investing

Betterment is one of the most well-known and widely used Robo-advisors, and with good reason. The app offers professionally managed portfolios based on a selection of ETFs that are calibrated to your risk tolerance and the time frame in which you need the money. Betterment can build socially responsible portfolios that focus on issues such as climate change or social impact.

Minimum balance required: $0 for digital service; $100,000 for premium service

Fees: Management fee of 0.25 – 0.40 percent of assets annually

Why we like it:

  • If you're willing to take on a little more risk, the app can recommend investments with a higher potential return.
  • Betterment can also help you create a more secure portfolio.
  • A strong (and free) cash management account.
  • You can set up Betterment and then relax while the pros do the rest.
  • Betterment charges a much lower fee than a traditional financial advisor.
  • There is no account minimum and you can set investment goals such as a safety net or retirement.

Who is it best for?: You want a professionally managed portfolio at a low cost, as well as a cash management account.

Invstr – Best app for education

Invstr is what you get when you combine learning, real-world investing, and community in an app designed to give beginning investors a way to get into stocks, particularly if you like games. The app combines a fantasy stock game in which you can help manage a virtual portfolio with access to investor opinions on stocks and other investments.

Minimum balance required: $0

Fees: $0 for Invstr, $3.99 for Invstr Pro. With a $5 minimum investment, you can trade stocks, cryptocurrency, and ETFs without paying any commissions.

Why we like it:

  • The fantasy game gives you $1 million in virtual money, and you can get ideas from the app's social network and news feed. The top performers of the month also win real money.
  • If you want to turn some of your fantasy picks into real-life stakes, you can buy fractional and whole shares in the app commission-free.
  • When new users open and fund an account with $100, the app will even give them $30 in Bitcoin. Invstr has also begun to offer commission-free cryptocurrency trading.

Who is it best for?: Those who want to learn from an investing community, hear why they like certain stocks, and participate in a fun fantasy game.

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Acorns – Best app for saving

Because of how simple it is to use, Acorns remains one of the most popular of the new breed of savings apps. Once you've set it up, you don't have to pay much attention to it.

Minimum balance required: $0 for savings account

Fees: $3 or $5 per month depending on the service tier

Why we like it:

  • When you link a debit or credit card to your account, Acorns will round up your purchases to the nearest dollar and invest the difference in one of several ETF portfolios.
  • Acorns Personal costs $3 per month and includes an investment account, an individual retirement account (IRA), a metal debit card, and other benefits. You can open one of three types of IRAs: traditional, Roth, or SEP, and you can roll over an existing 401(k) or IRA.
  • This tier also includes an FDIC-insured checking account with no monthly fees, fee-free access to thousands of ATMs, and early access to direct deposits.
  • Acorns select your portfolio based on the time until retirement (calculated as age 59 12), becoming more conservative as you approach that age - something to keep in mind when selecting the app.
  • You can add Acorns Family for a total of $5 per month, which includes all of the features of the first tier as well as investment accounts for children.

Who is it best for?: You enjoy receiving automatic investments while spending without having to think about it. You prefer hassle-free retirement investing.

Fidelity Investments – Best app for managing money all-in-one

If you wanted to base your entire financial life on Fidelity Investments, you could do so with ease - and have the best-integrated experience possible. To cover the essentials, Fidelity offers an investment account, a checking account, an IRA, a business retirement account such as a SEP IRA, bill paying, a savings account, a Robo-advisor account, and even credit card accounts.

Minimum balance required: $0

Fees: $0 for stock/ETF trades, $0.65 per contract on options.

Why we like it:

  • With one company on one dashboard, you can get all of your finances in order and never feel like you're missing anything.
  • You'll get solid research on ETFs and mutual funds, as well as a tonne of articles on budgeting, investing, and personal finance, as well as webinars.
  • If you never need assistance, you'll be connected with a friendly and helpful Fidelity representative in no time.

Who is it best for?: You want all of your financial accounts in one place and enjoy being treated as a valued customer.

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Wealthbase – Best app for trading games and contests

Wealthbase is a major player in the world of stock market games, and it may be the most user-friendly investing app available for having fun and picking stocks. You can schedule games with friends to last up to 15 days or even just until the end of the day.

Minimum balance required: $0

Fees: $0 for up to 5 players. For up to 1,000 players, there is a $20 game fee plus five cents per player per day.

Why we like it:

  • The app combines social media with stock selection. You'll see a feed of stocks that your friends are picking, as well as daily updates on who's winning, and you'll be able to engage in some friendly "trash talk."
  • The app runs very smoothly — no loading delays, no hiccups. Even if you're not a big stock picker, you'll have a good time here. You can also trade cryptocurrency in the simulation.

Who is it best for?: You enjoy picking stocks and playing games in a social setting with friends and coworkers.

Best Investment Apps In February 2023 - 91Smarttech

Wealthfront – Best app for portfolio management

Wealthfront is one of the most significant independent Robo-advisors. It can manage your money, whether it's in a taxable account or an IRA, for a small fee.

Minimum balance required: $500

Fees: Management fee of 0.25 percent of assets annually

Why we like it:

  • Wealthfront builds your portfolio from hundreds of ETFs, taking into account how much risk you want to take as well as when you'll need the money.
  • Wealthfront will add money to your portfolio as you deposit it, keeping your account balanced and on track toward your goal.
  • Wealthfront's management fee is 0.25 percent per year, which is industry standard but also an eminently reasonable price for the features on offer, including tax-loss harvesting, which, according to the company, effectively covers the annual fee for most clients.
  • Wealthfront also includes an appealing cash management account (even if you don't sign up for the investment account), as well as early access to direct-deposited paychecks and a debit card - all for no monthly fee.

Who is it best for?: All you have to do is deposit funds into the account, and Wealthfront will manage your portfolio to help you reach your goal. The cash management account is also appealing.

Charles Schwab – Best app for beginners

Charles Schwab is a great app for experts, but it's also great for beginners because of all the resources it offers. Schwab offers a wealth of research and education to help new investors get up to speed on topics like investing and personal finance.

Minimum balance required: $0

Fees: $0

Why we like it:

  • Schwab also offers fractional shares, which means you can invest all of your money in stocks rather than leaving it idle.
  • Commission-free stock and ETF trades.
  • Schwab is also ideal for mutual fund investors, with over 4,000 no-transaction-fee funds, one of the industry's largest selections.
  • You'll also get quick responses to your questions from customer service.
  • As if that weren't enough, you'll also receive one of the best sign-up bonuses available, with a cash bonus that begins with a $25,000 deposit.

Who is it best for?: You like investing with a friendly company that gets you started in the right direction and then helps you along the way.

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Robinhood – Best app for active trading

If you like a smooth interface and want to avoid trading commissions, whether you're trading stocks, ETFs, options, or cryptocurrency, Robinhood is the app to have. You'll be able to do it all for free, thanks to a slick mobile interface that makes everything run smoothly.

Minimum balance required: $0

Fees: No commissions for stock, ETF, options, or crypto trades

Why we like it:

  • You can access a stock's page via a search bar at the top of the screen and then view charts and vital statistics.
  • The simplified app is easy to use, and after a while, you'll find yourself moving from screen to screen as you trade the market.
  • A feed that aggregates stories from news and investing websites to keep you up to date.
  • After you've decided what you want to trade and entered the number of shares to buy or sell, swipe up and the order is sent.

Who is it best for?: You enjoy trading stocks (as well as ETFs, options, and cryptocurrency) for free and want a quick way to do so.

Public – Best app for learning about companies

Public is a trading app designed to teach new investors about business and investing. You can trade stocks, ETFs, and cryptocurrency on Public, but what distinguishes it from the competition is its educational content, which includes "town hall" meetings with business leaders and its podcast Public Live. Users will also have access to a social feed where they can share their stock picks with other investors.

Minimum balance required: $0

Fees: Commission-free stock and ETF trades; $5 semiannual inactivity fee for accounts less than $20

Why we like it:

  • The app offers no-commission stock and ETF trades, as well as cryptocurrency trading with a commission.
  • Public prioritizes education as a key component of its platform.
  • Public does not accept payment for order flow, the contentious practice of directing trades to specific exchanges for payment.

Who is it best for?: You are a new investor looking to learn about businesses and discuss investment opportunities with others.

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Ellevest – Best app for socially responsible investing

Ellevest is not only one of the best Robo-advisors, but it is also the best app for socially responsible investing. Ellevest's mission is to assist female investors in making sound investment decisions (though, of course, anyone can become a client).

Minimum balance required: $0

Fees: $5 or $9 a month (or discounted annually)

Why we like it:

  • Ellevest develops investment portfolios and plans that account for women's unique circumstances, such as lower lifetime earnings.
  • Ellevest's Impact portfolio allows clients to build portfolios that include up to 53% of their assets in ESG or social impact funds. These funds invest in companies with more female leaders, support affordable housing and community services, and have higher sustainability standards.
  • The Impact portfolio is only slightly more expensive than Ellevest's low-cost core portfolio, costing an average of $13-$19 per year for every $10,000 invested.

Who is it best for?: You want a socially responsible portfolio that can offer attractive returns while also making investing simple.

Best Investment Apps In February 2023 - 91Smarttech

What to Consider When Choosing an Investment App

When it comes to investment apps, consider how you intend to use them. Do you want an educational tool or do you want to trade and invest? Some apps charge fees that can reduce your investment returns, whereas others have extremely low fees and offer commission-free trading. If you want to trade cryptocurrencies, you should make sure that the app or broker offers that feature - not all brokers offer crypto trading.

Deciding How Much Money to Invest

The good news for new investors is that they don't need much money to get started. Fees are so low, if not non-existent, that you can begin with almost any amount of money. In reality, what you start with is far less important than your saving and investing discipline over time.

The key to long-term investing success is to add money on a regular basis. To build wealth, you'll want to add money to the account and keep investing in your positions on a regular basis.

The amount you actually invest is determined by your financial situation and needs. And today's low-fee brokerages and apps leave you with more money to invest.

Best Investment Apps FAQ: People also ask

What app do most investors use?

Many investors use a variety of different apps to manage their investments. Some of the most popular apps used by investors include:

  1. Robinhood: A commission-free trading app that allows users to buy and sell stocks, options, and ETFs.

  2. TD Ameritrade: A brokerage app that offers a wide range of investment options including stocks, options, mutual funds, and more.

  3. Acorns: A micro-investing app that rounds up users' purchases to the nearest dollar and automatically invests the spare change.

  4. E*TRADE: A brokerage app that provides a variety of investment options and tools for researching and analyzing stocks and other securities.

  5. Stash: An app that allows users to start investing with as little as $5 and offers a curated selection of investment options based on the user's risk tolerance and goals.

  6. Charles Schwab: A brokerage app that offers a wide range of investment options, including stocks, bonds, mutual funds, and more, as well as tools for researching and analyzing securities.

It is worth noting that these are just examples, and it's always important to do your own research and choose the app that best fits your needs and goals.

Which stock app is best for beginners?

There are many stock apps that are suitable for beginners, but some of the most popular and user-friendly options include:

  1. Robinhood: A commission-free trading app that is easy to use and offers a wide range of investment options including stocks, options, and ETFs. It also has a clean and simple interface, which is great for beginners.

  2. Stash: An app that allows users to start investing with as little as $5 and offers a curated selection of investment options based on the user's risk tolerance and goals. It also provides educational resources and guides to help beginners understand the basics of investing.

  3. E*TRADE: A brokerage app that provides a variety of investment options and tools for researching and analyzing stocks and other securities. It also offers educational resources for beginners, such as tutorials, webinars and articles.

  4. Acorns: A micro-investing app that rounds up users' purchases to the nearest dollar and automatically invests the spare change. It is a great option for beginners who want to start investing but don't have a lot of money to put in.

  5. TD Ameritrade: A brokerage app that offers a wide range of investment options including stocks, options, mutual funds, and more. It also provides educational resources and guides to help beginners understand the basics of investing.

It is important to keep in mind that, as a beginner, you should start with a small amount of money and diversify your portfolio, also it's always good to have a solid understanding of the risks associated with investing in the stock market before getting started.

Are investing apps safe?

Investing apps can be safe if you take the necessary precautions to protect your personal and financial information. Here are a few things to keep in mind when using investing apps:

  1. Use a strong password and enable two-factor authentication: This will help protect your account from unauthorized access.

  2. Keep your device secure: Make sure your device is protected by a password or fingerprint and use anti-virus software to protect against malware and other security threats.

  3. Be cautious of phishing scams: Be wary of unsolicited emails or text messages that ask for personal or financial information. Legitimate companies will not ask for this information via email or text message.

  4. Research the app: Before you download an app, check out reviews and ratings to see what other users have to say about it. Also, make sure the app is from a reputable company and has a privacy policy in place to protect your information.

  5. Keep your personal information private: Do not share personal information such as your Social Security number, account numbers, or passwords with anyone.

  6. Invest only what you can afford to lose: The stock market can be unpredictable and it's always important to remember that investing in the stock market carries risk. Be sure to only invest an amount that you can afford to lose.

Keep in mind that no app can guarantee the complete safety of your data and investments, but by following these guidelines you can help minimize the risk. Best Investment Apps In February 2023 - 91Smarttech