Best Investment Apps of 2022

By Vaibhavi On Apr 14, 2022

In recent years, the number of stock trading and robo-advisor solutions has increased. While more competition and innovation are good for investors, deciding which platform best meets your objectives may be difficult. We’ve done considerable research on these U.S.-based services to find the finest platforms for numerous categories to assist you analyse the best alternatives in the market.

The rise of investing applications has paralleled changes in consumer preferences, with an increasing percentage of individuals preferring to handle their money primarily through tablets or smartphones. This transformation has been embraced by stock trading and robo-advisor firms, who have focused on enhancing their mobile app experiences. Brokers’ desktop trading platforms have traditionally had more features and capabilities than mobile trading platforms, although the two have grown more identical in terms of experience and usefulness. Investors will benefit from the enhanced consistency across mobile and desktop in terms of notifications, watchlists, and updates, as well as the convenience with which they can manage their money and track their investment objectives.

Table of Contents

Here are the best investment apps in April 2022:

TD Ameritrade

We picked TD Ameritrade as the best overall broker because it caters to investors of all skill levels and has competitive pricing. The normal TD Ameritrade mobile app is quite user-friendly for novices, while the thinkorswim mobile app delivers a professional-style experience for more seasoned traders.

Both applications are available to TD Ameritrade customers who have a brokerage account, and there are no minimum balance restrictions or trade commission costs. The thinkorswim app also includes a live CNBC stream for its users.

Key Features

App names: TD Ameritrade Mobile and thinkorswim
Account minimum: No minimum deposit required
Fees: $0 commission for online stock, ETF, and options trades, but there is a 65-cent flat-fee for each options contract; $25 for broker-assisted trades; $49.95 or $74.95 for no-load mutual funds; additional fees may apply
Investment types: Wide range, including stocks, options, ETFs, mutual funds, bonds, fixed-income, futures, and several other choices
Account types: Supports standard, retirement, education, and other types of accounts
Other important details: Recently acquired by Charles Schwab

Fidelity

Fidelity Investments is a well-known brokerage providing a wide range of resources for different sorts of investors. The company is notable for its emphasis on retirement education, which includes retirement calculators and other resources.

You can perform almost anything with your investment account with the Fidelity Investments mobile app. For even more capabilities, it works with both Apple Watch and Google Assistant. Fidelity Spire, which lets you plan and manage savings and investing goals, may also be linked to your investment account.

There are no transaction or recurring fees on a couple of the brokerage’s own mutual funds. It’s also one of just a few big brokerage businesses that offers fractional shares.

Key Features

App name: Fidelity is the name of the app.
Account minimum: There is no requirement for a minimum deposit.
Costs: There are no commission fees on stock, ETF, and options transactions, but there is a 65-cent flat charge per options contract; $32.95 for broker-assisted trades; $49.95 for no-transaction-fee mutual funds; most accounts have no recurring fees; extra fees may apply.
Investment types: Stocks, ETFs, mutual funds, fractional share investing, and other investment options are available.
Account types: Brokerage, retirement, education, and other accounts are all supported.

Acorns

Acorns is a mobile-first brokerage and banking software that offers unique financing alternatives such as regular transfers and round-ups for purchases made with linked cards. The brokerage sells ETFs and makes personalised recommendations based on a survey you fill out when you open an account.

The most significant disadvantage of Acorns is the cost structure. Personal ($3 per month) includes investing, retirement, and checking; Family ($5 per month) has all of the features of Personal plus investment accounts for children. A few bucks a month may not seem like much, but it may add up to a significant portion of your account balance on smaller accounts.

Key Features

App name: Acorns is the name of the app.
Account minimum: There is no requirement for a minimum deposit.
Fees: A monthly subscription is $3 or $5; extra fees may apply.
Investment types: Fractional share investments in ETFs made up of equities and bonds.
Account Types: Retirement, Robo-advisor brokerage, retirement, and checking accounts.
Other vital information: Earn money by purchasing at partner stores with a connected card.

Webull

For active and professional traders, Webull features an outstanding smartphone app. It supports IRAs and is ideal for trading equities, ETFs, bitcoin, and options. Bonds and mutual funds, on the other hand, are not traded.

Webull is suitable for investors with trading expertise because it focuses on free investment and trading. For newbies, the app’s concentration on active stock and options trading may be daunting, but if you’re ready to learn, Webull is a great low-cost choice.

Key Features

App name: Webull is the name of the app.
Account minimum: There is no requirement for a minimum deposit.
Costs: There are no commissions or contract fees for online stock, ETF, or options trading; wire transfers cost $8 to $45; other fees may apply.
Investment Types: Stocks, ETFs, options, and cryptocurrency are examples of investment kinds.
Account types: Brokerage and IRA accounts are supported.
Other vital information: Free stock offers for new users as well as consumers who recommend others

Betterment

Some investors just want someone else to manage their money and choose stocks, bonds, and mutual funds on their behalf. To get tailored financial advice in the past, you needed to hire an expensive financial counsellor.

Nowadays, robo-advisors such as Betterment will match you with a professionally constructed portfolio of low-cost ETFs depending on your investing objectives. When investing with Betterment, you may select between a customised portfolio for your objective or one of their numerous socially responsible solutions.

Betterment charges a 0.25 percent yearly management fee and does not need a minimum balance. Those with a $100,000 or more in their account may upgrade to the Premium plan, which costs 0.40 percent each year and includes access to a real financial counsellor.

Key Features

App name: Betterment is the name of the app.
Account minimum: $0 is the minimum account balance.
Fees: 0.25 percent for a Digital account and 0.40 percent for a Premium account.
Investment types: ETF, bond, and cash managed portfolios are examples of investment kinds.
Account Types: Robo-advisor brokerage, IRA, Roth IRA, cash reserve, checking, and trust accounts are all examples of account kinds.
Other vital information: Provides a cash management account in the form of a checking account.cash management account

SoFi

SoFi is a full-service financial firm that combines loan, banking, and investing into a single app. SoFi’s app is excellent for novices, and the company offers financial instruction as well as the ability to start small with fractional shares.

Users of SoFi Invest can invest in equities, ETFs, and cryptocurrency. Trades in stocks and exchange-traded funds (ETFs) are completely free. SoFi Invest also provides a managed portfolio option that includes no additional investment management costs. Overall, SoFi has a number of great accounts that are both reasonably priced and simple to use—a winning combination.

Key Features

App name: SoFi Invest is the name of the app.
Account minimum: To begin investing, you’ll need at least $5 in your account.
Costs: There are no fees for online stock or ETF trading, but there is a 1.25 percent markup on cryptocurrency transactions. Expense ratios for SoFi-branded ETFs vary, and there may be extra fees.
Investment types: Stocks, ETFs, and cryptocurrency are examples of investment kinds.
Types of accounts: Self-directed and managed portfolios, as well as retirement and cryptocurrency accounts, are all supported.
Other important details: SoFi also offers lending products and cash management accounts, among other things.

How Do I Use an Investment App?

Investing applications allow you to purchase and sell stocks and other assets right from your phone. The features of the apps on this list vary, but the essential functionalities are all the same. The following are the fundamental steps of utilising an investing app:

Using your mobile device to sign up for your favourite investment app.
Establishing a banking connection and filling your account
Choosing and purchasing your first investment asset
Keeping track of your stock’s performance throughout time
As needed, trade assets and update your portfolio.

Many brokerages charge minimal or no commissions for trading stocks, ETFs, and options, allowing you to trade commission-free. You may invest money nearly for free if you find a good brokerage with no recurring costs.

What is the Minimum Amount of Money User Need to Invest?

To get started, several brokerages and investing applications need a large minimum amount. However, none of the accounts on our list demand a large deposit, so you may start one with no minimum balance.

Several of the brokerages on our list will allow you start with as little as $5. Investing in fractional shares is also getting increasingly popular. It may even be possible to invest with less than $100 if the brokerage does not impose fees for buying and selling.

How Should User Choose an App?

Because each investor’s demands are different, there is no one-size-fits-all software that you should utilise. Instead, consider your own budget, investing goals, and investment management style as considerations in making your decision.

It’s also critical to analyse charges and fees, as they might eat into your long-term investment earnings. Never invest in anything you don’t understand, and don’t join up for a paid investing service unless you think it’s a fair deal.

Pros

Invest and manage your accounts from anywhere with an internet or cellphone data connection
Keep track of your portfolio balance at all times

Cons

Mobile applications do not have access to all functions.
For some people, managing investments on small displays might be difficult.

Are Investment Apps Safe?

To secure your information, investment applications employ numerous levels of security, including personal information encryption, two-factor authentication, and regular hacking checks. Your money is usually protected from criminal actors if you use a strong, unique password that isn’t shared with any other account or website.

When you’re away from home, avoid using your investing applications on public Wi-Fi networks like those found in businesses, coffee shops, hotels, and other public places. Your secure cellular connection should keep your information safe when you’re away from home. Consider installing a VPN on your device as an added layer of protection.

Conclusion

We looked at over 20 different investment applications to come up with this list. The applications that made our list were chosen based on their cost, functionality, simplicity of use, assets offered, and supported account types. All of the apps on our list are compatible with Apple and Android smartphones.