If you have decided to invest your money in stocks to grow them, you have taken the right decision. It is a smart idea to let your money work and grow by themselves while you are sleeping. Many people dream of earning money while sleeping, isn’t it? Although it is somewhat risky, if you have a proper game plan, you can rake well.
Okay, if you are a beginner you might be a little confused about whether you can do it or end up losing all your money. But what if you know the best investing apps that are completely beginner-friendly. Here are 10 best investing apps for beginner investors. So you can go ahead and confidently invest and grow your money. However, as there is risk associated with it you need to learn about those apps and investing before you take out your card from the wallet.
Thanks to technology for making many important tasks easy. Right from working from home to investing from home, you can do it all on your smartphone. Ultimately, what you gain is money for your financial freedom. So, without further ado, let’s get started.
Acorns
Acorns are one of the most popular investing apps and an easier way to start investing as a beginner. It lets you “set it and forget it”. Yes, you can sign up for just $1 or $3 per month to grow your money.
The reason why Acorns is in the top list is its ease of use. Though it offers multiple ways to grow your money, the paths are clean, neat, and smooth.
- You can either invest the leftover change whenever you go for shopping with its’ Lite plan that costs $1 per month.
- Or choose the amount to invest, start your retirement investment early right way with many added benefits such as metal debit card, 10% bonus investments with its Plan (Personal) which costs $3 per month.
- If you have some handsome money to invest for the future of your kids, then the Family plan that costs $5 per month lets you do that easily.
So, if you are someone who doesn’t cash in your hand but you want to invest anyway then the Lite plan is the perfect fit for you.
The best part is Acorns analyzes where to invest your money based on your age, and risk of tolerance. Set it and Forget it. You can open an account within 5 minutes and start investing.
Read: 10 residual income ideas to make more money
Betterment
Betterment is the best way to spend, save, invest your money, and grow. It has over 5,00,000 customers who trust them for their services. All you have to do is get your account and debit card checked by them for free and start saving with their Cash Reserve. You may have to deposit at least $10 to open an account with them. After which you can start investing for short term or long term based on your capability and their advice. You will get expert advice to start your smart spending and saving your money. You will see a higher APY on the cash you invest with them.
The advantage here is you can move or withdraw your cash quickly within 2 business days. It charges $0 for monthly account checking or maintenance or withdrawal. Whereas it charges 0.25% on your invested balance per year.
Invstr
Invstr is a complete beginner app that lets you start your investing with as little as $1. You can play around fantasy sports with a $1MM virtual portfolio and learn how to invest like a pro yourself. You will earn real cash if you win and sit top on the leaderboard. Invstr is a fun way to invest as you can learn and grow to invest and challenging your friends. You can compete with them and earn points for your game.
After you gain some confidence in how and where to invest you can trade fractions of shares paying a $0.99 commission.
So, if you see investing scary Invstr is the best way to wipe away that as you can play, learn, invest, and earn.
Stockpile
Stockpile is the other easy to start your investing journey. It takes just $5 to invest your money on fractional shares of 1000+ stocks and ETFs. As there are multiple stocks available for you invest you can test tension-free and learn the pros and cons yourself.
You can sign up for free and there are no such things as monthly fees. Yet, Stockpile charges 99cents per trade. The other best thing is you can gift the stocks as e-gifts without even having an account. Your kids or teens can even tract their stocks anytime and can share their wish list with family.
Stash
Stash is the most recommended app for beginner investors as it lets you invest in thousands of ETFs and stocks with $1 and even less. You need to just sign up for any of their monthly plans:
- Stash Beginner ($1/month)
- Stash Growth ($3/month)
- and Stash+ ($9/month)
based on your requirements. You may find plans slightly similar to Acorns.
Read: 10 best tips for investing in your 30s
M1 Finance
M1 Finance is the Finance Super App as it claims as it lets you invest, borrow, and spend in one place. All you have to do is sign up, set up a strategy and the app automates and manages your money. You can build a custom portfolio of stocks and funds you want to choose, and invest in those fractional shares. The best part is contributions for investment on M1 Finance is automated. So, you do not need to trade manually, just schedule and track how they are doing.
It is a pie based interface M1 Finance uses to build your portfolio easier and easily understandable.
Read: How much money do I need to retire
You Invest
You Invest by J.P. Morgan is also an easy way to invest online. You Invest you can take either total control over your investment strategies or seek their help. You can open a trade account with as little as $1 and start investing with a minimum deposit of $500. There are multiple options for you to invest and grow your money which are U.S. Listed Stocks & ETFs, Options, Mutual Funds, and Fixed income bond.
You will find their expert tips and FAQs to grow your money from the very beginning. You may have to pay $.015/month as an advisory fee.
Fundrise
Fundrise is a low-cost investment platform exclusively for real-estate. It is a long-term investment where you will likely see a higher return with a small investment. As this is long-term and that too a real estate investment you will need to invest a minimum of $1000. There are different plans based on the amount you can invest. However, as a beginner, you can go for the Core plan with $1000.
Ally Invest
Ally Invest is the other app at your fingertips to invest smartly. The app lets beginners invest with their Managed Portfolios and hands-on investors with their Self-Directed Trading options. This takes no to low commission fees on stocks and ETFs. As a beginner, with Managed Portfolio you can get started with $100 to get your portfolio managed and grow your money. If you have time and zeal to learn to invest, then you can go for Self-Directed Trading with the help of their knowledgeable guides.
Robinhood
Robinhood makes your money work harder on your behalf. It is the first commission-free investment app that lets you invest in multiple ways. It allows you to invest in stocks &f funds, options, gold, and crypto. Same like other investing apps you need to build your portfolio by choosing to invest any amount in fractional shares. The Cash Management of Robinhood earns you 0.30% APY on your uninvested cash with your brokerage account.
You can learn with their beginner guides and explore articles while starting your investing journey at the same time.
Read: How much money should you save each month?
Bottom Line
As a completely fresh face to investments, you do not necessarily wait for a push or the right time. With these above 10 investing apps you can start investing and growing your money right away. The only thing you need to consider is to make sure you have cleared off all your debts before you invest if possible. Because during the start no matter how much or how best an investment app manages your portfolio you need to focus on learning it. So, later on, you can cut down the costs of advisory fees or managing fees by investing on your own. If allotting time for this is not your option, you can right away pick the best app and open an account to start investing.
