Investing apps have grown in popularity in recent years and for good reason: Just about anyone can get access to the stock market with just a few taps on their phone.
For beginners, investing apps also serve as an affordable and accessible way to start building their wealth. The good news is there are many options to choose from.
To help you find the right app for your needs, CNBC Select reviewed over three dozen apps offered by robo-advisors, fintech start-ups, big banks and traditional brokerage firms. We ranked the top four apps with a focus on the investor experience level and answered frequently asked questions about investing apps. (See our methodology for more information on how we chose our top picks.)
Best app for automated investing
Betterment
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. For example, Betterment doesn't require clients to maintain a minimum investment account balance, but there is a ACH deposit minimum of $10. Premium Investing requires a $100,000 minimum balance.
Fees
Fees may vary depending on the investment vehicle selected, account balances, etc. Click here for details.
Investment vehicles
Robo-advisor: Betterment Digital Investing IRA: Betterment Traditional, Roth and SEP IRAs 401(k): Betterment 401(k) for employers
Investment options
Stocks, bonds, ETFs and cash
Educational resources
Betterment offers retirement and other education materials
Terms apply. Does not apply to crypto asset portfolios.
Pros
- No trade or transfer fees
- Good for automated investing
- Customizes users' portfolios around their financial goals, timeline and risk tolerance
- Users can assign specific investing goals (short- and long-term) to each portfolio and invest using different strategies (less and more risk)
- Quick and easy to set up account
- Able to sync external retirement accounts to your Betterment retirement goal so all your accounts are in one place. Premium plan users get unlimited access to a financial advisor (otherwise, one-time advisor consultations cost a fee ranging from $299 to $399)
- Advanced features include automatic rebalancing, tax-saving strategies and socially responsible investing
Cons
- Base price for investing accounts is $4/month - recurring monthly deposits totaling $250, or total Betterment account balances reaching $20,000, automatically switch you to an annual price of .25% of your investing account balances
- Premium plan requires $100,000 minimum balance
Who's this for?Bettermentis a pioneer in the robo-advising space, so it's likely you've heard the name before. It's a good choice for those who want to be hands-off with their investments, though more advanced investors have the option to customize through flexible portfolios.
The Betterment Portfolio is made up of low-cost, diversified ETFs. Users cannot buy individual stocks or invest in individual funds, so if that's what you're looking for, consider another app on this list.
There is no minimum balance required to invest with Betterment, and the annual account fee is a low 0.25% of your fund balance. Investors with a balance of $100,000 can upgrade to the premium plan, which gives you access to real-life financial advisors for an annual fee of 0.40% of your fund balance.
Betterment's app is available to download for free in both the App Store (for iOS), where it has 4.8/5 stars, and on Google Play (for Android), where it has 4.6/5 stars at the time this article was written.
Best app for micro-investing
Acorns
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account, $5 minimum to start investing
Fees
Fees may vary depending on the investment vehicle selected. Monthly plans include: Personal ($3 per month) and Family ($5 per month)
Bonus
None
Investment vehicles
Robo-advisor: Acorns Invest IRA: Acorns Later includes Traditional, Roth, SEP IRAs, 401(k) Rollover Investment accounts for kids: Acorns Early
Investment options
Diversified ETFs which include more than 7,000 stocks & bonds
Educational resources
Terms apply.
Pros
- $0 minimum deposit to open an account
- Invests your spare change from everyday purchases
- Customizes users' portfolios around their financial goals, timeline and risk tolerance
- Automatically rebalances portfolio
- Offers Acorns Sustainable Portfolios for ESG investing
- Access to educational articles and videos to learn about investing
Cons
- Monthly fee can be steep if you're not investing much
- Investment options are limited
Who's this for? Acorns is a financial app that gives you access to a robo-advisor, IRAs and even a checking account. It made our list because it's a good choice for novice investors looking to start small through micro-investing.
Micro-investing simply means you're investing small amounts of money in the market consistently so that over time your contributions add up. It's a good strategy for newbies who want to dip their toe into the investing pool before diving all in.
Acorns allows users to micro-invest using the Acorns' Round-Ups® feature, which takes users' spare change and puts it into diversified ETFs. Users link their credit or debit card account to their Acorns account, and the app will do a sweep of the accounts when purchases are made to round up the costs to the nearest dollar and then invest the difference.
The spare change collected from your linked cards are set aside until you hit a $5 threshold, at which point is then transferred into your Acorns Invest account. According to Acorns' website, the average user invests more than $30 per month through the Round-Ups feature.
You can also set up a recurring transfer (daily, weekly or monthly) from your linked bank account to your Acorns investment accounts starting at as little as $5 a month.
The Acorns Invests account is a robo-advisor, which suggests managed portfolios (made up of various ETFs) based on an investor's risk level. Investors cannot buy or sell individual stocks through Acorns.
Acorns offers two plans:
- Personal plan for $3 per month: The Personal plan includes a checking account, investment account and retirement account.
- Family plan for $5 per month: The Family plan includes the three accounts that you get with the Personal plan, plus additional investment accounts for your kids.
While the Acorns Round-Ups feature is a great way to get started investing, it's important to make sure you're putting away enough each month to justify the fees. At $3 a month, the fee can quickly eat up a big chunk of your returns if you're only investing a few bucks a month.
Acorn's app is available to download for free in both the App Store (for iOS), where it has 4.7/5 stars, and on Google Play (for Android), where it has 4.3/5 stars at the time this article was written.
Disclosure: NBCUniversal and Comcast are investors in Acorns.
Best app for active investing
Robinhood
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account or to start investing
Fees
Fees may vary depending on the investment vehicle selected. Commission-free trading; regulatory transaction fees and trading activity fees may apply
Bonus
Robinhood will add 1 share of free stock to your brokerage account when you link your bank account and fulfill the conditions in your promotion (you'll be able to keep the stock or sell it after 2 trading days)
Investment vehicles
Brokerage account: Robinhood Financial commission-free investing
Investment options
Stocks, ETFs, options trading, fractional shares, IPOs, plus certain cryptocurrencies through Robinhood Crypto (depending on where you live)
Educational resources
"Investing basics" blog, an online library of content and Robinhood Snacks newsletter
Terms apply.
Pros
- $0 minimum deposit to open an account and invest
- Commission-free trading
- Free stock welcome bonus
- Plenty of investment options for active traders
- Variety of accessible learning tools
Cons
- Fees outside of commissions may apply
- Users rely on their own knowledge when building their portfolio
Who's this for? Robinhood was the first on the investing app scene to charge no commission for users to buy and sell stocks, which prompted many other brokerages to eventually follow suit. Like the other apps on this list, Robinhood also has no minimums to open an account and users don't need to reach a minimum to start investing, either.
Investors can easily make stock, options, ETF and cryptocurrency trades, but it doesn't offer mutual funds and bonds, so you may need another investing app to better diversify your portfolio.
Investors can get access to IPO shares through Robinhood, as well as to commission-free fractional shares so they don't have to buy a entire share if they want in on a pricey, big-name stock.
Robinhood offers investors free rein to completely build their own portfolio, so the platform is arguably best for active stock traders who have done their research and know a bit about how the market works. Newbie traders can get in on the action, but just be sure you're comfortable with the risks.
Robinhood's app is available to download for free in both the App Store (for iOS), where it has 4.1/5 stars (with a whopping 3 million-plus reviews), and on Google Play (for Android), where it has 3.8/5 stars at the time this article was written.
Best app for active investing and saving for retirement
Webull
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account or to start investing
Fees
Fees may vary depending on the investment vehicle selected. Commission-free trading; regulatory transaction fees and trading activity fees may apply
Bonus
Get 5 free stocks when you open and fund a new account: Sign up with Webull to get your 2 free stocks, each valued up to$300, and deposit any amount to receive 3 free stocks, each valued up to$3,000
Investment vehicles
Brokerage account: Webull commission-free investing IRA: Traditional, Roth, Rollover IRAs
Investment options
Stocks, ETFs, options trading, fractional shares, IPOs, ADRs, plus certain cryptocurrencies through Webull Crypto
Educational resources
Terms apply.
Pros
- $0 minimum deposit to open an account and invest
- Commission-free trading
- Access to tax-advantaged IRAs
- Free stock welcome bonus
- Plenty of investment options for active traders
Cons
- Fees outside of commissions may apply
- Users rely on their own knowledge when building their portfolio
- Limited educational tools
Who's this for? Similar to Robinhood, Webull offers commission-free trading on stocks, options, ETFs and crypto, with no minimums required. Users also have access to IPO and fractional shares.
Webull currently offers IRAs (traditional, Roth and rollover) so users can manage their retirement funds along with their stocks all in one place.
Webull offers users a customizable desktop version of its platform if you prefer to trade on a bigger screen and investors have extensive extended trading hours before and after the market closes: 4:00 a.m. to 9:30 a.m. ET and 4:00 p.m. to 8:00 p.m. ET, Monday to Friday.
Webull's app is available to download for free in both the App Store (for iOS), where it has 4.7/5 stars, and on Google Play (for Android), where it has 4.4/5 stars at the time this article was written.
Compare investing resources
How to pick the best investing app
The best investing app for you will depend on your investment style. Do you want one that does the work for you, or would you rather be in control? Do you want a passive portfolio made up of lower risk funds, or would you rather build an active, riskier portfolio consisting of individual stocks?
Those wanting a more active approach to investing may opt for an app like Robinhood (just make sure you've done your research beforehand). Meanwhile, those looking to just put their investments on autopilot and forget about them may benefit more from a robo-advisor like Betterment.
Keep in mind that not all apps offer the same investment assets to choose from. For example, Acorns only offers ETFs, so if you want to trade individual stocks, this app wouldn't be the best fit. Make sure you do your research and understand everything the app offers (and doesn't offer) before you sign up.
FAQs
How much do investing apps cost?
Price is a big factor when choosing an investment app, so it's crucial you know what you're paying for. After all, any costs or fees you aren't aware of can eat away at your investment earnings over time.
Many investment apps are free to download and offer zero-commission trades, which means that investors aren't charged for the broker executing the trade.
Investing in mutual funds or ETFs, however, will likely require paying management fees or expense ratios.
According to Investopedia, investors should expect a "reasonable" expense ratio for an actively managed portfolio to be between 0.5% to 0.75%. For passive or index funds, the typical ratio is lower at about 0.2% and can be as low as 0.02% or even less in some cases. These are benchmarks that you can use when shopping around for an investment app.
How do investing apps work?
Investing apps are a way to manage your portfolio and grow your wealth from anywhere.
Start by downloading the app onto your smartphone and creating a profile. You can then transfer funds from a linked bank account. Once your account is approved and funded, you can start buying and selling individual stocks, choosing ETFs or relying on a robo-advisor to manage your portfolio.
Investing apps typically offer different vehicles to grow your money, such as taxable brokerage accounts, robo-advisors, IRAs or even 529 college savings accounts.
Are investing apps safe?
Your money is protected in an investing app just as it is at any brokerage firm. If the brokerage goes under, your money is insured by the Securities Investor Protection Corporation (SIPC). The SIPC will cover up to $500,000 in investments.
Bottom line
Our top-rated investing apps help investors of all stripes — no matter where they are on their investing journey — build wealth on the go. Newbies may want to start small by micro-investing through an app like Acorns, which invests users' spare change. Beginner and intermediate investors alike can automate their investing using a robo-advisor app like Betterment, while more seasoned investors can trade stocks and options with Robinhood or Webull.
Read more
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every investing app review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of investing products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best investing apps.
Our methodology
CNBC Select analyzed over three dozen apps offered by robo-advisors, fintech start-ups, big banks and traditional brokerage firms. When ranking our top picks, we looked at the apps' pricing (trading costs, minimums and account fees), mobile features, educational resources, user reviews and ratings. We also took into account the various investment products that each app offers its users.
Each investing app on this list has at least a 4.1 star rating (out of 5) in the App Store (for iOS) or on Google Play (for Android), with a sizable number of user reviews.
Your earnings through an investing app are subject to fluctuations of the market, and they depend on any associated fees, as well as contributions you make to your account. There are no guarantees you will earn a certain rate of return or current investment options will always be available.
To determine the best approach for your specific investment goals, speaking with a reputable fiduciary investment advisor is recommended.
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Disclosure: NBCUniversal and Comcast Ventures are investors inAcorns.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
