The Best Apps for Investing in 2023: A Comprehensive Guide

Investing can be a daunting task, especially for beginners. With so many different platforms and investment options available, it can be difficult to know where to start. Fortunately, there are a number of excellent apps that can make investing more accessible and convenient. In this comprehensive guide, we'll explore the best apps for investing in 2023, covering various factors such as ease of use, features, fees, and customer support.

Choosing the Right App for You

The best investing app for you will depend on your individual needs and goals. Consider the following factors when making your decision:

• Investment goals: Are you saving for retirement, a down payment on a house, or something else? Different apps cater to different investment goals.
• Investment experience: Are you a seasoned investor or a beginner? Some apps are more user-friendly for beginners, while others offer more advanced features for experienced investors.
• Investment style: Do you prefer active trading or a passive investment approach? Some apps are better suited for active traders, while others focus on long-term investing.
• Fees: Most investing apps charge fees for trading and other services. Compare fees between different apps to find the most cost-effective option.
• Customer support: It's important to choose an app with reliable customer support in case you have any questions or need assistance.

Best Overall Investing Apps

Here are some of the top-rated investing apps for 2023:

1. Robinhood

• Pros:
  • User-friendly interface
  • Commission-free stock and ETF trading
  • Wide range of investment options, including stocks, ETFs, options, and cryptocurrency
  • Fractional shares available
  • Educational resources and research tools
• Cons:
  • Limited research tools compared to some competitors
  • No access to mutual funds
  • Limited customer support options

2. M1 Finance

• Pros:
  • Automated investing with customizable portfolios
  • Low fees (0.35% per year on managed accounts)
  • No account minimums
  • Access to a wide range of investment options, including stocks, ETFs, and fractional shares
  • Automatic rebalancing
• Cons:
  • Limited research tools
  • No access to mutual funds
  • No option to manually trade individual stocks

3. Acorns

• Pros:
  • Micro-investing app that rounds up purchases and invests the spare change
  • Low fees (starting at $1 per month)
  • Diversified portfolios managed by professionals
  • Automatic rebalancing
  • Easy to use and set up
• Cons:
  • Limited control over investment choices
  • No access to individual stocks or ETFs
  • Higher fees than some other options

4. Betterment

• Pros:
  • Robo-advisor with automated portfolio management
  • Low fees (starting at 0.25% per year)
  • Wide range of investment options, including stocks, ETFs, and bonds
  • Customizable risk tolerance settings
  • Goal-based investing
• Cons:
  • Limited control over individual investments
  • No access to mutual funds
  • No option to manually trade individual stocks

5. Stash

• Pros:
  • User-friendly interface with gamified features
  • Low fees (starting at $1 per month)
  • Wide range of investment options, including stocks, ETFs, and fractional shares
  • Educational resources and personalized insights
  • Social investing features
• Cons:
  • Limited research tools
  • No access to mutual funds
  • Higher fees than some other options

Best Apps for Active Traders

If you're an experienced investor who enjoys active trading, these apps offer a wider range of features and tools:

1. TD Ameritrade

• Pros:
  • Powerful trading platform with advanced charting and analysis tools
  • Access to a wide range of investment options, including stocks, ETFs, options, and futures
  • Commission-free stock and ETF trading
  • Extensive research tools and educational resources
  • Excellent customer support
• Cons:
  • More complex interface than some other options
  • Higher account minimums than some other apps

2. Fidelity Go

• Pros:
  • Commission-free stock and ETF trading
  • Access to a wide range of investment options, including stocks, ETFs, and mutual funds
  • Advanced charting and analysis tools
  • Excellent research tools and educational resources
  • Strong customer support
• Cons:
  • More complex interface than some other options
  • Limited robo-advisor features

3. E*TRADE

• Pros:
  • Powerful trading platform with advanced charting and analysis tools
  • Access to a wide range of investment options, including stocks, ETFs, options, and futures
  • Commission-free stock and ETF trading
  • Excellent research tools and educational resources
  • Strong customer support
• Cons:
  • More complex interface than some other options
  • Higher account minimums than some other apps

Best Apps for Beginners

If you're new to investing, these apps offer a more user-friendly experience and provide educational resources to help you get started:

1. Public

• Pros:
  • Social investing app that allows you to follow other investors
  • Commission-free stock and ETF trading
  • Fractional shares available
  • Easy-to-use interface with educational resources
  • Strong community features
• Cons:
  • Limited research tools
  • No access to mutual funds
  • Limited customer support options

2. Webull

• Pros:
  • Commission-free stock and ETF trading
  • Fractional shares available
  • Paper trading account for practicing
  • User-friendly interface with educational resources
  • Free stock when you sign up
• Cons:
  • Limited research tools
  • No access to mutual funds
  • Limited customer support options

3. SoFi Invest

• Pros:
  • Commission-free stock and ETF trading
  • Access to a wide range of investment options, including stocks, ETFs, and fractional shares
  • Robo-advisor features with automated portfolio management
  • Educational resources and personalized insights
  • Strong customer support
• Cons:
  • Higher account minimums than some other options
  • Limited research tools
  • No access to mutual funds

Conclusion

Choosing the best investing app for you is a personal decision that depends on your individual needs and goals. Consider your investment experience, investment style, fees, and customer support preferences when making your choice. By exploring the apps discussed in this guide, you can find the perfect platform to help you achieve your investment goals.

Remember, investing involves risks. It's essential to do your research, understand your investment goals, and invest responsibly.