8 Best Investment Apps of 2022

The explosion of investment apps has made investing less onerous and opened up the stock market to investors of all capabilities. But with so many investment apps to choose from, narrowing down your options can be a challenge. GOBankingRates identified the best investment apps to help you get started.

Best Investment Apps at a Glance

Even if you’re a first-time investor, this selection of investment apps likely has one you’ll enjoy using. Here’s a look at how the following options compare:

What Is the Best Investment App Right Now?

If you’re asking yourself, “What is the #1 investment app?”, each one has its own strengths and weaknesses. You’ll have to match your own needs with the features and benefits that work best for you.

For example, if you plan on actively trading stocks, you might gravitate toward an app with the lowest trading costs. Those without much money to invest will want to find an app that has no minimum required investment.

Keep reading to learn about GOBankingRates’ picks for the Best Investment Apps of 2022.

1. Robinhood: Best for Beginners

One of the most regularly-asked questions is, “Which stock app is best for beginners?”  Robinhood was a pioneer in the world of investment apps when it introduced commission-free trading in 2015.

Whereas online brokerage houses had long been driving down commission rates from the hundreds of dollars often charged by full-service brokers, Robinhood was the first to make commission-free trading possible. It’s why it’s a great option for beginners.

Now you can use the platform to buy stocks, exchange-traded funds, options and even cryptocurrency for no commission. There are no account minimums at Robinhood, either.

For no charge whatsoever, app users can keep tabs on their portfolios, set up customized price notifications and access investment news and research. Those willing to pay $5 per month can step up to Robinhood Gold, which allows access to professional research reports, trading on margin and bigger instant deposits. Users can earn free stocks by referring friends and family to Robinhood. 

Pros

• Commission-free trading

• Promotion for a free share of stock for referring friends and family

• Commission-free cryptocurrency and options trading

Cons

• The only way to contact customer support is via email

Costs and Fees: None

Account Minimum: None

2. Webull: Best for Research Tools

Webull is a contender among the Best Investment Apps because it also has no account minimums or commissions. The app provides real-time quotes, a full financial calendar, analyst ratings and in-depth charts.

Although the app advertises 24/7 live customer support, the only way to contact the company for service is to send your question or details on your problem via email.

But the app does offer extended-hours trading at zero commission, starting at 4 a.m. EST and ending at 8 p.m. EST.

Currently, Webull will give you a free stock valued between $3 and $300 for simply opening an account, and you can get another free stock, valued from $7 to $3,000, once you deposit any amount into your account.

Pros

• Commission-free trading

• Free stock upon sign up; another free stock after making a deposit

• Extended-hours trading

Cons

• The only way to contact customer service is via email

Costs and Fees: None

Account Minimum: None

3. Betterment: Best for Additional Financial Services

Betterment’s strength as an investment app comes from its variety of features. Unlike some other investment apps, Betterment was created as a robo-advisor, so it doesn’t allow you to trade stocks.

After you enter information about your investment experience, objectives and risk tolerance, Betterment will devise a portfolio of exchange-traded funds that diversifies your account across various asset classes.

All this can be accomplished for free, 0.25% or 0.40% annually depending on the investment plan you choose, with no account minimum. And you can earn rewards for referring family and friends who open a qualifying account.

Betterment also has a high-yield savings account and various accounts that you can use to save for different objectives, such as your retirement, education or a safety net. Betterment’s checking account, complete with a debit card and zero ATM fees, is also available. 

Pros

• Complete robo-advisor services for 0.25% annually

• Full suite of services

• Takes your risk tolerance into account

Cons

• Limited customer service hours; no online chat

Costs and Fees: 0.25% to 0.40% per year

Account Minimum: None

4. Stockpile: Best for Educational Resources

Stockpile stands out from the investment app crowd because it allows the purchase of fractional shares. This can be hugely important for beginning investors or those without a lot of money to invest because it allows for a diversified portfolio even with limited capital.

For example, some stocks cost thousands of dollars per share. For someone with only $500 to invest, pricey stocks are unattainable — unless one can buy fractional shares. An investor could own fractional shares of any stock they desire.

Stockpile has zero trading fees to buy stocks, with no account minimums or additional service fees. The app comes with educational mini-lessons, and the website has an extensive blog providing a wide range of informational articles on everything from how to improve your finances to which ETFs you should buy.

Stockpile also allows you to buy gift cards that you can print out at home or send via email or regular mail. In addition, you earn $5 of free stock when you buy your first stock or give your first e-gift of at least $10.

Pros

• Fractional share purchases

• No annual fees

• No-commission trades

• Extensive educational support

• Offers gift cards

Cons

• Users can only buy select stocks, and only once per day

Costs and Fees: None

Account Minimum: None to open account

5. Acorns: Best for Automated Investments

The Acorns app is technically a robo-advisor that charges $1, $3 or $5 per month to allocate your funds among different ETF options. The trick with Acorns is that it automatically invests your spare change. Whenever you make a purchase, the app automatically rounds that purchase up to the nearest dollar, investing the additional funds into your portfolio.

When you make a purchase from one of Acorns’ Found Money partners, that partner will automatically invest a percentage of your purchase on your behalf.

This type of automated, barely-visible investing can be a perfect option for those who struggle with setting aside money every month. You can also set up automatic daily, weekly or monthly investments if you choose to be more proactive.

Account options include a regular investment account and Acorns Later, which is an individual retirement account.

Pricing for Acorns depends on the services you select. The Lite account costs $1 per month. All-in-one investment, retirement and checking costs $3 per month. And the Family plan for $5 adds kids’ accounts.

Pros

• Investments are funded by purchases that are rounded up to the nearest dollar

• Ability to earn Found Money partner contributions with your investment account

• Flexibility to add retirement or checking accounts

Cons

• The monthly fee can eat up a large percentage of small balances

Costs and Fees: $1-$5 per month, depending on account type

Account Minimum: None

6. Wealthfront: Best Managed Portfolio Option

Wealthfront is a robo-advisor that takes the guesswork out of creating a successful, diversified portfolio. The app works with hundreds of ETFs and creates a portfolio based on your choice of timeline and appetite for risk. Wealthfront automatically invests your funds to keep your portfolio on track for whatever goal you set.

Besides investing, Wealthfront offers a cash management account with no monthly maintenance fees. Plus, it earns interest on your balance. It’s a great alternative to a checking account if you can work without checks and use bill pay and a debit card to handle your banking. Best of all, the cash management account direct-deposits paychecks up to two days early.

Wealthfront’s management fee is a flat 0.25% annually. If you don’t have a large portfolio, the amount is nominal and saves you on the monthly subscription fees other apps charge. 

Pros

• Tax-loss harvesting helps minimize your liability

• No monthly subscription fees

• Crypto trading also available

Cons

• $500 minimum to get started

Costs and Fees: 0.25% annual commission 

Account Minimum: $500

7. Fidelity: Best for All Finances Under the Same Roof

Fidelity is a financial powerhouse. You could invest with the company in a self-directed way or by using its robo-advisor services, plan for your retirement, open a brokerage, checking or savings account and apply for a Fidelity credit card.

You can trade stocks, bonds, ETFs and more. If you’re familiar with Fidelity, the institution really stands out for its low-cost index funds. Best of all, Fidelity doesn’t charge commissions on trades, nor are there any minimums.

In fact, fractional shares are available so you can invest as little as one dollar on a particular position if that’s all you have.

Pros

• Great research options

• Educational webinars available

• Fractional shares available

Cons

• May be more than you need if you simply want to invest

Costs and Fees: $0

Account Minimum: None

8. Ellevest: Best for Women Investors

Ellevest was created to give women the tools they need to make smart investing decisions. Anyone can join, but the company’s mission is socially- and female-conscious. If you’re wondering how that’s possible, Ellevest creates target portfolios based on a woman’s circumstances, such as less time in the workforce due to maternity leaves and overall lower lifetime earnings.

Ellevest allows you to invest into social impact funds known as the Impact portfolio. Funds are classified based on companies that have more female leaders as well as distinct standards for sustainability. 

Fees for the Ellevest investment app are $1, $5 or $9 per month. The $1 version is the basic investing and banking option. For $5, you can also use the company’s retirement tools. The $9 monthly Executive plan adds a multi-goal setting if you’d like to manage more than one portfolio.

Pros

• Socially conscious investing

• Starts at a low monthly fee of $1

• Investment and finance coaching is available 

Cons

• The $9 monthly fee is high if you wish to invest for more than one goal

Costs and Fees: $1-$9 per month, depending on account type

Account Minimum: None

Criteria for Ranking the Best Investment Apps

GOBankingRates considered the following criteria to determine the Best Investment Apps:

• Service fees

• Opening minimum investment requirement

• Educational resources, such as courses that teach investing and trading, webinars, blogs, etc.

• Research and tools, such as multiple trading platforms, in-depth market analysis, screener tools for stocks, ETFs, bonds, etc.

• Automated investment capability

• Real-time streaming data

• Ability to transfer automatically from bank accounts to investment accounts

• Availability for Android and/or iOS devices

• Average user reviews for Android and iOS versions

• 24/7 customer support

Cynthia Bowman and Andrew DePietro contributed to the reporting for this article.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some rates promotions might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the rates and promotions listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

This article originally appeared on GOBankingRates.com: 8 Best Investment Apps of 2022