Whether you have a lot of money to invest, or just the small change left in your pocket after a shopping spree, there are a number of different approaches you can take regarding how and where you should put your money.
With the help of some money tools , you can save up some extra cash to invest in your favorite startups. Here are some tools that are the favorites of the startups community.
Best overall runner-up: Ally Invest
| Editor’s rating | 4.7 out of 5 |
| Fees | None |
| Account minimum | None for DIY portfolios, $100 for robo-adviser |
| Consider it if… | You want easy-to-use apps paired with excellent checking and savings accounts |
Why Ally Invest made our list:
Beginners often do well with simple and straightforward investment platforms. Ally Invest offers just that through its mobile app. You can trade stocks and ETFs with no commissions; mutual fund trades will incur a $9.95 commission fee. There are no recurring fees or minimum balance requirements to worry about.
The Ally app, which is also used by Ally Bank, is straightforward and easy to navigate. It doesn’t have as many bells and whistles as some active trading platforms, but it has everything a beginner and most passive investors might need.
Best for automated investing: Acorns
| Editor’s rating | 4.7 out of 5 |
| Fees | $1 to $5 per month |
| Account minimum | $0 |
| Consider it if… | You want a totally hands-off investing experience |
Why Acorns made our list:
Acorns is an investment app for people who know they should be investing but don’t have or want to spend the time to manage it themselves. For $1 per month, Acorns will take care of everything. That includes automatically investing spare change through transaction round-ups, automated transfers, and a fully automated investment plan.
The big upside of Acorns is that it’s so easy to use. The big downside is that there’s a fee no matter what. While $1 per month doesn’t sound like much, when you have a relatively low account balance, that’s a big percentage. If you have a $100 balance, $1 per month is more than 10% per year. For additional accounts and features, including retirement accounts, you’ll have to pay $3 or $5 per month.
Best for kids: Stockpile
 Stockpile |
| Editor’s rating | 4.5 out of 5 |
| Fees | 99 cents per trade; fees for gift cards |
| Account minimum | $0 |
| Consider it if… | You want to invest with kids or teens |
Why Stockpile made our list:
Unlike the other brokerages on this list, Stockpile does not offer commission-free stock and ETF trades. But it does provide some unique features that could make its modest commission of 99 cents per trade worthwhile.
Stockpile allows fractional share investing and supports the gift of stock through gift cards, which makes it perfect for the youngest investors.
If you are a parent, grandparent, aunt, uncle, or another relative who wants to help a child in your life learn how the stock market works, Stockpile is perfect for your needs. It makes it easy to gift stock and keep tabs on the account of a minor. It also makes it fun to navigate through supported stocks while educating users through “mini-lessons” that teach how to invest.
Other apps we considered
- Webull: Webull is a newer commission-free investment platform. It may be a little more challenging for some newer investors to navigate but offers excellent pricing and investment tools.
- Firstrade: Firstrade’s web and desktop investment apps feel a little lower-tech, but its mobile app is simple and easy to navigate. It offers excellent pricing including commission-free mutual fund trades.
- Stash: Stash is great for newer investors looking to learn how to invest and build the right mindset, but monthly $1 to $9 fees make it less appealing.
Best for active trading: TD Ameritrade
| Editor’s rating | 4.8 out of 5 |
| Fees | Trade fees: $0 for stocks and ETFsAccount fees: NoneManaged account fee: 0.75-0.90% Selective Portfolios; 0.60-0.90% Personalized Portfolios |
| Account minimum | None for DIY accounts, $25,000 or $250,000 for managed accounts |
| Consider it if… | You want multiple apps for different trading experiences and goals |
Why TD Ameritrade made our list:
If you are new to the markets and plan to get into active trading, TD Ameritrade is a good place to start. It charges no commissions for stock or ETF trades and offers multiple account platforms that align with various investment styles and goals.
When you’re starting out, you’ll probably feel most comfortable in the main TD Ameritrade app. As your investment skills grow, you can upgrade to thinkorswim, the premier active trading platform from TD Ameritrade. It has tons of useful features for active traders. Important for beginners, there’s a feature to chat with an expert trader inside of thinkorswim.
Important to note: Charles Schwab acquired TD Ameritrade in 2020. However, Schwab has announced it plans to keep TD Ameritrade’s thinkorswim in its product lineup going forward.
Best for social investing: Public
 Public |
| Editor’s rating | 4.6 out of 5 |
| Fees | None |
| Account minimum | $0 |
| Consider it if… | You want a social component to your investing experience |
Why Public made our list:
When you’re a beginner in the stock market, it can feel intimidating to research and choose stocks and other investments on your own. Public combines features from social networks like Facebook and Twitter with traditional brokerage features. That makes for an investment app ideal for beginners learning their way around the markets.
With fractional shares starting at $5, you can also buy into a huge number of supported companies without putting up enough cash for a full share. While it doesn’t offer every popular type of investment, it covers stocks and ETFs in a way that’s great for newer investors or even experienced investors looking to improve their investment strategy.
Best for no commissions: Robinhood
| Editor’s rating | 4.5 out of 5 |
| Fees | None |
| Account minimum | $0 for most investors, $5+ per month for premium accounts |
| Consider it if… | You want to invest in a wide range of stocks and ETFs |
Why Robinhood made our list:
Robinhood is a pioneer in the no-commission brokerage model. It remains a solid choice for beginners, as they can invest in stocks, ETFs, and options with zero commissions. Typical stock and ETF investors will be able to use Robinhood with no costs at all, though premium accounts are available with more features for a monthly fee starting at $5.
Robinhood has been at the center of controversies over downtime and how some users have been able to enter extremely risky trades that they didn’t understand. As with any investment app, it’s important for Robinhood traders to understand the risks of what they’re doing so they can invest in line with their goals and avoid unexpected losses.
SeedInvest
SeedInvest provides an equity crowdfunding platform that allows anyone to invest in startup companies — something that used to only be accessible to venture capitalists and other elite investors. Since its inception in 2012, it has raised over $100 million for over 150 startups with a network of more than 250,000 investors.
Pros
- You can directly support companies you’re passionate about.
- They rigorously vet their startups and have only approved 1% of applicants.
- The processing fee is refunded if the startup doesn’t meet its fundraising goal.
Cons
- Startups are a high-risk opportunity, so your investment may not hold its value.
- Requires a minimum investment of at least $500.
- There is a 2% processing fee per investment.
Republic
Republic is another investing platform that leverages the power of crowdfunding to back startup companies and give them the funds needed to hopefully succeed.
Pros
- You can start investing for as little as $10.
- It’s free for investors, and there’s no hidden fees.
Cons
- Investing in early-stage companies is highly speculative and may result in losing your investment.
- Although they do their own due diligence, they don’t guarantee the accuracy of the that the stated valuation and other terms its startup partners provide.
AngelList
AngelList has over 2 million startup investment opportunities and has helped raise more than $1 billion of funding. This is a great option for anyone looking to specifically invest in tech startup companies.
Pros
- Offers an interactive community platform that allows you to check progress and events of companies that are important to you.
- Serves as a job board for openings with startup companies.
Cons
- Only open to accredited investors who either had an income of $200,000 for the previous two years or $1 million in net assets.
- Requires a $1,000 minimum to start investing.
- Website isn’t user-friendly for individual investors looking to learn more about the process.
Conclusion
One of the most important things an entrepreneur should be investing in is his or her time. And, two things that are crucial for success are knowledge and connections. By investing your time into getting to know others in your industry, you become successful much faster. Knowing others in your industry allows you to make connections, receive introductions, find mentors, find advisors, find teammates, etc.