Beginners are the most important part of any stock market. These people are the backbone of the entire business, because if they lose they lose everything, but if they succeed they will be overjoyed that life made their dreams come true. For this reason it is essential that beginners know that they can begin in any field and succeed with it. This is why today I want to introduce you to my best stock apps for beginners in this post.
In this day and age, everyone wants to do their own investment. This is mainly because nobody has time to sit around and wait for the market to trade. In fact, it might not even be possible as a working individual. That’s why an app created by Wall Street analysts themselves should be the best stock app for beginners 2021.
Webull
- Available via desktop, Apple iOS and Google Android.
- Sign up here
Webull came into the stock trading world in 2018 when it started challenging Robinhood for market share. This stock trading app offers commission-free stock trading as well as commission-free trades on ETFs, options and cryptocurrencies.
Like most investing apps available, the company provides access to trade on your smartphone, tablet or desktop.
As touched on above, it charges no commissions for the trades because Webull makes money on other actions you take, like Payment for Order Flow (PFOF), margin loans, interest on cash and service fees for their Nasdaq TotalView Level 2 Advances quotes subscription.
Webull also provides you access to several powerful tools you can use for in-depth trading analysis. These low-cost or free services easily make the stock trading app one of the best stock research and analysis apps for conducting technical analysis.
If these account features sound attractive, you’ll also be happy to learn your Webull stock trading app and brokerage account comes with no account minimum you must meet or maintain. Finally, to de-risk your sign up, Webull also runs frequent promotions that give free stocks.
SoFi
SoFi is a top pick for beginners thanks to an easy-to-use platform paired with rock-bottom pricing. You can get started at SoFi Invest with just $1, and there are no commissions for trades and no recurring account fees. Even the managed portfolio product, where your investments are all picked and managed for you, is free to use.
The app includes stocks and ETFs listed by category, making it easy to browse potential investment opportunities. The app doesn’t have the most in-depth investment research, but there is enough to get you started and guide your research off the app. In addition to cryptocurrency trading, you can also access investment education articles from inside the app.
As an added bonus outside of the app, SoFi offers complimentary financial planning sessions for all members, among other benefits. If you are a beginner and want help putting an investment strategy together, SoFi is an ideal place to start.
Betterment
Apple Store Rating: 4.8 out of 5 stars | Google Play Rating: 4.6 out of 5 stars
If you want an investing app designed to help you reach your goals, start out with Betterment. This app is great for beginners because it takes care of everything from managing your money, investing it, trading, and rebalancing your portfolio. The only caveat is that Betterment does it all for you if you’re willing to spend a little extra on it. You can choose from two investing plans: Digital (0.25 percent of your balance) and Premium (0.4 percent of your balance).
Features:
- Fees: Annual fees of 0.25 percent or 0.4 percent of your balance, various fund fees
- Commissions: None
- Minimum balance: None for Digital, $100,000 for Premium
Pros:
- Hands-off investing
- Goal-oriented platform
Cons:
- Annual fees for advising (high with large balances)
- High minimum balance for Premium plan
Public.com
- Available via desktop, Apple iOS and Android App on Google Play.
- Sign up here
Public.com is a commission-free investment app for beginners that allows stock and ETF trades. The stock market app targets Millennials and Gen-Zers who have attuned their senses to social media and have interest investing in the stock market.
While the company previously followed the lead of apps like Robinhood with monetizing Payment for Order Flow (PFOF), or receiving kickbacks from clearinghouses for routing trades to them, they’ve recently abandoned this practice.
Instead, they now rely on other revenue streams as well as a “tipping” system.
This places this beginner investing app firmly on the side of retail investors and not pledging allegiance to Wall Street clearinghouses.
Why is Public.com the Best Investing App for Beginners?
What Public.com is really about is making investing like an investing social network, where members can own fractional shares of stocks and ETFs, follow popular creators, and share ideas within a community of investors.
What Public.com aims to do above all else is make the stock market an inclusive and educational place, with social features that make it easy to collaborate as you build your confidence as an investor—for free.
For younger investors who want to align their investing with their social preferences, as well as keep good company to socialize and learn from others, Public.com might be the app for you.
For those interested in starting to trade on Public.com, the online brokerage platform for beginners offers a free $10 signup bonus if you make an initial deposit. Further, you can share your special link with others and gift them free stocks (fractional shares) as well.
If this sounds like an interesting investing app, open an account and make an initial deposit (no account minimum needed to meet, so any amount will do) to see if the app meets your social and investing needs.
Ally Invest
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.
Fundrise
Apple Store Rating: 4.8 out of 5 stars | Google Play Rating: 4.6 out of 5 stars
Another way to diversify your portfolio is through real estate, but investing in this industry hasn’t always been the most accessible thanks to the high cost of investment. Fundrise’s unique low-fee model changes the real estate investing game and opens up the opportunity to beginner and savvy investors alike. In just a few minutes, you can create an account with a low investment minimum, select your preferred investing strategy, and sit back as Fundrise diversifies your portfolio for you.
Features:
- Fees:
- 0.15% annual advisory fee
- 0.85% annual asset management fee for standard portfolios
- Commissions: None
- Minimum balance:
- $500 for Starter account
- Varying minimums for other account types
Pros
- Low fees and balance minimum
- Open to non-accredited investors
- 90-day guarantee
- Two-factor authentication and biometric security
Cons
- Not good for short-term investing
- Investments are not liquid
Acorns
- Available via Apple iOS and Google Android.
- Sign up here
Acorns is an investing app for minors and young adults who wish to start with a small amount of money in their investments.
With more time, these recurring contributions and rounded up deposits from your purchases will grow into a larger portfolio. Hence the company’s name, Acorns: start small like an acorn but grow strong into a mighty oak tree.
Because portfolios start with small balances most often through Acorns, the service has no account minimum.
The robo-advisor micro investing app charges a monthly fee for users for providing investment advice through its robo-advisor functionality. Though, it doesn’t charge trading commissions when your gets invested on your behalf.
Instead, it charges an account fee depending on the subscription plan you select for your account.
Currently, the service has two offerings including Acorns Personal for $3/mo and Acorns Family for $5/mo.
These subscriptions provide various products which fit well for goals of young adults like investing young and managing your money prudently.
The service easily acts as one of the best money apps for kids with its all-in-one platform (Acorns Family).
Their plans come as follows:
- Acorns Personal ($3/mo):
- Acorns Invest: Invests spare change through the popular “Round-Ups” feature, earns bonus investments and provides access to financial literacy articles.
- Acorns Later: Offers tax-advantaged investment options like individual retirement accounts (IRAs)
- Acorns Spend: This service acts as your bank account, offering free withdrawals at over 55,000 ATMs nationwide and no account fees and the ability to earn up to 10% bonus investments
- Acorns Family ($5/mo):
- Everything in Acorns Personal (Acorns Invest, Later and Spend)
- Acorns Early: This allows you to take advantage of the best way to invest $1,000 for your child’s future and can teach you how to invest as a teenager or minor through opening a custodial account.
Conclusion:
There are many things that you can do to advance your financial situation. But, one key ingredient to becoming wealthy is investing. And if you’re new to the game of investing, choosing the best stock app for beginners ‘could make or break’ your chances of successful wealth creation.