8 Best Investment Apps to Consider in 2023

Investing has evolved significantly over the years, with technology playing a major part in bringing the stock market to the fingertips of ordinary people. With the advent of investment apps, you no longer need to be a Wall Street hotshot to participate in the financial markets. 

Investing is a popular way to pad your retirement savings. Let’s take a closer look at some of the most popular investment apps on the market, exploring their unique features, costs, ease of use, and risks, in a way that’s hopefully easy to understand, even for those of us who are less tech-savvy.

1. Robinhood

Let’s start with Robinhood, an app that’s been instrumental in democratizing investing for the younger generation but is just as useful for folks of all ages. Robinhood is known for its sleek design and ease of use. 

It offers commission-free trades, meaning you don’t pay a fee to buy or sell stocks, ETFs, options, or cryptocurrencies. Plus, there’s no minimum deposit required to get started. 

This convenience, however, comes with some risks. Robinhood is often criticized for gamifying investing, which could encourage risky trading behaviors. While it provides educational content, it might need to be more comprehensive for those new to investing.

2. Fidelity

Fidelity has been a household name in investing for many years and for good reason. It offers a comprehensive suite of investment avenues. Like many other platforms, Fidelity offers commission-free online trading for most of these opportunities. 

Fidelity is known for its vital research tools and excellent customer service, making it a strong choice for those who value support and in-depth information. Their mobile app is robust and user-friendly, suitable for both beginners and more experienced investors. 

On the downside, certain niche investment options can come with higher fees, and the abundance of features might be overwhelming for complete beginners.

3. ETrade

Moving on, ETrade is a veteran in the online brokerage industry. ETrade offers a vast array of investment options. Its robust research tools make it an excellent choice for those wanting to dive deeply into their investments. 

However, its interface might be a little complex for beginners. While ETrade eliminated commissions for most trades, there may be costs associated with certain transactions.

4. Vanguard

Vanguard is another stalwart in the investment industry, mainly known for its low-cost mutual funds and ETFs. It offers commission-free trading for most stocks, ETFs, and Vanguard mutual funds. 

Vanguard’s mobile app allows you to manage your investment accounts, execute trades, and explore their wide range of investment products. While the app may not be as sleek or intuitive as some newer platforms, it is a solid choice for long-term, passive investors focused on building retirement savings. 

A potential downside is that Vanguard’s customer service might not be as accessible as some other platforms, and its interface could be less user-friendly than the more modern-looking apps.

5. SoFi

SoFi is another exciting option. It started as a loan refinancing company but has since expanded into the investment space. SoFi Invest offers commission-free trades and fractional shares. A unique aspect of SoFi is that it offers certified financial planning consultations at no additional cost. 

The downside is that its investment options are relatively limited compared to some others.

6. Public

Public.com is another user-friendly app aiming to democratize investing. Public offers a social investing experience where you can follow friends, experts, and themes to discover new investment opportunities. 

Trades are commission-free, but Public makes money from tips paid by users who wish to support the platform and by lending securities. An important thing to note is that while the social aspect can be enlightening, it’s crucial to do your research and not blindly follow the crowd.

7. Acorns

Next up: Acorns. This app is a bit different, as it automates the investing process with a “round-up” feature. With each purchase using a linked debit or credit card, Acorns rounds up to the nearest dollar and invests the difference for you. 

Acorns’ simplicity and automatic saving/investing mechanism are its standout features. It offers a basic account at $1 per month, which includes round-ups, automated investing, and educational content. 

A downside could be that the fees might be high relative to small investment balances, and it provides limited control over your investments.

8. Stash

Last but not least, there’s Stash, which allows you to start investing with as little as $1, focusing on helping you invest in what you believe in. Stash offers fractional shares, meaning you can buy a portion of a stock instead of the full-priced share. Stash plans range from $1 to $9 monthly, but fees can be high for small balances. The app has a straightforward interface, but there’s a learning curve to navigate all the features.

Which Investment App is Right for You?

In summary, while these investment apps can provide easy access to the stock market and make investing less daunting, it’s essential to consider the potential risks. These include the inherent risks of investing in the market and the possibility of falling into over-trading due to the ease of use. 

Costs are relatively low across the board with the movement towards commission-free trading, but do watch out for fees associated with certain transactions or account types. 

Here’s a chart comparing some investment options and estimated costs: