Table of Contents
Investing used to mean calling a broker, paying high commissions, and waiting days for trades to settle. Now, your phone can do all that in seconds. But with hundreds of apps vying for your attention, picking the right one matters. The wrong choice can cost you in fees, limited options, or poor user experience.
I’ve tested dozens of investment apps over the past five years, putting real money into each. Here are the seven that stood out—based on fees, features, ease of use, and actual returns. Whether you’re saving for retirement or building a side portfolio, one of these will fit your style.
1. Robinhood – Best for Commission-Free Trading
Robinhood pioneered zero-commission trading and still leads in simplicity. You can buy stocks, ETFs, options, and even cryptocurrencies without paying a dime in trade fees. The app’s clean interface makes it easy to execute trades in seconds.
But simplicity has downsides. Robinhood’s order flow routing—selling your orders to market makers—can mean slightly worse prices than competitors. The app also lacks advanced research tools and mutual funds. If you’re a hands-on trader who wants low friction, it’s great. For long-term buy-and-hold investors, other apps offer more.
What I Like
- Zero commissions on stocks, ETFs, and options
- Fractional shares let you buy partial shares of expensive stocks like Amazon or Google
- Easy-to-use mobile interface with real-time data
What to Watch
- Limited research and educational resources
- No mutual funds or bonds
- Customer support can be slow
2. Fidelity – Best All-in-One Platform
Fidelity has been around for decades, but its app is surprisingly modern. You get commission-free trades, extensive research reports, and a huge range of investments: stocks, ETFs, mutual funds, bonds, options, and even CDs. Cash management features like a linked debit card and bill pay make it a financial hub.
I’ve used Fidelity for my IRA for years. The app’s research tools—including Morningstar reports and detailed screeners—are best in class. And unlike some robo-advisors, you can talk to a human advisor for free if you need help.
Key Features
- Zero account minimums and zero commissions
- Over 3,000 no-transaction-fee mutual funds
- Excellent research and analysis tools
- Automated investing with Fidelity Go (robo-advisor)
3. Betterment – Best Robo-Advisor for Hands-Off Investors
If you don’t want to pick individual stocks, Betterment manages everything for you. You answer a few questions about your goals and risk tolerance, and the app builds a diversified portfolio of ETFs. It automatically rebalances and tax-loss harvests to maximize returns.
Betterment’s fees are reasonable: 0.25% annual for the digital plan, or 0.40% for the premium plan with unlimited access to certified financial planners. For comparison, a traditional advisor might charge 1% or more. Over time, that difference compounds significantly.
I set up a Betterment account for my emergency fund and was impressed by how little maintenance it needed. The app also offers goal-based tracking, so you can see progress toward a house down payment or vacation.
For more ways to make your money work while you sleep, check out 7 Best Passive Income Businesses That Actually Work in 2024.
4. Acorns – Best for Spare-Change Investing
Acorns takes a unique approach: it rounds up your everyday purchases to the nearest dollar and invests the difference. If you buy coffee for $3.50, Acorns invests $0.50. Over time, those micro-investments add up. You can also set up recurring deposits.
The app offers five portfolio options, from conservative to aggressive, built from ETFs. It also has a checking account (Acorns Spend) and a retirement account (Acorns Later). Fees start at $3 per month, which can be high for small balances. But if you struggle to save, the round-up feature makes investing automatic.
Pros and Cons
- Automatic investing from spare change
- Simple, hands-off experience
- Monthly fee can eat into small balances
- Limited investment choices (only 5 portfolios)
5. Charles Schwab – Best for Research and Customer Service
Schwab’s app rivals Fidelity in features but stands out for customer service. You get 24/7 phone support, a huge network of physical branches, and no commissions on online trades. The app includes advanced charting, screeners, and streaming news from CNBC and Reuters.
Schwab also offers a robo-advisor called Schwab Intelligent Portfolios. It has no advisory fee—just the underlying ETF expense ratios. That’s cheaper than Betterment, though you need a $5,000 minimum to start. For self-directed investors, the Schwab platform is robust and reliable.
If you’re building a complete financial plan, integrating your investments with 7 best financial planning tools can help you track everything in one place.
6. SoFi Invest – Best for One-Stop Financial Services
SoFi started as a student loan refinancing company but now offers banking, loans, credit cards, and investing in one app. SoFi Invest lets you trade stocks, ETFs, and crypto with no commissions. You can also buy fractional shares and use the automated investing option.
What sets SoFi apart is the ecosystem. If you have a SoFi checking account, you can see your entire financial picture in one dashboard. The app also offers career coaching and financial planning. And SoFi’s Active Investing platform includes IPO access—you can buy shares of companies before they hit the public market.
For a broader look at the best finance apps for budgeting and banking, read 7 best personal finance apps.
7. M1 Finance – Best for Customizable Portfolio Automation
M1 Finance combines the best of robo-advisors and self-directed investing. You create a custom portfolio of stocks and ETFs (called a “pie”), and M1 automatically invests new deposits to keep your allocation balanced. It also offers margin loans at low rates.
M1’s pie system is powerful for long-term investors who want control over their asset allocation without constant rebalancing. You can slice your portfolio into percentages—say, 50% VTI, 30% VXUS, 20% BND—and M1 handles the rest. The app also has a checking account (M1 Spend) and credit card.
Fees are $0 for the basic plan, or $125/year for M1 Plus (which includes 1% APY on cash and lower margin rates). The only catch: M1 trades in a single daily window, so you can’t execute intraday trades.
Before you start investing, make sure you have a solid emergency fund. The Top 7 emergency fund strategies can help you build that safety net first.
Choosing the right investment app depends on your style. If you want to trade actively, Robinhood’s speed is hard to beat. For hands-off growth, Betterment or Acorns work well. Want full control with automation? M1 is your app. And if you need a trusted all-in-one, Fidelity or Schwab deliver.
Start with one that matches your goals and risk tolerance. You can always switch later—most apps let you transfer your portfolio without selling. The important thing is to begin. Even a small monthly investment, consistently made, builds wealth over time.
For more on the latest fintech tools, see 7 best fintech apps that are reshaping how we manage money.
