10 Best Investment Apps for 2024 – With Lowest Fees

The best investment apps offer a user-friendly interface, robust investment tools and real-time market data, making it easy for beginners and seasoned investors to manage their portfolios.

We compared multiple trading platforms and selected the top ten that offered the best combination of perks for all investors.

The Top Investment Apps Ranked

Choose the best investment app for your situation by comparing fees, minimum deposit requirements and which assets you want to trade.

  1. eToro – Top asset broker featuring 5,000+ assets across stocks, ETFs, indices, forex, commodities, and cryptocurrencies.
  2. XTB — One of the rare trading apps where you can utilize 10:1 leverage on stocks and ETFs to maximize gains.
  3. Interactive Brokers — Leading stock investment app that grants you access to over 150 global markets, and where you can trade the most assets including mutual funds and bonds.
  4. Robinhood — The pioneer in commission-free trading, Robinhood is the best app for beginners due to its streamlined UX and low costs.
  5. Acorns — An excellent investment app designed for those who want to maximize savings with a round-up feature where spare change from your card purchases goes directly into your portfolio.
  6. TradeStation — The active traders’ favorite platform, TradeStation comes with advanced charts and API that lets you automate your trading strategies and ideas.
  7. Wealthbase — One of the rare gamified investing apps that lets you create games with virtual money and compete with your friends.
  8. Public.com — This is a great app for investors who want to diversify their portfolio in assets like fine arts, NFTs and collectibles.
  9. Ellevest — Designed for women investors, Ellevest offers automated trading portfolios to women who want to secure their financial future.
  10. Fundraise — This investment app lets you diversify your portfolio with investments such as real estate, private credit and even tech start-ups.

Best Investing Apps for Beginners Reviewed

We explore top-tier investment apps designed with beginners in mind. From user-friendly interfaces and educational resources to copy trading and automated portfolio management, these apps aim to let investors start building their financial future right away.

1. eToro – World Class Broker Offering 5,000+ Assets to Users Including Stocks, Forex Pairs, and Cryptocurrencies 

The eToro app is an excellent investment tool for both beginner and advanced investors, with an intuitive and easy-to-use interface that combines a social investing platform with charts and the tooling needed to conduct technical analysis. Users of the platform can access over 5,000 assets, including stocks, ETFs, forex pairs, commodities, indices, and cryptocurrencies.

Regulated by leading bodies in the US, UK and Europe, eToro is available as a mobile app for iOS (4.6 stars) and Android (4 stars), at the time of writing. Users can start investing on eToro for as little as $100 (country dependent); the platform’s minimum deposit. There are no commissions charged on stock and ETF trades, and users can build portfolios that feature a variety of the world’s top assets.

Nvidia eToro chart

Users of eToro have access to social trading features that allow them to read the sentiments of other traders on the platform, as well as those of experts from some of the world’s leading financial institutions.

For those who are new to investing, there are demo accounts that allow them to test the waters before committing real money. A CopyTrading feature allows traders to set aside some of their funds to automatically copy some of the platform’s leading traders, while Smart Portfolios allow for a long-term style of investing, managed by eToro, and featuring multiple portfolios with different focuses available to investors.

One of the main advantages of eToro is that users can invest in stocks and ETFs without paying commission or management fees. This makes the app one of the most competitive in the market.

Pros pros

  • No commission for trading stock and ETFs
  • Highly-rated mobile apps
  • Social trading tools
  • Demo account
  • CopyTrading and Smart Portfolios

Cons cons

  • Withdrawal fee of $5
  • Inactivity fees of $10 p/m after 12 months

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
5,000+ including stocks, ETFs, commodities, currencies, indices, and cryptocurrencies  No commission on stocks and ETFs

1% fee on crypto trades

$0 $100 (country dependent) Low minimum deposit

Large variety of assets

Social trading 

CopyTrading and Smart Portfolios

2. XTB — Best Investment App With High Leverage for Stocks and ETFs

European-based XTB is a full-fledged trading platform that offers forex and CFD (contract for difference) indices, commodities, cryptocurrencies, stocks and ETFs. CFDs are contracts that allow traders and investors to trade an asset without actually owning the asset, meaning what you trade on the platform is a contract whose price moves the same as the real asset.

Because of that, you get access to 10:1 leverage on stocks and ETFs. This lets you buy shares worth $10,000 with $1,000 in your account. This is a risky practice, of course, but in the hands of experienced traders, it could be a valuable tool.

xtb app

Stocks and ETFs have 0% commission, while crypto comes with a 0.22% spread. Forex trading has a competitive spread of 0.1 pips for the most popular currency pairs, which is in line with competitor forex brokers.

XTB offers the xStation trading app only on Android devices. iPhone holders will need to wait to get their hands on a XTB mobile app, although everyone can trade on the XTB’s desktop platform.

Via the app, you get access to advanced charts with multiple indicators, you can gauge market sentiment, access the economic calendar or read the news, and you can set price alerts.

Pros pros

  • Multiple assets to trade
  • $0 commission on stocks and ETFs
  • No minimum deposit required
  • Advanced trading charts

Cons cons

  • Does not accept US clients
  • Assets are CFDs and clients don’t own the asset

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
Forex

Stocks (CFD)

ETFs (CFD)

Indices (CFD)

Cryptocurrencies (CFD)

Commodities (CFD)

$0 commission on stocks and ETFs
0.22% crypto spread
$0 No minimum deposit Variety of assets

No minimum deposit

$0 commission on stocks and ETFs

Advanced charting tools

Forex and CFDs are leveraged products and can result in losses that exceed your deposits. Please make sure you fully understand all risks.

3. Interactive Brokers (IBKR) — Top Investing App With Access to the Most Assets Globally, Including Bonds, Mutual Funds and Futures

Interactive Brokers is probably one of the most popular stock brokers you can find. It offers access to 150 markets worldwide, you can trade stocks, ETFs, mutual funds, options, futures, cryptocurrencies, currencies and even bonds.

Aside from a professional and unrivaled desktop trading platform, you get access to a mobile app for both iOS and Android.

ibkr app

The app gives you access to advanced charts with hundreds of indicators. Options traders will enjoy the Options Wizard, where IBKR has simplified the process of selecting trading strategies based on aggressiveness and probability of profit.

You can scan for stocks based on parameters that you select, set watchlists and alerts or use the app for news access. The app can stream Bloomberg TV US directly, or you can read research reports from Refinitiv and other financial agencies.

ibkr app

Beginners may find the app overwhelming at first, but after a while, it will become second nature and you won’t even need the desktop platform.

Trading assets is easy and straightforward and you can even set recurring investments if you want to use a dollar cost average strategy. All these factors make it one of the best apps for stock investments.

If you still find it too complicated, download the Global Trader, a separate app designed for beginners.

Pros pros

  • Global stocks and funds and the highest variety of investment options
  • No inactivity fees
  • Fractional shares
  • Advanced charting tools
  • Free access to TipRanks, Refinitiv and Morningstar analyst ratings

Cons cons

  • Platforms and apps may seem complex at first
  • Complex pricing structure for other assets

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
  • Stocks
  • ETFs
  • Mutual funds
  • Hedge funds
  • Currencies
  • Cryptocurrencies
  • Options
  • Futures
  • Bonds
  • $0 per share for US residents with IBKR LITE
  • $0.0005 to $0.0035 per share for IBKR PRO
  • $0 ETFs
  • $0.15 – $0.65 per options contract
  • $0.25 to $0.85 per futures contract
  • 0.08 to 0.2 points for spot currencies
  • 10 points x face value per order for bonds
  • 3% x trade value up to $14.95 per transaction for mutual funds
$0 with IBKR LITE No minimum deposit
  • Most assets to trade worldwide
  • Advanced trading platforms and app
  • Free access to research tools

4. Robinhood — Leading Investing App for Beginners Who Want a Streamlined Experience for Trading Stocks, Options and Cryptocurrencies

Robinhood became popular during the Covid pandemic when people stayed at home and played video games or invested in stocks and crypto. Its app gave users what they needed — simplicity.

Options trading, which is a complex trading derivative, was made so simple by Robinhood that beginners started to use it. There are over 10 million active users, as of June 2023.

robinhood app

Robinhood was one of the first trading platforms to introduce no-commission trading, which is why stocks, ETFs and crypto have $0 fees and commissions on this leading ETF broker. You can even trade 24 hours five days a week and you can buy fractional shares, meaning you can still buy a piece of the $1,000 stock you had your eye on with just $100. Of course, you would only own 1/10 of the stock in that case. This makes it one of the best stock investment apps you can find.

Robinhood pioneered another feature for retail investors — initial public offering (IPO) access. This allows retail traders and investors to buy stocks when they first go public at IPO prices. This was typically reserved for high net-worth investors and funds in the past.

If you’re into crypto investments, Robinhood gives you full ownership over your coins, which isn’t the case with brokers that offer CFD cryptocurrencies. This means you can withdraw your Bitcoin or other crypto directly into your crypto wallet. But you will need to open a separate app called Robinhood Wallet to store them first.

Pros pros

  • Fractional shares
  • $0 commission on stocks, ETFs and crypto trading
  • Beginner-friendly app
  • No account minimum

Cons cons

  • No mutual funds or bonds
  • Only available for US customers

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
  • Stocks
  • ETFs
  • Cryptocurrencies
  • Options
$0 commission $0 No minimum deposit
  • Commission-free stocks, ETFs and crypto
  • Fractional shares

5. Acorns — Top Investment App for Saving, Perfect for Hands-off Investors Looking for Automatic Rebalancing and Investing

Acorns offers something that a lot of other free investment apps don’t — a round-up feature on purchases that you make with your debit or credit card. This means every time you buy a coffee for $1.35, the spare change of $0.65 (rounded up to $2) gets set aside until it reaches a total of $5 and then Acorns automatically invests it on your behalf.

You have to link your debit or credit cards to your Acorns account for this to work, though. To simplify it even further, your investment options are pre-built portfolios with popular ETFs from Vanguard and BlackRock, and you can even choose a Bitcoin ETF to allocate 5% of your portfolio.

acorns app

These portfolios are so-called robo-advisors, which automatically rebalance your portfolio based on parameters that you set, making it even easier to invest.

But unlike most investment apps that have no monthly costs, Acorns’s fees start from $3 per month for its services.

Despite that, all the simplicity designed for hands-off investors who want to maximize savings for their future may be worth the cost.

Pros pros

  • Round-up feature
  • Automatic rebalancing and investing
  • Perfect for hands-off investors

Cons cons

  • Fee starts from $3 per month
  • Available only in the US

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
ETFs via robo-advisor
  • Personal $3 per month
  • Family $5 per month
Can’t invest in individual stocks $5
  • Round-up feature
  • Automatic investing with robo-advisor

6. TradeStation — Competitive Investment App for Active Traders Who Want to Use Advanced Tools or Automate Their Trading Strategies

As the name suggests, TradeStation offers an advanced platform with charting and some of the best research tools designed for active and experienced traders. That said, its investment app is simple enough for beginners to start trading.

Buying and selling stocks is intuitive on mobile where you can find educational resources and courses to help you become a better trader and investor, especially if you’re just starting out.

tradestation app

Choose from a variety of assets including stocks, ETFs, options and cryptocurrencies. The latter, though, only comes with Bitcoin, Ether and the stablecoin USDC. If you’re looking for the best cryptocurrencies to buy, consider platforms like Robinhood.

Stocks and ETF purchases come with no commission, which makes TradeStation one of the best apps for stock investments.

With TradeStation, you can write your own program to back-test and automate your own trading strategies, or you can hire someone to do that for you. This is a feature of some of the best trading software.

Pros pros

  • Advanced trading platforms and research
  • The option to automate your trading strategies
  • Variety of trading assets to choose from

Cons cons

  • $10 inactivity fee per month unless you have at least $5,000 equity balance or you trade 10 times in a 90-day period
  • Available only in the US

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
  • Stocks
  • ETFs
  • Mutual funds
  • Options
  • Futures
  • Futures options
  • Cryptocurrencies
$0 for stocks and ETFs
$0.60 per options contract$1.50 per contract, per side for futures and futures options trading$0 commission for crypto trading
$0
  • $10 in the US
  • $50 in the UK, Australia and other countries
  • $100+ in other countries
  • Advanced trading platforms and research resources
  • You can automate your trading strategies

7. Wealthbase — Free Investment App for Beginners Who Want To Learn and Improve Via Trading Games

Want to learn how to trade? Look no further. Wealthbase is a fun, shares investing app where you can learn how to trade by playing games either solo or with friends.

The way it works is you download the app, create a game and set the rules, including which assets are available to trade and how long the game lasts — typically up to 15 days. And then start trading and investing with virtual money. By the due date, whoever has the most success wins.

This is similar to the practice accounts you get with many brokers with virtual currency, except Wealthbase has added a social twist to make it fun and engaging.

wealthbase app

Up to five players it costs nothing to play. But if you’re more than that it costs $20 per game. This upgrade can let you host a game of up to 1,000 users and lasts for up to 30 days, which makes it an excellent choice for learning groups and schools.

Pros pros

  • Simple to use and learn how to invest
  • Free for up to five players
  • Can simulate stocks, ETFs and crypto trading

Cons cons

  • Can’t trade with real money
  • Groups larger than five will have to pay $20 per game

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
  • Stocks
  • ETFs
  • Cryptocurrencies
  • $0 for up to five players
  • $20 for up to 1,000 players
$0 but only with virtual funds $0
  • Learn to trade with up to five friends
  • Games up to five people cost $0

8. Public.com — Leading Investment App for Investors Who Want Trade Alternative Assets, Such as NFTs and Fine Art

Public.com is a beginner-friendly app that offers access to traditional assets like stocks and ETFs, but also to alternative assets such as fractional shares for works of art, NFTs and collectibles. This means you can drop $100 and own fractional shares of Banksy art that cost north of $400,000 or a CryptoPunk, which is one of the best NFTs where each costs over $100,000. 

This innovative concept is ideal for investors who want to further diversify their portfolio beyond traditional assets. What’s more, its investment app is simple enough that everyone can get on board and start trading right away.

public.com app

Public.com’s standard account costs nothing to open and invest. But if you want to get advanced charts, data and analysis, it’ll set you back $8 per month. This could be a small price to pay to optimize your portfolio.

With the recent rise in interest rates, you can invest in Treasury bills and earn interest with a high-yield savings account, or you could dedicate funds to Public.com’s automated investing portfolio and let the robo-advisor do the investing for you.

Whichever way you want to invest, Public.com has you covered.

Pros pros

  • Easy-to-use investment app
  • Alternatives assets like art, NFTs and collectibles
  • Offers automated trading portfolios and Treasury bills

Cons cons

  • Available only in the US and the UK
  • Advanced charting and analysis features cost $8 per month

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
  • Stocks
  • ETFs
  • Cryptocurrencies
  • Treasury bills
  • Fine art
  • NFTs
  • Collectibles
  • $0 stocks and ETF trading fee
  • 2.5% fee per transaction for alternative assets
  • 1.25% crypto trading fee
  • $8 per month Public.com premium account
$0 $0
  • Invest in fine art, NFTs and collectibles
  • Earn interest with T-bills

9. Ellevest — Popular Investment App for Women Investors Who Want to Learn How to Invest or Use a Robo-Advisor to Manage Their Portfolio

Ellevest is a robo-advisor service run by women and marketed to women. Being a robo-advisor means investors select a portfolio based on their goals and risk profile and Ellevest takes over to invest and automatically rebalance their portfolio.

This portfolio consists of low-cost ETFs and offers education services and access to advisors for a fee. This makes it well-suited for beginners who want to set their goals and learn more about investing as they go.

This doesn’t come cheap, though. Ellevest starts with a $12 per month where you get 

up to five goal-specific accounts and portfolios, retirement planning, tax minimization and automatic rebalancing and a discount on financial guidance, which can cost more than $1,000 annually.

ellevest app

Choose from two pre-built portfolios: Ellevest Impact and Ellevest Core. The latter is designed for reaching your goal while the former is for reaching your goal and having a positive impact by investing in companies with high ESG (environment, social and governance) scores.

Ellevest’s mobile app has a high rating score and is loved by its users. It’s simple to use and helps beginners learn about investing via in-app articles. You can also easily find your accounts and see where your money is invested and learn more about the companies.

Pros pros

  • Beginner-friendly investment app for women
  • Automated investing and portfolio rebalance
  • Access to human advisors

Cons cons

  • Available only in the US
  • $12 per month

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
Robo-advisor that invests in stocks and ETFs
  • $12 per month management fee
  • 0.05% to 0.19% annual fund expense ratio
Can’t invest in individual stocks $0
  • Invest in socially-conscious companies
  • Learn how to invest

10. Fundraise — Unique Investment Apps for Diversifying Your Portfolio in Real Estate, Private Credits and Start-ups

Fundraise lets you further diversify your portfolio by investing in real estate, private credits or tech companies. The way this works is you invest as much as you want, with a minimum of $10, in the assets provided by Fundraise as you would invest in the stock market.

The Fundraise app is intuitive and lets you browse through the available assets. When you find what you like, you can invest. Your real estate options include family homes and industrial or office buildings. Where there are tenants you get paid in the form of dividends. You can choose to have the dividends invested back into your portfolio.

fundraise app

Fundraise recently introduced new investment options, such as private credits and starting tech companies. For the first option, you provide funds for someone to lend and you collect the interest. The second investment option gives investors access to new tech companies before they go public on the stock exchange.

Currently, Fundraise only invests in AI and machine learning companies, as well as companies focused on modern data infrastructure, development operations, financial technology and real estate and property technology companies.

Pros pros

  • Lets you invest in real estate with as little as $10
  • Dividends are automatically reinvested
  • Can invest in private credit and tech companies before they go public

Cons cons

  • Available only in the US

Available assets Pricing Fee for investing in Amazon stock Minimum deposit Top features
  • Real estate
  • Private credit
  • Venture capital
  • 0.15% annual advisory fee
  • 0.85% annual management fee for the real estate funds
  • 1.85% annual management fee for the Innovation Fund
Can’t invest in individual stocks $0 but the minimum investment is $10
  • Invest in real estate with a minimum of $10
  • Invest in tech companies before they go public

How to Pick the Right Investment App for You

Select the investment app that best suits your financial goals by keeping your eye out for regulation, range of trading assets, fees and tools among other things.

Regulation

Selecting the right investment app starts with ensuring that the platform is regulated by government authorities. This is the most important factor to consider when choosing an app because regulations are meant to protect clients from fraudulent activities.

The most important aspect that comes with regulation is money protection. For example, in the US there is something called Federal Deposit Insurance Corporation (FDIC) where regulated brokers insure their clients’ funds. This is typically up to $250,000, meaning if the broker goes bankrupt, you are guaranteed that you’ll get your deposited money back up to $250,000.

A similar body in the UK is the Financial Services Compensation Scheme (FSCS). The compensation limits are different than in the US, though. For example, you can get up to £85,000 per eligible person in the unfortunate event that the brokerage platform goes down.

Prioritize apps that are regulated by the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA) in the United States, or the Financial Conduct Authority (FCA) in the United Kingdom. Typically, the safest investment apps are regulated by one more few regulatory bodies.

Range of Assets

Diversification is a fundamental principle of investing. The best investment apps for beginners typically offer multiple asset classes such as stocks, ETFs, options, commodities or even cryptocurrencies.

An app that offers a variety of assets is often the best choice because you don’t have to swap between different apps and platforms to monitor your assets. This makes tracking your portfolio much easier.

Of course, some investors want to diversify further with apps that offer alternative assets such as fine art, NFTs, collectibles, real estate, private credits or investing in tech companies before they go public. In this case, your primary investment app is likely to not have all the assets you want available to trade.

What is The Best Investment?

This largely depends on your risk tolerance and investment goals. For example, if you’re nearing retirement and you want minimal risk, bonds as well as blue-chip stocks are often the right pick.

However, if you’re in your twenties or thirties where you have decades until you retire, you could consider investing a small portion of your portfolio in riskier assets, such as crypto and growth stocks. This way, if the investment doesn’t work out, you can always recover the money by the time you retire.

Fees

The fee structure is typically make or break for most investors. Luckily, the best investment apps come with $0 commission on stocks and ETFs and some even offer no commission or low commission on crypto.

Here’s what to look for when comparing fees between investment apps.

  • Commissions. The best app for investing in stocks typically comes with a $0 commission on stocks and ETFs.
  • Spreads. This is the difference between bid and ask price, which is typically what you will pay when placing market orders. The best investment apps typically have high liquidity which makes the spread narrow. This is ideal for active traders.
  • Management fees. This is what you’ll pay for robo-advisors or when holding ETFs. Both typically cost less than 1% annually and it often depends on the specific fund or the robo-advisor.
  • Platform fees. These are often fees charged by the trading platform and include fees for using a certain service, like access to research or access to a more advanced platform.
  • Other fees. This includes deposit and withdrawal fees as well as fees for inactivity after not logging in for more than 12 months.

Tools and Analysis

Robust tools and analysis features are valuable tools for seasoned traders and investors. If that’s you, look for apps that offer real-time data and access to research resources that otherwise cost a lot to subscribe to.

For example, the best investment apps will have various chart options, such as bar charts or candlestick charts. They will also have hundreds of indicators like moving averages, stochastics and more. Some platforms even let you customize and build your own indicators.

Some of the best stock investment apps, like IBKR, provide complimentary access to TipRanks analysts, which otherwise costs around $350 annually.

Minimum Deposit

The minimum deposit requirement varies across investment apps. Most platforms have no minimum deposit requirements, while some require $10 or $50 to start investing. This is a cool feature of shares investing apps because you get to test the platform and brokerage, including deposits and withdrawals without risking a large amount of money.

For example, you can see how long it takes to send or receive money from the platform or test a certain feature like copy trading. That said, if you like a certain stock investment app, try it out and see how it sits with you before you go all in.

Demo Account

Beginners can learn best by being thrown into the proverbial fire. Most platforms offer demo accounts, also known as paper trading accounts, with virtual currencies where you can learn how to trade without risking your real money.

This is not only useful for beginners who are just starting out, but season traders can use virtual accounts to test their trading strategies or to improve their skills.

Moreover, demo accounts can also serve as a litmus test for assessing the investment app, its user interface and its performance.

Payment Methods

Check the available payment methods for funding your account and withdrawing funds. The best investment apps typically have multiple options, including bank transfers and credit or debit card payments.

This also comes down to security against fraud. For example, credit cards often come with fraud protection and dispute resolution, meaning if the deposit isn’t in your trading platform’s account, you can dispute it with your card provider and get your funds back.

Payment methods are also tied to convenience. You can choose a method with the smoothest financial transaction and lowest transaction fees for you, which is why choosing an investment app that provides that payment option is important.

Customer Service

This is one of the most important aspects when choosing an investment platform. That’s because customer service is the first channel where you would seek assistance. Good customer service can turn a negative experience into a positive one, but poor customer service can do the opposite.

You can also view customer service as a reflection of the company’s commitment to customer satisfaction. Moreover, it’s a valuable tool for collecting customer feedback, which can help the platform further improve its services.

Look for investment apps that offer multiple ways to reach out to customer service, including phone, email or live chat.

Types of Investment Apps

Each investment app is tailored to meet specific financial objectives and preferences. Here’s what to consider when choosing the right app for you.

Copy Trading

Hands-off investors will find the most value out of copy trading platforms. These platforms allow users to replicate the trades of experienced investors by copying their strategies. This way, novice investors benefit from the success of seasoned traders, while the latter get a commission from their investment success.

Aside from being a potentially profitable feature, copy trading can help novice traders learn the craft by looking at what the pros trade and when. This can exponentially increase the learning speed of beginners.

Another important aspect of copy trading is diversification to adjust your portfolio’s risk management. For example, a successful trader makes 50% annually. You can consider dedicating a small portion of your portfolio, planned for riskier investments, to copy this trader.

Finally, copy trading provides convenience as you don’t have to watch the screens every day to identify a good entry or exit position, you can simply outsource this to other traders with proven track records.

Robo-Advisors

Similar to copy trading, robo-advisors let users automate their investments. Except with robo-advisors, it’s a computer algorithm that does the investment and rebalancing often on a daily basis. Typically, these are platforms that already have pre-build portfolios for you to choose from.

This makes robo-advisors an excellent option for investors who don’t have the time to learn this skill or monitor their investments daily. Being a cost-effective alternative to traditional financial advisory services, it can be an ideal option for beginners with smaller accounts as well, given that most robo-advisor platforms charge around 0.25% while a financial advisor may charge over 1%.

As an algorithm-managed investment tool, you may worry that it’s not reliable. However, there are certain parameters, like risk tolerance, that you can set to further minimize potential losses if something goes wrong. Most robo-advisors invest in popular ETFs, though, so the performance should be similar to the broader market.

Platforms like Public.com and Acorns are one of the leading robo-advisor platforms.

Robo-Advisors vs Financial Advisors

As mentioned before, robo-advisors are computer algorithms that trade on your behalf and continuously rebalance your portfolio. Typically, you choose between pre-built portfolios that consist mainly of ETFs.

Financial advisors, on the other hand, can provide guidance to their clients and help them achieve their financial goals via careful planning and investing. This includes exposure to variety of assets, such as stocks, bonds, real estate and more.

Being computer algorithms, robo-advisors are cost-friendly. This means you could pay between 0.25% and 0.5% annually for this service and you can start investing with $10.

Financial advisor typically charge around 1% or more annually, plus you could pay fees for consultations. This is often designed for investors with at least $50,000 in liquid assets.

Other Investment Types

Beyond automated trading, there are investment apps that offer alternative asset classes. For example, with Public.com you can invest in fine art or NFTs without ever opening a crypto wallet. Fundraise is another platform where you can invest in real estate or private credits.

Given that diversification is one of the fundamental principles of investment, alternative investments can be a good addition to any portfolio. These assets can give opportunities for capital appreciation, especially in the real estate sector, but they can also serve as a hedge against inflation.

Of course, it doesn’t always have to be an exotic asset class. Diversification can be made with bonds, especially in a high-interest-rate environment, as well as with stocks in other countries.

Conclusion

The right investment app can be your gateway to building wealth and securing your financial future. That’s why it’s important to compare the fees, tools and analysis, and responsive customer service, as well as to make sure the app is regulated by a financial authority.

Consider eToro, which is one of the best investment apps you can get. It offers Copy Trading and a handy Demo Account as well as 0% commission.

Forex and CFDs are leveraged products and can result in losses that exceed your deposits. Please make sure you fully understand all risks.

References

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Kliment Dukovski
Editor

Kliment Dukovski is a cryptocurrency and investments writer. He's written over 1,000 articles to help readers understand complex crypto and investment subjects, as well as to find the best cryptocurrency products to meet their needs. His expert commentary has been featured in Fox Business, MSN Money and MediaFeed.