Investing in stocks has never been easier, especially for beginners looking to build wealth from their smartphones. The right stock investment apps simplify trading, offer educational resources, and provide tools to help new investors make confident decisions. Hereโs a look at some of the top investment apps perfect for beginners in 2024.
1. Robinhood
- Why itโs Great for Beginners: Robinhood is famous for its user-friendly interface and commission-free trading. The app offers stocks, ETFs, options, and even cryptocurrencies, allowing beginners to explore different investment options without fees eating into their initial capital.
- Features: Fractional shares (so you can start with as little as $1), educational content, a simple design, and cash management tools.
- Drawbacks: Limited research tools compared to other apps, which can be a challenge for users who want more advanced analysis.
2. Acorns
- Why itโs Great for Beginners: Acorns is ideal for those new to investing because it takes a โset it and forget itโ approach. It rounds up everyday purchases to the nearest dollar and invests the spare change automatically, helping beginners invest without stress.
- Features: Automatic round-ups, access to ETFs, retirement account options, and educational content tailored for young investors.
- Drawbacks: Monthly fees for accounts under $5,000, which might impact those starting with very small balances.
3. Webull
- Why itโs Great for Beginners: Webull is perfect for beginners who want to start with no minimum investment and commission-free trades. Itโs more advanced than Robinhood, offering a balance of simplicity and deeper analysis for those who want to learn about the market while they invest.
- Features: Extended trading hours, built-in charts, technical indicators, and the ability to trade stocks, ETFs, and cryptocurrencies.
- Drawbacks: While it offers more tools, itโs slightly less beginner-friendly compared to apps like Acorns or Robinhood.
4. E*TRADE
- Why itโs Great for Beginners: E*TRADE offers robust tools for new and experienced investors alike, plus a wide variety of accounts including IRAs and custodial accounts. The appโs design is straightforward, and it also provides access to in-depth resources and educational materials.
- Features: A large library of educational resources, commission-free trades for stocks and ETFs, and tools like real-time quotes and advanced charting.
- Drawbacks: E*TRADEโs wide range of tools may feel overwhelming to absolute beginners but can be valuable as experience grows.
5. Stash
- Why itโs Great for Beginners: Stash is both an investment app and a financial literacy platform, making it ideal for beginners. It allows users to invest in fractional shares and build diversified portfolios with as little as $5.
- Features: Educational resources, access to retirement accounts, fractional share investing, and automated investing options.
- Drawbacks: Monthly subscription fees, which may impact those investing small amounts.
Final Thoughts
Each of these apps offers distinct advantages for beginners, from commission-free trades to automated investing. Whether youโre looking for a hands-off approach or want to dive deeper into market analysis, the best app is one that aligns with your investment goals and learning preferences.