The best investment apps let you invest in bonds, stocks, commodities, crypto, and other assets, help you learn about the markets, and allow you to follow your account in real-time, etc. They are becoming more numerous because they can help you achieve so much.
To get you started, we teamed up with the experts at Invezz to provide you with the three best investing app reviews for US investors. They are all suitable for beginners and make it easy for novices to pass the time.
Is investing & trading regulated in the USA?
In the US, investing and trading is governed by federal laws. The specific legislation depends on the asset class. For example, securities laws govern the trade, offering, and sale of securities, mutual funds, and other investment firms, the activities of certain industry professionals, and the regulation of public companies.
State laws that govern investments in securities, also known as blue sky laws, primarily deal with securities registration, fraud investigation, and registration of brokers.
Which overall investment app is best for me?
According to our research, SoFi is the best app for all-in-one investing, Robinhood is the best for active trading, and Wealthfront is the best for automated trading.
1. SoFi - Best for all-in-one investing
If you open an investment account with SoFi, you will gain exposure to bonds and stocks through ETFs. You can use their Active Investing platform to select the asset class you’re interested in.
SoFi is the top choice for one-stop investing. It offers automated investing, brokerage accounts, and even several banking products.
The platform doesn’t charge a commission for ETF, stock, fractional share trading, or management fees. You can also trade cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. The fee on crypto trades is 1.25%.
To get started, you must deposit at least $5 in a stock order or $10 for crypto. The automated investing function begins as low as $1. Users can choose to make daily, weekly, or monthly recurring deposits.
As a downside, SoFi has a somewhat limited selection of tradable securities.
2. Robinhood – Best for active trading
Robinhood is a suitable option for active traders who don’t want to pay trading fees and are looking for a seamless interface. You can trade options, stocks, ETFs, cryptocurrencies, and more. The app is rudimentary and easy to navigate but has all the necessary features. As you trade, you’ll find yourself moving from screen to screen intuitively.
The stocks page can be accessed from a search bar at the top of the homepage. You also get access to statistics and pull up charts from there. To help you stay on top of things, a feed aggregates stories from investment and news websites.
When you decide what to trade, enter the details of your order and swipe up. That’s all there is to it.
Robinhood is an excellent choice for people who want to trade stocks, options, crypto, etc., for free, quickly, and efficiently.
3. Wealthfront - Best for automated trading
Wealthfront features a sleek, elegant design and full-scale money management features. Their investing and banking options, financial advice, goal setting, and account aggregation are intuitive and seamless to navigate.
You can use a rule-based approach to automate your finances. It will allow you to optimize for targets while moving money between your accounts, gaining complete control of your financial journey.
The platform features superb mobile apps for Android and iOS with nothing lacking in terms of ease of use, features, and functionality. The app was designed to minimize unnecessary data entry, smartly using drop-down menus, intuitive sliders, and auto-fill functionality.
Can I use these apps in my state?
These apps are available in each US state. To use SoFi, you have to be a citizen, a permanent resident, or a non-permanent resident alien of the US.
Wealthfront clients must have a permanent address in the US and a US social security number and must live in the country. US citizens residing abroad are not accepted.
Finally, Robinhood is open to all countries except North Korea, Syria, Cuba, Iran, and Crimea.
It’s quite amazing how many investment apps have sprung up in the last decade or so. You have your pick of the bunch thanks to entrepreneurs like Vlad Tenev, CEO of Robinhood, bringing free retail investing to the masses.