As the name suggests, investment apps allow you to invest in stocks, ETFs, and options without having to sign up for a brokerage account. Some are even designed to act as your personal robo-advisor, managing your portfolio for you. You can also choose from various account types, including IRAs and 529 college savings accounts. These apps can even help you set up an IRA. They also protect your investment by offering protection from the Securities Investor Protection Corporation, which covers up to $500,000 of investment.
Another popular app for investing is Wealthsimple, which is geared toward passive investors who care about corporate social responsibility and low fees. There are three different portfolios available, and you can use the free trial to invest in up to $100,000. TD Ameritrade is another popular investment app, and recently reduced trading fees, but the company has high AUM fees. Wealthfront was acquired by Charles Schwab in 2020, and is now available to US residents.
If you’re a novice and are unsure about how to invest, the Public app is for you. It provides a commission-free method of buying fractional shares of a company, and is particularly useful for beginners and new investors. The app is free to download, and has a 4.7-star rating on the App Store and 4.4-stars on Google Play. It also lets you set your own watch lists and get updates on your favorite stocks.
