Investing can be a great way to grow your money, but it can also be confusing and overwhelming. Thankfully, you have plenty of investing apps available to help you get started. Here are some of the top investing apps you should use in 2022:
The Robinhood App
Robinhood is an app that facilitates you to buy and sell stocks without paying any fees. You can also use this app to buy and sell cryptocurrencies like Bitcoin and Ethereum.
Investing with Robinhood is easy: all you have to do is download the app, create an account, link your checking or savings account (so that money automatically transfers over), and start trading.
There’s no minimum deposit needed. However, because of this, you can’t withdraw money from your account without upgrading to a premium Robinhood Gold membership. You also won’t be able to deposit or transfer cash into your new account unless you upgrade.
On the positive side, Robinhood does offer investments in more than the U.S., so if you’re living abroad, you’ll have access to a more extensive range of stocks and funds.
Stockpile is another app that lets you buy and sell stocks without paying fees. However, unlike Robinhood, Stockpile offers gift cards for stock purchases.
You can also give Stockpile gift cards as presents to others. Stockpile gift card gifting is an excellent option if you’re unsure what the recipient’s investing goals are or you want to give them an easy way to get started.
To make your first purchase, download the app and create an account (you’ll need a valid email address). You can set up recurring monthly or weekly stock purchases through this same process. From here, you have to transfer money into your account via debit card or credit card, and you’re ready to go.
Stockpile also offers a wide range of investment options, including stocks, ETFs, and even penny stocks. You can buy fractional shares of these investments, so you don’t have to invest a lot of money at once.
Ellevest is an investing app that’s designed specifically for women. It considers the fact that women often have different financial goals and face unique challenges when it comes to saving and investing.
One of Ellevest’s key features is its automatic rebalancing system, which ensures your investments are always aligned with your goals. Ellevest also offers unique integration with Venmo, so you can quickly transfer money to your Ellevest account from the app.
As far as fees go, it does charge an annual fee of 0.25% for its investment management services. Also, there’s no minimum deposit required, which is great if you’re getting started investing or don’t have a lot of money to invest. You can use Ellevest to invest in stocks, ETFs, and mutual funds.
The Wealthfront app is another great option for those starting to invest. It’s completely free to use, and there’s no minimum deposit required.
Wealthfront offers a wide variety of investment options, including stocks, ETFs, and even real estate investments. Like Ellevest, it has an automatic rebalancing system that ensures your investments are always aligned with your goals.
To keep in mind, Wealthfront doesn’t offer fractional shares, so you’ll have to invest at least $500 for this app to be worthwhile. Additionally, Wealthfront only supports the U.S., so if you’re living outside of North America, you won’t have access to this app’s services unless you switch regions in your account settings.
Wealthfront offers tremendous tax-loss harvesting opportunities for those who are willing to pay a higher fee or deposit minimum. This is an advanced feature, so it’s not for everyone.
The Charles Schwab app is one of the best investing apps for beginners. Charles Schwab is a big player in the investment industry, and its mobile app reflects that.
As with most investing apps, there’s no minimum deposit required to open an account. Also, you won’t have to pay fees for making stock or ETF purchases through this app.
You can also make recurring investments daily, weekly, monthly, or annual basis. Charles Schwab also offers various investment options, including stocks, ETFs, and mutual funds.
These are just some of the top investing apps you should be using in 2022. Whichever app you choose, make sure it’s aligned with your goals and investment strategy.