10 Best Investment Apps of 2020
Fast-paced lifestyles have become the norm. Being able to invest while on the go is a necessity for some people and investment apps make this conveniently possible. Investors, from beginners to seasoned day traders, benefit from advanced technology, which facilitates the ability to trade or invest from nearly any location or situation. All investment apps are not the same, however. Some are designed to introduce investing to new clients and others are more involved, designed for those with more experience in the market.
Requirements for using investment apps vary from service to service. Each client must have an account with the service providing the app. Initial deposits are required, although the insertion of modern apps into the investing process has altered typical requirements. For example, trading fees have been eliminated in some apps, encouraging new investors to get on board. Minimum investment amounts have been drastically reduced by some services, using micro-investing to also entice new investors. Read on to learn about 10 of the best investment apps of 2020.
The Merrill Edge investment app is owned by Bank of America. You can use it on an Android, iPhone or iPad, although the iPad features are just slightly more limited at present. There is even real-time market tracking options for the Apple Watch.
- New customizable dashboard, planning tools and interactive charts
- Unlimited free trading on exchange-traded funds (EFTs) and stocks
- Zero inactivity or annual fees, but does have a $49.95 outgoing account transfer fee
- Best suited for Bank of America customers and high earners
- Wide variety of investment options.
You Invest by J.P. Morgan
You Invest by J.P. Morgan is a Chase Bank company. Its apps services are integrated with Chase and J.P. Morgan banks, meaning there is no specific You Invest app available to-date. You Invest does boast reliability and trust due to its affiliation with two long-standing banks.
- Competitive low investing fees for online trading
- Multiple convenient options to transfer funds from a variety of accounts
- $1 minimum to open account and no minimum to remain open
- EFTs are limited to J.P. Morgan only
- Works on iPhone, iPad and Android devices
The Stash investment app allows you to invest starting with only $1 and is available for iOS and Android. This service is geared toward enticing new investors into the market by focusing on convenient micro-investing opportunities. Stash does provide guidance via customer service as well. More details about the Stash investing app include:
- $0 account minimum to join; $1-$9 in monthly fees depending on account type
- Customer service available seven days a week
- Highly regarded investment guidance considered perfect for beginners
- High annual ETF fee of 0.23%
- Once basics are learned, better services are available for advanced investing.
Acorns investing app boasts top level security encryption and an ability to help make your money grow. Services include automated retirement savings and investment advice. The app is available for iOS and Android devices.
- Pricing options from $1-$5 per month
- Several portfolio profiles available from conservative to aggressive
- Automatic roundups from purchases into investment accounts help grow spare change into profits
- Partnered with 300+ companies, that invest percentages of your purchases into your Acorns account
- Monthly fees might not be a value for smaller dollar investors.
SoFi Active Investing
- $0 fees per trade and no account minimum
- Allows six family members to use the app, encouraging family investing
- Seven days a week customer service
- Supports fractional shares and cryptocurrency
- Short history of reviews due to being launched in February 2019, making it potentially less appealing for seasoned investors.
ETrade boasts best-in-class mobile/online trading and commission-free trades. The service was founded in 1982 and helped pioneer online trading. ETrade prides itself on guiding you to the best investment choices and frequently receives 5-star ratings.
- Viable service for beginners and seasoned investors alike
- Multiple trading platforms and securities
- Volume discount available on its $0.65 per contract charge on options trades
- Highly rated customer service and extensive free research
- No inactivity or annul fees but high outgoing full transfer fee of $75 and $25 partial
Ally Invest offers self-directed and managed portfolio trading options. Ally Invest Forex is also available for iOS and Android platforms. This service is designed to be beneficial for beginners and seasoned investors alike.
- $0 account minimum and no trading commissions
- Full outgoing transfer fee of $50
- Solid free research and high rated customer service
- Easy to use for beginners and frugal for advanced investing including forex trading
- 8,000+ mutual funds all have transaction fees.
TD Ameritrade is a highly rated service suitable to beginners as well as seasoned investors. The company used to charge commissions but has eliminated them, making it one of the top mobile investing options available. TD Ameritrade has been in business for over 40 years and was one of the pioneers involved in using technology to improve investing.
- Eliminated commissions and $0 fees and account minimums make this app hard to beat
- Over 4,100 mutual funds with no transaction fees
- Desktop platforms available in addition to mobile apps
- Customer service available five days a week with additional text, social media and online support
- Higher-than-average broker assist fee of $44.99
The Charles Schwab mobile trading app is available for Apple iPhone, iPad and Apple Watch, in addition to Android devices.
- $0 account minimum and no trading commissions
- 3 no-fee trading platforms available as StreetSmart Edge (for desktop), Schwab.com and StreetSmart Mobile
- Decent variety of tradable securities and free, extensive research
- Full transfer out fees are $50 and partial asset transfers are $25
- Cash left un-invested in Schwab brokerage accounts swept into accounts paying less than 0.50%
Fidelity mobile investing apps boast a large amount of device compatibility including Apple TV. They boast a long list of mobile platform highlights and guarantee your security with advanced encryption protocols. Fidelity also claims to have the best and most comprehensive research in the business.
- $0 account fees, minimums or trading costs for stocks
- Mutual funds are transaction free and can be chosen from a selection of over 3,500
- Seven days a week customer service, 24/7 on phone, via chat (live not automated) and email
- Cash sweep rate is higher than average
- Amount of research options can be overwhelming but Fidelity provides a quiz to help you focus on research best suited for your goals and portfolio.