With the majority of my classes at Texas A&M being based on accounting and finance, I've really taken an interest in stock and investing over the past few years.
As a college student, the amount of money I had available to invest was almost nonexistent, so I really had to do some research to figure out where I wanted to invest the little money that I had at the time. It seems as if I've had the opportunity to try almost every major stockbrokerage app at this point and so I thought it would be beneficial to share the ones I found most appealing for beginners looking to invest.
While the purpose of this is not to provide financial advice, I do hope to share what I've learned and breakdown the Top 5 Investing Apps for Beginners.
Starting our list off at number 5...
5. Robinhood
Why?
Despite recent backlash from retail investors over the handling of the GameStop drama, Robinhood still provides the easiest and most accessible platform for beginners to start investing.
Features
- Zero commissions or fees on stock, ETF, bond, or options trades (although, most other brokerages have adapted to offer the same thing now)
- NO account minimum
- You get a free stock when you sign up using this link (https://join.robinhood.com/vincenh1101)
Ranking
3.5 out of 5
- Limited amount of resources to do advanced stock analytics
- However, great for people wanting to get started with investing
4. Webull
Why?
Although, Webull has also experienced recent backlash over its handling of the GameStop drama it is still an easy and accessible platform for beginners to start investing.
Features
- No commissions when you buy or sell stocks (like most others)
- No account minimums
- Great for beginners due to the mobile platform design but also has more advanced features than Robinhood for stock tracking and analysis
- Free stock when you sign up using this link (https://www.webull.com/activity?inviteCode=J5uxXn4INe5g&source=invite_gw&inviteSource=wb_oversea)
Ranking
3.5 out of 5
- Ranked slightly higher than Robinhood because of the increased functionality
- Also, more technical capabilities for stock analysis
3. E-Trade
Why?
E-Trade gets a little more advanced and has extra features than Robinhood and Webull. However, it's ranked so highly due to the ease of use. Also, it allows options to invest in a typical brokerage account (what Robinhood and Webull primarily offer) and other accounts like retirement accounts.
Features
- No commissions when you buy or sell stocks (like most others)
- No account minimums
- Extremely cheap per trade fees on options and futures contracts
- While this might be something for the more savvy investor, as you begin to become more knowledgeable of trading and the stock market, this feature could serve you well
- Step by step videos for beginner investors that help break down what the type of account you're starting is and what the type stock, bond, mutual fund, or ETF you're investing in is
Ranking
4 out of 5
- Ease of use, beginner tutorials and advanced functionalities
2. Acorns
Why?
Acorns is by far my favorite investing app due to the nature of how I currently view my investment portfolio. While you can't specifically pick which stocks you want in your portfolio, Acorns is great for people trying to invest their money without wanting to put a lot of time or effort into managing their account. You start by picking a type of account based on the level of risk you're willing to assume. Then you invest your money. Acorns will show a breakdown of the percentage of each type of stock you own.
Features
- Some of these features are accessible through the other apps mentioned like recurring investments but Acorns has proven to be the most effective for this method due to the diversity of stocks that your recurring investment goes towards. In addition, Acorns utilizes round-ups in which you can have it round up the additional portion of the money you spend on your card to be invested.
- Acorns is by far my favorite because of the great returns I've experienced and the "hands-off" approach I can take. It's essentially like having a financial advisor without having to pay for one.
- Free $5 invested when you use this link to sign up (https://www.acorns.com/invite/X6K42T)
Ranking
4.5 out of 5
- Great interface, great way to save money, steady returns from what I've seen (although again, this is not financial advice).
1. TD Ameritrade
Why?
TD Ameritrade is great for any level of investing. It's one of the most tried and true brokerages that allows users to utilize its extensive list of educational offerings and take part in live events offered.
Features
- No commissions when you buy or sell stocks (like most others)
- No account minimums
- Extremely cheap per trade fees on options and futures contracts
- Faster execution and price updates due to order routing algorithms that make sure your orders to buy and sell are placed more efficiently and at the market price you designated
- Large amount of resources available to encourage investors to take either an active or passive investment strategy based on their goals. You can sit back like on acorns and watch your money grow or you can try and actively buy and sell based off your knowledge gained from researching the market through their list of resources.
Ranking
5 out of 5
- It has everything for every investor.
I hope this list was able to provide some insight to those of you out there looking to get started with investing and will help you be able to make a more informed decision. Please don't forget to do research of your own before throwing your money into certain investments.
Comment on this post with your favorite investing app and subscribe to the blog for a chance to win some free stocks from me!
Now go make some money.
Vin
Sources/Websites: Webull Financial LLC, Robinhood, E-Trade, Business Insider, Acorns, TD Ameritrade