Date: 2019-08-07 16:45:00
The best investing apps are not the one with the most features or free trades, it’s the one that’s best for your needs as an investor. I’m reviewing the top investing apps for beginners and which is best for different types of investors.
Investors are always asking me, “What’s the best free investing app?” or asking me to compare apps like Robinhood vs Acorns. They’re always disappointed when I tell them, “It depends.”
The problem in asking which is the best investing app is that each platform has different features and benefits. Instead of making any one app the ‘best’ it means the best app for you really depends on what you need and want as an investor.
That’s why I wanted to review my three favorite investing apps; Robinhood, M1 Finance and Acorns. Each one offers unique features that will help three different types of investors. I guarantee you every investor will be able to use one of these three apps.
For long-term investing, I recommend M1 Finance for its portfolio view and retirement account options. I’m using M1 Finance for our 2019 Stock Market Challenge and love the app for that diversified portfolio approach. Learn more about M1 Finance here, https://mystockmarketbasics.com/joinm1finance
The Robinhood investment app is probably the most popular free investing app on YouTube and for good reason. Not only is it free to invest but you get a free share of stock when you sign up! I recommend Robinhood for investors that want to buy and sell individual stocks. Get your free share of stock here, https://mystockmarketbasics.com/robinhood
The Acorns investment app is a little different compared to the other two free investing apps. You pay a monthly fee of $1 to use Acorns but you get a completely stress-free investing strategy and a savings tool included. I recommend Acorns for anyone that wants their investments done for them or has trouble saving for investing. Get started on Acorns here, https://peerfinance101.com/acorns
You see a lot of Robinhood stocks reviews here on YouTube but few talk about the pros and cons of the investing app. I love the idea of commission-free investing but I’ve never heard anyone even mention the fact that retirement account options aren’t available on the platform. You also can’t invest in fractional shares…a big deal if you want to buy shares of Amazon but don’t have $2,000 for a single share. But Robinhood is a solid choice for investors that have a retirement account on another platform and don’t need that fractional share option.
On the other hand, I love using M1 Finance for our 2019 Dividend Portfolio but that single daily trading window means it’s not a good fit for stock traders. People that want a long-term, portfolio view of their investments will love the platform.
The Acorns app is one I don’t see mentioned a lot on YouTube but it definitely has its advantages as well. A great do-it-for-me approach to investing and a way to make saving automatic though it’s not technically a free investing appl
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.