Best Investment Apps for Beginners: Top 5 Picks for 2024 (Low Fees + Easy Use)
Introduction: Why Investment Apps Matter Today
In 2024, 73% of new investors start using mobile apps according to a FINRA report. The right investment app can mean the difference between growing your money and losing it to fees or complexity. After testing 12+ platforms, we’ve identified the 5 best investment apps for beginners that combine low fees, intuitive interfaces, and educational resources to help you start strong.
What Makes a Great Beginner Investment App?
Before we dive into our top picks, let’s examine the 4 crucial factors every new investor should consider:
Fee Structure
Look for $0 commission trades
Watch for hidden fees (SEC Investor Alert)
Avoid platforms with high account minimums
User Experience
Clean, intuitive interface
Helpful tutorials and guides
Responsive customer support
Investment Options
Stocks and ETFs for beginners
Fractional share availability
Retirement account options
Security Measures
SIPC/FDIC protection
Two-factor authentication
Strong regulatory oversight
The Top 5 Investment Apps for Beginners
1. Robinhood: Best for Commission-Free Trading
Key Stats:
18+ million users
$0 account minimum
0% commission on stocks/ETFs
Why It Stands Out:
Robinhood revolutionized investing by eliminating trading fees. Their mobile-first platform makes buying your first stock as easy as ordering food delivery. The app now offers:
Extended trading hours
Recurring investments
Crypto trading options
Best For: Absolute beginners wanting to start with small amounts.
Fee Alert: While stock trades are free, options trading has small contract fees.
2. Acorns: Best “Set It and Forget It” Investing
How It Works:
Automatically invests your spare change by rounding up purchases to the nearest dollar. For example:
$4.75 coffee → $0.25 invested
$23.50 groceries → $0.50 invested
Subscription Tiers:
Personal ($3/month): Investing + checking account
Family ($5/month): Adds kids’ accounts
Why Beginners Love It:
No investing knowledge required
Builds savings habits automatically
Offers cashback rewards at major retailers
3. Fidelity: Best for Long-Term Investors
Standout Features:
Industry-leading research tools
Zero-expense ratio index funds
Free financial planning consultations
Educational Resources:
Fidelity offers the most comprehensive learning center with:
Live webinars
Detailed investment courses
Retirement calculators
Pro Tip: Their fractional share program lets you invest in companies like Amazon with just $1.
4. Webull: Best for Learning Traders
Free Stock Bonuses:
Sign up: Get 3 free stocks worth $3-$300
Deposit $100+: Get 2 more free stocks
Advanced Features:
Technical analysis charts
Paper trading simulator
Real-time market data
Ideal For: Beginners who want to graduate from basic investing to more active trading.
5. SoFi Invest: Best All-in-One Money App
Beyond Investing:
High-yield savings (4.60% APY)
Budgeting tools
Student loan refinancing
Unique Perks:
Free access to financial planners
Member events and career coaching
Crypto trading available
Best For: Those who want to manage all finances in one place.
How to Choose Your First Investment App
Use this quick decision guide:
| If You Want… | Choose… |
|---|---|
| Simplest interface | Robinhood |
| Automatic investing | Acorns |
| Retirement focus | Fidelity |
| Free stocks + learning | Webull |
| Complete money management | SoFi |
Getting Started: Your First $100 Investment
Follow these steps to begin:
Open your account (takes about 5 minutes)
Link your bank (instant verification available)
Start small ($10-$100 initial deposit)
Choose your first investment (Consider ETFs like VOO or SPY)
Set up recurring deposits (Even $10/week adds up)
Common Beginner Questions Answered
Q: How much money do I need to start?
A: Most apps let you begin with $0-$100. Fractional shares mean you can invest in expensive stocks with just a few dollars.
Q: Are these apps safe for my money?
A: All recommended apps are regulated by the SEC and use bank-level security. Brokerage accounts are SIPC-insured up to $500,000.
Q: What’s the best app for retirement investing?
A: Fidelity offers the best IRA options with zero fees on many index funds.
Final Recommendation
Final Recommendation
Simplest: Robinhood
Automated: Acorns
Long-term: Fidelity
Free stocks: Webull
All-in-one: SoFi
