The Best Investment Apps For Beginners In 2023
Investment apps have become more popular and accessible in recent years. People of all capabilities have been able to start building up their investment portfolios. But, not all these apps offer the same incentives and some look far more tempting to use than others.
The competition is fierce among the top investment apps. Users are offered enticing reasons to join, such as free stock shares and zero commissions. However, it can be difficult to understand why these apps are so successful. ADAMAPP is here to help.
We’ve rounded up some of the best investment apps for beginners in 2023, and why they target this niche so effectively.
What Features Go Into a Good Investment App?
Good investment apps are successful for a reason. There are several features, shared by many of the top contenders, that contribute to this success. At the very least, they allow their users to buy, sell, and trade stocks and securities, although the types of securities available vary from app to app.
For example, Robinhood, a brokerage app, allows its users to buy stocks and ETFs (exchange-traded funds), while others purchase stocks and create portfolios on their users' behalf.
The best investment apps focus on UX (user experience) design and prioritise accessibility for beginners. They typically include the following top features.
Analytics and statistics
Real-time analytics that measure a portfolio’s importance give app users an edge when trading. Analytics help you track trends, find patterns, and ultimately increase your chances of trading successfully. So, any app that does this is already a step ahead of the competition.
Smart UX design is also extremely helpful when attempting to present accurate data in an easy-to-interpet way. Showing too much detail can make it more difficult to understand, so ensuring data presentation is clear and concise means it can be used effectively.
Multiple payment options
Convenience is an important factor in a successful investment app, which means there should be multiple ways of paying and transferring money. The ability to link a bank account can reduce the number of steps it takes to purchase stocks, creating less friction and more customer satisfaction.
It’s also important that other payment options like PayPal and cryptocurrency are available to ensure the widest possible user base.
Stock trading requires constant awareness of changing markets. A real-time newsfeed means relevant information is always at hand and ensures users are not having to switch apps or use a competitor.
Instead, they stay in one place, increasing the app's simplicity and accessibility. It’s a bonus if an investment app filters news relevant to the stocks a user has in their portfolio because the information is more concise and easily digestible.
The Top Investment Apps for Beginners This Year
Now that we’ve outlined the features that make a good investment app for beginners, we’ll take a look at the best ones currently available for download.
Robinhood is one of the best investment apps for beginners because it allows users to trade crypto, options, and stock all in one place, commission free. Users can also view their portfolios, customise their notifications, and access the latest news and research, free of charge.
The app also offers free stocks to those that refer their friends and family, an educational service that provides beginners with in-depth knowledge about the world of investing, and an account minimum of $0. Those that want more complexity can opt for Robinhood Gold, a premium service costing $5 a month that allows for margin investing, larger deposits, and access to professional research.
The only downside is that their customer support team is only contactable via email, which means it’s not as accessible to beginners as it could be.
Acorns’ biggest selling point is that it’s ideal for people who don’t want to spend too much time scrolling through research articles and news sites before they start investing. The app can integrate with debit and credit cards, and round up any purchases a user makes. The excess money is added to an investment account, letting its users both save and invest simultaneously.
The automation of investment strategies is another of Acorn’s selling points. A subscription costs $3 - $5 a month, depending on which features are required. Students can get a subscription for up to four years free, making it great for those just starting out.
Stash is another investment app that's perfect for beginners because it automates much of the process. Its “Smart Portfolio'' feature curates a diversified portfolio that is overseen by experts and professionals. This is designed to minimise risk and maximise reward, which is perfect for those still learning the ropes.
It also offers educational support including guides on how to start investing, understanding different stock types, and more. Users can start investing with no add-on commission fees and have the ability to invest in stocks and ETFs.
Stash also offers a “Stock-Back” debit card, which functions in a similar way to Acorns' round-up feature, allowing users to invest their spare change. As a bonus, both their cards and investment portfolios can be accessed on a single app.
Why We Chose Them
These apps are ideal for beginners because they prioritise accessibility by including features that maximise the ways their users can buy, sell, and manage their investments. They give users access to informative guides while also offering more complex features, sometimes at a premium price, for those wanting to take the next step in investing.
The top contenders also offer their service for free or at a low cost compared to other, more complex, investment apps. This means people who simply want to dip a toe into the investing world are not setting themselves back too much to do so.
Investment Apps: The New Way To Invest
Investment apps offer a way for people to access and invest in their portfolios on the go. Often, apps that can automate this process are far easier for beginners to learn and master. Those that simplify complex data, like portfolio overviews or market analytics, into easily digestible pieces of information, but also offer the ability to view the same data in detail, can attract both new and seasoned users to their platforms.
It is a thriving, but relatively new industry, so app design is incredibly important if investment services wish to attract new customers. ADAMAPP offers a range of products and services specifically designed with UX design in mind.
Reach out to us today and learn how you can create the most enticing investment app on the market.