What Is The Best Beginner Investing App?

What's the best investing apps to use for beginners?

So, you've decided to dip your toes into the stock market. Congratulations! Now comes the daunting task of choosing an investing app that is actually suitable for beginners. Trust me, it's not as easy as it seems. With so many options claiming to be the best, it's hard to separate the diamonds from the rough. But fear not, my friend! I have done the hard work for you and narrowed down the list to the top contenders.

The Framework for the Best Investing App for Beginners

Before we dive into the apps, let's establish some ground rules. In order to be considered the best, these investing apps must meet a set of qualifications:

  1. Make us profits by investing wisely
  2. Be easy, simple, and clear to use
  3. Offer fractional shares for flexible investing
  4. Provide multiple account types for easy planning
  5. Allow for automatic transfers to eliminate the need for discipline
  6. Offer high-yield cash management to maximize profits

The Contenders

Public: The Nice Guy

Let's start with Public, the app that seems like the nice guy you'd want to date in high school, but just doesn't get the attention he deserves. While Public has some positive qualities, like transparent fees and a social interaction platform for investors, it falls short in meeting our criteria. It doesn't offer the full range of account types or automatic transfers, and its high-yield cash management is lacking. It's not a terrible option, but it's definitely not the best for beginners.

Wealthfront: The Automation Guru

Wealthfront, on the other hand, is the automation guru. It offers automated investing and a clear, user-friendly interface. It checks all the boxes, from making profits to offering multiple account types and automatic transfers. However, its assets under management fee can eat into your profits, which is a major drawback. Overall, Wealthfront is a solid choice, but the fees can be a turn-off.

Acorns: The Easy-Peasy Option

Ah, Acorns. The app that makes investing as easy as pie. Acorns simplifies the investment process, making it a great option for beginners. It offers fractional shares, multiple account types, and automatic transfers. Plus, its high-yield cash management feature is a nice bonus. However, the monthly fee can be off-putting for some. If you're willing to overlook the fee, Acorns is a fantastic app for beginners.

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Betterment: The Robo-Advisor

Betterment is the robo-advisor you didn't know you needed. With its automated investing and diverse range of account types, Betterment aims to optimize your investments. It offers a clear and user-friendly interface, making it easy to navigate. However, its fee structure can be a bit discouraging, as it increases as your investment balance grows. While Betterment has some great features, the fee structure is a major drawback.

Vanguard: The Legacy Leader

Vanguard is the legacy leader in the investing world. Vanguard has been around for ages and offers a wide range of options for investors. While their app may not be the most user-friendly, it's still fairly easy to use. Vanguard checks all the boxes, from making profits to offering fractional shares and multiple account types. Their high-yield cash management is also a great perk. If you're looking for a long-term partner in investing, Vanguard is a solid choice.

The Winner(s) Of The Best Beginner Investing App Is...

If you're looking for an easy-to-use app with a fun and personalized experience, Acorns might be the way to go. If you prefer a more established and traditional option, Vanguard is your best bet. I would choose one of those 2 but ultimately, the choice is yours. Happy investing, and may your profits be plentiful!

Don't forget to check out all my frugal and money learning resources on Frugality Father.

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