Compare the top 10 best investment apps in 2023
Introduction
To find the finest investment apps, we surveyed a group of Forex ratings specialists. Find out which app is the best by comparing their major features.
Retail investing apps have soared in popularity over the last couple of years. More investments are made on mobile phones than ever before and the process is easier than ever as well.
Our team of finance & trading experts have trialled the best investment platforms, rating, ranking and comparing the results in order to guide you towards finding your perfect investment app.
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Best investment apps overall for 2023
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Pacific Union: Best for social trading & customer support
Admirals: Best for real time news and price data
Top 9 investment apps, reviewed
1. Pacific Union. Best for social trading & customer support
Pros & Cons
200+ financial instruments and 70+ FX pairs are available
for trading.
extremely small deal size minimums
support for 18+ different languages
- $100 minimum withdrawal amount
- fewer resources than many rivals
Overview
We adore Pacific Union because its user-friendly platform is packed with a wealth of educational materials, such as how-to manuals and video tutorials. Around 200 stock CFDs for some of the top firms in the world are available from Pacific Union.
It is a well regarded broker with a special social trading tool that enables new users to easily follow the positions and trading methods of the most experienced users of the platform. Together with its mobile and web-based apps, Pacific Union makes use of the well-known Metatrader 4 platform. Traders have a range of leverage options up to 500:1 at their disposal.
The costs: All account types are subject to a commission starting at 0.1 points on a limited number of stock CFDs. All stocks are subject to a spread that begins at 0.5 points.
2. Admirals. Best for real time news and price data
Pros & Cons
- modern charting and trading tools
- accounts with no commissions and no additional costs
- There are several educational options available, such as webinars and seminars.
- access to a wide range of trading assets
- Unavailable to traders in the US
- no fixed margins
Overview
We enjoy Admirals because you can invest in more than 8,000 assets with as little as €1. Admirals is an excellent platform for investing because it offers thousands of companies and hundreds of ETFs from around the globe, allowing you to build a diverse portfolio.
You may test out the Admirals platform with a demo account, and a tonne of information is accessible without charge. Together with the most recent price charts, this also provides a wide range of real-time news and research.
All trades are commission-free, but the costs are instead covered by the spreads. On the most popular equities, spreads begin at 0 pip but may be much greater for volatile assets. Investing in stocks entails a 0.1% volume fee.
What is an investment app?
Our experts’ picks for the best investment apps available today are listed in the table below. Use the links to sign up straight away, or keep reading for more recommendations that are tailored to different investing styles.
Simply put, what is the definition of a financial app?
It’s a programme designed to help you keep track of your investments wherever you go. Most investment brokers provide downloadable apps for use on mobile devices such smartphones and tablets. The features available on a web-based or desktop-based platform are typically also available in an investment app.
The many investment app categories
There is a wide variety of investment applications available, but they may be broadly classified as either do-it-yourself (DIY) or automated (Robo-advisor). The user is the one in charge with do-it-yourself investment apps. Robo-advisors, on the other hand, utilise software to make investments on your behalf automatically. The most popular apps and what they have to offer are briefly explained here.
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DIY investment apps. Such programmes allow you to manage your investments independently. You can invest whenever it’s convenient for you using these services, which are often provided through online brokerages. The easiest approach to manage your portfolio using your skills is through do-it-yourself investment apps.
Robotic counsellors. Automatic investing decisions are made by a robo-advisor based on your responses to a questionnaire. Once you’ve funded your account, you’ll be asked to fill out a questionnaire to identify your motivations.
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Mobile applications for microinvesting. Apps for microinvesting make it possible to put away and grow your spare change. Micro-investing apps are analogous to robo-advisors in that they enable fully automated trading and management of a user’s portfolio. They function by placing little sums of money (the spare change from your regular purchases, for example) into bargain stocks and exchange-traded funds.
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Managers of financial holdings. These mobile programmes monitor your portfolio’s total gains or losses. As long as you link the app to your other investing accounts, you’ll be able to see your whole profit-and-loss history in one convenient place. An investing portfolio manager is useful if you use various investment apps.
How do investment apps work?
The two main categories of investment applications are active and passive, and they both provide access to the financial markets via a mobile device. Investing your money is entirely in your hands with the help of active apps. Software designed for passive investing handles your investments on your behalf.
1.Active
Most brokerage houses now provide access to active apps that put you in charge of your own investment decisions. If you’re going to invest, you might as well take the reins and make your own buy and sell calls. Simply download the app, sign up for an account, and start investing with as little as a dollar by using an active investment app.
Once your account has been funded, you will have access to all of the platform’s investment opportunities. Managing your investments on a computer is an option, but active investment applications are typically just another way to access your account with an online brokerage business.
2. Passive – Robo advisors and micro investing
Robo-advisors and micro-investing apps are common names for passive investment apps. They perform like dynamic apps and necessitate installing software on a mobile device. A robo adviser can invest on your behalf in stocks, funds, and ETFs after analysing your investing objectives and tolerance for risk.
Micro-investing programmes also diversify your money automatically among asset classes, taking into account your preferences and tolerance for risk. If you want to start investing but don’t have a lot of cash on hand, this app is an excellent alternative because it connects to your bank account (through open banking), rounds up your everyday expenditure (to the closest pound), and invests the difference.
How should I choose an investment app?
Low fees and dependability are usually at the top of the list when it comes to selecting an investment software, however the priorities of each user will vary significantly. We’ve outlined some of the most important criteria to look for in an investing app down below.
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Fees. Investment fees are something that must be accounted for and cannot be avoided. A commission is something that certain brokers add on to every deal. Also, a spread must be factored into your budget (the difference between the buy and sell price). Discovering a low-cost investment app can help you save money.
Reliability. The best mobile apps of today provide a smooth experience for their users. A trustworthy app is essential if you intend to use it for financial transactions. You may read user reviews of investment applications before downloading them from major app stores like the Apple App Store or Google Play.
Assets. The most useful features of the top investment apps are the variety of financial tools they provide. When it comes to assets, some programmes focus on just one or two, while others try to cover as many as possible. Many apps now exist to facilitate activities like cryptocurrency investing, which have recently gained in popularity.
Security. Apps for investing can vary widely in their security measures, but the most reliable ones will provide you with additional safeguards for your money. Finding an app that supports two-factor authentication is a good way to increase safety. The greatest apps also incorporate biometric authentication methods like fingerprint or face scanning.
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Computers with Internet access and those with desktop computers. It’s possible that you could lose your mobile device or have it malfunction at some point. If this were to happen, you’d want to be prepared by having a backup plan in place for getting into your account. Finding an investing broker with reliable web and desktop platforms is helpful in this regard.
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Method of operation. It’s possible that the top financial applications for iPhones and Androids are completely different. Before signing up, make sure you can get the software from the App or Play Store and that it supports the operating system of your choice.
How should I start investing?
Your skill level should guide your strategy. If you’re just starting out with investing, it’s best to look into passive options like trusts and funds or apps that do everything for you. Investors with more experience may prefer a more hands-on approach.
Here’s a rundown of the kind of things you might want to put your money into based on your current skill level.
What to invest in for beginners
The employment of a robo advisor is recommended for novices. Automated investment software, or “robo advisers,” do the heavy lifting for you in the financial markets. When you join up for the service, you’ll be asked to specify the amount of time and the level of risk you’re willing to put your money on the platform for. Based on that data, the app will decide automatically which stocks to purchase and sell on your behalf.
Nutmeg is a great example of this kind of app. Others include using a mobile application for microinvesting, such as Moneybox. By linking to your checking account, it automatically invests the spare change from your purchases after rounding up. To illustrate, if your coffee costs $2.50, it will automatically round up to $3 and invest the difference.
One major perk of this type of investment is the extra time it buys for education. You may find similar features in all of the top investing apps for students. If you prefer to have more control over your assets, mutual funds and exchange-traded funds (ETFs) are great options for beginners since they provide diversified exposure to multiple markets with a single purchase.
For a brief review of the optimal first steps in investing, consider the following:
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- Make use of a robotic investment advisor or a mobile micro-investing platform.
Put your money into major exchange-traded funds (ETFs) that follow stock indices like the S&P 500.
- If you want to accumulate wealth gradually, dollar-cost-averaging can help.
What to invest in for intermediate investors
You can take a more active role in your investment if you have experience in the field. This involves deciding which stocks to buy and even joining up with many investment apps so as to have access to a wider range of investments and to compare costs.
You’ll have more control over your money, but it will take more time and knowledge to invest in this way. Investing in funds or ETFs is still a viable choice, and you can look for ones that represent particular industries; for instance, you could purchase a tech ETF to gain exposure to the technology sector.
Selecting individual corporations is a further avenue to pursue. The most reliable option is to stick with well-known businesses that have a history of success. These are the most reliable, with a value that is likely to rise gradually over time. Consider investing in businesses that offer dividends as a means of supplementing your income.
Here’s a quick rundown of what medium-level investors should buy:
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- Diversify by using funds and ETFs.
- Invest in big, stable companies.
Look for stocks that give you money back.
- Use a few different apps to find the best deal.
Where seasoned financiers should put their money
Instead of relying on ready-made portfolios like ETFs, experienced investors can take more risks and make their own balanced portfolios. Instead of just investing in finished products, you might want to think about investing in different assets and taking a few more risks on smaller companies with potential.
Experienced investors find it very easy to decide where to put their money with mobile apps for investing. There are many investment apps, and some only cover one or two markets while others cover a lot. Experienced investors can use more than one investment app to invest in different things, like stocks in other countries or different assets like cryptocurrencies.
If you’ve been investing for a long time and know a lot about the markets, you might want to think about putting your money into riskier assets. Growth stocks, penny stocks, and crypto coins can go up in value by a lot, but because of this, they are proportionally riskier.
As long as you don’t rely on these entirely, they offer huge potential to grow your wealth.
Here’s a quick recap of what to do as an experienced investor:
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- Manage your own finances and investments.
- Put your money into equities, digital currencies, and commodities.
- Find a happy medium between risk and profit by putting money into items like growth stocks.
- Capitalize on the growth of emerging markets by purchasing property abroad.
Should I use an investment app?
Using an app to manage your investments is a sound plan. Investing is made simpler with mobile apps that can be used when away from a desktop computer. These days, the vast majority of people have access to a smartphone or tablet, and many find that installing an investing software on their device speeds up the process of purchasing and selling securities. Using an app, you can keep tabs on your investments at all times and make quick adjustments to your portfolio.
Are investment apps safe?
Typically, yes, but keep in mind that it is possible to incur losses even when investing. The most reliable apps are those that come from brokers or service providers who are themselves regulated by the appropriate authorities. Compensation plans offer users some security in the event of an app’s closure.
It’s true that some app users worry about downloading them. Untrustworthy brokers are likely to offer investment apps that should be avoided. For instance, Robinhood faced significant user backlash in 2021 when it temporarily suspended the sale of Gamestop shares.
Most investment apps are associated with large, well-established businesses in the brokerage or Robo-advisor industries. These days, it’s very difficult to operate dishonestly in the financial sector due to the numerous regulations in place. The vast majority of investment apps are secure.
What are the risks of using an investment app?
You run the risk of losing money if you invest. Since it is impossible to know how a stock will perform due to a wide variety of factors beyond your control, the rule of thumb is to only invest what you can afford to lose.
The accessibility of apps makes them a prime vector for harm. Having the ability to invest in a company at any time, from any location, encourages hasty decisions without proper due diligence.
If you want to make rational, rather than irrational, investment decisions, it’s important to establish a clear set of criteria that any stock must meet. If you’re trying to decide whether or not to use an investment app, the pros and cons listed here can help.
Benefits
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Your investment portfolio is at your fingertips, wherever you go.
Possibility of buying and selling thousands of assets from a mobile device.
- Complete access to today’s market data.
- The vast majority of apps are functionally equivalent to traditional computer and web-based software.
- There are no costs associated with using or downloading any investment-related apps.
Risks
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- Inexperienced investors can lose a significant amount of money
- Trading fees can mount up and eat into your capital, regardless of how your trades perform
What are the fees for investment apps?
You should research the app’s pricing structure before you commit to downloading and using it. However, commissions and spreads will likely add up quickly. It’s possible that every time you buy or sell something, you’ll have to fork over some money to the app’s proprietors in the form of a commission. The spread is the difference between the ask and bid prices of a given instrument and varies between brokers and markets.
Methodology: How did we choose the best investment apps?
In order to give our users easy-to-understand advice on their investment choices, we regularly test over sixty-nine apps. Our team of specialists, analysts, and active traders downloads each app, reviews the services and assigns a rating.
Our evaluations seek out programs that provide a risk-free environment for novice investors without breaking the bank. We also conduct online research into each mobile app to enhance our hands-on testing and prior knowledge. To find out what people think works and what doesn’t, we examine user reviews, app reviews from the Play Store and App Store, and perform user polls.
Cost, dependability, user experience, deposit and withdrawal methods, investment opportunities, product and market diversity, research and analysis tools, and the availability of educational and learning resources all factor towards an app’s ultimate grade.
Each app has been checked by us to make sure the data presented here is correct. Following this, an outsider verifies the accuracy of every data. Our evaluation process includes details about our testing methodology, expert panel, and platform ratings.
FAQs
The best overall app according to our experts is eToro. However, it will depend on what you’re looking for. Further up our page, we’ve selected the best apps for different levels of experience.
There are a growing number of investment apps that now support cryptocurrency investments. You should look at the selection before downloading one, though.
eToro is liked by some people. If you’re looking for the top investing apps that let you copy other investors, you can learn more about them by reading our in-depth guides further up the page.
There is no cost associated with the download. While commissions, spreads, and transaction fees are commonplace, initial capital is required to open an account.
While this is partially dependent on your individual internet bandwidth, most apps are developed with speed in mind.
eToro is the best overall investing app so it’s a great choice for beginners. It has lots of different features suitable for all levels of experience. You can read more about eToros investing app further up this page.
Yes, you can have as many as you like. In Fact some people prefer to have different apps for each asset they invest in. So you could have a crypto investing app, a forex investing app, a stocks and shares investing app and so on.
This is a personal decision, but apps typically provide greater customization options than desktop software. By downloading the appropriate app, you can view your portfolio whenever and wherever you like on your mobile device. If the platform you’re using is desktop-based, then you’ll need to sign in.
