Best investment apps for beginners in 2023

DDerek August 18, 2023 8:46 PM

Investing is no longer a game for the rich or the financially savvy alone. With the advent of mobile applications that have democratized the world of investing, more people now more than ever have the opportunity to dip their toes into the waters of financial growth. Especially beginners, who can now start investing even with little money. With countless investment apps on the market, how do you decide where to start? Here are our top picks for the best investment apps for beginners in 2023.

Best investment apps for beginners in 2023

  1. Robinhood: Popular for its commission-free trades, Robinhood is a user-friendly option for beginners thanks to its simple interface and easy-to-understand investment educational resources. However, be aware of potential trade execution issues and customer service complaints.
  2. Acorns: A great option for those starting out with little money, Acorns rounds up your purchases to the nearest dollar and invests the change. It's a hands-off way to build an investment portfolio.
  3. Wealthfront: This robo-advisor manages your investments for you based on your risk tolerance and goals. It's a good automated investing app for beginners who prefer a more passive approach.
  4. Stash: Lets you invest as little as $5 at a time and provides guidance to help you make your own investment decisions.

Remember, when you're selecting an investment app, consider the fees, the available investment options, the ease of use, and the educational resources available. And always remember to only invest money you can afford to lose.

Investing strategies for beginners

Getting started with investing can be a daunting task, especially if you're a complete beginner. Here are some investing strategies for beginners:

  1. Start slow: Don't rush into investing. Take the time to learn the basics and understand your risk tolerance.
  2. Diversify your portfolio: Avoid putting all your eggs in one basket. Spread your investments across multiple asset classes to reduce risk.
  3. Invest in what you know: It's generally a good idea to invest in industries or companies that you're familiar with.
  4. Reinvest your dividends: Rather than taking your dividends as cash, consider reinvesting them to accelerate your portfolio growth.

With the right investment strategies and the best investment apps at your fingertips, you'll be well on your way to financial growth. Remember, investing is a journey, not a race. Take your time, learn along the way, and enjoy the process.

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