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Best Investment Apps of 2023

Sebencapital

Published
28/12/23
Best Investment Apps of 2023

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Investing is a vital part of getting ready for your financial future. Nowadays, there's an app for almost everything, including investing.

Most investing apps do similar things, like helping you buy and sell stocks, bonds, and other investments from your phone. But each app is made for different types of investors. While everyone can benefit from things like low fees, small account minimums, and easy-to-use interfaces, it's important to consider which type of investor each app suits best.

If you're thinking about starting to use an investing app, here's what you should know.

Best Investment Apps of 2023

  • Best Overall: Wealthfront
  • Best DIY and Self-Directed Trading App: TD Ameritrade
  • Best App for Beginners: Betterment
  • Best App for Active Investors: Interactive Brokers
  • Best App for Options Traders: tastyworks

BEST OVERALL

Wealthfront

Minimum deposit: ₹500
Fees: ₹0 per trade, 0.25% per year
Account types: Traditional brokerage, retirement, education

Fund your first taxable Investment Account and get a ₹50 bonus.

Why We Chose It

We think Wealthfront is the top investing app for a few reasons.

One thing that sets Wealthfront apart is that it's affordable. You need at least ₹500 to start an account, but there's no charge for making trades. They do take a fee of 0.25% of what you invest each year, but many folks find the service they get makes this fee worth it.

Apart from being good for people who like managing their own money, Wealthfront is our choice for the best automated investing app, known as a robo-advisor.

When you sign up, you answer a few questions about your money goals. Wealthfront then creates a mix of investments for you and can handle your money for you. You just need to add money whenever you have some extra to save. They even say they can help you save more than they charge you through automatic tax-saving tricks.

For those who want more control over their investments, Wealthfront lets you take a more active role in managing your money, making it a good app for any investing style

Pros

  • Best robo-advisor app
  • Multiple account types
  • 96% of clients see fees offset by tax-loss harvesting
  • Cash management account available

Cons

  • You still have to pay the 0.25% annual fee if you self-manage your portfolio
  • Limited investment options

BEST DIY AND SELF-DIRECTED TRADING APP

TD Ameritrade

Minimum deposit: ₹0
Fees: ₹0 for stocks, exchange-traded funds (ETFs), and mutual funds
Account types: Traditional brokerage, retirement, education

Why We Chose It

For hands-on investors who like handling their own investments, the TD Ameritrade app provides all the tools you need. It's got an easy-to-use setup, so you can check stocks, ETFs, and options while you're on the go. Plus, it works with smartwatches, letting you keep an eye on your investments.

You can set alerts during the day to tell you about any changes in the market. This helps you decide when to buy or sell your investments based on their value. The app also gives you research and analysis nonstop, so you can change your strategies if needed.

And here's a perk: there are no fees for trading stocks and ETFs. This is good news for active traders who don't want fees eating into their gains. So, if you want to manage your own investments, TD Ameritrade is a great choice.

Pros

  • No minimum deposit
  • Research and analysis in the app
  • No fee for stocks, ETFs, and mutual funds

Cons

  • No fractional share investing

BEST APP FOR BEGINNERS

Betterment

  • Minimum deposit: Starting at ₹0
  • Fees: Starting at 0.25%
  • Account types: Traditional brokerage, retirement 

Why We Chose It

If you want some help with your investments and an easy way to do it, Betterment is a top app for you.

Similar to Wealthfront, Betterment gives you advice using a robot. When you start an account, you tell Betterment your goals and how much risk you're okay with. Using this info, the program creates a mix of investments for you and helps you keep that mix. You can start real quick, in just a few minutes.

Instead of having Betterment make a mix of investments for you, you can also choose from their ready-made mixes. These mixes have funds focusing on different things like global diversity, new ideas, or investments that care about social issues. They're also planning to add crypto investments soon, as of now.

Pros

  • Start investing in minutes
  • No minimum deposit
  • Low fees
  • Socially conscious investments available

Cons

  • ₹100,000 minimum for premium service with access to certified financial planners (CFPs) and additional guidance

BEST APP FOR ACTIVE INVESTORS

Interactive Brokers

  • Minimum deposit: ₹0
  • Fees: Varies from none to 0.85 cent per share
  • Account types: Traditional brokerage, IRA

Why We Chose It

Some folks invest by buying and holding securities for a long time, while others try to make money from short-term changes in prices. There are even people called day traders who make lots of trades every day. It can be risky, but it might also bring in a lot of money.

Interactive Brokers' app helps these traders buy and sell using their phones. It's made for advanced investors and offers more than 100 ways to make orders. They can trade using complex things like derivatives or margin.

The app is good for active investors because it has low fees. They charge a tiny amount for each share traded, and there's a limit on how much they'll charge for a trade.

Investors who want an advantage can use the app's research and analysis tools to find good chances to buy. This helps them stay ahead in the investing game.

Pros

  • Many order types available
  • Low fees
  • Can trade on margin
  • Trade multiple derivatives

Cons

  • Not designed for beginners

BEST APP FOR OPTIONS TRADERS
tastyworks

  • Minimum deposit: ₹0
  • Fees: None for stocks or ETFs; ₹1 per options contract to open (max ₹10 per transaction), none to close; ₹1.25 per contract for futures; 1% for crypto (₹10 max per transaction)
  • Account types: Traditional brokerage, retirement

Why We Chose It

Tastyworks stands out as the top app for folks trading options, and here's why:

One big reason is its fees. Some brokers charge a lot for trades involving options, which can eat into your profits. But Tastyworks keeps the fees low and sets a limit at ₹10 per trade, no matter how big the trade is.

Aside from low costs, Tastyworks has tools that help options traders find good chances to trade. You can use different views of stock charts to spot opportunities. They also have handy tools that let you change your orders quickly or figure out the best prices for your trades.

Another cool thing about Tastyworks is that it supports cryptocurrencies, which might interest options traders.

Pros

  • Low fees, with a ₹10 cap per transaction
  • Can trade many derivatives
  • Research tools to find opportunities
  • Powerful order options that make trading easier

Cons

  • Not beginner-friendly

Final Verdict

Investment apps are handy because they let you check and handle your investments from anywhere. When picking an investment app, think about stuff like the smallest amount you need to have in your account and the fees. But also, think about who the app is made for. Someone who trades options will need a different app compared to a beginner who likes to invest without getting too involved.

COMPANYACCOUNT MINIMUMFEESACCOUNT TYPES
WEALTHFRONT₹500₹0 per trade, 0.25% per yearTraditional brokerage, retirement, education
TD AMERITRADE₹0₹0 for stocks, ETFs, and mutual fundsTraditional brokerage, retirement, education
BETTERMENTStarting at ₹0Starting at 0.25%Traditional brokerage, retirement
INTERACTIVE BROKERS₹0Varies - None to 0.85 cent per shareTraditional brokerage, IRA
TASTYWORKS₹0None for stocks or ETFs;₹1 per options contract to open (max ₹10 per transaction), none to close; ₹1.25 per contract for futures; 1% for crypto (₹10 max per transaction)Traditional brokerage, retirement

How Does an Investment App Work?

An investment app allows folks to purchase and sell investments such as stocks, bonds, mutual funds, ETFs, or derivatives using their smartphones.

For instance, someone who knows a lot about investing might prefer an app that gives special research and strong tools for choosing investments. But newcomers might like an app that guides them more or provides a robo-advisory service.

How Much Money Do You Need To Use an Investment App?

Every investment app decides its own minimum balance rules. Some apps allow you to begin without needing a minimum deposit. But if you start with more money, it'll be simpler to create a varied collection of investments.

How Should You Choose the Best Investment App?

When picking the right investment app, consider a few things. First, think about how you like to invest. Do you prefer a passive approach with mutual funds, or do you enjoy active trading with derivatives? Then, focus on apps that match your style.

Also, check out the fees and minimum amounts. Ensure the app you choose has fair fees and doesn't cost too much to use.

Think about other features too, not just basic trading. Is the app easy to use? Does it offer extra helpful services, like speaking with a financial advisor for assistance?

Are Investment Apps Safe To Use?

Certainly! Investment apps are safe to use, just like using a brokerage firm's website to invest. These apps use strong security tools and methods to keep your information safe. Plus, they're backed by the Securities Investor Protection Corp. (SIPC), which can cover up to ₹500,000 if the app provider faces financial trouble, protecting your securities and cash from losses.

Methodology

We're committed to offering fair, thorough reviews and ratings of online brokers. Our reviews come from months of checking every part of an online broker’s platform, like how easy it is to use, the quality of trades, available products, costs, security, mobile experience, and customer service. We've set up a rating system based on these factors, using lots of data points to create our scores.

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Please note: Dotdash Meredith gets paid by Wealthfront Advisers LLC for each new client who signs up for a Wealthfront Automated Investing Account through our links. This creates a conflict of interest. Dotdash Meredith isn't a client of Wealthfront Advisers, and this is a paid recommendation. More details are available through our links to Wealthfront Advisers.

Written by Sauravsingh

Techpreneur and adept trader, Sauravsingh Tomar seamlessly blends the worlds of technology and finance. With rich experience in Forex and Stock markets, he's not only a trading maven but also a pioneer in innovative digital solutions. Beyond charts and code, Sauravsingh is a passionate mentor, guiding many towards financial and technological success. In his downtime, he's often found exploring new places or immersed in a compelling read.

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