Best Investing Apps of August 2024

The most important thing to consider when choosing an investing app is how you’re going to use it — if you’re a frequent stock trader, you might prioritize an app with strong trading capabilities or stock analysis tools. (To see a list specifically focused on stock trading, check out our picks for the best stock apps). Here’s a Nerdy overview of the features you might consider when choosing the best app for you:

For some apps, $1. Thanks to micro-investing apps like Acorns and Stash, you can kick-start an investment portfolio with small amounts of money — just your spare change, in fact. Acorns, for example, sweeps a linked credit or debit card account, rounds up purchases to the nearest dollar and invests the change. Stash offers a similar opt-in feature that rounds up purchases to deposit money in a user’s account.

Beyond the micro-investing apps, the amount of money you’ll need to begin investing after you open your account depends on the assets you intend to buy — but in most cases, you’ll be able to find options you can afford now matter how much you can invest.

The investments available to you will vary by broker. Typically, an app from a traditional online broker will offer the largest range of investment options, while smaller apps or start-ups tend to limit their selection. Here are some investments that may be offered through an investment app:

For new investors, working with a larger, established brokerage like Fidelity or Charles Schwab is often a good fit — their apps rate highly, and they also offer higher levels of educational support and strong customer service. You might also consider an investing app from a robo-advisor. Robo-advisors build and manage portfolios for you, often using ETFs, so you don’t have to choose any investments yourself. On the list above, Acorns and Stash both offer robo-advisor services.

Just as FDIC insurance insures bank accounts, SIPC insurance insures the money you have in your brokerage account (or robo-advisor account) up to $500,000. This includes investing apps. $250,000 of that total can be applied to protect cash that you haven’t yet invested. All of NerdWallet’s picks for best apps are members of the SIPC. (Here’s more on SIPC insurance and what it does and doesn’t protect.)

Some of the investment apps listed here also offer bank or savings accounts, which are FDIC insured against loss.

Investment apps typically also use industry-standard security measures, including two-factor authentication, hashing of passwords and encryption of personal information.

If your brokerage (app or brick-and-mortar institution) goes out of business, it’s highly unlikely that you will lose money. In most scenarios, another institution will agree to buy the investing app or take over its accounts, and your assets will be transferred to the new brokerage.

Yes, it is possible to lose money through an investment app, but that largely depends on how you invest your money within the app, rather than the app itself. Like traditional brokers, your investment decisions can determine how much money you gain or lose and how “safe” your money is overall. Some investments carry more risk than others — for example, individual stocks or cryptocurrencies are known to be riskier than funds, bonds or Treasurys.