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Discover the best investment apps for beginners to start growing your wealth in 2024.

Best Investment Apps for Beginners: 2024 Guide

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  • Post last modified:September 17, 2024

Introduction

Best investment apps for beginners displayed on a smartphone with stock charts.
Discover the best investment apps for beginners to start growing your wealth in 2024.

Starting your investment journey can be daunting, especially with limited knowledge about the stock market or fear of losing your hard-earned money. Many beginners feel overwhelmed by the technical jargon, high fees, and complexity of traditional investing. Fortunately, technology has brought investment within everyone’s reach. In 2024, the best investment apps for beginners offer accessible, user-friendly platforms designed to ease the stress and simplify the investment process.

 

Why Investment Apps are Ideal for Beginners

Investing is no longer limited to Wall Street professionals. Today, anyone with a smartphone can start investing thanks to a plethora of best investment apps for beginners. These apps break down the barriers to entry by offering low fees, educational resources, and intuitive interfaces. Whether you want to buy stocks, bonds, or ETFs, these apps empower users to grow their wealth with ease. Moreover, they help build financial literacy, making it easier to manage your investments confidently.

 

Top 5 Best Investment Apps for Beginners in 2024

1. Robinhood: Commission-Free Trading

Robinhood has become a household name for its simple, commission-free trading model. The app provides access to stocks, ETFs, and even cryptocurrencies without requiring users to pay a fee for trades. It’s one of the best investment apps for beginners because of its intuitive design and easy account setup. Plus, Robinhood’s educational tools help users understand the basics of investing.

Pros: No trading fees, simple interface.

Cons: Limited customer support.

 

2. Acorns: Invest Your Spare Change

Acorns offers a unique approach to investing by rounding up your purchases to the nearest dollar and investing the spare change in diversified portfolios. This “micro-investing” strategy is perfect for beginners who may not have large sums of money to start with. It’s an excellent way to build wealth gradually and learn about investing without feeling overwhelmed.

Pros: Automatic investments, low barrier to entry.

Cons: Small monthly fees for accounts under $5,000.

 

3. Wealthfront: Automated Investing for Hands-Off Investors

For those who prefer a more hands-off approach, Wealthfront is a robo-advisor that automatically manages your investments based on your risk tolerance and financial goals. With a low annual fee of 0.25%, Wealthfront makes professional-grade portfolio management accessible to beginners.

Pros: Automated investing, low fees.

Cons: Lack of human financial advisors.

 

4. M1 Finance: Customizable Portfolios

M1 Finance combines automated investing with customization, allowing users to create their own investment portfolios or choose from expert-built templates. It offers both stocks and ETFs and charges no commissions or management fees, making it one of the best investment apps for beginners.

Pros: Customizable portfolios, no fees.

Cons: Learning curve for customization.

 

5. Fidelity: Full-Service Investment App

For beginners looking for a well-rounded investment app with a full suite of services, Fidelity is a great option. It offers commission-free trading, robo-advisory services, and a vast array of investment options. Fidelity’s app also provides in-depth educational resources, perfect for beginners wanting to learn as they invest.

Pros: Comprehensive services, strong educational resources.

Cons: May be overwhelming for absolute beginners.

 

Key Features to Consider When Choosing an Investment App

When selecting the best investment app for beginners, consider factors like ease of use, fees, and available investment options. Some apps focus on commission-free trading, while others, like robo-advisors, handle all the decision-making for you. Additionally, some apps offer educational resources, which are crucial for those looking to learn while they invest.

 

Conclusion

In 2024, investing is more accessible than ever. With the right tools, you can begin growing your wealth with confidence, even if you’re a beginner. The best investment apps for beginners like Robinhood, Acorns, Wealthfront, M1 Finance, and Fidelity, offer a range of features tailored to new investors. Whether you want to trade actively or prefer automated investing, these apps will help you achieve your financial goals.

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Sources:

Bogle, J. C. (2019). The Little Book of Common Sense Investing. Hoboken: John Wiley & Sons.

Malkiel, B. G. (2020). A Random Walk Down Wall Street. New York: W. W. Norton & Company.

 

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Elphas Sipho Mdluli- MBA Areas of Expertise Business Leadership – Operations Leadership – Financial Management – Process Optimisation – Decision Making Stakeholder Engagement – Project Delivery – Organisational Strategy – Relationship Management – Negotiation Skills Strategy Development – Change Management – Relationship Building – Team Empowerment – Performance Improvement Critical Thinking – Systems Thinking – Strategic Planning – People Management – Business Administration Executive Summary As a meticulous, driven and people-oriented professional, Elphas is motivated by ensuring the achievement of organisational goals. He is fuelled by improving business performance, whilst his all-embracing skillset has enabled him to successfully execute projects across various platforms. His career has presented the effective delivery of solutions, leveraging expertise in financial, operations, administrative and business processes, as well as the management of integrated transformational projects. Elphas thrives in complex environments where strong leadership is required to drive business performance. As a highly focused and participative leader who believes in effective teamwork, he prides himself on his innate ability to connect with and lead stakeholders across all levels of an organisation. With a dedication to continuous improvement, Elphas has completed a vast range of courses, including currently completing his Doctor of Business Administration, building upon his MBA, Bachelor of Ministry degree and Bachelor of Commerce degree in Accounting, to mention just a few. Career Summary Elphas has built his career on a strong academic foundation across a diverse range of areas, including accounting, management development, ministry, finance, corporate governance, risk management, behavioural intelligence, leadership and business administration. He is a Business Leader, an Author, a Lecturer and a pillar within his community. His diverse roles have shaped his skillset and his early roles consisted of Chairperson and Senior Pastor for Christian Liberty Centre and Branch Officer for Select Management Services before moving to Sibonelo Savings and Credit Cooperative Society as Accountant, Manager and then General Manager. In 2013 Elphas spearheaded the start-up of Life Solutions Investments, an organisation providing Training & Consultancy as well as leading operations of a Block Yard. He has also been contracted by Calvary College as a part-time Lecturer. In addition, Elphas has written and published numerous books based in business, marriage and spirituality, as well as being Founder and Senior Pastor of the Freedom Centre International Church. As a result of his sharp business acumen, Elphas was offered the role as Executive Manager for Eswatini Association of Savings and Credit Co-operatives (ESASCCO) where he effectively led teams across various departments. He oversaw Administration, Finance, Training, ICT and the Insurance departments. Elphas has consistently excelled in improving performance and has enjoyed many successes throughout his career, which is evident in the success of the organisations in which he is involved. Elphas provides a significant contribution to the long-term sustainable growth through his extensive experience, vast administration knowledge and impeccable business leadership abilities. His implementation skills are forefront in overall strategic development, and his involvement in business ensures ground-breaking improvement in performance. He is a resourceful professional who has a passion for the development of commerce and the progress of human capital within business, ensuring and facilitating significant growth and financial health of an organisation.