These Investment Apps Will Make You So Much Money

It has never been easier to be an investor. And yet, people are still leery of diving in: According to SoFi, men still keep about 60% of their assets in cash; for women, that number shoots up to 71% (even though, when they do invest, women tend to outperform men).

Using an investment app is a great way to dip a toe into the investing waters. "Investment apps help reduce barriers to investing because of their convenience and ease of use — everything is accessible at your fingertips using your mobile phone," says Tiffany Lam-Balfour, investing specialist at NerdWallet. "There are a plethora of apps geared toward a broad range of investors, depending on your level of experience and preferences. Many apps charge lower fees and have lower account minimums, which makes it easier to get started compared to traditional brokerage accounts."

The best investing apps give you all the tools you require and the resources, information and support you need to make good choices. That's second part is where there can be some pitfalls. "Investment apps could entice investors who would benefit from personalized financial advice and holistic planning to dive into investing without considering their full financial situation," Lam-Balfour explains. "Some apps have limited account types and investment choices, may charge monthly fees that end up costing you more, and could encourage shorter-term trading rather than longer-term investing."

With that caveat in mind, if you're thinking of choosing an investment app, it's important to consider:

• Account minimums: Can you start investing with whatever extra money you have on hand, or are you required to have a certain balance at all times?
• Fees: Some are charged monthly, some are charged annually, some are taken on each transaction. The fees can either be flat, or a small percentage of your overall balance. Because of apps like Robinhood, more and more apps are doing away with commissions on stock trading, so it is possible to find apps with no or very low fees.
• Amount of control: Do you want to be hands-on in selecting your stocks, or do you want to set up your portfolio, create a recurring investment, and step away? Some apps are geared towards one type of investor over another.
• App features: Some are bare bones, while others give you access to a wealth of educational resources. In either case, the app must be easy to understand and use.

Then there are extra add-ons, like bank cards, online courses, 529s, 401ks and other financial products that could be either valuable tools, or products you're paying for in your monthly or yearly fees that you might not use.

Once you've identified what type of accounts and features you're looking for, you can find an app that fits those preferences. These are our picks for the best investment apps of 2021: