Two years ago, digital payments went viral in Brazil, a story that was covered by Forbes.
We’re seeing Fintech (financial technologies) open up beyond the traditional hotbeds of finance like the UK and U.S..
The digital app ecosystem is playing a central part in this.
Indeed, the range of investment apps on offer can be daunting, but using them in the right way can help you get the most out of your portfolio.
Let’s explore the best investment apps today.
Table of Contents:
Top Pick of Investment Apps (UK)
Considering an investment app to optimise your surplus savings? These apps aren’t necessarily designed for being your first port-of-call for saving. But because the UK economy is uncertain, saving in cash might not be as reliable as it once was.
So these provide what could be a useful way of diversifying stored capital.
Top Investment Apps in 2023 📟 – Reviews 📊
|Service Provider||Rating||Sign up|
|*1. eToro||★★★★★||Open Account|
|2. Wealthify||★★★★★||Open Account|
|3. Robinhood||★★★★★||Open Account|
|4. Betterment||★★★★★||Open Account|
|5. Wealthfront||★★★★★||Open Account|
|6. Freetrade||★★★★★||Open Account|
|7. IG||★★★★★||Open Account|
|8. Fidelity||★★★★★||Open Account|
|9. Hargreaves Lansdown||★★★★★||Open Account|
|10. Moneybox||★★★★★||Open Account|
1. eToro UK (Best Overall Investment App)
eToro is a social trading platform that lets you invest in stocks, currencies, commodities, and other assets.
eToro works by allowing you to invest in stocks, currencies, commodities, and other assets.
You can then use these investments to trade with other members of the platform. This makes it a good option for people who want to invest in a variety of assets.
You can also use eToro to find investment opportunities and trade with other members of the platform.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. 76% of retail CFD accounts lose money.
What Makes eToro Unique?
The company is unique in that it allows you to invest in a variety of assets in a social media approach, eg. using the app to mirror the trades of other members of the platform. You can also use the social trading features to share investment ideas with your friends.
Users earn a small bonus for trading with friends. In addition, you can learn from the historical trading data and analyse the best trading strategies. This can sharpen your investment awareness and hodw well you handle your portfolio. Use eToro to explore the world of cryptocurrency trading.
Is eToro Safe?
Very - it has an A+ rating from the Financial Conduct Authority (FCA). This means that eToro has met all of the requirements set by the FCA for a financial services company. And they verify all users through a number of different tactics, including two-factor authentication, minimum deposits, and ID verification - reducing the chances of phishing on the network.
To start with, the eToro Education Centre offers a range of educational resources that are designed to help you learn about investing. These resources include video tutorials, blog posts, and interactive quizzes. The aim of these resources is to provide you with the knowledge and skills necessary to invest profitably. The eToro Education Centre is a valuable resource for anyone who wants to learn more about investment strategy.
The eToro Trading Platform itself is a valuable resource for anyone who wants to trade stocks, currencies, and other assets. You can use it to find diverse investment opportunities and share with other members of the platform. The interface is designed for non-professionals, so it’s easy to use and provides you with detailed information on current market conditions.
Thirdly, the eToro Margin Trading Platform is there for anyone who wants to trade stocks and other assets in margin. In other words, using leverage to amplify how much funds you have to play with. As with CFDs, there are significant risks to this tactic.
Best Use Case for eToro
Copy and Social trading are two star features of the eToro Trading Platform that gave this platform its reputation and popularity (as well as eToro’s 0% commission policy for stock trading). Together, these features provide you with the opportunity to learn from other members of the platform and make profitable trades:
- CopyTrading allows you to copy the trades of other members of the platform
- Social Trading allows you to trade with other members of the platform in a social environment.
Wealthify is an investing app that helps you invest in ETFs - a type of investment that allows you to invest in a variety of different types of stocks and bonds.
How Does Wealthify Work?
Wealthify works by helping you manage your investment portfolio - which allows you to invest in ETFs through their website or mobile app.
You can use the app to scan your investments and make changes if you are having a dream about your investments. The app also doubles up as a micro-investment app 🌱 - in addition to finding better investments by showing you past performance data for a given fund or by showing you different options against that data, allowing you to choose which to invest in.
What Are the Benefits of Using Wealthify?
The benefits of using Wealthify include the following:
- You can manage your investment portfolio through the app or website
- It allows you to find better investments by showing you past performance data for a given fund or by showing you different funds
Wealthify Investment Fees and Costs
Wealthify charges a 0.25% commission on all investments made through their app or website.
There is no minimum investment required, and Wealthify does not charge a fee for transferring money between partners. You can invest as little as £1.
The first benefit of using Wealthify is the investment scan. This feature allows you to easily see all of your investments and make changes if you are having a dream about your investments. This is a great way to keep track of your investments and make sure that you are making the right decisions.
The second benefit of using Wealthify is the investment recommendations. This feature recommends different funds to you based on your investment goals and risk tolerance. This is a great way to find better investments that fit your needs and risk tolerance.
Finally, investment alerts help you to stay up-to-date on the latest news about different funds. This is a great way to make sure that you are making the most informed decisions about your investments.
Overall Best Use Case for Wealthify
Wealthify is a great tool for anyone who wants to stay updated on their investments and make the best decisions. The investment scan and investment recommendations are great ways to find better investments that fit your needs and risk tolerance. The investment alerts help you to stay informed about the latest news about different funds, so that you can make the best decisions for your money.
So, in short, Robinhood works by allowing you to buy and sell stocks and options without having to pay a commission.
You can also invest in ETFs through the app. When you make a trade, the app will automatically send you your stock or option order information.
Robinhood UK regulations
Robinhood is regulated by the Financial Conduct Authority (FCA). The FCA is a UK financial regulator that oversees the financial services industry. The body regulates firms that offer investment products and services to consumers in the UK.
They’re also regulated by the SEC - this means that Robinhood is subject to the same regulations as other registered investment companies. Which means the service has to have a minimum net worth of $250,000, be in good standing, and have a compliance officer.
The first feature that sets Robinhood apart from other stock trading apps is its low-cost commission-free trading. This allows you to invest in the stock market without having to pay expensive fees.
Another unique feature of the Robinhood app is its ability to invest in ETFs, which are a type of investment that allow you to gain exposure to a variety of different stocks and assets. This makes them a great way to diversify your portfolio.
Another noteworthy feature of the Robinhood app is its live streaming of market events. This allows you to watch the stock market while it's happening. Which can be helpful if you want to stay up-to-date on the latest trends in the market.
Finally, the Robinhood app has customer support offerings. This allows you to get help with any questions or problems that you may have with your account - a vital investment app feature.
Best Use Case for Robinhood
Overall, the Robinhood app is a great way to get started investing in the stock market. Its low-cost commission-free trading, ability to invest in ETFs, and live streaming of market events make it a considerable choice for beginners.
Betterment is another app that is popular for managing your investment portfolio.
The app allows you to scan your investments and make changes if you are having a dream about your investments.
You can also find better investments by looking at past performance data for a given fund or by using the Betterment Investment Portfolio Simulator.
What Are the Benefits of Using Betterment?
- Manage your investment portfolio through the app or website.
- It allows you to find better investments by looking at past performance data for a given fund.
- Use it as a micro-investment app.
Features, Fees and Costs
Betterment's annual fee is 0.25% for the basic service. There is also a 0.5% fee for each additional investment account you have with the company. Additionally, Betterment charges a commission for trades that you make.
Betterment Feature Number One: The portfolio simulator is a tool that allows you to test different investment scenarios in order to find the best investment for you. This is a great feature if you are not sure which investment to make.
The Scan Your Investments tool allows you to quickly and easily scan your current investments and make changes if you have a dream about your investments. This is a great feature if you need to make changes quickly.
Automatic transfers lets you easily move money between your different investment accounts. This is a great feature if you want to make sure that your investments are always in sync - they “do all the hard stuff”. You simply set your ideal configurations. While their tax loss harvesting lets you take advantage of tax breaks by selling investments that are in a loss. This is great for efficiently reducing your taxes.
Overall Best Use Case for Betterment
The best use case for Betterment is if you are looking to save for your long-term financial goals, or to begin micro-investing - so there’s a pretty good range.
Wealthfront has a lower fee structure than Betterment and Vanguard, and also offers a wealth management service that helps you to grow your money over time.
For this, Wealthfront charges a fee of 0.25% of your assets each year, and the fee is waived if you invest somewhere over £3,000 per year. There’s also a monthly fee of around £10 for its wealth management service.
The financial advisors at Wealthfront are experts in financial planning and investing. They can help you to create a personalised investment plan, and they also provide financial advice on estate and retirement planning.
Overall, the app attempts to let you create a personalised investment plan with Wealthfront, so that you can invest your money in a more suitable way for your circumstances - Wealthfront plans are based on your age, risk tolerance, and goals for retirement.
Portfolio analysis tools allow you to see how your investments are performing over time. This information can help you to make better decisions about your investments, and it can also help you to grow your money over time.
Meanwhile, tax-reliefs are offered, to find areas where your money can grow tax-free while you are invested with Wealthfront. This is an interesting feature, because it potentially allows you to keep more of your money while you are growing your wealth over time. Finally, they also offer a money transfer service that allows you to move your money from one account to another.
To get started with Wealthfront, create an account and add your investment accounts. You can also view your portfolio and make changes to your investment choices online.
Freetrade earns its name by being a commission-free trading platform that gives you tons of flexibility in how you approach trading. Its interface is designed to be user-friendly and great for beginners, while at the same time offering features that help you keep your investments diverse and intelligent.
But calling it a “beginner trading app” gives the impression it lacks features. That is far from the truth.
What Makes Freetrade Worth Using?
As with many investment apps in the UK, one of the big draws is the ability to connect to both the UK’s market, as well as stocks in the United States. They do this using a system called “depositary receipts”.
Whenever a person purchases a stock, a document (usually digital these days) is created in the records of the company that owns that stock. That record uses your personal identification details to indicate that the stock belongs to you (it also records the amount you own and its value).
Your personal information isn’t on record in the United States though (probably). So, Freetrade creates a “depositary receipt”, which is a similar record in the UK’s embassy in the United States. This depositary receipt is a record that someone from a foreign country has bought stock in the United States.
Depositary receipts are the only way to truly own stocks from other countries. That makes Freetrade uniquely situated to provide foreign stocks, as it is one of the very few investment apps that uses them.
What it Doesn’t Have
While Freetrade connects you to a much bigger market than most apps, you should be aware that it lacks any other financial instruments besides stocks. There are no options, CFDs, commodities, or cryptocurrencies. This does help keep things simple, but it might also make things feel limited.
IG describes itself in many ways. The “World Leader of Online Trading”, an app “by traders, for traders”, and many other lofty titles. How much of it is true? Well, a lot of it actually. But at the same time, it has its issues. It is certainly a powerful investment app, but you can fly too close to the sun with it.
What is Good About IG?
The good things about IG will be most noticeable to traders who know what they are doing. That is because IG does not hold your hand. Most investment apps will put stocks in front of you first and foremost, since that is what people want to buy most of the time. Not IG.
IG knows that there is a huge variety of securities out there, and that not everyone is on their app for the same reason. You are presented with not just a huge number of options for what you trade, but also what country you trade it in, and even the research available to you to help you make decisions.
Where IG Gets Complicated
If you ask most users where IG gets complicated, they will probably say “Immediately”. Anyone who doesn’t know what they are looking for or the risks involved with things like options or foreign currency will either get lost or lose a bunch of money trading something they don’t understand.
It is an investment app for advanced traders who know what they want. Beginners can jump into the deep end with it if they want, but they have to be sure they know what they’re risking.
If you ask a person on the street what investment app they use, they are likely to say Fidelity, if they use any investment app at all. The reason is that Fidelity comes recommended by many banks… And influencers, and even some investors that do not even use it as their main investment app.
Okay, so it has a really good marketing department. But does it hold up to scrutiny?
Why is Fidelity so Popular?
Fidelity’s popularity goes deeper than its many sponsorship deals. It really does have a huge user base. The reason for that is its simplicity and ability to integrate with banking and budgeting seamlessly.
The Fidelity investment app is more than just a way to put money in the market. Its tools are focused on saving money as well. The main thing that it provides to that effect is a highly intelligent budgeting software that guides you through the most easy and effective ways to make a saving plan.
So many investment apps are focused on getting you to put money into one stock market or another. It is refreshing to see an app that prioritizes keeping your money in your pocket.
The Focus is on Funds
Similar to Freetrade, Fidelity allows you to purchase assets from overseas. But unlike Freetrade, or any other app that opens up other markets, Fidelity is primarily interested in exchange traded funds
These funds are generally far more secure than your usual stocks. They combine portions of dozens, sometimes hundreds of different stocks in order to keep your investments spread out. This makes them far less risky, while still allowing them to have steady growth at the rate that the economy grows.
Fidelity connects you to thousands of these funds from all over the globe, making it a safe and reliable investment app for both saving your money, and growing it in a low-risk environment.
9. Hargreaves Lansdown
A lot of investment apps are built to accommodate a certain kind of investor. They design themselves to let you spend as much money trading stocks as rapidly as possible while trying to get rich quick.
Hargreaves Lansdown takes a different approach. Get rich quick schemes are volatile, and while they have upside potential, most probability indicates that they will do nothing but cost you money.
For that reason, Hargreaves Lansdown is totally focused on slow, incremental growth through funds.
What Kinds of Funds Does Hargreaves Lansdown Offer?
The most common types of funds offered by Hargreaves Lansdown are ETFs, or exchange traded funds. These are the same kinds of funds that Fidelity offers. That means that they contain portions of tons of different stocks, usually all within a certain industry. That means there will be an ETF for the fossil fuels industry, an ETF for the technology industry, and so on, allowing your money to grow with that industry.
But what makes Hargreaves Lansdown unique is that it also offers real estate funds and loan funds.
These have different risks associated with them, but they allow you to get into investments that are not available through most apps. Both of these funds basically mean that you are investing into a loan someone is getting. As they pay off the loan, you get paid in proportion to your investment.
You Also get Access to Ready-Made Portfolios
The hardest part about investing is learning what is a good investment and what is not. But like all difficult things in life, there are people who have already figured out how to handle this problem.
Hargreaves Lansdown gives you access to a huge variety of portfolios that are designed for growth at different rates in different sectors. This means you don’t have to go through the headache of figuring out where you want to invest your money. You can let professionals do that for you.
And now for something completely different. Most investment apps focus on investing your savings. Get your savings in a fund that grows, and your savings will grow with it. But there is more than one way to save money. Moneybox takes an innovative approach to savings.
It’s an investment app that focuses on saving percentages of your purchases. When you buy something, it rounds up the purchase to the next pound and saves the difference.
What Makes Moneybox’s Method Unique?
Imagine that you spend £9.95 on food. If you are willing to do that, then you are probably willing to spend £10 on food. You can connect Moneybox to your bank account and round purchases like that up to £10. That way, £.05 gets sent to your savings account to be placed somewhere it can grow.
That is obviously a tiny amount, but it adds up over all the purchases you make. Food, transportation, luxury purchases, rent, utilities, all of these things will cost an imprecise amount. Moneybox forces them to be round numbers, making budgeting easier, and then helps you invest the difference.
The Big Drawback
An obvious issue with Moneybox is that while it does help you create a savings fund, it does not offer you trading or investment services on its own. It is an investment app in the sense that it helps you create the funds you will need from investing but doesn’t allow you to buy stocks or ETFs.
Finding the money you need to get started is a huge stepping stone to investing well, however, so never underestimate the power of contributing just a few cents every time you make a purchase.
You can even customize how much you contribute each time if you want to invest in yourself more rapidly than just £.05 at a time.
Best Investment Apps – Buying Guide
This section provides surrounding context that is useful for understanding how to choose the best investment apps. Use the information provided here to sharpen your awareness of key aspects of popular investment apps and how they work.
What Are Investing Apps?
There are a bunch of interesting stats on mobile phone usage, such as the apparent fall in desktop internet usage as mobile internet rises. Investing apps are software programs that help you manage your money without you needing to be technically savvy.
There are different ways you can use investing apps that can help you grow your investment portfolio. Some are designed to help you set up an investment fund and monitor its performance. Others delve deeper, helping you to find investment funds that meet your specific needs based on your risk profile and desired return.
Investing apps overall can be used to help you find better investments and understand the financial market. You can find these apps online, in app stores, or on other devices. They can help you analyse the market and advise you on your choices. Choosing the right investing app for you can help you get more out of your money.
Primary simple uses:
⚙️ Manage your investment portfolio. Some apps, like Wealthify, manage your investment portfolio even while you sleep. This passive form of investing scans your portfolio and automatically makes changes on your behalf, based on how you’ve configured it.
⚙️ Proactively update, streamline, and look for opportunities. Some apps can help you find better investments by showing you past performance data for a given fund or by showing you different funds and allowing you to choose which ones you would like to invest in.
Which Investment Apps Should You Use?
There are a range of investing apps available. Each one claims to provide you with the perfect investment strategy and returns.
The truth is that no one strategy is perfect, and you should use multiple strategies to get the best results. Some strategies may be better for some investors than others, depending on their risk profile and desired return.
Investing apps are a helpful tool, but you should not rely on them entirely. They can be useful for getting started with investing, but you should also explore different investment options to find the best fit for you. Start with a simple investment fund and then add new funds as you get more experience and make better investment choices.
Robo-Advisers Explained 🤖
A robo-adviser is a type of investing app that follows a set of rules to help you invest your money. They often charge lower fees than human investment advisers and may not be available to everyone. The best robo-advisers can track your investments and help you make better decisions.
There are different types of robo-advisers. Some are designed for people who are looking for a simple way to invest their money. They may have access to a small amount of money or simply want to make sure that their money is invested. Other robo-advisors are best for those who have a large amount of money to invest, want to access better investments, and want some guidance on when to buy and sell investments.
Exchange-Traded Funds Explained
An Exchange-Traded Fund (ETF) is a type of investment that is like a stock on steroids. They are similar to funds that track an index like the London Stock Exchange, but they trade on the stock exchange like normal stock trading.
But while they can be bought and sold like stocks, investors trade them in a number of different ways, which can be similar to trading a commodity such as gold or oil.
There are many benefits to investing in these investment vehicles. ETFs are highly liquid, which means they are easy to buy or sell when you want to. They are also highly diversified with low correlation to other investments, making them a great way to get a wide range of investments in one fund.
Coin-Trading Exchange Explained
A coin-trading exchange (CTE) is a type of exchange that provides markets for cryptocurrencies like Bitcoin and Ethereum. They allow you to buy and sell cryptocurrencies, similar to how regular stock exchanges work. However, the way they operate is different.
They often require a larger investment than regular exchanges, and they often require users to deposit money before they trade. This kind of exchange is best for those who want to trade cryptocurrencies but do not want to deal with the technicalities.
Top Investment Apps - FAQs
What are the Most Commonly Traded Assets on Investing Apps?
Stocks, mutual funds, and ETFs are the most commonly traded assets on investing apps. There are several ways to invest in-app. You can directly purchase these. You can also choose to leverage your portfolio with margin, or invest using a passive approach. How you invest will depend on your personal preference and risk tolerance.
What Are the Benefits of ETFs? ☑️
Primarily, they are typically low-cost with diversification benefits over traditional individual investments. For example, if you invest in a stock market index fund, you will gain exposure to a large number of different stocks. However, if you invest in an individual security, you will have to pay the cost of owning that security, as well as any fees associated with the brokerage account where it is invested.
ETFs also offer liquidity benefits. This means that they can be bought and sold quickly and at lower costs than many other types of investments.