Best apps for everyday investors - Times Money Mentor (2024)

If you use your phone for most things, using an app to invest could be a no-brainer.

Here we list the best apps for investors who want to be able to trade stocks and investment funds while on the go.

In this article, we will talk you through:

• How do investment apps work?
• What are the best apps for all-round investors?
• What are the best investment apps for beginners?
• Is it worth using an investment app? The pros and cons
• Are investment apps safe?
• How do I choose an app?

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Read more: Best investment platforms for beginners

What are investment apps?

If you want to invest in individual shares or diversified investment funds, one way to get started is to sign up to an investment platform.

Most investment platforms now offer apps which you can download onto your phone or tablet. These apps allow you to invest and keep track of your holdings from the palm of your hand.

Using an app to invest makes it really easy to buy and sell while on the move.

However, as with all apps there’s some variety in quality and reliability. So we’ve delved into which platforms have the best apps below.

Remember that it’s not just about the apps: choosing the right investment platform is just as important which is why we outline the best investment platforms for beginners.

If you want to know more about how to start investing, read our beginner’s guide to investing.

Best investment apps for all-round investors

To work out which investment apps are the slickest and easiest to use, we downloaded and tried them out.

We also read the reviews and scores on the Apple and Google Play stores to see what users were saying.

Best investment apps for beginners

If you are new to investing, you might want more hand-holding as you go along. Moneyfarm* is our favourite for new investors.

You could also try out our investing for beginners course.

Are investment apps worth it?

Investment apps are definitely a great way to keep track of how your portfolio is performing. If you’re a regular trader, an app can provide a quick and easy way to buy and sell on the move.

But investing is not something that should be done without the appropriate thought and research , as a ll investments carry a varying degree of risk . The value of your investments can go down as well as up and you may get back less than you put in.

This is why it’s important that you don’t let the simplicity of an app lead you to making hasty decisions

Pros and cons of investment apps

Pros

• An easy way to keep track of your portfolio’s performance
• Adding money or trading is quick and easy to do
• The small screen format has driven platforms to communicate clearly and simply – and most platform apps are very intuitive to use

Cons

• It makes it really easy to trade, which in turn makes it easier to make quick decisions which could be costly
• If you’re on the go then it’s easier to get distracted so you might make mistakes or make investment decisions you later regret

Consider cost too

While ease of use may well be important to you when choosing a platform, it’s equally important to keep an eye on costs. When it comes to investing, the fees you pay to your platform is one of the only certainties.

But once you’ve narrowed down your selection to a few firms that offer the right choice of investments – and don’t appear too expensive, this article can help you work out which apps have the slickest user experience.

Find out: The impact of fees on investment returns

Are investment apps safe?

Investment apps tend to be very safe. They will normally require passwords, PINs as well as biometric identification, making it hard for someone to access them even if you lose your phone of it’s stolen.

But some of them will allow you to do without the biometric security. If you’re only protecting access with a password or PIN, don’t write it down anywhere, and use a secure password that can’t be guessed.

If your phone is stolen, let your investment platform know right away and login on another device to change your passwords.

How to choose an app

When you’re choosing an investment platform, the slickness of their app should not be your first consideration.

Start by:

• Deciding whether you want to invest in ready-made portfolios or whether you want the flexibility to invest in a wider range of assets.
• After you’ve made that choice, look into the costs. Check out our article on the best investment platforms to help you understand which firms have the most reasonable costs.

Once you’ve narrowed down your selection to a small number of platforms that meet your needs and don’t charge too much, there’s no reason why you can’t give their app a test run before you commit.

Opening accounts tends to be pretty easy. So you could set up accounts with a few different providers and put a small amount of money in initially to see which one you prefer.

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