The 5 best investment apps of 2022 (2024)

Features: No account fees, no minimum deposit

Fidelity is an excellent option for both professional and retail investors. The brokerage's app, available on iOS and Android, offers individual stocks and shares as well as bundles, such as socially responsible funds or index funds, to explore. There are also useful news feeds, a goal planner, and Fidelity offers commission-free trades of ETFs and shares to retail investors.

Pros:

• Investment tools
• Straightforward pricing structure

Cons:

• A learning curve

Features: Fully managed portfolios

Nutmeg is my personal favorite for long-term investments in ISAs. One for UK investors and accounting for over 185,000 users, the Nutmeg app can be used to manage general investments, ISAs, and pensions. You can set goals, investment styles, and how comfortable you are with risk. You can also choose to have your funds managed. Nutmeg invests in index funds, ETFs, and by country and sector.

Fees vary by portfolio, whether managed, socially responsible, or based on fixed allocations.

Pros:

• Fully managed portfolios are an option
• Regulated by the FCA
• User-friendly

Cons:

• Need substantial deposits to open new ISAs (£500)
• Fees

Features: Minimal amounts required to invest

Robinhood is an interesting option as the platform has a vast share portfolio to choose from -- and users can purchase fractional shares, which isn't very common. Say you have $5 -- you can buy a fractional share of a stock that costs far more, or you can contribute toward a unit in an ETF, drip-feeding your investments over time.

You can also explore margin calls and cryptocurrency, and you can start with as little as $1.

You should keep in mind, though, that Robinhood's platform has faced controversy, not in the least due to how the company handled the GameStop share ramp.

Pros:

• Easy access to investment at any fund level
• Possible to buy fractional shares

Cons:

• User trust has suffered a blow

Features: Stocks and cryptocurrency trading under one roof

eToro markets itself as a tool for the "social" investor by copying the moves of other traders. The broker has a clear pricing structure and offers users the chance to snap up fractional shares, but the app, arguably, is more geared toward offering both stocks and crypto, rather than being a master of one -- and so stock options are somewhat limited.

The app has an emphasis on cryptocurrency trading and facilitates access to coins including Bitcoin (BTC), Ethereum (ETH), EOS, and Dogecoin (DOGE).

You can start with $10.

Pros:

• 0% commission, fractional shares
• Access to a range of cryptocurrencies

Cons:

• Limited stock and ETF investment options

Features: In-depth market data and guides

TD Ameritrade's brokerage app is an excellent option for the more experienced investor who wants access to in-depth market research, news, and movement charts. The app offers access to stocks, options, and ETFs, as well as the option to create real-time alerts and watch lists.

Ameritrade's pricing structure now includes 0% commission and some free online stock trading. However, fees may come into play for broker-assisted trades, options, futures, and other types of investment.

Pros:

• Real-time market tools and updates
• Transparent pricing
• No account minimum

Cons:

• Beginners may experience a steep learning curve
• No fractional shares

We consider Fidelity the best brokerage apps on the market today. The platform combines valuable guides for beginners, more advanced market research and points of interest for experienced traders, and a transparent and easy-to-understand pricing structure.

You should consider several factors when are you deciding on one, or more, investment apps to download. Whether or not you want to strike out on your own as a beginner and learn as you go, explore cryptocurrency trading, or whether you want a service that offers to manage your portfolio, keep in mind that all investment comes with risk and you should only invest what you're comfortable with outside of necessary expenses and general savings.

At a time of meme stocks -- the ramp-up of stocks such as GameStop -- cryptocurrency, and NFTs, it's easy to get caught up and swept away in the prospect of tenbaggers, get-rich-quick punts, "just buy my course for $5000 and make $100,000 in a week on the stock market" shills, and signing up for investments without doing any prior research.

The stock market has inherent risk and as a general practice, it's not recommended to put more in than you can afford to lose. So, if you're unsure where to begin, you might want to consider stocks and shares accounts that are managed for you (for a % fee), trackers, index funds, or ETFs that don't require you to select individual shares.

it is often best to keep your portfolio diverse. This can lower your overall risk of loss in the stock market. By holding a variety of stocks, funds, and other ventures (even if held in one mobile app), you are lessening your risk of "over-exposure" to sectors, industries, or countries that could experience a downturn.

There's no magic number beyond what you feel comfortable with. Some suggest between 10 - 15 is a 'sweet spot' for beginners, whereas 20 - 30 is also pegged as a general comfort level. It all depends, however, on your own level of investment, the time you intend to hold stocks, and how much risk you are willing to shoulder.

Generally, investing in stocks and shares involves paying capital gains tax -- and this includes profit generated from dividends based on your investment funds which need to be reported on tax returns. Losses may be deductible.

Accounts may also have different tax rules: for example, a pension account (such as a SIPP/IRA) might require a draw-down and tax liabilities that only hit after you can access the funds; whereas a UK stocks and shares ISA is tax-free with contributions of up to $20,000 per year.