Wealthfront is the best automated investing app, providing a user-friendly digital-only investment experience
Fact checked by Michael RosenstonReviewed by Michael J Boyle
According to our research, Wealthfront is the best automated investment app due to its excellent account services, best-in-class usability, and comprehensive money management features. We researched 43 brokerage and digital wealth management platforms and evaluated them on a wide range of factors, including costs, account services, usability, and additional features.
Best Investing Apps
- Wealthfront: Best Automated Investing App
- Interactive Brokers: Best App for Active Traders
- tastytrade: Best App for Options Traders
Wealthfront: Best Automated Investing App
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Why We Chose It
Wealthfront delivers a powerful, digital-only investment experience that gives users access to comprehensive money management features through an elegant, sleek design. You’ll find the financial guidance, account aggregation, goal setting, investing, and banking options, including debit cards, to be both user-friendly and seamless to navigate. Wealthfront’s Self-Driving Money allows you to further automate your finances by using a rules-based approach to move money between your accounts while optimizing for your goals, giving you more control of your financial journey.
The mobile apps for Android and iOS platforms are both superb and are on par with the desktop experience in terms of features, functionality, and ease of navigation. The app is thoughtfully designed to minimize unnecessary data inputs or typing, opting instead to leverage more user-friendly sliders, drop-down menus, and auto-fill functionality. You’ll still have to input user IDs and passwords when linking external accounts, but generally, the workflows are intuitive and consistent.
Overall, while E*TRADE’s Core Portfolio robo-advisor offering won our Best Robo-Advisor for Mobile Experience category, Wealthfront was our best overall robo-advisor, and its platform provides a polished, smart user experience with exposure to a significantly greater range of comprehensive money management tools.
Originally founded by Andy Rachleff and Dan Carroll in 2008, Wealthfront Inc. is based in Palo Alto, California.
Pros & Cons
Pros
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Comprehensive financial planning tools
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The digital-only financial guidance through “Path,” Wealthfront’s financial planning software, is best in class
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Thoughtful mobile experience designed to reduce errors and optimize functionality
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Self-Driving Money provides seamless financial management through your smartphone
Cons
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External account syncing can be inconsistent
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No discounts for larger balances
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No human financial advisors
In the News
On Nov. 3, 2023, Wealthfront increased the APY on its Cash Account from 4.80% to 5.00%.
Interactive Brokers: Best App for Day Traders
Why We Chose It
Interactive Brokers (IBKR) edges out the competition for our best app for day traders category. Sophisticated traders will find an immediate fit as the mobile experience carries over all the core features from the desktop Traders Workstation (TWS) functionality, which is one of the most comprehensive trading platforms in existence. Users will also have access to every available asset class, including cryptocurrency for direct coin trading, to go alongside unmatched research, analysis, and strategy tools.
The overall mobile experience generally flows smoothly for experienced traders who already know TWS. The mobile app provides synchronized functionality with watchlists created on the app also being visible on the desktop offering.
While the core features of the IBKR app maintain nearly all the functionality of the desktop version, there are some reasonable constraints given the depth and breadth of the full TWS platform. The desktop option has a lot more options for analysis and trading strategies. Despite these constraints, the Interactive Brokers app stands above the rest as the top platform for day traders because of the range of assets and markets it puts into your hands.
Founded in 1977 by current chairman Thomas Peterffy, Interactive Brokers is headquartered in Greenwich, Connecticut.
Pros & Cons
Pros
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Mobile experience successfully mimics core functionality of the comprehensive desktop version
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App-based stock screeners and option strategies match web offering
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Mobile charts are detailed, intuitive, and provide useful indicators
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Outstanding order execution
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Attractive, low margin interest rates
Cons
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No fixed income screener on mobile
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Expansive platform capabilities may have a learning curve
In the News
On Dec. 15, 2023, Interactive Brokers announced a number of enhancements to its IBKR Mobile platform that offer an upgraded experience with an innovative design, new and improved features, and quick access to learning resources.
tastytrade: Best App for Options Traders
Why We Chose It
Tastytrade specializes in options trading with a focus on intuitive tools, education, and seamless design. This relentless focus on options trading—and nothing but—has tastytrade taking our top spot in the best app for options traders category.
The workflow is built with seamless options order management in mind, which results in an effective and quick trading experience. The mobile app has order types, asset classes, and quote streaming capabilities that mirror the desktop version. While tastytrade’s option workflow optimization makes it stand out in this category, there are some notable mobile constraints such as the inability to rotate graphs on the mobile platform.
Simply put, tastytrade is a great broker for options traders and the majority of those traders will be using the desktop whenever possible. That said, the tastytrade mobile app is singularly focused on trading options, whereas other brokerage mobile apps have to balance options features against more heavily used asset classes.
Launched in 2017, tastytrade is headquartered in Chicago, Illinois.
Pros & Cons
Pros
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Mobile user flow is optimized for full options trading
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Easily edit multi-leg options trades
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Outstanding blend of tools and pricing compared to competition
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Full offering of asset classes beyond options
Cons
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Account opening isn’t supported on mobile devices
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Price alerts and order notifications aren’t available
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Heavy options traders won’t find the mobile experience a suitable desktop replacement
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App isn’t optimized for trading anything outside of options
Compare the Best Investment Apps
| Company | Fees | Account Minimum | Mobile App |
| Wealthfront | 0.25% for most accounts, no trading commission or fees for withdrawals, minimum balance requirements, or transfers. | $500 | Android, iOS |
| Interactive Brokers | Maximum $0.005 per share for Pro platform up to 1% of trade value, $0 for IBKR Lite. | $0 | Android, iOS |
| tastytrade | $0.00 stock trades, starting at $1.00 to open options trades $0.00 to close. | $0 | Android, iOS |
Why You Should Trust Us
Investopedia collected and analyzed several key data points from over 43 online brokerage and digital wealth management companies to identify the most important factors for readers choosing the right investment app to fit their needs. We used this data to review each company for their pricing, account services, usability, technology, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best online brokerage and digital wealth management platforms since 2019.
How to Choose an Investment App
Now that you know the best investment apps, the next step is choosing the best investment app for you. However, everyone has different financial goals and needs that they alone must consider. Below are some key considerations you will need to factor in when choosing an investment app:
- Your investing style: Are you the type of trader who wants to utilize sophisticated indicators and trading strategies? If that’s your objective, an app like Wealthfront wouldn’t be a good fit. In this case, you would be better off going with an app like Interactive Brokers or tastytrade. However, if you are the type of investor who wants an app to do all the work for you, then Wealthfront is the clear winner.
- Fees and costs: The investment app you choose should be cost-effective for your financial needs. For instance, Wealthfront is an excellent service. However, its 0.25% annual fee, although small in the grand scheme of things, does add up the longer you have the account and the more it compounds in size. Investors who want to pay $0 in stock trades with low costs for options trades may want to consider Interactive Brokers or tastytrade.
- Investment options: When choosing an investment app, you will want to easily fund your account and buy and sell stocks, ETFs, mutual funds, cryptocurrency, options, and futures smoothly and seamlessly.
Choosing the right investment app that fits your needs is critical to you reaching your financial goals. Cost, functionality, and your particular trading style are all important considerations when making your decision.
How to Get Started With Investing Apps
Investing apps can be a convenient way to start investing in the financial markets. Luckily, getting started on this journey is as easy as following these key steps:
1. Define your investment goals: Clearly define your financial objectives and risk tolerance. Whether you aim for long-term growth, short-term gains, or a mix, understanding your goals is crucial to establishing a strong foundation for choosing the right platform to fit your needs.
2. Research and choose an investment app: When researching the various investment apps that are available, consider factors like the user interface, fees, available investment options, investing tools, and customer service.
3. Download and install the app: Once you’ve identified the right app that aligns with your investment goals, download and install the app.
4. Account setup: Open the app and begin the account creation process. Provide necessary personal information, including your name, address, and Social Security number. Verify your identity by submitting required documents.
5. Fund you account: Connect your investment app to your bank account. This enables you to transfer funds seamlessly for investing purposes.
6. Explore investment options: Familiarize yourself with the various investment products available. Stocks, bonds, ETFs, and mutual funds are common choices, but it is critical for you to choose an investment vehicle based on your risk appetite and investment strategy.
7. Start small: Begin with a small investment to get comfortable with the app’s functionality. You should also learn by using the paper trading function that many of the top platforms now offer. From there, as your confidence and experience start to build, begin to increase your investments gradually.
8. Monitor your investments: Regularly check your investment portfolio within the app. Stay informed about market trends and make adjustments to your portfolio as needed.
Pros and Cons of Using Investment Apps
Investment apps are sophisticated software systems that allow investors to conduct their trading on a mobile platform right in the palm of their hand. Although there are many pros to using investment apps to secure your financial future, there are also cons that investors need to note before using these platforms.
Pros
- Convenience: Investment apps allow investors to easily log in to their financial account and make necessary adjustments anywhere in the world.
- Beginner Friendly: Most investment apps are much easier to use and require a lower learning curve than the desktop versions. Generally, investors won’t be inundated with a complex layout or weighed down by many options to handle their finances.
- Low Fees and Entry Requirements: Investment apps typically have lower costs and more affordable entry requirements than other investing software on desktops. Many investment apps are free or have a $0 minimum to open an account. Wealthfront is an exception, as it requires $500 to open an account and charges fees upward of 0.25%. However, it also offers one of the best hands-off services in the robo-advisor industry, which, to many investors, may be well worth the cost.
Cons
- Limited Functionality: Investment apps will operate differently from their desktop counterparts. The investing app may exclude charts, tools, and investing resources essential to the trader’s success. However, limitations are specific to each platform and differ in what they offer. When choosing an investing app, ensure it coincides with your trading style.
- Limited Customization: Most desktop-based investing platforms allow investors to fully customize their layout to improve their focus on what matters most to them when they invest. Investing apps may allow some sort of customizability, but in most cases, there are very few options to get it how the investor may want it. Investors are usually limited to the layout provided by the investing app and cannot customize it according to their preferences.
- Limited Customer Service: Investing apps may limit customer service resources, and customers may be encouraged to find solutions on their own within the app’s resources, such as its FAQs or an online forum. If the investing app does provide customer service, it may not offer ideal solutions to the investor’s issues. If customer support is an important feature for you, then Wealthfront, Interactive Brokers, and tastytrade will be an ideal fit.
How Much Money Do You Need to Invest Through an Investment App?
The funding requirements for an investment app will differ with every platform. For instance, Wealthfront is the only investment app covered here that requires a $500 minimum investment to open an account. If you are interested in the robo-advisor sector but find the account minimum too steep, then robo-advisors like Betterment may be a better fit as it requires only $10 to start investing. When it comes to online brokers, top platforms like Interactive Brokers and tastytrade do not require any account minimum. However, investors will need to conduct their due diligence to ensure they can meet all requirements before opening an account.
Desktop vs. Mobile Experiences
Desktop trading platforms still have a strong customer base because of the superior trading experience they provide. Thanks to the growth of app-only retail investors, however, brokers can’t focus solely on the desktop experience. Mobile-first and mobile-only brokerages already exist, and established brokers are having to simultaneously develop their desktop and mobile platforms to keep up.
To do this, many brokerages have changed their product approach to focus on creating a consistent experience across multiple devices. This means you can usually find similar workflows and key tools regardless of which platform you are on. This comes with a trader-specific caveat, as many desktop platforms intended for active traders have to cut out a lot more when transitioning to mobile when compared to brokerages with platforms aimed at average investors.
The extent of this feature reduction has been lessened as the smartphone technology running these trading apps has improved, however, and more brokers are aligning and synchronizing key features across both the mobile and desktop workflows such as analysis, research, screening tools, money movement, and charting. More recently, complex trading strategies originally reserved for desktop experiences like multi-leg options trades and contingent orders have been enabled on apps as well.
Frequently Asked Questions
What Is the Best Investment App?
Determining the best investment app depends on individual preferences and investing goals. Our research has determined that Wealthfront is the best automated investment app among its competitors, because of its excellent account services, best-in-class usability, and comprehensive money management features. Ultimately, however, the app you choose should align with your investment strategy, risk tolerance, and financial objectives.
What Are the Advantages of Using Investing Apps to Trade Stocks?
The key advantage of using an investing app to trade stocks is accessibility. Investing apps have leveraged rapid mobile technological advancements to make it easier than ever to invest and trade stocks. Like most people now, you probably carry your mobile device with you all the time, allowing you to react to market movements and monitor your short and long term investments in places where it just wasn’t practical before.
The convenience of mobile trading has also made the market more accessible to users of all backgrounds, interests, and experience levels. You don’t need a trading terminal with four monitors anymore. Increased competition among brokers and innovation in the form of new apps and platforms has reduced barriers to entry such as cost and education. With a supercomputer in your pocket, you have access to the same real-time market data on the go and can trade accordingly.
What Are the Disadvantages of Using an Investing App to Trade Stocks?
While investment apps are moving closer to full feature parity with the desktop versions, there are still some functionality gaps that impact certain types of investors. The gaps vary by investment platform and investor preferences, but generally, you can expect there to be some product differences between desktop and mobile trade experiences in terms of the charting and analysis tools.
Some investing apps also omit asset types or market exchanges that are available through the desktop version. Another disadvantage to app-based trading is the size limitations on mobile devices compared to full computer monitors. These factors tend to affect active traders the most, but they can be a downside for any investor depending on your preferences and trading strategies.
What Should I Consider Before Using a Stock Trading App?
App-based trading gives you access to financial markets right at your fingertips, wherever you are located. When considering investing through a mobile app it’s helpful to identify your goals, preferences, and investment strategy. Being aware of your personal investment experience and educational opportunities can also help match you to the right trading platform. It is also important to evaluate the broker as a whole, rather than just by the mobile app. A slick app can’t make up for the impact of higher-than-average trading fees and poor execution, for example.
As you decide between different apps, you may find some platforms provide paper-based accounts that let you experiment with trades without risking your personal capital. Testing out more than one app-based investment offering can also give you more insight to properly compare and contrast features that match your preferences. All these factors can help determine which app will be the right fit for you.
What’s the Difference Between Finance Apps and Investing Apps?
In this review, we are focused on investing apps rather than finance apps. Investing apps allow you to actually buy and sell assets and, in practical terms, are the apps provided by brokerages to trade in your account with them. There is a wider universe of financial apps out there, and some brokerages also offer finance app functions through their investment apps (i.e. external account syncing with financial analysis on your total holdings).
The key difference with a finance app is that you cannot trade stocks or assets through those apps even though you may be able to sync your brokerage accounts to the app. In contrast, investment apps enable you to research investments, check positions, and place new orders, all without having to leave the app. Finance apps generally stop at being able to display your brokerage account balance as part of your overall financial picture. Some of the most popular financial apps are budgeting apps, and we review these separately from our investment app reviews.
What Is Acorns?
Acorns is an investment app that simplifies investing by automatically rounding up everyday purchases to the nearest dollar and investing the spare change. With a focus on turning daily transactions into a pathway for wealth-building, Acorns appeals to new investors as it helps individuals learn about the power of saving and investing, even in small amounts.
What Is Robinhood?
Robinhood is a user-friendly investing and trading app where users can easily trade stocks, exchange traded funds (ETFs), options, and cryptocurrencies on the platform. A pioneer in offering commission-free trading, Robinhood remains popular among newer investors. However, the platform lacks more sophisticated financial tools, asset categories, and research capabilities that advanced traders look for in a broker.
Which Is Better Robinhood or Webull?
Robinhood and Webull are often thought of as being similar investing platforms. However, our research has uncovered the many fundamental difference between the two. For instance, Webull’s platform offers a far more robust trading experience that includes advanced technical charting capabilities, available quantitative studies, deep market news, fundamental comparison tools, excellent customization, and broad options trading features. Robinhood, on the other hand, delivers a more basic trading experience that is best suited for new and beginner investors. The company’s Learn vertical stands out as a plus in this regard. In addition, Robinhood’s 1% match should appeal to investors looking to open a retirement account. Ultimately, our research found that Webull is the best app offered for low-cost options trading and low-cost day trading, in addition to being the best low cost options broker.
How We Picked the Best Investment Apps
Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Our reviews are the result of months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on its platforms, costs and fees, security, the mobile experience, and customer service. We established a rating scale based on our criteria, collecting thousands of data points that we weighed into our star-scoring system.
Dotdash Meredith receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. Dotdash Meredith is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.
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