Best apps for everyday investors
12 min read
Important information
Your capital is at risk. All investments carry a degree of risk and it is important you understand the nature of these. The value of your investments can go down as well as up and you may get back less than you put in.
Investment apps offer a convenient way to put money aside for the future and build your wealth.
A good one should be easy to use, secure and offer a wide range of stocks, funds and ETFs that you can add to a tax-free wrapper such as an ISA or SIPP.
There are many different platforms to choose from and deciding which one suits you best is not always easy. This guide is a good place to start.
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How we chose our best investment apps in 2024
To work out which investment apps are the best 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.
What makes a good investment app?
This depends heavily on what you are looking for and how experienced an investor you are. There are some things which are universally true though.
A good investment app should be easy to use and intuitive. The design should lend itself to finding the function you want quickly and via a logical process.
Another factor that is important across the board is competitive fees. Whether in terms of the price of each trade or the ongoing fee for the account, the money it costs should be similar to other apps of its kind. Ideally, an app would be among the cheapest of its kind.
Reliability is also very important. Orders should very rarely fail to go through and the app should not crash during use. It goes without saying that the app must be secured against unauthorised use with a safe login procedure.
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.
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Best investment apps in 2024 for all-round investors
– Dealing charge: Between £5.95 and £11.95 per trade
– Charges: Between no charge and 0.45%
Hargreaves Lansdown allows you to invest in funds, shares, and, if you’re a less confident investor, there’s also a range of ready-made portfolios.
The app allows you to trade as well as keep track of your performance and is intuitive to use.
It’s app is decent too. On the Apple store it scores a 4.7 rating and on the Google Play store it scores 4.2 stars. Within the app you’ll be able to track your investment’s performance, search for stocks, and create personalised watchlists to track the performance of certain stocks.
However, Hargreaves Lansdown isn’t the cheapest as its platform and trading fees are a little higher than some of its competitors.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
– Fees for trading, transferring, or depositing funds ranges from 0.15% to 0.75%*
– These depend on your membership tier
Etoro is a true international trading platform, offering its users access to thousands of different stocks, ETFs, and other assets.
When you sign up, you’ll be assigned a membership tier based on the value of your portfolio. Anything below $5,000 (£3,790) is placed in the basic silver tier, while holding more than $250,000 (£190,000) with the investment platform earns a Diamond tier ranking.
In addition to favourable fees, this tier enjoys a range of other perks, such as an airport priority pass and access to handpicked sporting events in your area.
Another potential fee to note is an inactivity fee – which is at $10 (£7.58) each month after a year of inactivity. However, simply logging into your account is considered being active so it’s possible to avoid this fee altogether if you merely keep an eye on your portfolio’s performance.
What makes Etoro unique to other providers is that it’s platform is also a social hub for like-minded investors. Learn about the basics of investing with its free academy, look up the performance of other high-performing investors, and share investing ideas with other members.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future. *Fee structure from 8 September
– Dealing charges: Costs vary depending on investments but start at £1.50 per online trade
– Charges: 0.25%
When you invest with AJ Bell you’ll have access to thousands of different stocks, ETFs, and funds, making it a great choice if you wish to diversify your portfolio.
Meanwhile, its app scores well too. On the Apple store it scores a 4.7 rating, but on the Google Play store this drops to a less respectable 3.2 star rating. Within the app you’ll be able to track your investment’s performance, search for stocks, and add money to your portfolio.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
– Dealing charge: 0%
– Charges: 0.25% for its managed portfolio selection while ETF costs vary (average at 0.14%)
If you’re the type of investor who manages their own ETF portfolio, then InvestEngine could be one of the cheapest options on the market. This is because the platform itself charges no fees for DIY investors, although other expenses such as ETF and market spread costs do apply.
The platform itself hosts nearly 600 different ETFs, from S&P 500 tracking funds to others invested solely in the Robotics sector.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
Total cost: Between 1.01% and 1.15%
Nutmeg was one of the first providers to launch a robo-advice platform. These platforms aim to take the hassle out of investing by helping you determine your risk appetite and financial goals.
Nutmeg’s robo-advice will use this information to set you up with a ready-made diversified portfolio, which is easily managed via the app. Here you can invest as well as keep track of your performance.
Its simplicity wins it great reviews in the Apple and Google Play stores, where it scores 4.8 out of 4.4 respectively.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
– Dealing charge: Depends on the investment but ranges between 0% and 0.31%
– Charges: Between 0.28% and 0.90%
As the name suggests, Pensionbee is an investment platform focused on pension saving.
You can do everything in the app – from kicking off pension transfer, through to selecting investments and keeping tabs on performance.
Pensionbee only offers ready-made portfolios but has a good variety of options, including ethical and sharia funds.
It is competitive on price – and once you hit retirement, there’s no need to switch your money elsewhere as it also offers a drawdown service.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
– Monthly fee of £2.99
– Charges: 0.45%
Plum offers a range of funds and investments, with some of its most popular options tracking the technology sector.
In addition, Plum isn’t just an investing app, it also offers access to a savings account.
It helps customers save more by analysing their spending habits and scraping off any extra into a savings pot.
The app is intuitive and easy to use – and is highly rated on both the Apple and Google Play stores.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
Lightyear – Stocks, funds and up to 4.50% interest on uninvested cash
Sign up with a promo code TIMES, deposit at least £50 and get $10 worth of US fractional share. Sign up using this link. Offer valid for new customers only. T&Cs apply.
This is paid financial promotion. Interest rate subject to fluctuation. Capital is at risk.
Best investment apps in 2024 for experienced traders
For some experienced investors, their investment strategy involves more than just buying and selling shares. Some, who often have a form of formal training, wish to trade derivatives and forex.
Below we list some investment platforms which offer these services. However, beware that this might not be the best option for you. Most retail investors, which are those who aren’t professionals, lose money on this type of investing.
If you wish to trade UK equities, then there is a £8 fee per trade. This drops to £3 per trade if you make more than three trades a month.
We highlight this platform as an option for experienced investors because it allows you to trade under a vast range of investment strategies. In addition, it doesn’t offer fractional shares, meaning people with a limited budget will have a restricted choice of investments.
Capital at risk. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
When it comes to commodities, this platform allows you to trade these instruments as CFDs on the commodities or commodity ETF CFDs*. You’ll also be able to choose between a variety of commodities from gold to corn.
For forex trading you’ll have the choice of 48 different currency pairs, like the euro to dollar and the Canadian dollar to the Mexican peso.
You can also expect fairly competitive fees. The biggest ones to note are the 0.5% currency conversion fee, which is the same as IG, and the £5 fee for withdrawals under £50.
Overall, Xtb advertises over trading 5,600 instruments – which includes stocks such as Netflix to its iShares ETFs. Plus, this platform offers 5.2% interest on your uninvested GBP funds with no balance limits.
*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Your capital is at risk. XTB Ltd. is a global fintech,not a bank. Deposits should be made for investment purposes only. T&Cs apply.
What can you trade on an investment app?
There are several types of investment you can access on investment apps. The main ones are shares, bonds, open-ended funds, exchange traded funds (ETFs) and investment trusts (closed-end funds).
Shares and bonds are investments in individual companies. The three types of fund available will give you exposure to a number of different companies. For example a UK equities fund or investment trust may hold shares in dozens of companies. An ETF can be used to track the performance of a whole index, such as the FTSE 100.
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 all 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.
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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.
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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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Important information
Some of the products promoted are from our affiliate partners from whom we receive compensation. While we aim to feature some of the best products available, we cannot review every product on the market.
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