Best Investment Apps to Use in 2023
Did you know that with just a few taps on your smartphone, you can start investing in long-term financial assets with potentially high returns? Yes, that has been made possible by the growing popularity of investment apps following the digital transformation in banking.
Without further ado, this article is the easiest guide for everyone who is looking forward to using small amounts of money to invest in stocks, crypto assets, precious metals, and climate change projects soon. It contains our top picks for the best investment apps to use in 2023. You will find all the information you need to get comfortably started with short-term and long-term investing here.
What is An Investment App?
An investment app is a digital tool installed on a smartphone, tablet, or personal computer to put money in stocks, digital currencies, precious metals, NFTs, and other tradable assets on publicly listed platforms. In the end, the user or investor expects a favourable return on the investment. But whether such a transaction will yield a profit or loss is determined by several (unstable) market factors, such as interest rates, technological developments, economic growth, government policy, and inflation.
How investment apps work
Investment apps usually require account creation before being put to use. In other words, the intending investor will have to download the app from a marketplace, such as Google Play or the App Store, provide certain personal details to register an account and sign in to use it.
When signed in, normally, you will have to choose the type of investment account you want. Depending on the features and functionalities of the app, common options for investment include stocks, commodities, NFTs, an individual retirement account (IRA), mutual funds, a Robo-advisor (automated investing services), and an individual brokerage account.
In most cases, you must provide authorization for the app to access your bank account and data. This is necessary to enable the algorithm that powers the artificial intelligence (AI) behind the app to analyse your financial behaviour and situation and use the result to create a suitable investment plan for you. It can determine the amount of money you can afford to invest safely. That is how most investment apps provide personalised advice to their users and carry out automated investments on their behalf.
Best Investment Apps to Use
Since there are many investment apps to choose from, we helped you select the best ones by following some simple but important criteria. We compared them based on their various levels of product innovation, regulation status, licensing, safety, security, and pricing. After screening them, below are our top picks for the best investment apps to use in 2023 and beyond.
1. Vivid (Best app for investment diversification)
About: Vivid, which is also known as Vivid.Money, is an app for investment and mobile banking. It was launched in 2019 in Berlin, Germany. Its mission is to enhance the financial lives of its customers through the provision of innovative products, which include checking accounts, personal budgeting tools, crypto trading (buying and selling), stock investing, and more.
Investment products:
- Crypto—offers over 300 coins.
- Stocks with fractional shares and Exchange-Traded Funds (ETF)—more than 3000 available.
- Precious metals—especially gold and silver.
Initial cost of investing: €0.01(applies to EU and US stocks and ETFs)
2. eToro (Best app for social and multi-asset investment)
About: eToro is an Israeli multi-asset brokerage and social investment company that has an intuitive app for every investor. It was founded in 2007. Offering a truly diverse marketplace for crypto, stocks, ETFs, and other assets under a platform built to enhance social connection, eToro is revolutionising investment. Plus, the platform is regulated by the Financial Conduct Authority (FCA, UK), the Australian Securities and Investment Commission (ASIC, Australia), and the Cyprus Securities and Exchange Commission (CySec, Cyprus).
Investment products:
● 0% commission stocks—fractional shares for building your portfolio.
● Staking crypto—grow your crypto through buying and HODLing.
● EFTs—a variety of exchange-traded funds for investing.
● eToro Options—Offers $5 for joining the Options Rewards programme.
Initial cost of investing: $10 (or its EUR equivalent).
3. Binance (Best app for building your crypto portfolio)
About: One of the most popular and largest cryptocurrency exchanges in the world is the Binance platform, which also serves as a highly rewarding investment app for crypto enthusiasts and experienced investors. It was created and launched in China in 2017. As of November 2022, Binance’s registered users numbered over 120 million, residing in more than 140 countries.
Investment products:
● Crypto trading—over 350 popular coins.
● Dual Investment—buy or sell crypto at your desired future price and date with potentially high rewards.
● Auto-Invest—Offers autopilot plans for accumulating different cryptocurrencies over a selected time.
Initial cost of investing: Variable low-cost pricing.
4. Choise.com (Best app for earning NFT interest)
About: Choise.com, which used to be called Crypterium until mid-2022, is a MetaFi ecosystem and cutting-edge crypto platform and app that offers an innovative combination of the best features of centralised (CeFi) and decentralised (DeFi) finance. It is an Estonia-based fintech startup that has been in operation since 2017, offering innovative products and market yields (interest rates) that outpace traditional offers on digital assets.
Investment products:
● NFT interest account—first of its kind—mint a token and earn up to 25% APY in your MetaMask wallet.
● High-interest crypto—open a crypto savings account and earn as high as 10.7% APY.
Initial cost of investing: Variable low-cost pricing.
5. Wise (Best app for switching your money between cash and stocks)
About: Wise, which was previously known as a UK-based international money transfer service and multi-currency account provider since its launch in 2011, now allows its users to invest in stocks thanks to the fundamental benefits of fintech. The fintech company announced this feature in 2021 when it released its single product for holding money as stocks, allowing its customers to invest in more than 1,500 shares of global public companies, including Amazon, Microsoft, Apple, Tesla, and Alphabet (Google).
Investment product:
● Assets—easily invest in a portfolio of stocks (iShares World Equity Index Fund).
Initial cost of investing: Any amount in any currency but pay 0.55% annually.
6. Tomorrow.one (Best app for investing in sustainable stocks)
About: Tomorrow is a fintech company and app for sustainable and smart mobile banking. It was launched in Germany in 2018 to establish a bridge between finance (banking and investing) and the environment. With a low cost of investing, Tomorrow ensures that not only rich kids can invest in climate change solutions.
Investment products:
● Sustainable investing—for people to easily invest in the ecologically friendly projects of climate-focused companies under the Tomorrow Better Future Stocks Fund.
Initial cost of investing: €1
The Right Way to Choose an Investment App
It is totally fine if you are already scratching your head in confusion over which of the best investment apps to choose. We understand how you are feeling right now, having seen the amazing features and advantages of our top picks above. That is why we have provided the following general guidelines to help you choose the right investment app for your needs:
Set your investment goals
Do you want to invest in order to fund your retirement? Or is it for a more immediate need, like buying a house? Or do you want to pursue it as a hobby or possibly eventually become a professional investor? You will have a good idea of what kind of investing app to choose once you can answer these questions. So, you must have a specific objective for your financial journey.
Assess your investment experience
Your level of experience in investment also matters when you want to choose an app that can make the process easier for you. In this aspect, we are asking you to assess the type of investor you are. So, are you a beginner who likely has a low tolerance for risk-taking, a passive investor, or an experienced professional? A beginner or passive investor should choose a good robo-advisor app, such as Vivid, for automated investing, while an experienced investor should use any app that allows them to make their investment decisions themselves.
Compare the variety of assets
Investment apps come with a variety of products (assets) that have various features for meeting the needs of different investors. They offer one or more of the following popular investment options: stocks, ETFs, cryptocurrencies, non-fungible tokens, precious commodities (gold and silver), and environmentally focused ESG assets.
If you are interested in putting your money into digital assets, choose an investment app, such as Binance. But if you want a mix of crypto assets and social investing experience, choose eToro, while anyone who wants to earn interest on NFTs can pick Choise.com. Pro-environmental investors can go for an app such as Tomorrow.one.
Consider the fees
Although you can access commission-free trading and low-cost investment with most of the apps for investors, it is also ideal to consider their differences in fees. While some will charge an annual or monthly subscription fee for their services, you may want to go for options that do not require this cost. But keep in mind that not every service that claims to be totally free is actually without any cost attached. There may be some hidden fees. So, make a careful comparison and read their user reviews and reliable overviews for more information.
Inquire about the background of the app provider
We have provided a list of the best and most trustworthy investment apps in this article. Nevertheless, if you have any doubts, you may do further investigation into the background of the company before creating an account on their investment platform.
You should look for information about their licences, insurance protection for users, regulatory agencies, and whether they have recently filed for bankruptcy. All of this is to ensure that you are about to make a safe and sound investment decision.
FAQ
The best mobile apps for investment include Vivid.Money, Choise.com, eToro, Binance, Tomorrow.one, and Wise.
Beginners can use an app like Wise to learn to invest in financial assets. We recommend it because of its Asset product, which offers a simple way to move money from your account to stocks and back to cash at any time.
The safest app to use for investment is anyone that allows you to put small amounts of money into a financial asset. In that way, if there is a loss, you will not lose a fortune. The best example of an app in this category is Vivid (or Vivid.Money).
As people’s faces are different, so are their preferences. Similarly, the best thing to invest in 2023 will depend on what you want to achieve through investments. Nevertheless, you might want to consider investing in low-cost hybrid robo-advisors. They allow you to enjoy a good mix of the experience of having an automatic investment advisor that is driven by an algorithm (artificial intelligence) and that of traditional advisors in the industry.
Conclusion
With modern investment apps, everyone now has a chance to participate in different investment markets. You can choose to invest only in stocks, digital assets, commodities, or any other financial asset. Better still, you can select a mix of different instruments and spread the investment risks. All you need to begin the process is a smartphone or laptop with internet access and the most reliable information (which we have provided here). So, get your preferred best investment apps recommended in this article now. We wish you good fortune.
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