Mobile finance apps grant novice investors with more access to all aspects of the stock market than ever before. Particularly when first deciding whether to invest, grasping the ins and outs of trading seems like a daunting task. Recent innovations in app technology, and the proliferation of types of mobile interfaces, provide the beginner investor with a quicker and wider understanding of how the market operates. Check out these ten apps every rookie investor needs to download, as they offer everything from introductory financial consulting to advanced investment research and analysis, as well as comprehensive data presented through uniquely interfaced platforms.

TD-Ameritrade

The TD Ameritrade app is an excellent tool for tracking a more diversified portfolio. Whereas some apps are limited to only a small number of asset types, TD Ameritrade covers the spectrum from mutual funds to stocks to Forex assets, and more.

A very reasonable $6.95 fee per online trade and no account minimum make TD Ameritrade an affordable option. Those invested more heavily in ETFs or mutual funds may want to consider this app as there is no commission fee when investing in over 100 ETFs, and thousands of mutual funds are offered with no transaction fees.

SigFig

Customization is a major strong suit with SigFig. Investments between $2,000 and $10,000 are provided with free portfolio design services. The company offers account management for as low as 0.25% annually, which includes financial advisor consultation access. SigFig’s robo-advisor provides a useful tool for deciding how to invest your money, taking into account your personal information and financial goals to suggest an optimal portfolio plan.

Robinhood

Many young and first-time investors gravitate toward the free and user-friendly Robinhood mobile trading app. Zero commission trading fees, as well as no account minimums or maintenance fees, make this app very popular among beginners (regulatory agencies like SEC and FINRA impose some mandatory fees, however).

One drawback is its lack of diversification ability. Although you are free to trade ETFs and stocks, options, bonds and mutual funds are not currently options. Additionally, they lack in comprehensive research and analysis, as well as other financial information offered by their competitors.

Motif

The Motif mobile trading app offers a unique platform in that its investments are grouped thematically into “motifs.” Each motif consists of up to 30 stocks or ETFs. They differ from most other mobile trading apps in their pricing: it costs $9.95 to trade all stocks and ETFs in a single motif, whereas the transaction fee for trading stocks or ETFs individually is $4.95.

Whether you choose from their over 150 professionally-curated motifs, or the hundreds of thousands of motifs available created by other investors, using Motif is an innovative way to invest your money in a market that tends to favor innovation itself.  

Bloomberg

The Bloomberg app is not for trading, but is a very comprehensive resource for financial news and information. As one of the most respected names in financial journalism, this free app is a no-brainer, and provides the latest business news and information, portfolio tracking interfaces, as well as real-time market updates.

Benzinga

Similar to the Bloomberg app, Benzinga is different in that it not only offers stock trading news, it consolidates relevant information from various sources, including social media. Seeing as it’s free to download and offers information beyond the scope of other news sites, this app is worth a try.

Wealthfront

Wealthfront provides both standard and more advanced investing services using a robo-advisor, and can make appropriate assessments for inexperienced investors.

Investing is free for accounts under $10,000, over which they charge 0.25% annually. Referring friends to Wealthfront grants users an additional $5,000 of free investing. The minimum to invest is $500.

Acorns

Acorns is different in that they provide a micro-investment platform, using a robo-advisor that invests small increments from your day-to-day transactions. For instance, if you purchase a sandwich for $3.87, Acorn rounds up the purchase to $4.00 and invests $0.13. Accounts under $5,000 are charged $1.00 monthly, with accounts greater incurring 0.25% interest annually.  

Betterment

Nobel Prize-winning research created Betterment’s robo-advisors, making their algorithms some of the most effective available. The portfolios produced by this app consist of up to six bond ETFs and six stock ETFs. They offer three customer plans. The Premium plan provides unlimited access to their financial advisors for 0.50% annually with a $250,000 account minimum. The Plus plan costs 0.40% annually with a $100,000 account minimum, and includes access to financial planners, annual phone consultation, and regular monitoring of your portfolio. The cheapest option and the one that’s perhaps best-suited for first-time investors is the Digital plan, with no account minimum and 0.25% charged annually.

Openfolio

OpenFolio markets itself as “your digital financial assistant,” and assesses the health all your financial information, going beyond just your stock trading data. That includes other trading app accounts like Robinhood and Betterment, as well your bank accounts. They compare your portfolio with those of tens of thousands of others to give you a better understanding of how you’re faring profit-wise. Financial advisors are available for a fee.

Featured Image: Depositphotos/© tatsianama