Swarms of new investors jumped into the market in the first quarter of 2020. Mobile investment apps grew their new accounts by as much as 170%.
While Robinhood was the most popular platform by far, it is far from perfect. On March 9, trading volumes overwhelmed their servers, causing some users to miss out on profits when they couldn't sell.
Now, this could theoretically happen with any digital investing platform. Robinhood just happened to be the most popular at the time. We're not going to argue for which stock investing platforms are most "uncrashable."
But we do want you to see the investing options you have at your fingertips. There are so many types of investors out there. And many of these companies have developed tools catered to specific styles.
Whether you're a new or experienced investor, there's probably a platform for you. Robinhood is among the best. But there could be one or two with tools better suited for where you are in your investing career.
Let's look at some of the best investment apps that aren't Robinhood.
Acorns - Start Small
Acorns puts the emphasis on starting small. This is one of the best stock trading apps for beginners.
Depending on the level of service you want, you can start with a monthly payment of $1 to $3. A higher monthly payment could get you better IRA recommendations or a no-minimum checking account.
A unique feature of Acorn allows you to invest spare change on everyday purchases. The app connects to your bank account and rounds purchases up to the nearest dollar. The change gets invested into ETFs.
Acorn is accessible from over 55,000 ATMs around the world. It has partnerships with over 200 brands that serve as a kind of "cash back" for credit cards that goes straight to investing.
Ally Invest - Experienced Traders
Ally Financial is an established bank, not an investing app alone. But there are some added benefits to using a bigger, trusted brand.
For example, if security is a concern, larger companies have more incentive and resources to ensure it.
In addition to that, however, Ally Invest provides the flexibility many active traders are looking for. It offers trades at $0 commission and commission-free investing in Vanguard and iShares ETFs (ETFs typically offer fund-management fees around 1.4%).
You can begin with either a self-directed account or a managed portfolio. The managed portfolio starts at $100 minimum investment.
Axos Invest - Investing Made Simple
Axos Invest is another automated investing tool boasting no account minimums and no fees.
From the outside looking in, there isn't much "niche" about Axos to separate from its competitors. But it is a smooth, streamlined mobile investing app that caters to different styles of investing.
Experienced users enjoy access to a wealth of add-on services and advice. Beginner investors will be enticed by the low fee structure - a 0.24% annual fee, compared to the 1% charged by many advisors.
Lower fees and automatic investing can help beginner investors slowly wade into the waters. The platform sets up milestones for your investing strategy.
This one is ideal for first-timers, but it will really work for anyone who likes easy-to-use, goal-oriented mobile investment apps.
Betterment - Goal-Based Investing
No platform is more goal-oriented than Betterment.
This robo-advisor frames your entire investing strategy around your plans. Whether you're looking to buy a home, pay for college or start an emergency fund, Betterment will help you balance your portfolio based on these objectives.
The company offers checking and savings accounts too. This is convenient because it allows you to get a full view of your investing and saving in one place.
There's a trove of guidance available for new investors who need it. But this platform is also friendly for experienced investors who don't. After all, Betterment automatically puts your cash into one if its custom portfolios, so there's little for you to do besides choose your risk tolerance.
Betterment charges an annual fee of 0.25%. Or, if you want premium features (more professional advice, etc.) you pay 0.4% (this requires $100,000 balance).
You can start investing with just $10.
FundRise - Real Estate for Everyone
Everybody wants the reliable returns from investing in real estate. But not everyone has the capital.
FundRise makes real estate investing more accessible to everyone. With this platform, you can invest in crowdfunded real estate and enjoy that steady percentage return.
It's the first of its kind - mobile real estate investing that doesn't require you to be an accredited investor.
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You'll be choosing from a wide selection of Real Estate Investment Trust (REITs) that will help diversify your portfolio.
Like the other investing platforms, FundRise gives you many options to choose from, as well as expert advice when you need it.
One downside: It's not available for Android.
Public.com - Invest in Your Cause
Public used to go by the name "Matador." It is another commission-free investing platform made for beginners.
One interesting feature of Public is its "themes" concept. The platform lets you choose companies to invest in, categorized by causes they support.
You'll find categories focused on environmentalism and curing cancer. There is even one called "Meatless Revolution," if you're a vegetarian.
It's a uniquely social approach to investing in its messaging capabilities as well. You can communicate with other investors and share statuses.
There are no minimums or commission fees.
There is not a wealth of options for experienced investors. But this platform offers an intuitive path for casual or new investors to start learning the markets.
Stash - Like Acorns, More Educational
Stash is super-accessible solution for beginners, comparable to Acorns. "AutoStash" lets you round up purchases a dollar and invest the change.
What sets Stash apart is that it's one of the more engaging brands. It offers lots of educational content, and even a podcast.
With legacy investing platforms, you might have needed a minimum deposit of $500 or more. With Stash, you begin with as little as $5, then a monthly fee starting at $1.
These tiny sums go toward fractional shares of stocks, bonds, and ETFs. The higher you pay monthly, the more features you get.
Stash has a premium feature that gives you a wealth of research and even other accounts you can open for family members.
TD Ameritrade - Best Overall Platform
This could be the most well-rounded in the mobile-investing game. TD Ameritrade is a strong legacy name among investing outlets - famous for its Thinkorswim platform.
It may not be as intuitive as Robinhood or Stash. But that's made up for by the fact that you can get in-person assistance from the company's widespread branch network whenever you need.
Beyond that, TD Ameritrade provides virtually every tool you could ever need for your long-term investing career.
The platform now offers trades at $0 commission. You also get access to a ton of educational content.
A merger between TD Ameritrade and Charles Schwab was recently approved by the Department of Justice. It will be interesting to see how this platform looks down the road.
In all likelihood, it could be even more of a powerhouse.
Wealthfront - Passive Investing, Perfected
Wealthfront wants to optimize your finances. For its platform, it coined the term "Self-Driving Money" to mean eliminating any excess effort on your part, banking, or investing.
If you're not interested in glaring at charts every day, Wealthfront could be for you. Its focus is on high-interest, passive investing.
Wealthfront offers advice on the best ways to save, earn interest, and manage investments.
Like Betterment, it enables you to set an investing goal and start an account that works specifically toward that - for instance, a college savings plan optimized for tax returns.
This is one of the best mobile investing options for passive investors who just want to go with what's "tried and true."
WeBull - Analysis Second-to-None
We compared WeBull and Robinhood earlier this year. Both companies get the job done.
WeBull is fairly new, but it could be the most direct competitor with Robinhood in this field.
The platform tries to be a well-rounded investment platform. It caters to the active mobile day-trading crowd.
Like Robinhood, WeBull saw a huge spike in new investors with the coronavirus crash.
If you're a beginning investor, you'll see a lot of similarities with Robinhood. But some have argued that WeBull offers more to experienced investors.
For example, its top-notch graphic analyses can be a great help to investors who like to watch stock fundamentals.
As with many of the great stock trading apps, this one has a $0 minimum balance and commission-free trading.
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About the Author
Mike Stenger, Associate Editor for Money Morning at Money Map Press, graduated from the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.