Introduction
Best Investment App For Beginners. In this article, I’ll go over the best investing apps for beginners starting with my personal favorite Webull. Webull is perfect for all types of investors because it’s beginner friendly, allows fractional shares, has advanced technical analysis tools for experienced traders, and also allows you to invest in a wide variety of cryptocurrencies.
Webull Overview
- Does trading stocks on Webull cost money?
No, there are no commission fees on your investment, so if you make $100, you keep all $100. - Can you invest in crypto?
Yes, Webull has 44 different cryptocurrencies you can invest in just as easily as stocks. But if you’re going to invest more than $10,000, I’d highly recommend getting a crypto wallet.
Because when you invest in cryptocurrencies on Webull, Webull technically owns the crypto, not you. - Can you buy fractional shares?
Yes, you can indeed buy fractional shares on Webull. And for those that don’t know, fractional shares are when you invest in a stock without buying a complete share. Best Investment App For Beginners.
So if you wanted to invest in Apple, which costs $140 per share, and you only have $70, you could still invest, but you would only own half a share. - Can you trade options?
Yes, you can trade options, and Webull is by far my favorite app in this article to trade options with. They have great technical analysis tools, extended trading hours and I honestly love how the options work in the app. It feels so perfect. - Do you get a signup bonus?
Yes, if you will join through someone’s referral a guaranteed $34 in free stocks with the chance of getting all the way up to $30,600.
All you have to do is sign up, deposit any amount of money, like it could literally be one penny, and then you’ll get your guaranteed $34 plus in free stocks.
How To Use Webull
- Buying Stocks
if you look at the watch list, you just click any random stock, like here’s Tesla, you can press trade at the bottom. Say you want to buy five shares, there you go, and press buy. - Trading Options
You go back, you can do the same thing for options, go over the options, select whatever you want to buy, a put or whatever, buy a put right here, then I can select how many contracts, select the day it’ll be enforced. Best Investment App For Beginners. - Investing in Cryptocurrencies
And cryptocurrencies work the same way, I just press Ethereum, press trade and then I can buy it whenever I want. - Additional Features
A few more things to note about Webull are they allow you to create retirement accounts, invest in ETFs, have extended trading hours, and the customer support is decent.
So if I were to rate Webull on a scale of one to 10 for beginners, I’d give it a eight out of 10 for ease of use.
Moomoo Overview
The second investment app we’re going to talk about today is Moomoo and it starts with five questions.
- Does it cost money to trade stocks on Moomoo?
No, they don’t take any percentage of your money when you invest. But unlike all the other apps in this article, Moomoo doesn’t allow you to trade cryptocurrencies or have the option to buy fractional shares, which is very unfortunate. - Can you trade options?
Yes, in fact, I’d say this is where Moomoo really shines. They have virtually every technical analysis tool ever, which in my opinion makes up for having no fractional shares. Best Investment App For Beginners. - Do you get a signup bonus?
Yes, the current Moomoo signup bonus is 15 free shares worth up to $2,000 each.
And although they don’t give an exact minimum amount you’re guaranteed to get, I got $40 in free stocks when I signed up two months ago.
Using Moomoo
- Buying Stocks
Then if we open the app, you can buy stocks by clicking the stock you want, press trade, press buy. We’ll do market order for this example.
Say I want to buy four of them, and then you just press buy. - Trading Options
Then for options, look at the top. It says quotes, comments, and news, then options. So you click on options, then select your expiration date, and just choose an option you want, trade, and then buy or sell it.
Moomoo has like all technical analysis features ever.
So based on how easy it is to use, I’d give Moomoo a six out of 10 because it’s slightly complicated. And overall, I’d give it a six and a half out of a 10 as an investing app.
Robinhood Overview
The third investing app we’ll be speaking about today is Robinhood. Robinhood is by far the easiest investing app to use because the interface is beyond simple, and it was literally designed for beginner investors.
- Does it cost money to trade stocks on Robinhood?
Nope, they take 0% commissions on all your trades like all the other apps. - Can you invest in crypto?
Yes, you can trade seven cryptocurrencies on Robinhood.
And unlike the other apps, you’ll have your own crypto address so you can send and receive crypto with your Robinhood account. Best Investment App For Beginners.
It’s an extremely significant feature, but I’d never trust Robinhood to hold my crypto considering what they’ve done in the past about the whole GameStop situation and the Doge situation.
So if you want to trade crypto, use a real crypto wallet.
Stock apps should be for stocks. - Can you buy fractional shares?
Yes, every stock on Robinhood allows you to buy fractional shares. - Can you trade options?
Yes, trading options on Robinhood is super easy, but they don’t have any good charting tools.
So if you wanted to trade options, you’d have to chart using a website like TradingView. - Do you get a signup bonus?
Yes, Robinhood’s current signup bonus is one stock worth up to $1,700 when you deposit $1 on Robinhood.
Using Robinhood
Now let’s open up Robinhood and I’ll show you how easy it is to use.
- Buying Stocks
So let’s take a look at Nvidia’s random stock. And when you scroll down, you’ll see all the important stats you need. This is basic information, nothing extra.
And then if you scroll up and press these two expanding arrows, it’ll bring up all your technical analysis indicators like the RSI, the MA, etc., etc. - Trading Options
And to buy any stock, you’ll press trade at the bottom, then buy, then insert how many you want to buy. Say you want to buy 20 shares, type in 20, then you’ll press review and you can swipe up to buy the stocks. Best Investment App For Beginners.
And if you wanted to trade options instead, press trade, trade options instead of the buy button, and then it’ll bring you to where you can buy options.
This up arrow is to buy calls, this down arrow is to buy puts. - Investing in Cryptocurrencies
And then for crypto, it has no chart indicators, but if you want to buy it, just press buy, type in how much money you want to buy it, then press review, swipe up, and you would have bought some crypto. - Robinhood’s Setbacks
A few more things to note about Robinhood is their customer service is pretty trash.
It can take multiple hours to get a hold of someone. Robinhood also has a bad track record of freezing people’s accounts, like during the GameStop short squeeze incident in 2021.
Robinhood literally froze all users’ accounts from buying or selling GameStop, AMC, and a few other stocks during that time.
And because of that, investors lost hundreds of millions of dollars, resulting in hundreds of thousands of people deleting their Robinhood accounts. Best Investment App For Beginners.
So even though Robinhood is a 10 out of 10 on the easy scale and definitely one of the best investing apps for beginners, it does have a decent amount of setbacks, especially if you’re trading.