Best Acorns App Alternatives

Starting your journey to financial freedom doesn’t need to be scary. Even small steps in savings and investments can lead to big changes in the future. Apps such as Acorns help promote small positive shifts in your financial outlook. The idea behind micro-saving and micro-investing is that small amounts can lead to larger changes down the road. For the best success, you need to know about the best Acorns app alternatives.

If you are just beginning your investing journey, consider Acorns as well as Acorns alternatives to better understand the opportunities available to you. These alternatives can help with micro-savings and micro-investing to achieve a brighter and more financially secure future. 

Quick Look at the Best Acorns App Alternatives:

• Best for Trading Ideas: Public.com
• Best for Investing in IPOs: SoFi
• Best for Robo Investing: M1 Finance
• Best for Intermediate Investors: Webull
• Best for Beginners: Robinhood
• Best for Long-Term Investors: Roundly X

The Best Acorns App Alternatives

Micro investing and micro saving can help build a foundation for your financial future. Apps that focus on smaller investments and smaller savings can be ideal for the starting investor. Research options and see if alternatives to Acorns are right for you. Acorns is a great app to consider and is relatively well-known as it’s commonly seen as a top contender for investing. However, it’s a good idea to explore available options and alternatives before investing. In addition, there is no guarantee of how an investment will perform. 

Before investing in an app that specializes in growing and saving spare change, consider other essential areas of saving that are priorities. For example, you want to be sure you’ve built an emergency fund. 

Best for Trading Ideas: Public.com

Public encourages learning and offers helpful tools and content to better inform the curious and beginning investor. It’s offered for free and allows you to purchase fractional shares. The app allows a range of investments such as stocks, fractional shares of stocks and cryptocurrency.

However, the app does not offer a way to manage the account online, and the investment options could be larger. 

Why We Picked It: Public.com is one of the few places where you can bring everything in your portfolio under one umbrella, including alternative investments, along with educational tools for novices.

Best for Robo Investing: SoFi

SoFi Technologies Inc. (NASDAQ: SOFI) offers a smartphone app that’s ideal for beginners because of lower fees. The app provides a wide range of activities such as membership benefits, personalized career advice and financial planning.  

The app provides a variety of membership benefits such as membership special rates on loans as well as access to an online community. In addition, members receive faster entry at the SoFi Stadium as well as access to the SoFi Members Lounge. Members also have access to informative online events.

SoFi Invest allows users to trade crypto, stocks and ETFs. In addition, the app offers both automated and active investing options. It claims that you can buy or sell stocks without the hassle of commission. A large draw for micro investing also comes from the ability for interested investors to purchase stock fractions, which are pieces of a share of stock that cost less to obtain than a full share of stock. SoFi Invest also works to keep members informed by providing news updates. A new exciting option is that you can also now invest in certain IPOs. However, SoFi Invest lacks a wide range of investment options.

Why We Picked It: SoFi is one of the most competitive loan marketplaces you can choose, and it also allows for banking, investing and offers a host of educational tools for students and new investors. 

Best for Investing in IPOs: M1 Finance

M1 Finance offers an alternative approach to micro-investing and micro saving by using robo advisors. A robo-advisory is a type of financial advisor that uses a minimum amount of human intervention. M1 Finance offers commission-free options and includes a feature that helps investors better understand the market by showing sectors split into visual pies. In addition, the application allows you to invest automatically and even offers high-yield checking. However, the application is not ideal for active traders and investors.

Why We Picked It: M1 Finance makes it easier for you to review your portfolio and make informed decisions by visualizing your holdings and offering insights when needed.

Best for Intermediate Investors: Webull

Webull is relatively new to the finance world, having begun less than a decade ago. It offers a wide range of investment options that range from stocks, ETFs and crypto. Webull provides additional benefits such as extended hours of trading and multiple account types. Webull is available for desktop and smartphones. Opening an account is relatively fast and allows you the opportunity to start trading more quickly. In addition, Webull does not require a minimum deposit, which makes it an attractive option for the beginning investor. 

One drawback is that there is no live chat option. 

Why We Picked It: Webull is a powerful tool for all types of traders, but it can also help you learn how to invest, start with little to no cash and grow your portfolio wisely.

Best for Beginners: Robinhood

Robinhood Markets Inc. (NASDAQ: HOOD) remains competitive as it offers commission-free trading and does not require an account minimum. To encourage new users, Robinhood offers new users a free stock. The app allows investors to purchase fractional shares and provides an intuitive design. In addition, Robinhood does allow certain IPO investing. 

One drawback if you trade cryptocurrencies is that you aren’t able to transfer crypto out of your Robinhood account into a wallet. In addition, Robinhood does not offer other account options such as retirement accounts.

Why We Picked It: Robinhood is one of the simplest brokers on the market, and it allows you to invest in stocks, ETFs, crypto and more. It also helps with saving and managing money for the future, which serves all types of investors.

Best for Long-Term Investors: RoundlyX

Roundly focuses on cryptocurrency investing and allows for expedited purchases. It offers roundups and works best for investors who are more interested in focusing on the long run. Round-ups are generally when you round up spare change and that rounded up spare change can eventually add up to cryptocurrency or stock purchases. You can view your investments on a simple dashboard to gain a more intuitive understanding of your finances. Depending on preference, investments can be made automatically or manually. 

Unlike other apps, RoundlyX charges a monthly $1 fee. 

Why We Picked It: RoundlyX’s roundup program is perfect for anyone who is in the crypto space and provides a more functional way to manage and use your tokens

How to Choose the Right Alternative to Acorns App

When considering how to choose the right Acorns app alternative, it’s essential to evaluate various features, user experiences, fees and investment options to ensure that you select a platform that best aligns with your financial goals and investment style.

• Consider the investment options: Look for apps that offer a diverse range of investment products, such as ETFs, stocks or bonds. A good alternative should provide flexibility and options that suit your risk tolerance and investment strategy.
• Evaluate fees and costs: Compare the fee structures of different apps, including management fees, transaction costs, and any hidden charges. Choose an app that offers transparent pricing and reasonable fees to maximize your returns.
• Check for automation features: If you enjoyed Acorns' round-up feature, look for alternatives that offer similar automated investing options. This can help you maintain a consistent investment habit without much effort.
• Examine educational resources: Consider apps that provide robust educational content to help you improve your financial literacy. A good alternative should offer tutorials, articles and tools to help you make informed investment decisions.
• Analyze user experience and interface: Look for apps with intuitive, user-friendly interfaces that make it easy to manage your investments. A well-designed app can make your investment journey more enjoyable and less stressful.
• Verify security measures: Ensure that any alternative you consider has strong security protocols to protect your financial information and assets. Look for features like two-factor authentication and encryption.
• Research customer support options: Choose an app that offers reliable customer support through various channels like phone, email, or chat. Good customer service can be crucial when you need assistance with your investments.

The Benefits of Micro Saving and Micro Investing

Micro-saving and micro-investing offer helpful benefits to the new investor. It’s a good way to start creating financial accountability habits. Options such as rounding and automatic investing can help in the long run when combined with additional financial savings and accounts. When investing, remember the saying that you shouldn’t put all your eggs in one basket. 

• Simplicity: Micro investing and micro saving are attractive because they are often simple to achieve and execute. You can begin to see the larger picture as you hit small goals along the way. 
• Affordable investments: Micro investing can help young investors gain much-needed experience and confidence before stepping into larger investing activities. Micro investing is an excellent idea because it allows you the opportunity to use small amounts of money and turn it into a more substantial investment that has the potential to grow over time.
• Automated account management: Automated account management can prove beneficial for the busy young professional or university student who wants to begin saving and investing but doesn’t have the time. Before opening an automatic investing account, understand how these accounts work while measuring your level of risk tolerance. In investing, there is no guarantee of how a particular investment will perform. 
• Perfect for kids and young professionals: These apps can help a younger person gain confidence in investing and saving. Saving accounts can be an excellent stepping stone for a young and curious future investor. However, especially for the beginner, it is advised to work with a financial professional while learning about finances to help prevent losses. 

Drawbacks of Financial Apps

Although financial apps offer a heightened sense of freedom, it can be difficult to juggle all the new terms and concepts while learning about saving and investing. If you are uncertain, consult with a financial professional before opening and using an app. 

You may need more information than the app can provide because apps are designed to be quick and easy, but that’s not always what an investor needs. Apps might make investing feel simple or less substantial given their easy design and structure. Investing is a serious endeavor with impactful consequences and should be handled in a thoughtful manner. Take the time to learn and research before each investment. 

Sometimes, apps might not offer the amount of information on certain investments that you would like, so alternative sites and sources of information can prove beneficial. New investors have access to lots of information, so learn as much as possible from credible platforms and tools.

Automation might lull you into a false sense of security because those types of trades and accounts might seem easy, but they still require attention. Although automation can offer some peace of mind, it should not replace your own diligence. Make it a point to frequently check your automated settings and understand the possible risks involved with automation. 

Frequently Asked Questions