If you’ve begun your journey to getting a better handle on your finances, you’re probably focused on putting every spare penny you can manage toward your debt or your emergency savings account. Thankfully, you no longer need to spend money to track or manage your investments using mobile and desktop apps.
Today, we’ll take a look at a few of our favorite free investing apps that can help you manage your finances without adding another monthly bill to your household.
Best Free Investment Tracking App
Explore a few of the top free investing apps below. We’ve chosen a few apps for different investing goals to help you get the most out of the app that you choose.
Best Cryptocurrency App: Delta
If you have a majority of your net worth in cryptocurrencies, Delta might be the right investment tracking app for you. Its intuitive and dynamic structure is equally as useful for beginners as it is for experienced investors. Delta allows users to trade and monitor Bitcoin, Ethereum, Litecoin and hundreds of other altcoins and cryptocurrencies. It also charts thousands of different ERC-20 tokens. The app allows you to track cryptocurrencies and set alerts so that you never miss a trading opportunity.
The app also features a portfolio manager that allows you to track your crypto loss and profit in three different durations. With unlimited crypto portfolios, there's no limit to the number of currencies you can keep track of, which can be ideal for investors with multiple brokerage accounts.
Take note that the Delta Investment Tracker powered by eToro provides you with the opportunity to track all of your investments, not just crypto. Available in Android and iOS platforms, its revolutionary investment tracker app provides an effective way for you to get a clear overview of your investments.
Best for New Investors: Mint
If you’re looking for an investment monitoring app for beginners, Mint might be the right option for you. Though many apps can organize your investments, Mint allows you to see what your money is doing with only a glance by summarizing your net worth and spending changes in graph form. Not only is Mint dynamic with budgeting features and bill payment reminders, but you can also get started on the app in just a few minutes.
Mint shows your savings goals, expenses, credit score, and investments. For freelance remote workers, it allows you to track your income and helps build a portfolio that suits your lifestyle. Not only can you track your expenses and budget, but Mint has credit monitoring with 24/7 access to your score. Mint's credit tracking will not damage your score, and users can access free credit report summaries.
Mint is an Intuit brand, which comes with the knowledge that your money is safe. With multifactor authentication, security scanning and alerts of unusual activity on your account, you can trust Mint to keep your investments and accounts secure within its server.
Best for Retirement Planning: Personal Capital
Though Personal Capital was created with the upper-middle-class investor in mind, the company has recently expanded its requirements for investing. Now, if you own less than $100,000 in assets under management, you can access Personal Capital’s services free of charge.
One of Personal Capital’s most useful services is its long-term financial planning tools for retirement. Personal Capital’s retirement calculator can help you track how much you’ll be able to spend each month during retirement as well as how likely you are to achieve a retirement goal. If you’re looking for assistance planning for your financial future, Personal Capital might be the right investment tracking app for you.
Best for High Net-Worth Investors: Vyzer
When your family has a range of investments that are both preparing for the future and potentially generating income in the present day, you might need a little help keeping track of all that cash. Where is it, what’s it doing and are you reaching your financial goals?
An account with Vyzer can help you analyze all your financial documents, integrate with financial platforms online, generate reports and track transactions made from these accounts. In short, you always know where the money is and it’s much easier to control the purse strings.
Because you can start using Vyzer for free, you can get to know how the platform works, plan for cash flow, set up distribution schedules, review your cash flow and preview scenarios that might cause you to adjust your investments. If you feel you need to step up to a higher tier, you can. But, there’s also the Starter plan, which includes a look at planning for retirement, paying for college tuition, distributing wealth and more.
Instead of running from one app, site or folder to another, you can enter everything with Vyzer. You even have the option to manage your investments through the Vyzer app on your Apple or Android device.
Best for Financial Advising: SigFig
The SigFig portfolio tracker analyzes your portfolio to help you limit investment fees and locate areas where you need higher levels of diversification. This app offers free access to financial advisors, which can be very helpful in your first few years of investments. While advanced algorithms certainly make good choices for investment decisions, many customers don't want to lose the human element.
Many app-driven investment companies are now going for a combination of human and AI, resulting in higher account minimums and fees. Lucky for you, SigFig comes with no fees for your first $10,000 in investments. This means that if you’re just starting your investment journey, SigFig can get you on the right path without breaking the bank.
Best for International Investors: Sharesight
Sharesight is a comprehensive portfolio organizer that makes sure your investments are performing as they should, and if not, lets you know where you can exchange them for higher-earning ones. It tracks cash, stocks, cryptocurrencies, mutual funds and more. Getting started is easy, which is especially beneficial to new investors.
Sharesight is an excellent choice for international investors, especially those with interests in the Oceanic and European markets. It is growing its American brokerages as well but currently only support E*TRADE, Charles Schwab, Robinhood, Vanguard and Fidelity. The app allows you to track eight different cryptocurrency values automatically, which can be useful if you invest in major cryptos. In addition, Sharesight also immediately reports your dividends and how they’re contributing to your net worth.
How Does an Investment Tracking App Work?
Investment tracking apps work in a relatively straightforward manner. After opening an account, you’ll link all of your 3rd-party financial and investment accounts into the tracking app by signing in using your tracking app’s platform. Some types of accounts that you can add to your investment tracking app may include:
- 401(k), IRA and other retirement savings accounts
- Taxable brokerage accounts
- Savings and checking accounts
- Credit card accounts
- Online money transfer accounts (like PayPal)
- Select cryptocurrency brokers
After signing into all of the accounts that you want to link, your investment tracking app will aggregate your debts, assets and the value of your investments to show you a complete picture of your net worth. Your investment tracking app will regularly refresh your accounts to serve you the most accurate and up-to-date information.
Pros and Cons of an Investment Tracking App
There are both benefits and drawbacks to using an investment tracking app.
|Helps you manage multiple investment accounts: If you have multiple investment accounts, an investment tracking app allows you to view all of them in a single place. This eliminates the need for multiple apps and saves time when checking your investments.|
Can help you gain a fuller picture of your finances: If you have multiple retirement accounts, it can be more difficult to get a complete understanding of your savings’ progress. Using an investment tracking app ensures that you don’t forget an account when calculating your retirement date.
|Sacrifice of data safety: If you use a free investment tracking app, your data is likely being sold to 3rd parties. If you’re concerned with how your information is being used, a free investment tracking app probably isn’t the best choice for you.|
May not support cryptocurrencies: Though many investment tracking apps support major crypto sites, new wallets may not be supported. If the majority of your savings is in cryptocurrencies, you may want to search for a paid app that provides maximum support for cryptocurrency wallets.
Differences Between Free and Paid Investment Apps
Free and paid investment tracking apps may vary in a few key areas.
- Free apps may have advertisements. To provide you with investment tracking services, free apps may cover a portion of their operating costs by serving you targeted advertisements. Paid investing apps may or may not have advertisements.
- Free apps may take more liberties with your data. Free investment apps often also make money by selling your data to 3rd parties. Though this data sale doesn’t intrinsically link your identity with your investment habits (your data is combined and packed with thousands of other users) users who are particularly concerned about data security may want to choose a paid app that doesn’t sell data.
- Paid investing apps tend to offer more services. If you’re looking for investment advice or financial planning services, you’re better off choosing a paid investment tracking app.
Making Progress Toward Your Financial Goals
Using an investment tracking app can help you budget, track your net worth and make progress toward major financial milestones like retirement. If you decide to use an investment tracking app, be sure to refresh your accounts often and update your budget as needed. Tracking your transactions manually and regularly refreshing your app can ensure that you have the most up-to-date picture of your finances.
Frequently Asked Questions
Do investing apps really work?
Yes. Investment tracking apps can help you monitor your spending and your net worth changes.
How do I track my investments?
Using an investment tracking app is a simple way to track how your investments’ values are changing over time.