The best investing and trading apps for 2024

Investing apps add a new level of convenience and accessibility to your investment strategy.

Now, you can manage your funds straight from your phone wherever and whenever you want to.  

So, what exactly are investing apps, and which is the best app for your plans and circumstances? 

What are investing apps? 

Many investment platforms offer an app that you can download to your phone or tablet to monitor your investment performance and activity.  

Naturally they vary in performance and type, and it’s important to remember that your core investments are what really matter, not the app. 

How do investing apps work? 

Investing apps are designed to make investing more accessible for everyone.

Some of the key functions your app performs include:

• Monitoring your investments and corresponding financial portfolio.

• Providing access to a range of assets like stocks, commodities and mutual funds.

• Allowing you to trade stocks.

• Giving you an up-to-date, clear view of the stock market and other markets.

An investing app makes it easier to manage your investments and saves you valuable time. 

Are investing apps safe to use? 

All the apps we recommend in this article are secure and provide the right levels of support and protection from well-known brands.

Here’s a checklist of key questions to ask of any app you’re considering: 

• Is the company that developed the app registered with the appropriate regulatory bodies?

• Is the app clear about fees? Make sure there are no hidden fees that could eat into your profits. 

• Does the app provide good customer support? You need to know that you can talk to someone if something goes wrong  

• Are there strong security measures? These are vital for a safe, secure app.

• What are customer reviews like? Check the reviews at the Apple App Store or Google Play.

There is always some risk when you use an investment app.

This isn’t necessarily related to the app itself. Your stocks can go down in value as markets fall, and short-term losses are to be expected.

It's always worth getting expert financial advice before you start investing.

6 of the best investing apps for 2024 

Here’s a selection of investing apps to consider if you’re an everyday investor looking to take your first steps. 

All of the below services are part of the Financial Services Compensation Scheme (FSCS).

Plum

This is a good place to start, as Plum is an app that suits beginners.  

• You can invest as little as £1 in a range of funds spanning technology, emerging markets and ethical companies.

• You can choose your risk level, so it matches your risk appetite.

• Plum is regulated by the Financial Conduct Authority (FCA) 

• Plum's investment feature includes a monthly charge starting from £2.99 per month, an annual management fee of 0.45% and fund management fees ranging from 0.13%-0.88%, depending on the fund you select.

Dodl

Ideal for active investors, Dodl is provided by one of the UK’s largest investment platforms, AJ Bell. 

• Invest from £25 per month in a pension, lifetime individual savings account (ISA) or general investment account (GIA).

• Choose from AJ Bell funds, themed investments and shares. 

• Fees include a monthly platform fee of 0.15% of the value of your investment (min £1 a month), fund provider fees (these vary) and FX fees for US shares of 0.75% for transactions up to £10,000.

• Dodl is regulated by the FCA.

Wombat

Wombat is an app that‘s ideal for small investments as you can start with just £10. 

• Tailor a portfolio that fits your life, interests and circumstances.

• Fees include a £1 a month subscription, an annual platform fee of 0.10%, a 0.65%-0.75% FX fee and a fund provider fee of 0.07%-0.75%.

• Wombat is regulated by the FCA.

Wealthify

Wealthify is an app with competitive charges, which offers a lot of choices.

• Choose your ideal investment type out of cautious, tentative, confident, ambitious or adventurous.

• Make withdrawals from ISAs or GIAs for free.

• Wealthify is regulated by the FCA.

• Fees include an annual charge of 0.6% and fund charges between 0.16% and 0.7%.

Freetrade

There are no fees for Freetrade's basic investment accounts, so this is where to go for some free trading. 

• Invest in a GIA, stocks and shares ISA or self-invested personal pension (SIPP).

• Buy UK and US stocks and exchange-traded funds (ETFs) 

• Freetrade is regulated by the FCA.

   

• Fees are £4.99 for a Standard plan or £9.99 for a Plus account, plus a FX rate of up to 0.99%.

Nutmeg

Nutmeg is an app that offers 12 months of fee-free investing and is regulated by the FCA registered. 

• You can invest a minimum of £500 or £100 in a junior ISA or stocks and shares lifetime ISA.

• Select your ideal investment style, including ‘socially responsible’, ‘fixed allocation’, ‘smart alpha’, 'thematic' and ‘fully managed.’ 

• There are no general admin fees, but account management fees range from 0.25% to 0.75% and there are investment fund fees. 

If in doubt, seek expert advice 

It’s so easy to invest using an app that you could lose sight of the complexity and unpredictability inherent in investing.

That’s why if you have any concerns or are unsure about committing to a particular strategy, you should speak to a financial adviser as they can suggest the best way forward.

Disclaimer: Your capital is at risk when investing.