If you are looking for the best Acorns competitors to open a brokerage account, this post is going to show you what the top apps like Acorns are.
When it comes to finding the best competitors or top micro investing apps like Acorns, finding an investment app that is right for your needs is crucial.
The key is identifying your investment goals and then finding a broker that offers you the right investment account to help achieve your short-term or long-term investing goals.
What is Acorns?
Acorns is a popular micro investing app that is specially designed for new investors to the stock market. Acorns automatically invests your spare change and offers cashback at select retailers. It is one of the best investment apps like Robinhood.
The app has an easy-to-navigate interface. Unlike other Robinhood alternatives on the list, their monthly fees are on the high side. However, its automatic savings features help people save more for investing.
Acorns charges a $3 to $5 monthly fee to trade stocks, depending on the account type you choose.
There is no minimum amount required to open an Acorns account. However, you must have at least $5 in your account to start investing.
The Acorns app is best suited for beginners and millennials who are looking to start investing with small amounts of money. Acorns is a micro-investing app that rounds up everyday purchases to the nearest dollar and invests the spare change into diversified funds or individual stocks.
Is there a better app than Acorns?
Acorns is really simplifies investing and enables users to start micro investing in stocks, bonds, mutual funds, and ETFs without the need of much knowledge or experience.
That being said, if you want to pick your own stocks and build your own investment strategies — there are better-suited investing apps to pick from.
Best Acorns Competitors
Here are our top apps like Acorns if you are looking for the best Acorns alternatives.
Robinhood platform and app is the most popular investment app that started offering free online traders in 2015. However, Robinhood's competitors started offering commission-free trades soon, too, so zero-commission fee trading is now not special as it has become the industry standard.
Robinhood and Acorns both have $0 trading commission. Robinhood offers active trading only, while Acorns only offers passive investment options. Robinhood is a better choice for overall investment selection. Acorns is a stronger choice for socially responsible investing and custodial accounts.
Robinhood is a commission-free brokerage app that doesn't charge fees to open or maintain an account, or to transfer funds. However, Robinhood does pass on fees from regulatory organizations to cover its costs. Robinhood also charges a standard margin interest rate of 12%, or 8% for Gold subscribers.
The minimum deposit to open a Robinhood account is $0. Robinhood doesn't require a monthly fee or account minimum. However, you'll need to make minimum opening deposits for fractional shares and margin trading. You'll also need at least $25,000 for pattern day trading.
Robinhood is a mobile app that's best for intermediate or advanced investors. It's designed for active traders, including day traders. It's also a good choice for beginner investors.
2. M1 Finance
M1 Finance is a very easy-to-use app that allows you to invest your way so you can build wealth your way. The app allows you to build a custom portfolio by choosing stocks and funds from more than 80 expert portfolios.
M1 Finance offers various types of accounts, such as brokerage accounts (Individual and Joint), retirement accounts, trust accounts and custodial accounts.
The app enables you to buy fractional shares. You can choose from over 6,000 stocks and ETFs that are listed on NYSE and the NASDAQ exchanges. You can automate your contribution. The platform will also rebalance your portfolio for you.
M1 Finance is a low-cost robo-advisor for self-directed investors. Basic M1 Invest accounts are free and have no monthly, management, or trading fees. M1 Plus members pay a $95 annual subscription fee or $10 monthly.
The minimum deposit to open an M1 Finance account is $100, or $500 for retirement accounts. After making the initial deposit, you can customize your funding preferences.
M1 Finance app is best for those who want to create portfolios containing low-cost ETFs or use individual stocks – or both.
The eToro trading platform and app is one of the best Robinhood alternatives. The platform is used and trusted by tens of millions of worldwide users. Once you register to the site, you will have access to over 2,400 assets from major worldwide exchanges.
The eToro app is one of the top apps like Acorns that offers the power of social investing. Join over 25M people on the world’s largest social investing platform where you can purchase cryptos like Shiba Inu or Bitcoin, stocks, and beyond.
eToro charges a 1% fee for buying or selling crypto assets. This fee is added to the market price and is included in the price displayed when you open or close a position. eToro doesn't charge commissions for stocks and ETFs, and covers regulatory transaction fees when you sell a stock. eToro's fees are in line with most other crypto and trading platforms.
The minimum deposit to start trading on eToro is $10. However, the minimum first-time deposit can vary from $50 to $10,000 depending on your region and country.
eToro is a good choice for both beginner and advanced traders. It's a pioneer in social investing and has a vibrant community. It's also a good choice for casual traders who want a fun and easy-to-use platform.
Trade popular crypto, stocks, and beyond. Explore professionally managed portfolios. Connect with over 20M traders. eToro is one of the world’s leading social investment community that allows people to grow their knowledge
Webull is an app-based trading platform and one of the best Acorns alternatives that offers zero fee, zero commission and requires no minimum amount to open an account. However, Webull does not allow you to buy fractional shares.
The platform is easy to navigate, so it offers a great user experience. Webull offers extended trading hours, so is is good for active traders. There are no trading fees and minimum amount required to open an account.
Webull is an online trading platform that offers zero-commission trading. This means they do not charge fees for buying or selling stocks, options, or cryptocurrencies. However, Webull does charge a $0.55 per contract fee for certain options trades. Webull also charges a 100bps markup that is built into the price of the crypto you are buying/selling.
Webull has no minimum deposit to open an account. You can deposit as little money as you want. However, if you want to short stocks, you'll need to open a margin account, which requires a minimum deposit of $2,000.
Webull is an appealing choice for those looking for a cost-effective, user-friendly platform with a wide range of investment options, including stocks, ETFs, options, and cryptocurrencies.
Public is a commission-free stock brokerage company. You can build your investment portfolio using the Public app. It allows you to invest in fractional shares of stocks and ETFs. It is a free investment platform that is particularly suitable for new investors.
If you want to buy fractional shares, i.e. buy less than a whole share of any particular stock, it is for you. It is one of the best Acorns alternatives. Within the Public app, you can see other traders' trading activity so you can copy their strategy completely or get trading ideas from their strategy.
The Public investing app is free to use as a basic member. There are no trading fees or commissions. However, you can upgrade to Public Premium for $8 per month to receive more advanced data, company financial metrics, and Morningstar research. Public Premium also unlocks advanced tools and insights to inform investment decisions.
Public.com has a $0 minimum account requirement. However, there are minimums for investing in stocks and Treasury Accounts.
Public is a user-friendly application designed for novice investors, with an added social media component that enhances the investment experience. The platform provides the ability to invest in fractional shares, U.S. Treasuries, and even offers access to cryptocurrency investments.
Stash is a popular online brokerage firm and one of the best Acorns alternatives if you are interested in a personal finance app that can help anyone improve their financial life. From budgeting to saving for retirement, Stash unites banking, investing, and advice all in one app that helps over 6 million reach their financial goals–all for one low monthly price.
Stash is an investment app that charges a monthly subscription fee. The fees are $3 per month for the Stash Growth plan and $9 per month for the Stash+ plan. Stash collects the fee once a month, around the date you opened your account.
Stash has a $0 account minimum but managed Smart Portfolios require a $5 minimum investment. You can start investing with Stash with as little as $1.
Stash is best for a range of investors, particularly those who are just starting to learn about saving and investing. It's suitable for new investors who want to buy fractional shares, build their own portfolios, or utilize automated portfolios.
Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures. Nothing in this material should be construed as an offer, recommendation, or solicitation to buy or sell any security. All investments are subject to risk and may lose value.
7. SoFi Invest
With SoFi Invest, you can get started investing with as little as $5. They allow you to buy and sell stocks of your own choosing. Its automated investing option offers one of the best robo advising platforms. The platform also provides free educational seminars and meetings with financial advisors.
SoFi offers individual investment accounts, joint accounts (held by two people) and a range of retirement accounts and rollover options. Once you download the app and open an account, you can get up to $1,000 in free stocks.
SoFi doesn't charge advisory fees or management fees. However, many SoFi ETFs have high expense ratios.
SoFi Invest has no account minimum to open an account, but you need at least $1 to start investing. The minimum deposit is $0, so you can deposit as little money as you want.
SoFi Invest is suitable for a range of investors, particularly those looking for low-cost investing options and beginners. It offers easy-to-use apps and platforms, making it a good choice for newcomers.
SoFi Invest is one of the best investment apps, especially for beginners in the US. It offers an intuitive trading experience, active or automated investing, and options like cryptocurrencies. SoFi Invest offers a variety of investment options, including stocks, bonds, fractional shares, ETFs, options, IPOs, crypto trading, retirement accounts, and robo-advising.
The Moomoo app is a 0% commission professional trading platform that is free and easy to use. The platform provides free in-depth market data and useful analytical tools to help you make smart investment decisions.
Moomoo offers free stocks (depending on terms and conditions) to new customers if they open a brokerage account during the promotion period.
Moomoo offers commission-free trading of US stocks and ETFs. However, there is a fee of $0.65 per trade for options trading.
The minimum deposit at moomoo is $0. However, you need to fund your account to start trading. You might need to make a minimum deposit to qualify for a free stock promotion.
Moomoo is a stock broker that's good for both advanced and beginner traders. It offers a wide range of trading tools, including advanced charting, screening tools, and Level II Data. Moomoo also offers free quotes and smart order types.
The Wealthsimple app is a popular investing app that has an easy-to-use interface. Users can build a personalized diversified portfolio (including socially responsible and halal/Shariah-compliant options) specific to their goals.
Users can invest in fractional shares through the Wealthsimple app. It offers automatic rebalancing and expert financial advice. Overall, this is a popular and one of the best trading and investing apps like Acorns.
Wealthsimple has no fees for deposits, withdrawals, or Canadian stock and ETF trades. However, there are fees for other services:
- Wealthsimple Invest: Has a 0.5% yearly management fee for accounts under $100,000 and a 0.4% fee for accounts over $100,000. There is also a 0.2% yearly fee for ETFs.
- Wealthsimple Trade: Has a 1.5% exchange rate fee for US stocks and ETFs. There is also a $10 monthly fee to upgrade to the Plus version. Broker-assisted trades cost $45.
- Options trading: Costs $2 USD per contract.
Wealthsimple Cash accounts have no monthly fees, no minimum, and no overdraft penalties.
The minimum deposit for a Wealthsimple account is $0. Wealthsimple has no account minimums, which makes it easy for new investors to get started. Wealthsimple also offers a Wealthsimple Cash account with no monthly fees and no minimum.
Wealthsimple is best suited for various types of investors, including those who are just starting out, passive investors in Canada or the U.K., socially responsible investors, those seeking halal investment choices, and millennials looking for simplified investing solutions.
Stockpile is an app-based brokerage firm that offers a simple, streamlined interface to buy and sell stocks and ETFs easily. It is a great platform for newbie investors who want to build diversified portfolios. Stockpile, however, does not offer a broad range of products.
Stockpile was built with young people in mind to encourage them to start trading early. The platform offers gift card options and custodial accounts to help kids and teens learn about investing early in stocks.
Stockpile offers two plans, a monthly membership for $4.95 per month or annual account fee of $50. Stockpile doesn't charge commissions for stock and ETF trades.
There's also no minimum deposit to open an account. Stockpile offers fractional shares, so you can buy stocks or ETFs with as little as $1.
Stockpile is best suited for those who are beginner investors and want an easy way to start investing early. It's particularly useful for individuals who prefer an accessible platform for buying fractional shares of stocks with no minimum balance and few account fees.
E*TRADE is an online broker that offers a platform for trading financial assets. It's a subsidiary of Morgan Stanley, a global financial services firm. E*TRADE is one of the largest online brokers in the country.
ETRADE offers two free trading platforms, ETRADE Web and Power E*TRADE. E*TRADE Web offers free streaming market data, real-time quotes, and more.
With an E*TRADE brokerage account, you can start trading immediately. This trading platform works best for advanced traders, intra day traders, derivative traders and those saving for retirement. You can trade on mobile or trade using the website through the platform.
E*TRADE charges $0 commission for online stock, ETF, and options trades. However, options trades incur a per-contract fee. The standard price is $0.65 per contract, but if you make more than 30 trades per quarter, the options commission declines to $0.50 per contract. E*TRADE also charges $6.95 for penny stocks.
The minimum deposit at E*TRADE is $0. E*TRADE doesn't require a minimum to open or maintain an account. However, some investments, like mutual funds, may require a minimum initial investment.
E*TRADE is best for a wide range of investors, including those seeking retirement planning assistance, beginner investors, and those looking for a broker with an outstanding platform. It caters to investors of all backgrounds and trading philosophies while consistently innovating to improve its services.
13. Charles Schwab
Charles Schwab is a popular and one of the leading online brokerage platforms when it comes to trading stocks online. It offers three trading platforms, including two mobile apps and a browser-based platform.
Charles Schwab offers a wide range of products for all investors and traders. Charles Schwab is particularly good when it comes to retirement savings as it offers better account types. It has a highly rated app-based platform called Schwab Mobile which is one of the best apps like Acorns.
Charles Schwab offers commission-free online stock and ETF trades. Online options trades cost $0.65 per contract. Service charges apply for automated phone trades ($5) and broker-assisted trades ($25). Futures trades cost $2.25 per contract.
The minimum deposit to open a Charles Schwab account is $0. There are no fees to open or maintain a Schwab account.
Charles Schwab is best suited for individuals seeking a brokerage with exceptional customer service, $0 trade commissions, and a diverse selection of mutual funds. It continues to enhance its offerings based on customer feedback, maintaining its performance among online brokers.
Fidelity is a brokerage firm that offers a variety of investment options, including stocks, bonds, and mutual funds. They also provide financial planning, advice, and educational resources. Fidelity is considered one of the safest brokerages to invest with.
They have a stellar reputation and are fully regulated in the U.S.. Fidelity is trusted by over 40 million people and holds over $9.9 trillion in assets under administration. Fidelity offers a variety of services, including: Retirement services, Wealth management, Securities execution and clearance, Asset custody, Life insurance.
Fidelity offers commission-free online trading for stocks, ETFs, and mutual funds. There are no account fees or minimums to open a retail brokerage account. Fidelity also offers no-transaction-fee mutual funds and zero-fee index funds. Fidelity's fees are generally low. For example, they charge $0.65 per contract for option trades. Fidelity's pricing is transparent and competitive.
The minimum deposit to open a Fidelity account is $0. Fidelity has no account fees and no minimums for opening or maintaining a brokerage account.
However, some investment choices, such as mutual funds, may require a minimum initial investment. You can check each fund's prospectus for details.
Fidelity is a good choice for investors of all levels, from beginners to sophisticated day traders. Fidelity offers a variety of research capabilities for stocks, ETFs, and fixed income. They also provide educational tools to help new investors get started. Fidelity has no account fees or minimums to open a retail brokerage account. However, some investment choices, such as mutual funds, may require a minimum initial investment.
15. Ally Invest
Ally Invest is one of the best Acorns alternatives that offers a wide range of investment choices. The platform also offers a wide selection of resources, including advanced charting tools to help investors make the right investment decisions.
Users have access to advanced charting tools and numerous calculators. Ally also offers a checking account you can use to manage your funds daily, or a high yield savings account to hold your extra cash. Between these three accounts, Ally can help you invest in alternative assets and manage your money hassle-free.
Ally Invest doesn't charge commissions for stocks and ETFs priced at $2 or higher. For stocks priced below $2, Ally Invest charges a $4.95 base commission plus one cent per share. The maximum commission charge is generally 5% of the trade value.
Ally Invest doesn't have a minimum balance or deposit to open a self-directed brokerage cash account. However, there is a $2,000 minimum deposit for self-directed brokerage margin accounts. Robo portfolios require a $100 minimum deposit
Ally Invest is a good choice for active traders and investors who are new to intermediate. Ally Invest offers commission-free investing, no minimum deposits, and 24/7 market access. They also have educational support, helpful tools, and good customer support.
16. TD Ameritrade
TD Ameritrade is one of the best Acorns alternatives when it comes to stock trading online. TD Ameritrade and Charles Schwab are now part of a single company. The platform offers trading options unlike Acorns and does not charge a commission or fee to trade stocks online.
It is one of the easiest trading platforms you can use on both mobile and desktop. The platform offers a wide selection of products to choose from to build your portfolio. Trading fees for options are comparable to most other platforms, which helps keep investment costs low. TD Ameritrade doesn't offer fractional shares, but the options for stock research are tremendous.
TD Ameritrade does not charge commissions for online stock, ETF, or option trades. However, there are some fees, including:
- Over-the-counter (OTC) stocks: $6.95 commission for online trades of stocks not listed on a U.S. exchange
- Penny stocks: $6.95 flat-rate fee
- Options trades: $0.65 per contract
- Covered equity securities: $0.000145 per share, with a maximum charge of $7.27 per trade
- Covered TRACE-Eligible Securities: $0.00092 per bond
TD Ameritrade also charges $75 to transfer out your full balance. There are no inactivity or annual fees.
TD Ameritrade doesn't have a minimum deposit or account balance. You can open an account with $0 and fund it later. However, there is a $50 minimum for electronic funding.
TD Ameritrade is best for various types of investors, including beginners and those focused on trading platforms, tools, and research. It offers a range of features that cater to different needs.
Frequently Asked Questions (FAQs) – Acorns Competitors
What are Acorns competitors?
Acorns competitors are other financial technology platforms and apps that offer similar services and features for saving, investing, and managing personal finances.
Are there any alternatives to Acorns?
Yes, there are several alternatives to Acorns, including popular platforms such as Robinhood, Stash, Betterment, Wealthfront, and M1 Finance, among others.
How do these competitors differ from Acorns?
Each competitor has its own unique features and offerings. Robinhood is known for commission-free stock trading, Stash offers personalized investment portfolios, Betterment and Wealthfront provide automated investment management, and M1 Finance allows for customizable portfolios with fractional shares.
Which competitor is best for beginners?
Stash and Acorns are often considered suitable for beginners due to their user-friendly interfaces and features designed to help users start investing with small amounts of money.
Can I invest in cryptocurrencies with Acorns competitors?
Some Acorns competitors, such as Robinhood, offer access to cryptocurrency trading. However, the availability of this feature varies among different platforms.
Do Acorns competitors offer automatic round-up investments?
Yes, many competitors, including Stash and Robinhood, offer automatic round-up investments similar to Acorns, where purchases are rounded up to the nearest dollar and the spare change is invested.
What is the primary focus of Acorns competitors?
The focus of Acorns competitors is to provide users with accessible and simplified ways to save, invest, and grow their money through various investment options, portfolio diversification, and financial management tools.
Do these competitors offer retirement account options?
Yes, some competitors like Betterment and Wealthfront provide retirement account options, such as Individual Retirement Accounts (IRAs), allowing users to save for their retirement with a diversified investment approach.
Are there any differences in fees among these platforms?
Yes, there can be variations in fee structures. Some platforms might charge management fees, transaction fees, or account maintenance fees. It's essential to compare the fee schedules of different competitors to find the one that aligns with your financial goals.
How do I choose the right Acorns competitor for me?
Consider factors such as your investment goals, risk tolerance, preferred investment options (stocks, ETFs, cryptocurrencies, etc.), ease of use, fees, and customer support. Reviewing the features and offerings of each platform will help you make an informed decision.
The Best Acorns Alternatives
If you are like many people, worried about losing the great features Acorns does offer, these are the best Acorns alternatives.
Whether you are trading exchange-traded funds or just want to start investing money with a stock trading app, there is something here for just about anyone.
But make sure you do your research to understand all the many types of brokerage accounts, so you can make sure you are choosing the right investment app for your needs.