Thanks to the surge of fintech startups emerging in the UK, there’s no shortage of investment apps that new and experienced investors can use to build, grow, and diversify their investment portfolios.
The only problem is that there are so many options to choose from that choosing the right one can be a daunting experience in itself. In this article, you’ll learn the most important things to check when choosing an investment app to use.
And to make things even easier for you, we’ve included ten of the best investment apps in the UK to help you reach your financial goals in 2023.
4 Things to Consider When Choosing an Investment App
1. Your Level of Experience in Investing
Most—if not, all—investment apps promote that they cater to new and experienced investors. However, not all of them would provide the tools and resources to meet each of their needs.
If you’ve just started investing or are planning to start investing, look for an app that will provide you with tools, resources, and features that will help you learn and understand the basics of investing in a way that will be easy for you to understand and apply once you start choosing what to invest in.
Opting for investment apps that offer fewer investment options can also be helpful for beginner investors as this will prevent you from feeling overwhelmed and confused about which to get.
On the other hand, if you’ve already invested for some time, look at features that will help you adequately protect and manage your investment portfolio. For instance, if you’ve always been used to having someone manage your investment portfolio for you, an app that offers fully-managed portfolio services would be a great option to consider.
2. Location Availability
This is especially important if you’re a foreign investor wanting to invest in UK investment opportunities.
Some UK-based investment apps may only allow UK citizens to invest in their apps. Others will enable foreign investors to invest and trade using their app, but they must reside in the UK.
Whilst many investment apps will allow you to open an account for free, they will charge fees for certain transactions you do whilst using the app. This shouldn’t come as a surprise. After all, these apps are run by businesses and need to generate revenue to meet their expenses and keep their investors happy.
Most investment apps would display the fees they charge on their respective websites, so be sure to take the time to go through this before deciding on an app you’ll use to manage your investment portfolio.
4. Customer Support
No investment app is perfect, and that’s why it’s crucial to ensure to check and review the level and quality of support they provide if and when you need help.
The best way to do this is by getting in touch with their customer support BEFORE signing up for an account. Ask them any questions you may have about their fees, features, and investment options.
We recommend doing this before signing up because most—if not all—companies would always put their best foot forward for potential clients and customers. If the level of customer support doesn’t meet your expectations before you start using the app, that should serve as a red flag for you to consider other options.
Top 10 Investment Apps for 2023
Founded by Israeli brothers Yonni and Ronen Assia in 2007, eToro provides a host of crypto, stocks, and exchange-traded funds (ETFs) investment opportunities to millions of investors across 140 countries.
In the UK, investors can set up an account and start trading on this investment app for as little as £10. It’s authorised and regulated by the Financial Conduct Authority (FCA), so you can be sure that your investment transactions here are protected.
What makes eToro stand out from other investment apps is its unique CopyTrader technology.
This feature offers a win-win situation for all investors using the app. Beginners can copy the trading methods and portfolios of the highly-successful app users, allowing them to build a robust investment portfolio and their confidence in investing.
In return, those savvy investors sharing their knowledge and portfolios are rewarded financially through eToro’s Popular Investor program based on the number of app users copying their portfolios.
InvestEngine is a UK-based investment app founded in 2017 by co-founders Andrey Dobrynin and GumTree’s co-founder, Simon Crookall, and offers two ways to build and grow your investment portfolio.
The first is the DIY investment portfolio. As its name suggests, this allows you to build your investment portfolio on the app from scratch based on the different investment options offered.
The second is the fully-managed investment portfolio, where you choose from any of the pre-built investment portfolios available on the app based on your overall financial goals, risk appetite, and the amount you’re willing to invest. A team of investment experts will then manage these portfolios to ensure you reach your specific investment goals.
One of the great things about InvestEngine is that you won’t be charged any setup, withdrawal, or dealing fees if you can build your investment portfolio from scratch. And even if you opt to avail of one of the fully-managed investment portfolios on the app, InvestEngine only charges a 0.25% annual fee.
Another great thing is that InvestEngine allows its users to automatically top up their investment portfolio through its AutoInvesting feature. Once your portfolio begins generating a profit, this is automatically deposited to your nominated bank account.
Launched in April 2022, Dodl is an investment app owned by AJ Bell, one of the largest investment platforms in the UK.
It’s also one of the cheapest UK investment apps to use. Users are charged an annual fee of 0.15%, or £1 per month (whichever is higher), for each account they own.
The key difference between Dodl and AJ Bell’s primary investment platform is the number of investment options users can choose from. Whilst the investment platform offers over 2,000 funds, shares, investment trusts, and ETFs, Dodl only offers 30 funds and 50 share options, including seven pre-built funds based on an investor’s risk appetite level.
Initially, you may think Dodl is a step down from the web-based investment platform. But because the options are more streamlined, the app is far easier for novice investors to use and start investing.
Although founder Igor Chugunov positioned Credits as a digital wallet app, we’ve included this in our list of investment apps to use in 2023, especially if you’re investing or are planning to invest in cryptocurrencies.
Credits offers over 40 crypto coins and tokens, and users can own just as many cryptocurrency wallets in their accounts. They’re currently raising capital to expand their offerings to include stock trading investment options in their product range.
Unlike other crypto investment apps that require you to use a separate provider to buy, store, and sell cryptocurrencies and fiat, Credits have made it possible for you to do all of this right in the app. This gives its app users a cheaper and more convenient way to do this.
On top of this, Credits also allows you to open a Euro account without having to physically visit an office. You can use this just like any savings account you open in a traditional bank, including sending bank transfers to friends and colleagues and depositing your earnings from your crypto investments.
Award-winning IG is an investment app owned by Investors Gold Index Investments, a privately owned CFD and forex broker. It offers UK investors more than 18,000 investment options to build and diversify their portfolios.
On top of this, IG provides app users with lots of research tools and resources, which are extremely helpful in choosing which investment options to add to your investment portfolio.
Perhaps the only downside to using this app is that this was designed for experienced UK investors and trading professionals. That’s because many of the investment options they offer require a significant minimum investment for you to get started. For instance, the minimum investment IG requires for you to get started on their Smart Portfolio ISA is £500.
Founded in 2016 by Richard Avery-Wright, Michelle Pearce-Burke, and Richard Theo, Wealthify is a robo-advisor app that offers a range of ETF investment options, personal pensions, and ethical investment opportunities.
Whilst most investment apps give you the option to build your investment portfolio from scratch or have this managed by a team of human experts, Wealthify uses a series of automated processes to build and manage your investment portfolio based on your risk profile, financial goals, and other information you provide when you sign up.
Investing using this app is also low-risk as you could start investing for as little as £1.
Launched in 2015 by Ben Stanway and Charlie Mortimer, Moneybox is a saving and investment app that’s easy and convenient to use regardless of your investing experience.
App users can start investing in local and international options for as little as £1. Depending on your experience and risk profile, you can invest in a range of diversified tracker funds or customise how your initial investment should be allocated across your investment portfolio.
The Moneybox app also includes several features to help you save money and make reaching your financial goals more manageable. One savings feature that stands out is its Lifetime ISA.
Unlike most investment accounts, Moneybox’s Lifetime ISA’s designed specifically for home buyers or those investing in real estate.
Formerly known as Elementaryb, Sherloc helps project how local and global events will affect your investment portfolios. This tool is hugely beneficial if you’re planning to invest a portion of your business’ revenue.
It utilises Artificial Intelligence (AI) to quickly generate financial models and projections based on events and other information you provide.
Sherloc will then provide you with several recommendations for mitigating the projected risk. You can test each of these options to choose the best option.
Launched in 2018, FreeTrade was designed by founders Adam Dodds and Davide Fionarelli to provide UK investors with an investing app that’s not only easy to use but also does not charge any trading fees or commissions.
New users can choose between two different account options when they sign up. The General account is free. It’s also ideal if you’re a beginner or still searching for investment options that matches your risk profile.
On the other hand, experienced UK investors will benefit more from their Plus membership, priced at £9.99. This membership gives more features and investment options, including an extensive selection of small-cap UK and US shares and funds.
10. Interactive Investor
Interactive Investor provides a diverse list of ready-made investment portfolios and retail investment options. These are categorised based on investors’ risk profiles. The app is linked to the company’s web-based platform, allowing users to manage their investment accounts wherever they are.
One notable investment option Interactive Investor offers is its Junior ISA account. This type of account allows parents to open an investment account for their children. It’s an excellent way to teach them the importance of saving and investing while they’re still young. It also gives you a way to ensure they’re financially stable when they’re older.
The investment app you’ll use to manage your portfolio can make or break your ability to reach your financial goals.
The options we’ve included here can help you find one that suits your needs. Take the time to review each of them using the tips we’ve listed to find which one works for you.
Are you using an investment app that’s not included here? Why not take the time to share these in the comments below? We’d love to hear about them and your experience using these.