Studies suggest that an individual must start saving before 45. If you don't do so, you must save three times more than the start. However, saving doesn't mean getting a fixed cash amount saved from your monthly expenses because it will be of no use due to inflation.

Instead, invest in one of the best practices to save money in the long term without compromising its future value. Wondering where to invest as a minor? Well, don't worry at all because we have got you covered. Keep on reading forthcoming content will discuss some of

the best investing apps for kids and teens for 2024.

Let's begin

Top 5 Best Investing Apps for Kids & Teens for 2024

As a teen or kid, you can not jump into the complexities. The same is why we have assembled a list of all the easy-to-use applications.

We will discuss each app along with its details, one followed by the other, to ensure your complete understanding.

1: SoFi Invest

SoFi Invest is among the best choices for investment, if you are starting. It is an easy-to-use application that allows investors to create as small as 1 US dollar. In addition, there are no hidden commissions and recurring amount fees for the traders.

The application also manages portfolio products to simplify the process for you. This allows for automated investing, where the opportunities are picked and driven automatically by the app users.

The app lets investors invest in multiple stocks and ETFs listed by category. Thus easing the process of finding potential investment opportunities that best match you. Unlike most applications and web services, the app does not have in-depth investment research requirements. Instead, it focuses on helping the newbies to understand and start trading practices.

For enhanced attraction, the app also offers financial planning sessions for all the members to rest and ensure a smooth and risk-free journey.

Pros

1. No minimum amount is required to start investing
2. Obtain no trading fees
3. Access to certified financial planners
4. The easy to use interface makes it possible for beginners to acquire understanding easily.

Cons

1. No Stop-loss option is present.
2. The service is not available in the US.

2: Ally Invest

Beginners usually don't want to use services with complicated interfaces and complex platforms. And Ally Invest seems to understand the case entirely. The same is why they have launched a mobile app that lets you trade stocks and other things with no commission. Mutual fund trade is also available at 9.95 US dollars.

In addition, you can also go with the option of robo-advisor, which helps you tackle difficult situations. The account also lets you choose between four types of portfolios, including Core, Income, tax-optimized, and socially responsible.

The app uses only 2 percent of your portfolio as the cash buffer.

Pros

1. The app requires no minimum amount as a startup for training
2. Proffers the investors with a portfolio free of advisory or management fees.
3. The trader only needs to spend about 0.50 dollars per option contract
4. Multiple bank accounts, car loans, personal loans, and mortgage refinancing are available.
5. Extremely easy and user-friendly interface which is just perfect for beginners to mid-level users.

Cons

1. There is no transaction fee for thousands of mutual funds.
2. The application might get heavy on the system of mobile phones with less RAM and ROM.

3: Acorns Invest

Acorns is an investment application for all those who know the importance of saving and want to invest but need more time to manage the funds and look into details. Specially designed for such people, the Acorns application charges 3 dollars per month to take care of all such things. That means the application will take care of everything, whether it is about automatic spare changes or transaction investing. In addition, the app also provides services related to retirement account saving, banking benefits, automated investment plans, and automated transfers.

In addition, the application is so simple and easy to use that even as a kid or teenager, you will be able to navigate smoothly. Some additional features specially designed to ease the process further for kids can be availed by paying 5 US dollars per month.

Pros

1. A straightforward platform to use.
2. When signed up, the trader gets a $20 bonus to make your first successful recurring investment. The bonus will be transferred to your account within ten days of the following month.
3. It offers additional features that help kids and teenagers learn to invest, minimizing risk.

Cons

1. Obtains a minimum limit of $5.
2. There are additional charges based on the plan you choose to go with.
3. The flat money is higher than other services available in the market.
4. You need to sign up for an investment plan using some premium options.

4: Public

As the name suggests, Public is a platform designed to let commoners and individuals without trading knowledge jump into the investment features. It is one of those few efficiency-designed applications that help trends to learn investment.

As a beginner, it is challenging to research different kinds of stocks and choose the best option. The same is why Public assembles features from other social media platforms such as Twitter and Facebook. Thus making the learning process easy and fun for you.

The platform also recently started alternative assets. That means you can exchange art, collectibles, NFTs, and other things with the Public for about 2.5 dollars per transaction.

Pros

1. No minimum rate of opening the account is required.
2. The service is entirely free to use.
3. Obtains features to allow for insight gain.

Con

1. No bonds, mutual funds, or options are available.

Conclusion

Investing is one of the finest habits an individual can develop as a kid or teenager. It not only helps you save some money but also eases life after 40. The same is why the content above discusses four efficient platforms you can consider for investing as a kid or teenager in 2024. So make sure to read from start to finish.