Last Updated on July 6, 2022 by Justin Su
When it comes to investing apps then Acorns and Robinhood are the most attractive platforms. Where even newbies who don’t have enough knowledge of shares and investment-related things can also invest.
Or at least can try to learn with them.
If you are one of those internet users who is looking for the answer to which is the best investing app among Acorns and Robinhood then you are in the right place.
In this article, I am going to compare the two most widely used investment apps by small and new investors, Acorns Vs Robinhood.
Let’s understand what they are first. And then at the end, we will compare them.
Table of Contents
What Is Acorns?
Acorns are California, USA-based financial and investment service provider. They have more than 8.3 million registered users by 2020. With more than $3 billion in assets under management (AUM).
Acorns were founded in the year 2012. Launched its first mobile app in the year 2014. You can start with them with a minimum of $1 per month.
Since its launch, they have raised more than $100 million in investments.
What Is Robinhood?
RobinHood is another stock trading and investment app based in California, USA. It was founded in the year 2013 but it grew very rapidly with more than 13 million registered users.
It is possible because of their activeness, in sense of accepting and implementing new products and services. Their estimated AUM is around $20 billion.
We can say Robinhood is the advanced version of Acorns.
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Features are the most prominent thing to know the difference between the products. Following are some of their key features.
- Easy to use
- Best for savings
- Start with $1 to $5 per month
- Retirement plans
- Earn up to 10% bonus on investment
- Automatic investment
In my opinion, there are more effective key features of Robinhood in comparison to Acorns. Let’s check out Robinhood features, and the Acorns Vs Robinhood comparison.
- Free to use
- Invest as low as you can
- Buy stocks, FTX, Gold, and more
- Buy and sell cryptocurrency
- No fee on trade
- Options trade
Platform and Other Fees
Acorns allow you to purchase any plan among three available plans. Prices are $1 Lite, $3 Personal, and $5 Family.
Robinhood is absolutely free to use. There is no fee for trade and on using the Robinhood platform.
The minimum investment on both platform is $1. It is really affordable to use.
Acorns and Robinhood both don’t have good customer support. But their customer support page has really knowledgeable and informative articles. Hence most of the time users don’t need to contact support.
But in case you have any problem then you contact them using email.
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Both are the most secured platforms. You can get an idea from this that they never got hacked in the last 7 to 8 years. Since their launch both of the platforms are providing customer satisfied service.
There are some negative incidents that happened with Robinhood like data reach and others.
Robinhood and Acorns both are regulated by government law and authority. SIPC (Securities Investor Protection Corporation) insures Acorns investments up to $500,000, including up to $250,000 for cash balance.
Which One Is The Best?
Both Acorns and Robinhood are the best investing apps. If you want to save on trading fees then Robinhood is for you but to use them you must know the basics of stocks and the share market.
In case you don’t have any basic knowledge regarding stocks or the market then you can go with Acorns. Do not forget to check out other articles on moneyforwallet.com.