Forbes is shutting down its investing app — consider these 8 alternative automated investing apps
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- Forbes is shutting down Q.ai, its online investment app for simplified trading.
- Q.ai users must move assets in their accounts to a different investment platform by December 8, 2023.
- If you're looking for automated or AI-powered tools, here are eight alternatives to Forbes' app worth considering.
Forbes announced it will be shutting down its investment app Q.ai on December 8, 2023. The AI-powered platform used both active management and automated investing strategies. It offered AI-powered portfolios on a range of investment types, including stocks, ETFs, commodities, and cryptocurrencies.
If you have an existing Q.ai account, you must initiate a withdrawal and transfer your assets to a new account in an external investment app or online brokerage by December 8.
There are plenty of robo-advisors and AI-operated investment platforms to choose from. Depending on what you're looking for, you can sign up for expert trading with advanced AI features, or a low-cost automated portfolio managed through some of the best robo-advisors.
Here are eight of the best robo-advisors and AI-powered investing apps.
1. Betterment
Betterment is our pick for the best overall robo-advisor because of its low fees, account flexibility, multiple portfolio options, and various investment options. A premium account with Betterment gets you unlimited access to certified financial planners (CFPs), but you'll need to meet a $100,000 minimum requirement. (A standard account has no minimum.)
With Betterment, you can invest with stock and bond ETFs and cryptocurrencies. The online brokerage is great for retirement-focused individuals and goal-based investors.
2. Tykr
Tykr is an AI-powered stock screening investing platform that assists you in trading assets like stocks, ETFs, and cryptocurrencies through safe, conservative, and passive investing strategies. Tykr's AI gives stocks and other assets an overall financial strength score from 0 to 100 based on the asset's return in the market.
Active investors (including beginners interested in hands-on investing) can benefit from the portfolio tracker, stock watchlist, community features, and trade journal. Tykr's goal is to help investors trade and make better investment decisions through personalized stock recommendations, expert insight, and up-to-date market data.
Tykr doesn't offer CFPs, but it does encourage users to pair its platform with advice from a financial advisor.
Tykr charges $29.99 monthly, or $99 annually (which comes to about $8.25 per month). It's currently offering a free 14-day trial.
3. Streetbeat
Streetbeat is an AI-powered automated trading platform that provides users with access to multiple personalized investment portfolios, as well as DIY investing through the app. AI tracks real-time news and market changes for advanced investing strategies.
You can connect Streetbeat to an existing Robinhood brokerage account, or open a new account on Streetbeat when you create an investment portfolio. Streetbeat doesn't offer human advisor access.
There are no management fees with Streetbeat, but you will have to pay $12.50 per month (or $120 annually). It's currently offering a seven-day free trial period.
4. Wealthfront
Wealthfront is one of the best robo-advisors for low-cost automated trading and portfolio management. It offers ETFs, index funds, crypto trusts, ESG portfolios, and emerging market stocks. It even has a high-yield bond portfolio.
Hands-off investors and beginners can use Wealthfront's automated trading tools like auto-rebalancing, smart-beta technology, US direct indexing, and tax-loss harvesting. But there's no human advisor access.
Wealthfront has a $500 minimum requirement to start investing.
5. Acorns
Acorns is one of the best investment apps for beginners. It's a robo-advisor providing simplified trading and beginner-friendly charting tools. Acorns mainly invest in ETFs for easy portfolio diversification, but you can pay extra to trade individual stocks or add bitcoin-linked ETFs.
There's a $5 minimum to get started and a minimum $3 monthly fee (varies by account type). Acorns is great for mobile users. Plus, it offers additional banking, emergency savings, and retirement savings options all in one location.
Acorns is great for beginners but it doesn't offer human advisor access or advanced charting features.
6. Trade Ideas
Trade Ideas is an AI-powered robo-advisor that uses pre-formulated built-in scanners to analyze potential investing strategies through backtesting. Trade Ideas offers a suite of advanced trading charts and tools designed to be paired with an external brokerage account.
Experienced investors wanting in-depth analysis, pre-built stock scans, simulated trading strategies, and real-time stock racing can benefit from Trade Ideas. But keep in mind that pricing is on the higher end. A standard account charges you $84 per month (or $999 annually) and Trade Ideas Premium charges $167 per month (or $1,999 annually).
Trade Ideas also has a user chatroom and a vast educational library of instructional and educational videos. But there's no human advisor access.
7. M1 Finance
M1 Finance is an online brokerage offering both automated and DIY investing through pie-based models. Passive and active investors can trade stocks, ETFs, fractional shares, and crypto through standard brokerage accounts, retirement accounts, and custodial accounts.
M1 Finance's robo-advisor is best for people who already have an M1 Finance bank account, loan, or credit card. But those looking for the convenience of automated trading paired with the flexibility of active investing strategies can also benefit. The brokerage has a $100 minimum requirement.
However, M1 Finance doesn't offer human advisor access.
8. Quantum AI
Quantum AI is an AI-operated trading platform for crypto. It uses AI algorithms and analysis to track current trends and trades on the crypto market. Both beginners and experienced cryptocurrency investors can benefit from Quantum AI's easy-to-use platform and automated trading.
It's a secure platform offering various read-made trading strategies, a free demo mode, and 24/7 support. Quantum AI supports cryptocurrencies like bitcoin, ether, litecoin, and ripple. Moreover, the platform is free with no trading fees.
If you're not interested in trading cryptocurrencies, this isn't the platform for you.