You can use the Betterment platform from the online desktop version or via mobile app. Like most robo-advisors, Betterment starts the investment process by asking you a series of questions about your age, investment goals, and other topics that help Betterment to assess your risk tolerance.
Based on your answers, Betterment automatically builds a personalized investment portfolio, which you can modify. Also, depending on your investment goals, Betterment can tell you how much you need to deposit initially as well as ongoing.
Betterment's all-in-one platform doesn't just help you buy stock ETFs; based on what you tell Betterment about your financial goals, it can also help you open a no-fee checking account, a high-yield cash account, and more.
In addition to the standard portfolio allocation service offered by every robo-advisor, Betterment offers some services that help it stand out from the competition. For example, instead of rebalancing client accounts once per year or quarter to maintain the desired asset allocation, Betterment does automatic rebalancing to keep your portfolio on track whenever it's needed.
Betterment is one of the only robo-advisors that provides an automatic tax-loss harvesting feature with all accounts, regardless of balance.
Betterment doesn't require a minimum account balance, making it a good stock broker for beginners. However, you need to deposit at least $10 to start investing. In contrast, many competitors have minimums of $500 or more.
App
The Betterment mobile app's design and feature-rich capabilities mean you can manage all of your day-to-day needs on the go. Betterment's real customers agree, as evidenced by its high ratings in both the iOS and Google Play app stores. Simply put, it's one of the best investing apps from a robo-advisor.
- iOS rating: 4.7/5 stars
- Android rating: 4.7/5 stars
Here's one thing that makes the Betterment app unique compared to most brokerages: its mobile app gets equally good ratings for Android and iOS.
Many other brokerages and banks have lower ratings for their Android apps -- with many Android users complaining about bugs and broken features. Having such a high-rated app for Android and iOS is a good sign for the quality and reliability of the Betterment user experience.