Can you use multiple investment apps?

This guide explores whether it’s better to stick to one investment app or whether you should sign up to lots of different ones. Read on to learn why you might want to use multiple investment apps.
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Updated: Jul 19, 2022

Many people sign up to one investment app and stick to it, but there are hundreds more available through the app store on your phone. This guide explains how you can sign up to more than one app and the pros and cons of doing so.

Can you use more than one investment app?

You can use as many investment apps as you like. There’s no limit to the number of accounts you can have. For many people it’s easier to keep track of their investments in one place but there are plenty of reasons why you might want to use more than one.

Each type of investment app has different features and benefits, and by spreading your money across two or more you can take advantage of them all. If you plan to invest a large amount of money, using a couple of accounts might be more secure, as financial regulations in the UK only protect up to £85,000 per person in the event that a firm goes bankrupt.

How many different investment apps are there?

There are lots of different apps, and each one has its own unique features. If an app offers a wide range of stocks, funds, and ETFs from around the world, it might be better suited to long term investing. An app that offers free trading might be better for a short term, active trading strategy.

You can use this to your advantage, and create accounts with different apps to keep your pots of money separate. You might want to set up a low risk investment account for your retirement with one app, and trade cryptocurrency on another.

The benefits of using lots of different apps

There are a few reasons you might want to set up lots of different accounts. You might want to use each app to target different goals, or to make sure you get the cheapest fees when you invest. Here are some of the main benefits of using multiple apps:

  • You can shop around for the lowest fees. The cost of investing is different on every app. Some apps charge a monthly subscription fee which includes a fixed number of free trades, others charge a flat fee per trade, and some are free but may give you a slightly worse price on each asset. With lots of accounts, you can look around to find the best value each time you invest.
  • Specialised apps mean you can diversify more easily. The range of assets available on each app is different. One app might give you great access to the UK stock market, but to invest in US or European stocks you might need to sign up with someone else. Similarly, a great stock app might not be the same as a good crypto app, and to invest in both you need to use two apps. To diversify across different asset classes and different regions, you need to sign up to a few investment apps.
  • Each account can help you towards a specific goal. A great way to use different apps is to treat them like individual pots of money with contrasting aims. A long term investment account for your retirement can be based on one app, while a higher risk, more active trading account might be on another. A speculative crypto trading pot could be in a third. It helps you to keep the money separate, and means you don’t get sucked into putting your retirement money into risky, swing-for-the-fences plays.

What are the risks of using multiple investment apps

The biggest risk is adding complexity to your investing that might cause issues further down the line. There’s the simple fact that you need to manage the login details to lots of different accounts, along with a variety of other potential problems that could make things awkward. Here’s a quick run down of the potential risks:

  • It can be hard to stay organised. The more accounts you have, the more time consuming it is to manage them all. You need to remember all your login details for each one, why you signed up and what you have invested in with each account. There are ways to mitigate this with password managers and portfolio managers, but one account is undoubtedly easier to control.
  • You might lose track of your money. It can be difficult to remember how much you have invested and to keep tabs on your profit/loss record across lots of different accounts. This can mean you lose money without realising but can also have tax implications, as you have to pay Capital Gains Tax on any money you make from buying and selling financial assets.
  • More logins means more security risks. If you have lots of different logins you need to make sure they’re all as secure as possible. There’s more chance of a security breach, which could mean third parties acquiring your personal data or more serious issues where hackers manage to get access to your money.

Should I sign up for lots of investment apps?

It depends on your circumstances and how actively you plan on managing your money. Having two or three investment apps on your phone is probably a good idea, because it means you can get good prices and access a wide range of different assets. More than that can be difficult to manage and brings its own risks.

It’s also perfectly possible to get by with one account. If you would prefer to be a hands-off investor and to keep everything as simple as possible, then you should only use one investment app.

Here is a quick summary of the pros and cons of using multiple investment apps to help you decide which approach suits you best.

Pros

  • Lower cost of trading
  • Less risk than putting all your money into a single app
  • Take advantage of more offers and benefits
  • Track different goals on each app

Cons

What should I do next?

The best way to get started is to pick your favourite broker or trading platform and find its app on the App or Play Store. It’s easier to start with one account if you’ve never used one before, then add more as you find gaps in the service. 

If you don’t know which app to start with, you may want to read more about how investment apps work before you begin. Then you can read reviews to compare the different platforms and the service they offer before you choose one. Many of them offer demo accounts, and we would recommend that you use these to practice before putting any money at risk.


Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.