Yes, Acorns is a legitimate, regulated company. Its broker and custody services are regulated by the Securities and Exchange Commission and it’s also a member of the Financial Industry Regulatory Authority (FINRA), a self-regulating organization. It’s also a member of the Securities Investor Protection Corporation (SIPC). Not only is Acorns legally obligated to submit information to federal regulators, but it also must uphold the rules of FINRA and SIPC.
Keep in mind that there are risks with any type of investment. The stock market can be fickle and you can lose money.