Technological innovations since the turn of the century have led to the rapid expansion of online businesses. One of these businesses, which was earlier hampered by high fees charged by brokers, is stock trading. Other popular online businesses include surveys for money from your phone.
Fast forward to 2020, and you can now download a trading app conveniently on your phone or computer and start trading. However, the popularity of these trading apps has skyrocketed with the younger generation individuals open to the idea of making money through these platforms. This influx of stock trading apps has made it increasingly hard to know which app is the ideal pick. Because of this, we’ve listed the best stock trading apps you need to consider to buy or sell stocks and other digital assets.
Table of Contents
1. Robinhood Stock Trading App
If you’re new to stock trading, then look no further than the Robinhood app which is simple to use and free. It’s an excellent choice for beginners also because you don’t get charged any commissions for the trades executed on this app. You can also subscribe to the premium membership to access the golden features.
This trading app is available for both Android and Apple devices for trading in exchange-traded funds (ETFs) and stocks. It also comes linked to some of the most popular banks, including Bank of America, Wells Fargo, and Chase. The user interface of this app on both these gadgets is secure and straightforward. So, you don’t need to worry about the safety of your personal information and assets. It’s no surprise that its appealing and innovative design won the Material Design Award in 2016.
The sign-up process is simple and there’s no mandatory minimum deposit. This raises the appeal of this app for all traders. Therefore, you can start trading immediately, selling and buying ETFs, options, and stocks. Furthermore, you’re given stocks valued at $500 from Sprint, Ford, or Apple for every friend referral.
Integrated into this trading app are well-designed charts that are ideal if you’re a novice trader. It also features a customizable news feed that shows real-time price changes and provides information related to options, dividends, stocks, and the like.
2. Fidelity Stock Trading App
This is one of the best stock trading apps in 2020 that you should consider for investing your money. When signing up, you’re required to complete a questionnaire that allows the app to establish your investment methodology and your trading objectives. You can also modify the features incorporated in this app depending on your trading expertise.
On top of paying the $4.95 registration fee, you also have to pay more than 90 commissions which are labeled as “Free”. However, you must maintain an expense ratio between 0.10% and 0.50% of the total amount you’ve invested.
Many of the app’s software features can be modified, and these relate to the app’s functionality and appearance. Other incredible features on offer include an adjusted tax schedule, a personalized feed, customizable alerts, ability to automatically pay bills, and account review and management. You can also link the Fidelity app to Amazon’s voice response gadget Echo and receive instant updates on changes in stock prices.
There’s an audio Learning Center in this app where you can go to gain more knowledge on how to trade. You also have access to mutual funds and ETFs for investment.
3. TD Ameritrade Mobile Trading App
As a new stock trader, you need to consider the TD Ameritrade mobile app. This is because the app is intuitive, powerful, and filled with plenty of useful features that guarantee a superb trading experience. Consequently, this app is recommended for novice traders that are looking to understand how the market works on how to make money from it.
If you’re a new stock trader, this app’s appeal is on the account page. Here, you get to see your trades, orders, active positions, and your balance history. All this information is available on one screen and you can view the details with ease. It also incorporates unique features that work differently depending on the kind of smartphone you’re using. For example, as an iPad owner, you get a larger unpacked view for new trade notifications, while for the Apple Watch you only get simple notifications.
Using this app is easy and straightforward. This means you can quickly do comprehensive research on stocks, add stocks to your watchlist, put a price alert, or place an order. Furthermore, the TD Ameritrade app and other technology platforms such as Apple Business Chat, Alexa, and Google Home are getting substantial investments. This shows the company’s dedication to improving your user experience by making sure you face no issue whatsoever when trading on this app.
4. Schwab Mobile
The Schwab stock trading app features a simple and intuitive design that makes it an appealing choice for novice traders. It’s also an excellent choice for intermediate and experienced traders because it features many advanced features that enhance the trading experience. It’s because of this unique combination that this stock trading app is a popular choice among stock traders.
When opening a stock trading account on this app, the minimum accepted account balance is $1,000 with a 0% service fee. After signing up for this account, you get a $100 gift bonus, and the applicable trade commission is $4.95.
All transactions that you do when trading the 250 ETFs and more than 4,000 mutual funds are commission-free. This is quite useful as it helps to lower your overall trading cost because you don’t need to pay any additional fees. However, the transaction-free trading only applies to limited stocks, and a payment of $76 is required for any stock that isn’t included in this list.
5. IG Trading App
This stock trading app is customized for various gadgets, including the Android tablet, Android smartphones, the iPhone, and the iPad. It’s free to download while still guaranteeing a superb trading experience with access to 10,000 markets. So, your trading options aren’t limited. By using the IG app, you get access to live market data and analysis while trading forex, shares, indices, commodities, and CFDs.
6. Acorns Stock Trading App
If you have limited funds available to invest in the stock market, Acorns is the best stock trading app to meet your needs. This is because you can put as little as you want in your trading account. The app’s tagline, “Invest your spare change,” was especially appealing to the younger generation. With 256-bit security encryption, you don’t need to worry about your money’s security, thereby giving you time to focus on your trades.
The Acorns and Found Money features make you more responsible when shopping with your debit card and the spare change gets invested on your behalf. On this trading app, you’ll find a portfolio of ETFs that span seven asset classes as well as a 0.10% average expense ratio. It also includes useful features that simplify complicated and daunting tasks into simpler actions. This is something that novice traders much appreciate. When investing in this app, you can either opt for a one-time investment for an amount of your liking, or you can choose to go as low as $5 on a recurring basis for making investments.
Acorns is also a suitable stock trading account because you can diversify your investment to maximize returns. This happens because the profit made gets automatically reinvested into the app’s interface and this varies depending on the changes in the market. You can also get useful knowledge about forex trading and advice on how to execute your trades on this market. You receive continuous updates on the changes in stock prices and remain informed on whether to exit or enter a trade. Furthermore, withdrawing your profits is simple and you don’t have to pay a penny for that.
7. Interactive Brokers Stock Trading App
Are you an active trader? If so, you need to look no further than Interactive Brokers. The Interactive Brokers app is the best choice to meet your trading needs. This is because the mobile app includes useful features that enable you to trade while on the go. It also contains a powerful Trader Workstation (TWS). While the stock trading app incorporates most of the necessary features found on the company’s web-based platform, it’s somewhat restricted when compared to the TWS desktop app. However, you can still execute trades in real-time for different data streams and classes.
This app also features incredible charts, a broad range of indicators, and excellent research. Nonetheless, it doesn’t include drawing tools and has other weaknesses. Hence, most users opt for full TWS experience. Despite this, the Interactive Brokers app outperforms many stock trading apps on the market, meaning it still is a practical option.
Conclusion
Choosing a stock trading app can be quite confusing. However, after reading this article you can choose from the best stock trading apps available. If you select the best trading app for your needs, you can be sure that your trading experience will be fun and, most importantly, profitable.
About Carson Derrow
