If you have just entered the world of stock trading, it can be easy to get overwhelmed. However, you can learn as you go, and the only way to get a better idea of how things work is to start investing. While some people prefer to let their money grow gradually, others may prefer to be more active and take an interest in learning more about stock trading.
Whatever your preference may be, one thing is for sure, the world of stock trading has changed. Gone are the days when you would need to pay exorbitant fees to brokers to help invest your money. Now, you can quickly fulfill your needs with the help of an app.
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5 Best Stock Trading Investment Apps
Stock trading apps usually are no or low-cost apps where you get commission-free trading. To get started, all you have to do is open a brokerage account, which more often than not has no minimum balance, and get started. You can either use your computer or start an account directly from your app.
Depending on your trading investment needs and goals, the perfect app for you will differ. Depending on the cost and features, some apps have been listed below:
Robinhood:
Arguably, the best free stock trading app on the market. This app was launched in 2013, even before Robinhood had its website. It became the first commission-free stock trading app and continues to have a robust audience. Even today, this platform boasts 10 million users. Robinhood has several attractive features. This app is available for both mobile and desktop and offers a seamless experience to its users. Additionally, Robinhood also allows users to trade seven major cryptocurrencies as well.
Users can opt for fractional investment in shares, thus ensuring that more people are interested in buying stocks. However, the app does have some significant disadvantages. The investment types are limited, so you cannot use it to set up a retirement fund. Moreover, there is limited customer support. An automated chat robot is the only thing that this app has to offer in terms of customer support, and there are no physical locations that a user can go to to help solve their query. The lack of proper customer support is bound to be an issue in most cases.
TD Ameritrade/Thinkorswim:
If you are a beginner and want nothing more than the ability to manage your investments while you are on the go, then the TD Ameritrade app is for you. However, if you are a little more fluent in the investment business, you can opt for the Thinkorswim app by the same company. This app is high on the list as it offers something for everyone.
Online stocks are free to trade, while other accounts have a low-cost fee. With a single TD Ameritrade account, you can get access to the TD Ameritrade app or the Thinkorswim app. A live CNN newsfeed is embedded in the Thinkorswim app. You get account and trading management options regardless of which app you opt for. This app is easy to use and makes it a breeze to manage your accounts. Additionally, there is no minimum balance required to open an account.
Acorns:
The stock app from this company is called “Invest Spare Change,” and that tells you all that there is to know about this app. Users who want to invest, but have not done so before, and do not want to think too much or get involved in investing can use this app. You can open an account with the help of your bank account, and the app tracks all of your spending.
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Then, it invests any spare change that you may have into different low-risk portfolios. With the help of this app, you will gradually have a slowly growing fund for the future. Acorns charge its users a monthly fee of $1 for taxable accounts, $2 to add an IRA, and if you own an Acorns Spend account or a Checking account, you will be charged $3 a month. If you are a novice and looking for a way to invest your money, this is the best option.
SoFi:
If you are a beginner looking to learn more about investing to help make educated decisions, this app is an excellent choice for you. SoFi stands for Social Finance. And it has several resources which help you learn more about the world of trading stocks. A low balance of $1 is required to open an account, and then you can opt for commission free trading and even purchase fractional shares, which are known as Stock Bits.
There is a tab filled with learning options on this tab to help you make better investments. Users can also view different funds and stocks at leisure to help decide what they want to invest in. While individual pages for these funds and stocks have concise bits of information, it is perfect for beginners who wish to invest without getting too overwhelmed.
Ally:
When you need an investment and banking account wrapped in one, this app is the one for you. You can get banking options from other stock trading apps as well. However, Ally Bank is the best for online banking. You can easily manage your spending and investments online when you are on the go.
This app is great even for those who do not want to invest but need an online checking and saving account. The app offers low cost and easy to use brokerage accounts. You get no commission ETF trading and stocks with this app. Charting and data provided by this app provide basic information. While this app may not be the best for those who are more adept in investing and want enriched information, it is perfect for those who are just starting.
When you are trying to decide on the best app for you, apart from assessing your investment needs, you must keep a few other things in mind. Mainly, you should be able to carry out all banking and investment activities from your phone, and the app should be accessible via all smartphones, whether it is iOS or an Android phone.
Additionally, you should also look for apps that allow you to learn more about the stocks, access educational resources, and more from the mobile app itself to offer you a seamless experience. Investments in stocks are made easier thanks to these handy apps.
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