4 Best Trading Apps Platform for Beginners to Intermediate
If you want to start trading stocks, we have some good news. Not only have virtually all major brokerage firms abolished commissions on stock exchanges, the process of buying and selling stocks is easier than ever before. The big reason is that there are excellent commission-free stock trading apps that allow you to trade stocks and much more.
In this guide, we'll share some of our favorite free stock trading apps from top stock brokers, as well as a few things to consider when deciding which is best for you.
1. TD Ameritrade
TD Ameritrade goes beyond just being a free trading app. While the lack of commission fees is certainly attractive, the platform's true strength lies in its well-rounded features. TD Ameritrade boasts a user-friendly and powerful application that caters to both novice and experienced investors. Their exceptional customer service is another major advantage, ensuring you have support whenever you need it.
Furthermore, TD Ameritrade offers a vast selection of investment options to suit your needs. This includes popular choices like stocks and ETFs, along with more complex instruments like options. They also provide a variety of account types, from basic individual accounts to IRAs and margin accounts for more experienced investors. This comprehensive approach allows you to tailor your investment strategy with the tools and options TD Ameritrade provides.
It's important to consider TD Ameritrade's limitations before you jump in. While they excel in many areas, they don't offer everything. For example, if you're interested in investing in fractional shares, which allow you to buy portions of a single stock, you'll need to look elsewhere. Similarly, cryptocurrency trading is not available on TD Ameritrade. If these features are important to your investment goals, you may want to consider a different broker.
2. Robinhood
Robinhood caters to users who want a user-friendly platform for active trading. It allows commission-free stock, option, and cryptocurrency (including Bitcoin) trades. This is particularly attractive for options traders, as Robinhood eliminates the standard contract fees charged by many brokers.
Robinhood goes beyond just trading. Their cash management feature allows users to earn interest on uninvested funds. Additionally, the premium Robinhood Gold subscription offers margin access (up to $1,000 with no interest for the first month) and Morningstar research reports.
It's important to understand Robinhood's focus. While it shines for active traders, it lacks the depth needed for long-term investing. There are no mutual funds or IRAs available, and educational or advanced trading tools are scarce. Robinhood's simplicity comes at the cost of comprehensive investment options and in-depth research resources.
3. SoFi Invest
SoFi Invest caters to investors seeking a platform that goes beyond just stock picking. It offers a unique combination of active investing features, like stock and cryptocurrency trading, and automated investing through its robo-advisor service. This flexibility allows users to tailor their investment strategy based on their needs and experience level.
But SoFi Invest's true strength lies in its ability to integrate seamlessly with other financial products. Unlike many tech-focused investment apps, SoFi allows users to open traditional and Roth IRAs, a valuable tool for long-term wealth building. The real game-changer? All these features, including borrowing, saving, and investing, are accessible through a single, highly-rated mobile app.
This comprehensive approach sets SoFi Invest apart. SoFi, which stands for Social Finance, is designed to be a one-stop shop for your financial needs. Beyond the investment platform, the SoFi app offers access to personal loans, mortgage loans, private student loans, credit cards, and even high-yield savings accounts. This allows users to manage their entire financial ecosystem from a single, convenient location.
4. E * TRADE
E*TRADE stands out for its ability to cater to both casual and active investors. Our experts praise it as a comprehensive platform offering everything an investor might need. The key lies in E*TRADE's dual app approach: the standard E*TRADE app and the more advanced Power ETRADE app.
The regular E*TRADE app is ideal for average traders. It boasts a user-friendly interface that facilitates trading, account management, and access to essential tools like market news and research reports. This makes it a great choice for beginners or those who prefer a simpler experience.
For active traders, Power E*TRADE unlocks a whole new level of functionality. This app caters to your fast-paced trading needs by providing real-time technical analysis, advanced options and futures trading features, and powerful charting capabilities. These tools empower you to make informed decisions in a dynamic market environment.
It's worth noting that some users have reported technical issues with the Power E*TRADE Android app, while the iOS version seems more stable. If you're an Android user, consider this when making your choice.