For some, smartphones have become an extra limb. They cannot live without them, and understandably so. Mobile phones have become a significant part of life because you can do almost anything with them, and now even investing or trading.
With a few taps on the screen, you can buy or sell stocks and other classes of investments to make profits. And the best part, it is at the comfort of your home.
But it is not all of the trading apps that qualify as the best stock investing apps. So which one is the best for you?
We discuss some of the best apps for investing.
Best Stock Investing Apps
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Thinkorswim
This trading app is an easy choice for active investors. An icing on the cake; the account does not have a minimum balance or recurring fees. You can trade as much as you want while keeping the costs down, and that is a good thing.
Thinkorswim offers a wide range of investments and accounts, even for cryptocurrencies and forex.
But the application is best known for its offerings for active traders. You can use the app to trade in options, futures, forex, and stocks.
It has a solid and secure stock market app, available for both android and iOS.
Typically, investors get the same experience across platforms, mobile, and desktop, when they log in. Other features that you will find helpful include profit and loss calculations, advanced trade tools, and live news streams.
Comprehensive charts and other tools and indicators are at your disposal for practical analysis and decision-making. You will love its sizeable educational section, which is a plus for all levels of traders. The app allows you quick access to live Ameritrade trading specialist support.
2. Charles Schwab
Stock traders that are after an all-around investing app will find Charles Schwab quite helpful. Unlike most others, the account does not have any recurring fees and does not have any minimums.
The app gives you a free hand on the type of investment and account, and you can see it at any time. There are no restrictions to see your balances and positions, and it allows you to keep an eye on the news and market indices to keep abreast of everything.
Charles Schwab performs well in stock trades for beginners and professionals. The new feature, Schwab Assistant, gives answers to questions and allows you to set alerts through voice. The stock investing app is ideal for both active traders and those learning the ropes.
3. SoFi
As a beginner-friendly investment app, SoFi is not as robust as some of its rivals. However, the application is one of the easiest to navigate and understand. You will not need a lot of help with it. The app has an excellent investment education that beginners can use to learn about the market and invest.
The user-friendly investment app has various accounts that include retirement accounts and taxable accounts. And even though you can trade ETFs and stocks, the investment choices are pretty limited.
Some of its other benefits include stock bits, where you invest in fractional shares, which beginners find helpful. It has a one-dollar minimum deposit, which is one of the lowest.
With SoFi, you have access to updated price charts and other essential and basic investment information. You can freely go through the various groups of stocks to get the hang of stock investing.
The managed portfolio product is an added advantage for those who use the app, and SoFi does not charge extra fees.
On the downside, SoFi does not have advanced research tools which experienced traders use to make informed decisions.
4. Ally Invest
Ally stands out for its straightforward application for any level of investor. But the investment app also works well with a checking and savings account.
It may not have as many features as the others, but the application makes up for this, with its ease of use and low cost. The application is excellent for beginners.
Ally does not have any minimum deposit or recurring fees. With this app, you can trade stock and view important information with just a few taps. You can also access industry news, charting, and quick trading.
5. Robinhood
Launched in 2013, Robinhood has risen to be the number one app for commission-free investing. That means you can trade without paying a single cent in fees.
Its simplified design, seamless signup process, and excellent user experience widen the gaps with closest rivals. Beginners will not have a problem navigating it, which is one reason it has over ten million users.
Robinhood is available in both mobile and desktop. It has ETF trades as well.
While the investment app does not offer many investment options, you can still trade in major cryptos. There is also an option for fractional investing for those that are tight on budget or want to practice trading. This option allows investors to own a piece of the stocks.
Unfortunately, Robinhood fails when it comes to customer support. A lot of improvement is needed here.
Choosing an Investing App
- You are either an active or passive investor, and each type needs a particular investment app. One app does not fit all personalities. If you are active, an account like Charles Schwab is ideal.
- Your level of investing is another factor. Choose a user-friendly app if you are learning the basics of investment. Take your time. Start with an app that has virtual money and which allows you to create a fake portfolio. Practice and test your strategies, and you will eventually get good at it.
- Even though stock trading does not require a lot to begin and run an account, you can still lose money. Start with simulators and see whether your investment actions will earn you something and give you confidence.
- After you gain the confidence, don’t buy big, no matter what the brokerage says. Listening to the brokers and taking their words at face value can lead to unnecessary losses. Trade with a short position, gain experience, and then grow.
- There are apps with a wealth of information for experienced traders, and others have a wide variety of investment options. Determine your needs and then pick the stock investing app that fulfills them.
FAQs
What is a brokerage account, and how does it work?
A brokerage account is similar to a bank account where you can deposit and withdraw funds. The only difference is the access and trading that brokerage gives you to stocks and other supported investments. You can use your brokerage account balance to purchase the supported investments. The mobile phone account is usually linked to the financial system through wire transfers, electronic funds transfers, and other methods. Your account is protected by the Securities Investor Protection Corporation (SIPC).
Do I need a brokerage account?
You can only trade or invest in stocks with a brokerage account. Take extra caution when investing in stocks, and especially so when in heavy debts. It is not assured that stocks will go up in value. The opposite may happen and sink you further into debt. Learn as much as you can so that you know what you are getting yourself into, and weigh the benefits and risks before you take any step.
Which is the best online brokerage account?
Various types of brokerage accounts are available. The best one for you depends on investment objectives, pricing, minimum deposits, and commissions. Determine how much fees you are charged for transactions before you decide on the type of account. They can eat up into investments quite significantly, especially if you are a small investor.
How Much Money Do I Need to Start Using an Investment App?
buying and selling stocks. You can start with a small amount and even purchase a fraction of the stock. There is no account minimum or fees in most of the best investment apps. However, the amount to invest depends on the type of investment. For example, you need at least $1,000 to invest in mutual funds. Consider the commission costs if you are a reasonably active investor. These can accumulate significantly over time and eat into your investment.
Final Word
There are various good-quality investing apps, but not all of them are ideal for you. Determine your investment personality, level of investing, and needs before shopping for one. Which types of assets do you want to invest in? Do you intend to be active, or do you want to occasionally invest and forget?
Whatever you seek to achieve, make sure the app is secure, easy to use, and its customer support is easily accessible. More importantly, start small and grow your investment gradually. Don’t be in a rush to make a killing and live large. It doesn’t work that way.
Warren Buffet recommends buying and holding for new investors. Typically, this strategy avoids costs of trading such as fees and commissions. Be wise in your investing.
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