Best Apps For Investing In Stocks
Still, there are pros and cons to every app out there, so today we are presenting to you all the best apps to use for investing in the stock market, while also weighing the pros and cons of each.
Fidelity Spire tops all other investment apps since it provides users with fractional share investing, which allows you to buy less than one share of a particular security.
Though opening an account with Fidelity costs $50, you get your money’s worth in returns, since there are no account fees and no account or investment minimums.
Plus, the app doesn’t practice selling order flow (also known as PFOF, Payment For Order Flow), which is when brokers are compensated for directing customers’ orders to market makers, which leads to the upselling and down selling of stocks that customers buy or sell.
Sofi is excellent for beginners thanks to its user-friendly platform and affordable pricing. You can start investing with Sofi for as little as $1, and you won’t find yourself paying commissions for trades, nor will you have to deal with recurring account fees. Even Sofi’s automated investing product is free, so all your investments will be picked and managed for you at no extra cost.
The app features ETFs and stocks listed by category, which makes it easy to browse and discover more profitable investment opportunities. And for all you crypto aficionados out there, the app does also offer cryptocurrency trading (for Bitcoin, Ethereum, Dogecoin, and more than 27 other coins), so it’s an ideal trading platform for regular and digital currency.
This application does well with supporting users who are still getting the hang of buying and selling stock with its straightforward investment platform. And like Sofi, you won’t have to worry about recurring fees or a minimum balance requirement.
With Ally, you can trade stocks and ETFs with no commissions; however, its other features will come at a cost. Mutual fund trades cost $9.95 for its commission fee, while Ally’s robo-advisor, which creates a personalized portfolio (e.g. Core, Income, Tax-optimized, and Socially Responsible) of ETFs for you will cost you a pretty penny too for $100.
Acorns is an investment app for people who want Passive income. For $5 per month, you will be taken care of and provided with: automated transfers, banking perks, retirement account saving, and more.
However, this app loses steam with its $3 monthly fee. And if you want more accounts and features, you’ll have to pay $5 per month.
For those who want a pure crypto app and exposure to “digital gold” then consider Binance your best option. Binance provides more cryptocurrencies than its competitors, like Robinhood, with such digital currencies as Bitcoin and Ethereum and countless lesser-known altcoins.
Though TD Ameritrade doesn’t offer “digital gold” like Binance, it does give users detailed research on everything from stock market research to metrics on various companies and stocks and even a host of educational videos on investing strategies.
After you’ve gotten an education on the companies you’re interested in, you can trade stocks and ETFs commission-free, while concurrently monitoring your investments.
If you’re looking for the most varied selection of stocks, E-Trade will have you sorted. E-Trade’s app gives you access to the regular selection of stocks, ETFs, and options, as well as mutual funds and futures. Like TD’s app, E-Trade gives users access to a countless selection of research and market news.
E-Trade is also available for both Apple and Android users alike.
Robinhood has changed the game for the no-commission brokerage model, so it remains a worthy choice for investors who want to invest in stocks, ETFs, options, and cryptocurrency with zero commissions. Though the usual suspects of stock and ETFs are accessible to users free of charge if you want a premium account, which offers more features, then you’ll be happy to know that monthly fees for these accounts start at only $5 a month.
However, Robinhood comes later in this list, due to its notorious history of controversies including how it allowed users to enter into extremely risky trades that they didn’t understand. So if Robinhood is your prime choice for an investment app, it’s important to recognize the risks of what you’re doing, so you’ll meet your goals and won’t incur unexpected losses.
Stockpile gives Robinhood a run for its money since it also offers commission-free stock and ETF trades, as well as great features that support its $0 commission fee model.
Stockpile is also kid-friendly; it supports the gift of stock through gift cards. For parents, grandparents, or relatives that want to teach the younger generation about money and passive sources of income, the platform is a great tool to teach kids with, particularly with its “mini-lessons” that teach how to invest and how easy it is to keep an eye on the account of a minor.
This app seems a bit lower-tech; however, Firstrade is extremely user-friendly and offers affordable trades, including commission-free mutual fund trades.
DISCLAIMER: We do not take responsibility for your investments with these companies, please do all due diligence before signing up with any of these companies for your protection.