In this article, we’re going to go into some of the Best Stock Trading Apps for this year & beyond.
The use of mobile apps in online shopping has been growing like a weed—up 58 percent, year-over-year, in 2015, according to a report by mobile analytics firm Flurry.
Mobile trading, however, still has some catching up to do. For years, investors have been using their mobile phones to check stock quotes, but only recently did they started actually trading on their hand-held devices.
Fidelity Investments, one of the largest retail stock brokerage firms, says that mobile trading has been growing at more than 60 percent every year, with the firm’s mobile trading app receiving five million downloads at last count.
Granted, trading stocks is not quite as easy or straightforward as buying your favorite dress or a pair of sneakers. Nevertheless, a good mobile trading app can be an invaluable tool in a smart investor’s toolbox.
Here are several investing mobile trading apps and social networks that you should consider to enhance your portfolio. Having said that, let’s get to some of our favorite Stock Trading Apps for this year and next!
Download a PDF version of this post.
Table of Contents
Best Stock Trading Apps for 2018 & 2019
Robinhood Stock Trading App
Since making its debut in late 2014, Robinhood’s Stock Trading App has grown into one of the most popular mobile trading apps—especially with newbies and novice traders—due to its simplicity and ease-of-use.
The iOS version of the app was the first to hit the market, and, before long, Apple device users had managed to make more than $1B in trades during the first eight months.
When the Android version became available in 2015, the app received a massive response, with more than 50,000 downloads recorded on just the first day.
The real beauty of Robinhood is that the app offers completely commission-free trades and has no minimum balances to trade.
Further, it allows trades on the more than 5,000 publicly-traded stocks in the U.S. That’s a big pricing advantage over comparable apps that charge as much as $10 per trade.
Indeed, Robinhood estimates that its users save an average of $5 million in potential trading fees each month.
Using Robinhood is quite easy.
- To begin with, you need to link your bank account and select your stock.
- Tap ”Buy” or ”Sell,” and then specify the volume of shares that you would like to buy or sell.
- Your trade will then be executed in real-time.
It’s as easy as that!
More Than “Just” Stocks!
Although the app currently does not have a feature for trading bonds or mutual funds, they have added features since launching for options trading, as well as margin and CryptoCurrency trading.
Fun Fact: Robinhood won an Apple Design Award in 2015, due to its easy-to-use interface and quick sign-up process.
Further, the app sports advanced features, such as geolocation to suggest stocks to trade.
Robinhood provides a highly innovative crowd-sourced approach that traders can use to share ideas and insights with other users.
Robinhood founders say they intend to keep the app free, which is almost guaranteed to sustain its huge following.
They might, however, charge commissions on trading foreign securities, once the feature is introduced.
TradeHero is a great app, especially for newer traders looking to hone some stock trading skills before trying out the real thing.
Important: The app does not allow real-time trades, Tradehero simulates stock exchanges around the world, based on real-time data.
TradeHero is useful, when you need to test new trading strategies before pulling the trigger on your real portfolio.
TradeHero gives users $100,000 to build their virtual portfolios and allows traders to compete with each other. For a small subscription fee, users can follow the leaderboard heroes and gain a nice trading edge.
E-Trade Mobile is a no-frills trading app, with an easy-to-use interface that allows traders to make quick trades.
The app features a voice search function that helps users to locate stocks and provides real-time stock quotes and stock news from sites, such as MarketWatch,
Morningstar, Briefing.com, CNBC Video on-Demand, with a wealth of information pulled from these different resources.
The app also features educational tools, performance-over-time and comparison charts that can be used to customize individual watch lists easily.
TD Ameritrade Mobile
Though quite expensive, TD Ameritrade is one of the more established stock brokerage trading apps that offers the user comprehensive research materials, making it ideal for both the novice and the professional trader.
TD Ameritrade Mobile allows users to trade while watching CNBC or chatting with other traders.
Further, the app offers valuable information about a company, by simply taking a product’s barcode.
Social Trading Networks
In this information age, it’s somehow counterintuitive that finding good market intelligence is frequently harder than it’s supposed to be.
Once you type in a stock’s ticker symbol into finance sites, such as Google Finance or Yahoo Finance, you are flooded with a deluge of news, insights and advice that can make it hard to discern the valuable nuggets from the noise.
This is where social networks come in handy. Social networks for investors allow you to exchange ideas with other investors and can be a useful way to filter out valuable market information from garbage.
- Website: https://stocktwits.com/
StockTwits is one of the top social networks for investors. The network began as a Twitter supplement, but has grown to a fully-fledged social media platform, with hundreds of thousands of users, including individual investors, public companies and market professionals.
StockTwit users publish market updates, using Twitter-like ”cashtags,” such as $MSFT for Microsoft shares. The app then aggregates stock-specific information in real-time, which helps users to understand how the markets are trending and to gauge investor sentiment on particular stocks.
- Website: https://openfolio.com/
Openfolio is a social network for investors that allows users to share their individual portfolio holdings with other users within their specified circles and also to create an investing benchmark.
Openfolio tracks investing professionals, such as Carl Icahn and Warren Buffet, from public sources and makes them available on its platform.
Portfolio holdings are listed on a percentage basis, instead of as a dollar amount, which helps to conceal their actual worth.
Users can choose to strictly remain within their circles and only share the information they want or to share with a wider group.
Openfolio is only available on Apple devices, for now, though the Android version might become available in the future.
How safe are mobile investing apps?
When it comes to mobile trading or trading on any other platform, for that matter, security concerns are usually at the top of the minds of investors. Any time you provide your personal information to a third-party, the likelihood of a data breach increases. Luckily, most registered mobile trading apps feature a robust set of security features and measures that greatly minimize chances of this ever happening.
For registered broker-dealers, such as Robinhood, you have to disclose your personal information such as your date of birth and Social Security number and you must link a bank account. In fact, this is par for the course, when you want to open any investing account. Most sites use the information that you provide to authenticate your identity, but do not store it thereafter, thus minimizing the chances of it falling into the wrong hands.
Further, mobile trading apps that are worth their salt provide bank-level security when transmitting information between their servers and the user, by using technologies such as secure socket layer (SSL) encryption. These apps move money using electronic funds transfer and employ industry best practices.
Further, leading mobile trading apps such as Robinhood are members of SIPC (Securities Investor Protection Corporation), which insures users for up to $500,000 in account balances in the event that the brokerage goes under.
Maybe you should add one or more of these trading apps and social networks to your trading arsenal. If you use another app, tell us what you use and what you like or don’t like about it.
Find this information helpful? Don’t forget to share it below! 🙂