10 Trading Apps for Fun & Profit
In a bygone era, the necessity of a stockbroker for buying or selling stocks was incontrovertible.
However, as the 1990s unfolded, this modus operandi underwent a transformation, enabling the creation of an online brokerage account provided a reliable internet connection was at hand. In the last decade, the prerequisites have evolved once again, permitting trades to be made from a mobile device at any hour of the day or night.
This newfound power brings with it additional obligations, along with an array of benefits.
The Merits and Drawbacks of Trading Applications
- Trading applications present a myriad of advantages. The most prevalent and appreciated include:
- Enhanced precision in managing one's portfolio
- Real-time data and metrics to guide decision making
- Reduced fees compared to traditional brokerages or financial advisors
- User-friendly interfaces that also serve as a primer in trading fundamentals
- Conversely, they also present a few disadvantages, including:
- Potential security vulnerabilities when connected to a Wi-Fi network
- Absence of professional counsel and advice during financial decision-making
- Potential interaction issues with screen and video game addiction
A final aspect, a double-edged sword and a core feature of mobile trading applications, is the ability for rapid response. Stocks can be bought or sold in mere seconds, reacting to news the moment it breaks. This allows swift action to a tip or impending issue, potentially averting a personal financial catastrophe. However, it can also result in knee-jerk reactions, over-analysis, and general stress, not to mention fees and minor losses that could have been averted with a little patience.
10 Trading Applications
Presented below is a compilation of our top 10 favoured trading applications sourced from a variety of places.
Read More:
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- Best online brokerages for 2023
- 6 Best Forex Trading Apps that are Easy to Use for Beginners
- What Is Leverage Trading? Benefits, Risks, and Regulations
eToro
A comprehensive application with options for stocks, crypto assets, ETFs, and more than 2,000 other financial instruments, eToro, consistently outperforms in the Finance category for Google Play and the App Store.
Features:
- "CopyTrader," enabling the mirroring of specified traders' positions
- A virtual $100,000 demo account to practice both application and market navigation
- One-click trading
- Offline trading options for certain orders
- In-suite news feed
- Stop-loss feature for bearish days
- Best Suited For: Intermediate-level traders seeking to diversify holdings.
Least Suited For: Novices. The "training wheels" features can foster a false sense of security, leading to real losses.
Price: Free to download.
Refer to this link for a detailed overview of the trading fee structure.
ETrade
ETrade has been a market game-changer since the 1990s, being among the pioneers in leveraging the Internet for personal finance, offering broker-free, low-cost online trading. They’ve continually spearheaded changes in financial services and were among the first to venture into app-based trading.
Features:
- Voice recognition system for security and voice command for trading
- Robust margin analysis tools
- Premium customer service
- In-suite news feed
- Barcode scanner
- Exceptional comparative analysis features
- Best Suited For: Individuals with an existing E*Trade account.
- Least Suited For: Budget traders. E*Trade’s fees are steep.
- Price: Requires a $500 deposit. $6.95 fee for buying stocks, which decreases to $4.95 with over 30 trades per quarter.
Fidelity
Fidelity is a low-fee application that is highly customizable, allowing personalization of its appearance and functionalities to cater to one's skill level and requirements. A registration questionnaire sets the stage for success by providing ample options and information to make meaningful decisions without being swamped.
Features:
- Personalized feed and function access
- Customizable alerts
- Can be linked with bills, taxes, and IRAs
- Can be paired with Amazon Echo for real-time stock change news
- Training modules for beginners
- Best Suited For: Beginners. It commences simply and can expand as your knowledge and experience grow.
- Least Suited For: Seasoned traders, who may find its features limiting.
- Price: $4.95 registration fee. Between 0.1% and 0.5% fees for each trade or purchase.
Plus500
- Electronic mail notifications
- Mobile notifications
- Trial account
- Stop-loss with guarantee
- Best For: Seasoned, astute investors capable of utilising the multitude of data points delivered instantaneously by the application.
- Least Suitable For: Casual investors of any skill level. The application caters best to fully engaged purchasers.
- Cost: $100. $500 minimum deposit for trade/banking purposes. $10 fee for inactivity. Variable fees for diverse trades, computed from a percentage of the acquisition.
Robinhood
- Complimentary
- Scheduled deposits
- Stock/company watch list
- Real-time tracking
- Best For: Novices eager to venture into stock trading.
- Least Suitable For: Intermediate and advanced users. The functions they require are not part of the complimentary option.
- Cost: Free of charge to use and register. No commissions. Advanced version, Robinhood Gold, has associated costs.
Schwab Mobile
- Customizable interface
- Real-time quotes
- Compatible with Apple Pay
- In-suite news
- Watch list
- Best For: Tech-savvy investors. It's a sturdy application that can be fine-tuned to meet almost any requirement, given the interest and expertise.
- Least Suitable For: Investors with specialized interests or needs. This application is designed to be universal, which means outliers might not be as well accommodated as they would by other applications.
- Cost: No service fee with a $1,000 minimum balance. No fees or commissions on listed options (over 4,000 as of this writing), with fees from $4.95 to $76 for off-list purchases.
Stash
- Integrated financial coaching
- Automated savings options
- Access to real estate investing
- Can be linked with other financial services
- Best For: Absolute beginners. It's designed to simplify finances and introduce users to trading.
- Least Suitable For: Intermediate and above traders. It’s designed to simplify finances and introduce users to trading.
- Cost: Registration is free. $1 monthly fee for up to a $5,000 balance. 0.25% annual fee above that.
SigFig
- Synchronization with third-party accounts
- Unified portfolio tracking
- Automatic dividend reinvestment
- Many free financial transfers
- Best For: Seasoned traders with multiple positions in various markets.
- Least Suitable For: Intermediate and below traders. The high account minimum and advanced feature set make it challenging to learn while simultaneously exposing a lot to risk.
- Cost: $2,000 account minimum. The first $10,000 in assets carries no fee. Above $10,000, an annual fee of 0.25%.
Acorns
- No minimum investment
- Quick deposit options for profits
- Best For: Individuals who wish to save and/or invest without having to think too much about it.
- Least Suitable For: Investors who prefer to carefully select their options.
- Cost: $1 per month with a balance below $5,000. 0.25% above that.
TD Ameritrade Mobile
- No account minimum
- In-depth account monitoring
- Price alerts
- Annotated charts
- Customizable screens and lists
- Backtesting
- Earnings calendars
- Linkable to Apple Watch without a smartphone
- Best For: Advanced, savvy traders with experience and a diversified portfolio.
- Least Suitable For: Those who had to look up any of the specialized terms in this entry.
- Cost: Based on TD bank account fees linked with this account. Highly variable.