Ever wanted to practice stock trading via apps? We've collected a list of the best and easiest apps out there.
According to recent Gallup polls, 55 percent of Americans report that they own stock. And trading in stocks, though it may not be for everyone, is an area where you can build wealth.
Beware – it’s also risky, as you can lose money just as easily as come out ahead if you don't know what you are doing.
There are plenty of apps out there that help you connect to the stock markets.
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As a stock trader, getting information quickly is crucial. So it helps for you to have it conveniently located on your phone so that you are alerted in real-time on movements in the market.
The following is a rundown on some of the best stock trading apps available today, with assessments of their functionality, price, and availability (iOS, Android, Windows, Amazon Fire). I looked at about 20 apps in all, and these are my honorable mentions.
1. Robinhood
Functionality: Commission-free trading of more than 5,000 equities and exchange-traded funds. No account minimum. No annual fee and no inactivity fee, but a $75 fee for outgoing transfers. Phone support. Only taxable accounts are included. No custodial accounts allowed.
Price: Free
Availability: iOS, Android
2. Motif
Functionality: You must invest in a group of stocks referred to as a motif, and each trade is $9.95 per transaction, regardless of the number of stocks inside a motif. You can swap out equities within a motif for $4.95 per trade. No account minimum to open, but a $250 minimum required to make a trade. There are scheduled transfers, and something called “Horizon Motifs” are available commission-free as target date funds.
Click here to learn more about Motif Investing
Price: Free
Availability: iOS, Android
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3. E-Trade
Functionality: New accounts of more than $10,000 get free trades for 60 days (trades are $9.99). Excellent customer service. This is an all-in-one trading app: mutual fund trading, stocks, etc. Real-time data. Syncs with your existing E-Trade account.
Price: Free
Availability: iOS, Android, Amazon Fire (limited functionality), Windows (limited functionality)
4. TradeHero (For Practice)
In case you’re new to investing and don’t want to assume any risk, there’s still an app for you – it’s called TradeHero. It allows you to trade with simulated currency. It’s also neat because if you do well, you get paid for winning competitions and gaining followers.
Functionality: Allows you to practice stock trading risk-free. Gives you experts to follow, stock alerts, curated trading news, competitions, and free education (TradeHero Academy).
Price: Free
Availability: iOS, Android
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If you’re new to investing, I recommend TradeHero for getting your beak wet. After you prove your expertise, move onto the real deal.
Don’t get too enamored by TradeHero’s rewards for doing well – there are greater rewards to be had by investing in real life.
If you’re an intermediate investor, I recommend Robinhood. It’s free in every respect except for outgoing transfers. The app is also beautiful, which is a big deal, whether you consciously recognize it or not. It’s also undoubtedly the most raved-about investing app available today.
If you’re an experienced trader who’s interested in an app, your current brokerage firm probably offers one – E-Trade, TDAmeritrade, Edward Jones, Fidelity, Vanguard, etc. It is 2016, after all. These apps all have huge development teams behind them, so they are high quality.
Although trading is expensive compared to Robinhood (which is free), Robinhood is also only good for investing within taxable accounts.
When you qualify for a taxable account depends on the age of majority in your state. For most states, the age of majority is 18, but in Delaware, Alabama, and Nebraska, the age of majority is 19. Mississippi requires you to be 21 or older. That said, Robinhood hopes to add alternative account availability in the future.
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But all the apps outlined here are good – they are the best apps for different needs. I didn’t want to make this a run-down of the top 20 apps. I’d rather do the research for you, so you’ll have an easier decision.
Enjoy the ability to get information and make trades – all in the palm of your hand. Making money gets easier by the year.
Opinions expressed here are author's alone, not those of any partner bank, credit card issuer, hotel, airline, or other partner. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
