After years of staid practices, brokerage houses and financial advisors are changing the way they do business, opening up their platforms to mobile clients and building dedicated apps to entice new users and encourage young people to invest–and since time is such a valuable commodity for investors, the emergence of these trading apps could prove to be a very good thing. Here are the best stock trading & investing apps to download right now.
While there are a number of other investment apps for the smartphone set, Robinhood is by far the most popular and best known. This early mover advantage is a powerful one, and Robinhood already has a dedicated fan base of day traders, long-term investors and others. It is clear Robinhood has a lot to recommend it. The platform is already widely used, with a longer track record than many of its rivals. It also offers something many other investment apps do not, namely free crypto trades. For those intrigued by the rise of Bitcoin and other cryptocurrencies, Robinhood will be the go-to investing app.
2. Sofi Investing
The Sofi Investing app is an intriguing one for many reasons, and it is perfect for those looking for an all-in-one saving and investing platform. You can think of the Sofi Investing app as a one stop shop for all things financial, with access to a banking platform, stock trades and much more. Like Robinhood, the Sofi Investing app also provides access to Bitcoin trades, so crypto fans can add this emerging access class to more stable investments like stocks, bonds and mutual funds. If you are looking for a way to take care of all your finances at once, the Sofi Investing app is the one for you.
Ameritrade is one of the oldest and best known of the discount brokerage firms, with historically good performance, stellar customer service and an extensive suite of educational materials for new investors. The Ameritrade investment app brings users access to all of these features and more, making it a strong contender. The Ameritrade app is a good choice for the active trader, including young people anxious to try their hand at stock picking and day trading. But Ameritrade is also a good choice for longer term investors, with a huge selection of exchange traded funds (ETFs), mutual funds, bonds and fixed rate investment options.
4. Fidelity Go
Fidelity is another big player in the investment game, and the company has created a robust mobile app aimed squarely at the new investor. Young people face many challenges when they are just starting out, including raising the minimums needed to open accounts at many brokerage firms. That is why the Fidelity Go app has no minimum balance requirements, making it the perfect choice for new investors. Most notably, Fidelity Go offers free robo investing for users with less than $10,000 in investments, something many competitors do not do.
Some mobile trading apps are designed for the DIY investor, while others provide extensive education and access to free research. The E*Trade mobile app is squarely in the latter category, making it a great choice for new investors who want to learn the ropes in an easy and accessible manner. This access to free research puts the E*Trade app in a class of its own. For new investors who are serious about picking stocks and mutual funds, the free educational materials on the E*Trade app could prove extremely valuable.
The age of smartphone investing apps and robo investing have clearly arrived, driven by a rash of startups and spurred on by the entry of some of the biggest brokerage firms in the world. If you are ready to start your investing career, now is a great time to get started. Each of the financial trading apps on our list has its own set of strengths, so choosing the right one will simply be a matter of deciding where you want to focus.