If you’re new to the world of investing, a stock trading app can help you get started. These free apps give you live updates on prices, trends, and other information that you can use to make smarter investment decisions.
You can learn from the experiences of others and apply that knowledge to your own financial situation. There are many different options available, but the following five will help you find the best one for your needs.
These apps are available for both Apple and Android devices and are a great way to get a head start on your investing goals.
5 Stock Trading App For Beginners
Sofi
The SoFi stock trading app is available for iOS and Android. It features similar tools and features to the desktop platform, including order entry and a watchlist. Users can click on a symbol to view a basic chart, company details, and related news. Unlike other mobile trading apps, SoFi can access non-brokerage SoFi accounts. This makes it perfect for beginners. While it does offer many features, users should expect limited tools.
SoFi Invest allows users to invest in stocks and ETFs without commissions. Unlike most other mobile investing applications, SoFi’s algorithm will automatically rebalance and diversify your portfolio as long as your criteria are met. If you are unsure about how to invest, you can use SoFi’s Active Investing feature to select stocks and ETFs. You can see basic information about stocks and ETFs via the app, but it won’t provide you with in-depth research.
SoFi also offers educational content through its blog and YouTube channel. However, unlike other free investing apps, SoFi lacks features like demo accounts or platform tutorials. It also lacks advanced features like a regulated futures market. If you are a beginner, you should consider investing with a free trial to see how it works before you invest real money. While the app may not be as powerful as a full-fledged brokerage account, it does offer plenty of educational resources.
SoFi also offers a retirement account that allows you to invest with no fees. These accounts are self-directed or can be set up through an automated investing advisor. The retirement accounts come with no annual fee and stock trades are also free. Users can also purchase fractional shares, or “Stock Bits,” for as little as five dollars. Finally, the mobile app is a great way to track all of your finances with one convenient app.
MyStocks
The stock market news feed includes the latest market news on each stock quote. You can also get updates on the cryptocurrency market with support for Bitcoin, Ethereum, Litecoin, XRP, and more. You can also monitor price ranges over a daily/yearly basis, the P/E ratio, volume, dividend, and much more. Depending on your needs, you can even trade cryptocurrencies from the app.
The free stock trading apps function similarly to traditional brokerage accounts. You must sign up on the app, either in your computer or through your mobile device, and then you can begin buying and selling stocks. Most of these apps require no minimum deposits, but you may need to buy the full shares to get started. Some will allow you to trade fractionally, as well. Some are limited in their functionality. In addition, many free stock trading apps are lacking in stock research and educational resources.
The MyStocks app also offers a free stock portfolio widget. This feature gives you a snapshot of real-time stock prices on global and domestic markets. It also lets you keep track of your portfolio changes, annualized gains, and news on individual stocks. You can even create unlimited portfolios. While this app is free, some users may want to pay for it. However, if you don’t want to spend any money on this app, there are many other alternatives available for iOS users.
Other apps like MyStocks are paid alternatives. Betterment is a popular platform with billions of dollars under management. The service is designed for both beginners and advanced investors. Users can automate contributions and dynamically rebalance their portfolios with the help of automated trading. Moreover, the app features chat with other investors and stock pages for more personalized assistance. It also provides news highlights and alerts on trending stocks.
Schwab Mobile
The Charles Schwab mobile app is a free stock trading app that provides all the core functionality of the brokerage’s web trader. It lets you monitor your portfolio, check market data and news, and deposit checks. The app also integrates with Apple Watch, allowing you to access many functions with voice commands. You can trade, monitor your portfolio, set alerts, and more, and even view your investment portfolio from anywhere.
For investors who are new to investing, Schwab offers a Stock Slices feature. This app lets you buy shares of any company listed on the Standard & Poor’s 500, which is a measure of America’s largest companies. For more advanced investors, you can buy fractional shares of their IPOs. This feature is also available to beginners and experienced investors alike. This app has many features that make it an excellent option for both new and experienced investors.
Schwab has a wide range of investment options. You can invest in stocks, mutual funds, ETFs, and options. The commissions are competitive and low, but they’re not free. Schwab also offers no-commission stock trades, and it is possible to invest in digital currencies through bitcoin futures contracts. Bitcoin futures contracts are generally recommended for experienced investors. And even if you’re new to investing, the low-cost products make it an excellent choice for beginners and experienced investors alike.
As an added bonus, you can set up a bank account with Schwab. You don’t need to visit any Schwab branch to open a trading account with them. This bank account has a wide range of benefits, including access to a free online chat service and an expert advisor. Customers can also make use of online chat and phone support. In addition to mobile trading, Charles Schwab has more than 400 locations nationwide, including many open on Saturdays.
E*Trade
You can trade stocks with no commissions using the free E*TRADE stock trading app. The app has 47 different criteria for you to choose from: stock price, market segment, price/volume, analyst opinions, fundamental metrics, and technical criteria. Its intuitive interface makes it easy to use, and it offers extensive educational resources. It even has a mobile app. To help you make the most informed decisions, the app also has six different views of the market, including a customizable portfolio.
Trading platforms are the lifeblood of the stock market. However, without a trading platform, the market would remain volatile and unprofitable. With E*TRADE, you can trade stocks without ever leaving your home. Despite its low fees, you’ll still be required to pay brokerage fees. These fees include commissions, fees for non-trading, and inactivity fees. Withdrawal fees are another significant cost, but they’re minimal compared to the costs of online brokerages.
You can use E*TRADE’s stock trading app for free, but you’ll need to sign up for a real account. You’ll also need to make a deposit. New funds and securities must be deposited within 60 days of enrolling. You can only make one deposit per day. The new securities and funds must stay in the account for at least 12 months. If you decide to withdraw your cash, you risk losing the reward you earned.
You can use E*TRADE’s mobile app to trade stocks and other types of securities. The mobile app supports all investment options, including the option to create a watchlist. In addition, E*TRADE also offers a number of tools for financial planning. So, you can use E*TRADE’s stock trading app to make the most informed decisions on your investments. However, there are a few caveats with this app, so be sure to read the fine print.
Robinhood
The Robinhood stock trading app is available for free for all users, but there are some requirements that must be met to be eligible. For starters, you must be new to the app. Existing users cannot take advantage of this offer, nor can they create a second account. To get started, you must sign up using this referral link. Upon registering, you’ll be directed to a page that looks like this. Once you’ve done that, you’ll be asked to link your bank account.
In January of 2021, Robinhood began restricting access to certain stocks, including GameStop, AMC Entertainment, Nokia, and Apple. The company said this move was necessary to meet SEC requirements regarding net capital obligations and clearinghouse deposits. This decision sparked class action lawsuits and even the attention of some members of Congress. But as more users were forced to seek alternative means to place orders, the company is working to improve its service.
Another drawback of Robinhood is that it lacks comprehensive screens and charts. Many brokers offer these features, but they charge for equity and options trades. Nevertheless, these premium services offer other benefits, such as research, data, trading tools, and customer service. If you’re new to the stock market, consider using a free brokerage account as you gain more knowledge about the market. It’s not difficult to get started, even with a free app.
Although the user experience is very pleasant and the app functions smoothly, some features are lacking. The app lacks in-depth research tools and charts, which are essential for long-term investors. However, it’s hard to fault the app for its lack of features. You’ll find more advanced tools, such as IRAs, in SoFi Invest, which offers both active investing and automated trading options. Lastly, it doesn’t offer foreign stocks or cryptocurrencies, which is important for long-term investors.