stock trade

Stock trading apps (Photo by Joshua Mayo on Unsplash)

Trading stocks requires intel and expertise in order to make a profit. There are many applications that one can use to trade stocks. Some of the best apps for trading stocks must have a simple, easy-to-use interface. Whether you’ve been trading for years or are just starting out, it might be useful to be able to trade in the palm of your hand with one of these apps.

Are you looking to take a stab at the stock market but unsure where to begin? Try not to put too much stock in deciding what to buy. An interesting new study finds that novice investors are better off choosing stocks randomly than making their own decisions. The study at the University of British Columbia finds that many of these less-experienced investors fail to diversify which could put themselves at great financial risk.

It might seem that listening to the experts on popular financial shows and catching up on the latest tips from investor-centric magazines would help lead to a brighter financial future, but one study finds that ignoring the “experts” may be the best way to strike it rich with stocks. Researchers from Bocconi University in Italy say that investing in stocks least-favored by market experts and pundits yielded five times as much money as the most-favored stocks.

Technique aside, stock trading apps makes it easy to keep track of your investments from anywhere. StudyFinds turned to the experts and put together this list of the best apps for stock trading based on the most suggested platforms. If you think we missed one, let us know in the comments!

Stock market app on smartphone
(Photo by Jamie Street on Unsplash)

The List: Best Apps For Stock Trading Most Recommended By Experts 

1. Robinhood

Benzinga explains how it works: “Robinhood offers commission-free trading on stocks, exchange-traded funds (ETFs), options, and some crypto. You can set customized alerts and get regular updates with the latest news headlines related to your investments. This is a great option for beginners because the interface makes it easy to both start trading and learn the ropes of investing. It’s also a good option for those who want to start investing with less capital since its fractional shares make it easy to invest at any budget. However, those who are investing for their retirement will miss out on tax protections — Robinhood doesn’t yet offer IRA or other tax-deferred retirement accounts.”

“Robinhood should make any list as one of the best apps for trading stocks. In this case, it’s the bell of the ball. Robinhood offers trading with an intuitive application that is well beyond its competition,” adds Investment U. “The application itself is a thing of beauty and very safe. Its search feature is simple, and each stock overview gives you access to recent news, charts and vital data. Robinhood gives you every feature to help you make informed stock picks. And they recently added fractional trading to the app.”

“Robinhood is a trading app that lets you build a portfolio of your choice with the wide range of tradable options available on the platform. You can start investing with as little as $1. Robinhood is the most downloaded non-gaming app in the U.S. The reason being the bundle of features that it offers,” writes Software Testing Help. 

2. Tastyworks

Traders Union says this app “is the best for people who are looking for an application that offers the best options trading experience. It performs all the promised functionalities in the most efficient and effective manner. You must be wondering why it’s on this list if it’s best for options trading. That’s because you can find many options which are based on the movements of stock prices.”

“Tastyworks as a platform is very similar to Interactive Brokers – while it may be a niche brokerage, it has an incredibly loyal user base. tastyworks was built by active traders for active traders,” writes Wall Street Zen. “The founding team are all experienced traders who weren’t 100% happy with the available solutions – so they made their own. In fact, this is the team that built thinkorswim which was later acquired by TD Ameritrade for $750 million. It’s a very strong trading platform and deserves a spot on this list.”

“Tastyworks makes our list because it’s a great broker for people who want to take a very active role with their trading, and who want to trade more than just stocks and bonds. Where tastyworks shines is with derivatives such as options. Where many brokers will charge high commissions and fees for these types of trades, tastyworks keeps fees low and sets a cap on the fees it can charge in a single transaction. For stock and ETF options and crypto trades, the maximum fee is $10 per transaction, regardless of the size of the transaction,” mentions The Balance

3. Fidelity

Wiki Job sets the scene: “This app’s clean, user-friendly design promises to be bug-free and has received high praise for its trade execution. It comes recommended by CNBC for its convenience and meets the needs of almost any investor. There are 16 different currencies to choose from. The app also allows you to invest in non-US stocks and bonds. What makes this app unique, though, is its goal-setting partner app, Fidelity Spire. Combined, the apps allow you to make both long-term and short-term investments to achieve your financial goals.”

“Fidelity is one of the top best trading apps, which is loaded with plenty of features for financial planning. You can trade, save, plan and research with the help of this application,” adds Software Testing Help. “Fidelity is one of the top 10 most downloaded non-gaming apps in the U.S., which is proof of its usefulness. Fidelity can help you invest while saving taxes at the same time, which is a great plus point.”

“Fidelity’s mobile app not only makes it easy to trade from anywhere, it’s also one of the most highly rated investing apps for both iOS and Android. If you want a high-quality, free trading experience, Fidelity is the one to try out. Fidelity offers commission-free trading options for stocks, options, and ETFs. The Fidelity app also recently released the ability to trade fractional shares, making it more accessible to beginners,” points out Credit Donkey

4. Interactive Brokers

The Balance writes that it is best for active traders. “Some people choose to be highly active traders, moving money in and out of securities multiple times a day. Day trading in this way can be a lucrative, if risky, pursuit. Having a powerful stock trading app means you can work from your phone, no matter where you are. InteractiveBrokers is designed with these active traders in mind. You can use more than 100 order types to buy and sell securities such as stocks and options, and leverage your account balance to trade on margin, increasing your potential gains (or losses). The pricing structure is transparent, with some trades being completely free and others fractions of a cent per share traded, with a maximum fee of 1% of the trade value.”

“Interactive Brokers (IBKR) leads the list of the most comprehensive investment platforms. Clients can trade stocks, options, futures, forex, cryptocurrencies, and funds in 150 markets from a single, integrated account,” adds Investopedia. “Sustainable investors will be happy with the Impact Dashboard and app, which helps you evaluate assets through a socially responsible investing (SRI) lens. The Trader Workstation (TWS) downloadable platform serves professional traders and sophisticated, active investors interested in complex technical and fundamental trading tools and deep research.”

“Interactive Brokers is an investment platform for advanced investors, which gives its services to around 1.33 million clients. The app lets you invest in international stocks, bonds, and much more. The market analysis feature, availability of a large number of investment options, checking whether the companies who are offering their stocks, practice environment-friendly norms or not, are some of the plus points of the application,” states Software Testing Help. 

5. TD Ameritrade 

According to Biz Report, “One potential advantage of using TD Ameritrade is its diverse investing options. The company offers a wide range of investment products, including stocks, bonds, mutual funds, ETFs, options, and futures, as well as forex trading. This diversity can help investors build a well-rounded portfolio that reflects their personal investment goals and risk tolerance.”

“TD Ameritrade is known for having the gold standard in trading platforms. More serious investors will appreciate the excellent research and advanced tools on the thinkorswim mobile app,” says Credit Donkey. “All users can access this app for free. Beginners also have the option of using the more basic TD Ameritrade Mobile app, which doesn’t include futures and forex.”

“TD Ameritrade offers two different applications to its users, which are Thinkorswim Mobile and TD Ameritrade Mobile. Both of them are great for stock trading. If you want basic trading experience, then we recommend you go with TD Ameritrade Mobile App,” writes Traders Union.

You might also be interested in:

Sources:

Note: This article was not paid for nor sponsored. StudyFinds is not connected to nor partnered with any of the brands mentioned and receives no compensation for its recommendations. This post may contain affiliate links.

About Saloni Ordia

Saloni is a freelance B2B SaaS writer who excels at creating in-depth product-focused content. When she is not writing, you can find her in the kitchen whipping up new recipes or curled up with a rom-com novel.

Our Editorial Process

StudyFinds publishes digestible, agenda-free, transparent research summaries that are intended to inform the reader as well as stir civil, educated debate. We do not agree nor disagree with any of the studies we post, rather, we encourage our readers to debate the veracity of the findings themselves. All articles published on StudyFinds are vetted by our editors prior to publication and include links back to the source or corresponding journal article, if possible.

Our Editorial Team

Steve Fink

Editor-in-Chief

Chris Melore

Editor

Sophia Naughton

Associate Editor