Best Stock Trading Apps: Top 5
What is the best free stock trading app right now? Are there any advantages to using a paid version to get ahead of the competition? This is precisely what you are going to find out in this article.
Best Stock Trading Apps
- Webull: Best Free Stock Trading App
- Tastyworks: Best App for Options Trading
- TD Ameritrade: Best Allrounder
- SoFi: Best for Making First Steps
- Fidelity: Top Trading App
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Webull's stock trading app is becoming more and more popular. Webull started as a direct competitor to Robinhood. Meanwhile, their mobile app and also the desktop app is feature-rich and reliable. More and more features are being added, and Webull is listening to what clients are asking for.
One thing that makes Webull unique compared to all others in the list is that besides free stock trading, also commission-free options trading is offered. This makes Webull the best low-cost trading app on this list.
If you ask yourself how to get free stocks, well Webull is the answer. Webull also offers free stocks to new clients. Anyone opening an account with them right now will receive free shares worth up to $1,200. There is no general account minimum, but to get the free stocks, clients have to fund the account within 24 hours.
The Tastyworks app was developed to make options trading attractive to retail traders. Their innovative cost structure especially allows active traders to save money trading higher lot-sizes. The more options contract traded with one order, the higher the savings. That's because of a price-cap on the fee structure.
The Tastyworks mobile app is excellent for traders focusing on options trading. Tastyworks is also strong in education, which makes it also attractive for beginners. Trading stocks and ETFs is also supported, but not the main focus of Tastyworks.
The app is web-based and runs on multiple devices. There is no minimum deposit requirement, no fees for stocks, and ETF-trades and a $10 commission cap on options trades, and the minimum is $1 per contract ($1.00 for opening the trade, $0.00 for closing a trade).
3. TD Ameritrade
TD Ameritrade offers a free brokerage account for most investors worldwide. Ther is no minimum balance required to open an account with them. Charles Schwab bought TD Ameritrade in 2019, which makes it an even better solution.
Another benefit is that stock traders can trade commission-free since 2019 by using all trading platforms offered. This includes the desktop app and the mobile app. All tools are free to use for anyone having a TD Ameritrade account. The TD Ameritrade platform is called thinkorswim.
SoFi is another top brokerage for investors starting out. While TD Ameritrade is also an excellent solution for day traders, Fidelity Investments accounts are more for long-term investors and retirement investment plans. There is also a zero commission on stocks, and ETFs, which makes Fidelity a cost-effective brokerage. The Fidelity Investment app is free to use for clients, and there is no account deposit minimum.
SoFi stands for Social Finance and offers a cool mobile app to handle banking, loans, and investments from one place. It is an excellent place to start, and the low $1 account minimum balance makes it attractive to beginners.
SoFi is not for day traders, but instead, the fractional shares offered enables long-term investors with a low budget to grow their capital over the years with small investments. The fractional shares are called Stock Bits at SoFi, and what it means is that you only pay a fraction of a stock price to get a fraction of the stock into your portfolio.
Their apps, called SoFi Invest Money and Buy Crypto, are free to use. Stocks and ETFs can be traded without fees, but there is a markup of 1.25% for trading cryptocurrencies.