Stock Trading Apps – The kerfuffle on Wall Street with GameStop, Robinhood and r/wallstreetbets piqued your interest in the stock market, didn’t it? You must have thought about buying stocks for yourself, but going to the App Store and searching for stock trading apps just leads to more confusion? Many apps offer no commission, while some also allow you to trade cryptocurrencies. Well, don’t worry, we’re here to help. Check out some of the best stock trading apps for iPhone and iPad here.
All the apps mentioned below are intended for iPhone users residing in the United States. If you are not a citizen of the United States, you will not be able to use the apps mentioned below for stock trading. Also
Stock Trading Apps
Square Cash, or as you may know the Cash app, is one of the most popular all-in-one apps on iPhone. In addition to stock trading, the app also allows you to transfer money from your bank account to others, making it an all-in-one “Cash” app. The interface is easy to use, and even the company advertises itself as “the fastest, most accessible way to invest in stocks.” All you need to do is sign up with your mobile number or email id, link your credit card to the service, and you can immediately start trading stocks, even at $1.
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The app is commission-free, for now, which means Square doesn’t charge anything when you buy or sell a stock. The only catch here is that it only lets you trade up to $250 for a week, after which you’ll need to link your social security number to increase the limit. One of the downsides of the app is that it does not have any type of stock information, charting or analysis tools.
The service even allows you to buy and sell Bitcoins. There are some limitations to Bitcoin trading. You can only trade up to $10,000 worth of bitcoins in a 7 day period. The app also lets you issue a free Visa debit card to spend Bitcoins. However, other cryptocurrencies are not supported.
This is perhaps one of the most used (also controversial) apps on the list. Robinhood lets you trade stocks, cryptocurrencies, and even exchange-traded funds (ETFs). It is one of the trusted investment apps, except for current events, on the iOS app store with over 13 million users. It was one of the store’s first “commission-free” apps.
Robinhood also offers a Gold Membership for $5 per month which provides access to research reports, the ability to trade on margin at 2.5% APR, and the ability to make large deposits. The app even has an option to buy fractional shares. It is accessible both on the web and on mobile, although the mobile app only has a simple buying and selling interface without a complex analysis tool.
Trader Analyzing Stock Trading Graph Phone App Stock Image
Webull is a similar app to Robinhood in terms of usability and functionality, although it is aimed at more experienced stock traders. This app also offers commission-free trading and lets you invest in stocks, options, and exchange-traded funds (ETFs). Webull also has the ability to trade certain cryptocurrencies. The service lets you buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoins, with a $1 buy/sell minimum.
The app also has no trading fees or listing fees. The main difference between Robinhood and Webull is how they share market reports. While Robinhood offers market analysis through its own Robinhood Gold subscription, also via the web, Webull reports in-depth company analysis. It provides information such as balance sheets, cash reports and streaming.
Fidelity is one of the oldest stock trading apps on the market. The company started over 75 years ago and has come a long way in stock trading. The interface of the app is quite clean and provides an excellent experience for both beginners and experienced stock investors. You can trade stocks, invest in mutual funds, as well as exchange-traded funds (ETFs). The app, however, does not offer any cryptocurrency exchange at this time.
An additional feature that Fidelity boasts about is the “retirement goals” option. The app lets you set retirement savings goals for mutual funds, as well as other funds. It also has a Fidelity Spire app that encourages you to save and invest and achieve the goals you set for yourself.
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Charles Schwab is yet another “established” stock trading firm in the market. It also comes with no commission fees, no account minimums, and no recurring fees. The app offers a free stock advisor, called Schwab Intelligent Portfolios, which can help beginners with stocks. The app also includes Schwab Voice Assistant which can perform transactions, get quotes and set alerts via your voice.
What iPhone app would you use to trade stocks on your iPhone? What’s your favorite stock trading app? Let us know in the comments section below!
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Naturally, the coronavirus pandemic is a contributing factor, as it keeps more people at home and away from in-person brokers. The turbulent stock market may also entice more people to see opportunities, and growing financial literacy boosts investment confidence.
Financial institutions can use investment apps to reach new customers, especially tech-savvy users in the growing Millennial and Gen Z demographic. But what are the best mobile apps for playing the stock market, and which are best suited to different situations?
A look at some of the more popular ones might help finance professionals better understand why these models have grown in popularity, as well as how app technology is disrupting the financial industry.
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Robinhood is currently the most famous name in personal finance apps that focus on stock trading. A series of technical issues earlier this year also made it most infamous for a while, but the company says it has since improved both its infrastructure and its ability to avoid such issues. Naturally, the question of keeping this promise and restoring customer confidence remains open.
Technology issues aside, Robinhood now faces a changing market. One of the app’s biggest selling points was its ability to provide stock trading at no cost, but several competitors have emerged in this space, including those from big companies such as Interactive Brokers, Charles Schwab and Fidelity.
Robinhood keeps it simple, which can be an advantage for newbie investors and those who want to take a more hands-on approach, but more experienced stock traders may find this a hindrance. A March survey found it ranked last in categories such as research tools, portfolio analysis and investment choice.
Robinhood has added features such as split investments, cash management, more cryptocurrency options and portfolio profiles, and plans more future expansions. Many, however, still view the app as a starting point for younger customers, who have the time and risk tolerance for its streamlined approach. Some analysts predict that these users might switch to more established brokers or investment banks as they want safer options.
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Business Insider names E-Trade, which recently eliminated many of its fees, the “Best Overall Investing App.” Portfolios at risk, a wide range of mutual fund options and the ability to customize profiles using social responsibility or growth stocks contributed to its high scores with the magazine.
Unlike Robinhood, this app comes from a parent company that debuted before smartphones, but not with the pre-tech origins of some investment firms. E-commerce is a product of the 1990s and the day trading boom associated with the dot-coms. Investment bank Morgan Stanley bought it in February, adding a venerable name to E-Trade and increasing the consumer focus for Morgan Stanley.
The app requires a minimum balance of $500 before a user can start investing with a basic wallet. More managed portfolios, such as those for fixed income, require minimums of up to $250,000 and charge AUM fees. The wide variety of investment models and the inclusion of IRAs as well as joint and individual brokerages could make
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