Looking for the best apps to trade stocks? I’ve put together three very different options for trading stocks. Even if you’ve never traded or invested before you’ll find these apps useful. And the best news, is you can get started with as little as $5.
All of these apps are available on mobile platforms as well as through your browser on the desktop.
Acorns – The best for beginners
If you want to start investing and not sure where to begin, then Acorns in the perfect app for you. You can invest in 1 of 6 diverse portolios which have been put together by a nobel prize winning economist. The portfolios range from conservative to aggressive and you can even choose a socially responsible one. Your money will be invested across a broad range of assets including stocks, bonds and bank deposits.
You can choose to invest a lump sum and put in recurring deposits but you can also have Acorns automatically invest your spare change. Acorns will track the purchases you make and round each one up to the nearest dollar. It will then send these small “round-ups” to your Acorns investment account.
You can start investing with as little as $5 on Acorns – which makes it perfect for those who are looking to start investing but don’t have a huge amount of capital to start with.
Robinhood – The best free trading app
Robinhood changed the way stock trading worked by completely removing brokerage fees. Unfortunately it’s currently only available in the U.S. By removing the brokerage fees, stock trading became more accessible for more people.
Traditionally to invest in stocks you would need $1000+. This is because you would be paying a large brokerage fee when you bought the stocks and once again when you closed your position and sold the stocks. In order to make a profit you’d need to invest over $1000 or the fee would wipe out these profits.
On Robinhood you can buy and sell stocks without fees when buying stocks. There is a small fee that is charged by the SEC that Robinhood passes on to you when selling the stocks. Although this is much much lower than what you’d be paying elsewhere.
Robinhood also recently added Cryptocurrency trading to their platform as well.
eToro – The best for copy trading
Copy trading is where you automatically copy the trades made by traders. eToro is one of the worlds largest copy trading platforms with over 5 million members. You can copy trade a range of different markets including stocks.
Copy trading is a great method for learning more about trading – because you get to see in real time how actual traders work. And of course you can profit from their trading as well.
eToro is available world-wide although the offering will be different depending on where you live due to regulations. For example in the U.S you can only trade cryptocurrencies on the platform.
You can signup for a free eToro account here (and test drive the app with $100k in virtual money 🙂 )
Let me know in the comments what stock trading apps you like to use.