Choosing the best stock trading apps is not easy. There are apps with an array of features and options available. It can get tricky to select the best one for your trading needs.
Here are some key things to look for when choosing a trading app
However, some key things to look for can help you choose the best app for your needs:
Fees and monthly charges
A good place to start is to narrow down your options by doing a price comparison of the apps’ fees to list the ones that fit your budget. Some apps will charge you per trade, while others will charge a monthly or annual fee. Make sure to compare the fees of different brokerage and trading apps before choosing one.
Investment options
Another thing to consider is the investment options offered by the app. Some apps only allow you to trade stocks, while others offer ETFs, mutual funds, and other investment options. Make sure to choose an app that offers the investment options you are interested in.
Account minimums
Some stock trading apps require you to have a minimum account balance before starting trading. Others have no minimum account balance requirements. Check the account minimums of any app you are considering before signing up.
Interface and usability
Another important consideration is the interface and usability of the app. Some apps are more user-friendly than others. Make sure to try out a few different apps before settling on one.
Customer service
Finally, make sure to consider the customer service offered by the app. Some apps have better customer service than others, in terms of availability and amount of professional knowledge. Make sure to read reviews of different apps before choosing one.
Benefits of using a trading app
There are many benefits of using a stock trading app. Here are some of the most important ones:
Convenience
Stock trading apps are very convenient. You can trade anywhere, anytime. All you need is Internet connection and a smartphone or a tablet.
Lower fees
Stock trading apps typically have lower fees than traditional brokerages, saving you a lot of money over time.
More investment options
Stock trading apps offer a more comprehensive range of investment options than traditional brokerages, giving you more flexibility and choice when investing.
Which app is right for you?
When you know what to look for in a stock trading app, it’s time to choose one. Here are the best stock trading apps available:
Robinhood
Robinhood is a popular stock trading app with over 10 million users. It offers commission-free stock and ETF trades. It also has a user-friendly interface and excellent customer service.
Acorns
Acorns is a popular micro-investing app that allows you to invest spare change from your everyday purchases. It offers a wide range of investment options and has no account minimums.
Betterment
Betterment is an online financial advisor that offers a wide range of investment options. It has no account minimums and offers commission-free trades on US stocks and ETFs.
Wealthfront
Wealthfront is an online financial advisor that offers a wide range of investment options. It has no account minimums and offers commission-free trades on US stocks and ETFs.
Risks of using a trading app
The most obvious and significant risks is that you could lose money if you make a mistake when trading. Always read the fine print of any app you are considering before making a trade.
Another risk is that hackers could steal your personal information if you use an insecure app. Make sure only to use apps that a trusted source has reviewed.
Finally, always keep your investment goals in mind when using a stock trading app. Never let your emotions get in the way of making sound investment decisions.
Conclusion
The best stock trading apps offer a variety of features and options to their users. When choosing an app, consider the fees, investment options, account minimums, interface and usability, and customer service. By considering these factors, you can be sure to choose the best stock trading app for your needs. Novice traders who are unsure about trading using an app can also contact an experienced online broker such as Saxo Capital Markets to get a feel of trading first, before using a trading app; if you would like more information, you can get it here.
