What Is The Best Trading App

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 6 minute read

Nowadays, people are always on the move. If you’re like the average person, you use your smartphone for more than just making phone calls.

Even the world of investing and trading has evolved greatly. As a result of internet brokers and trading applications, the stock market is now accessible via a mobile device.

But if you’ve traded online and then switched to a mobile app, you may have seen a big difference. While it’s true that many mobile applications lag behind their desktop equivalents in terms of ease of use, this is by no means universal. Here is a rundown of some of the most well regarded investment and trading applications available right now.

The Best Trading Apps for Mobile

Our top choice for trading apps, thinkorswim, has a full set of capabilities available in both the desktop and mobile editions. The software allows you to trade without paying any commissions, do extensive research and analysis, and practice your trading technique in a simulated environment before putting it into practice in the real world.

The other applications here all have some strong points. Examples include the user-friendly E*Trade, the free stock offered by Robinhood, and the cryptocurrency options provided by WeBull.

Overall winner: Thinkorswim

TD Ameritrade claims that the thinkorswim trading software was built by traders, for traders. The assertion is backed up by the characteristics that it has.

If you’re interested in trading stocks, futures, FX, or options, you should check out the thinkorswim platform because of its sophisticated trading tools, such as its real-time, interactive charts with all the technical indicators you could possibly need.

The abundance of technical analysis tools for experienced traders might present a minor learning curve for novices. It may seem overwhelming at first, but everything you need is conveniently located on the platform.

There is also the option to create “watchlists” to keep an eye on potential investments.
Aside from its usefulness in real-time trading, thinkorswim also has a wide range of other applications. Because of this, it’s clear that TD Ameritrade places a premium on the performance of its customers.

As a member, you have access to a wealth of learning materials and features, including OnDemand backtesting, which allows you to practice your trading method without risking any of your own money.

E*Trade is ideal for beginners.

Since its inception in 1982, E*Trade has expanded to become the industry standard for online brokerage services. If you’re just starting out in the stock market, the company’s smartphone app is a must-have. Advanced traders will find the platform’s interactive charting and technical indicators to be useful features.

The platform’s features and the accessibility of its data and tools will likely appeal to the vast majority of traders.

If you’re a complete newcomer to the stock market and don’t feel confident creating and monitoring your own portfolio, E*Trade can help. Use model portfolios to invest without missing out on profits.

Additional Features

  • Liquidity Accounts. To use margin, advanced traders need a minimum of $2,000 in their trading account.
  • Market Analysis in Real Time. Listen to real-time market commentary to pick up trading tips and tricks.
  • Investigators and Predictive Models. Learn the ropes using research materials from reputable sources and use dynamic stock screeners to zero in on the best chances.

Fidelity is the best option for fractional shares.

Fidelity is one of the oldest surviving stockbrokers, having opened for business in 1946. However, the corporation continues to dominate the market by being abreast of developments within the sector.

Fidelity’s ability to facilitate trading in fractional shares is a major perk. Due to the ability to purchase a smaller portion of a whole share, expensive stocks become more affordable through fractional shares. Instead, the minimum stock purchase on the exchange is just a single dollar.

Fidelity was ahead of the curve by providing this service to its clients, but now many other brokers provide it as well.

Additional Features

  • Hardware and Software for Statistical and Technological Analysis. The Fidelity mobile app provides a suite of useful features, including interactive charts and the necessary technical indications for pinpointing entry and exit locations.
  • Webinars and podcasts. Get exclusive market intelligence by tuning in to podcasts and attending webinars.
  • Find Inspiration. Consider your next move based on the information you glean from articles organized around various trading and investment topics.

IBKR Mobile is the best option for paper trading.

Particularly among serious traders, Interactive Brokers has widespread favor. When it comes to defining or refining a trading strategy, the platform truly shines.

That’s because we provide every user a free practice trading account just for joining. With paper trading, you may test your trading techniques in real time with actual market data and virtual digital currency. That way, you won’t risk losing any substantial funds if things go wrong.

Robinhood is the best option for free stock.

Some other online brokers have offered free stock promotions, but Robinhood was the pioneer in this field. Robinhood was the first company to use this method of advertising, and the company has no plans to cease giving out free stocks to new and existing customers who sign up through referral links.

By creating a self-directed brokerage account and making a first investment, you will receive one free share of stock. Every time a friend you refer joins and makes their initial investment, you both earn five free stocks. While the average worth of the free shares you receive in this method is in the low tens, you may acquire a high-value stock if you’re lucky.

Additional Features

  • Simple Operation. Unlike other trading platforms, Robinhood doesn’t bog you down with features you’ll never use. Because of this, using the app is a breeze.
  • Unlock the encrypted data. The Robinhood app allows for cryptocurrency trading, but only the most widely used tokens are available for purchase.
  • Types of Orders. You may have greater discretion over your transactions thanks to the availability of many order types.

Schwab Mobile is the best option for educational resources.

If you’re looking for a reliable online broker, go no further than Charles Schwab; their mobile app is equally as powerful as their desktop site. On the other hand, the educational features of Schwab’s software are where it truly shines.

Learning as much as possible about trading will help you make smarter decisions in this high-stakes endeavor. Schwab’s extensive library of learning resources is second to none. 

Both novice and experienced traders will find something of use in the information provided, since they range from an overview of the stock market to detailed discussions of various trading tactics.

You may learn how to evaluate market data and capitalize on trends in the market rapidly with the help of the app’s learning tools. Even if you’re an expert with decades of knowledge, there’s a good possibility you’ll pick up some useful information.

Webull is the best cryptocurrency for diversification.

Webull is not only a top app for trading stocks, but also for trading cryptocurrencies. Webull gives you access to more crypto assets than any other online discount stockbroker, making it a better choice than Robinhood despite Robinhood’s support for some of the most prominent cryptocurrencies.

From Bitcoin (BTC) and Ethereum (ETH) to lesser-known coins like Stellar Lumens (XLM) and Tezos (XTZ), there are currently 37 different digital currencies to select from (XTZ).

How to Select the Most Appropriate Mobile Trading App

The ideal mobile trading app would be tailored precisely to your requirements. Identifying your requirements should be your first step. Do you consider yourself a professional trader who requires access to exotic order types and technical indicators? Do you require a less complex trading setting since you’re a beginner?

If you’re an experienced trader, you should look at platforms like thinkorswim and Interactive Brokers, which offer the kinds of advanced features and tools you need. A simpler platform, like E*Trade or Robinhood, may be more user-friendly for novices.

Don’t forget to consider the markets in which you intend to engage in trading. Any of the items on this list might be a suitable fit if you are looking for conventional investments. But if you’re looking to hedge your bitcoin holdings, Webull is where you should be.

In the end, each mobile trading software is special in its own way, just like you. You should think about your specific requirements and the characteristics of the applications you’re considering before making a final choice.

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