Best Stock Trading Apps in 2020

Best Stock Trading Apps in 2020

There are different types of investors out there. Some would like to put their money and keep the investment the same stocks for a long time and others would like to act and manage their funds. It doesn’t matter which type of trader you are – there is still the perfect app for you. 

Nowadays, there are so many different solutions on the market that it comes as no surprise that there is a product for every need. This list will provide you with some of the most popular and well-recognized apps. 

TD Ameritrade Mobile: Best Overall

We put it in first place because it offers everything. It comes at a great price and you will feel great using it no matter if you are just starting or you want to trade on the go. If you are more advanced you can opt for the upgraded thinkorswim mobile app.

If you have an account with a TD Ameritrade you will be able to use those 2 apps. There are no minimum balance requirements or fees for trading stocks and ETFs. thinkorswim also has a livestream of CNBC included.

Key Features

  • App names: TD Ameritrade Mobile and thinkorswim
  • Account minimum: No minimum deposit required
  • Fees: $0 commission for the online stock, ETF, and options trades; 65% flat fee per options contract; a fee of $25 trades which are with the help of a broker; no-load fee of$49.99 for
  • Assets for trading: there is a big variety, there are stocks, options, ETFs, mutual funds, bonds, etc
  • Types of accounts: standard, retirement, education, etc.

Pros – Cheap, suitable for beginner and advanced traders, there are a lot of assets and types of accounts available, a lot of resources are available. 

Cons – Because there is an acquisition coming up in the near future it is unknown what will happen with the apps. 

Fidelity: Best for Beginners

Fidelity is the best app if you are just starting out. If your strategy is more long-term and focused towards retirement. There are a lot of offered services, many accounts and investment types. It is also cheap to use. It is available for Android, iOS, and Amazon devices. You don’t have many charting tools like some other solutions on the market, but this won’t bother you if you are a beginner. 

Key Features

  • App Name: Fidelity Investments 
  • Account minimum: No minimum deposit required
  • Fees: $0 commission fees on stock, ETF, and options trades, 65% flat fee per options contract; $32.95 for broker-assisted trades; $49.95 for transaction-fee bearing mutual funds; no recurring fees for most accounts
  • Assets for trading: Stocks, ETFs, mutual funds, fractional share investing, and more
  • Types of Accounts: brokerage, retirement, education accounts, etc.
  • More information: It is easy to input trades and monitors how you are doing. The feed looks like social media where only the relevant information appears. 

Pros – good options for trading and investment, many account types, a lot of educational resources.

Cons – There aren’t many tools for creating charts. 

Webull: Best Free App

This app is suitable for the more experienced traders. There aren’t many educational resources but on the contrary, there are many features. You will have the tools to create charts and add advanced quote data. Given all the things you are receiving, you might think that this price will be expensive. However, it is surprisingly almost free of charge. There are no commissions for any trades of stocks and ETFs. The app is however a bit limited – crypto is new, bonds, mutual funds, or others are missing. 

Key Features

  • App name: Webull: Stocks, Options & ETFs 
  • Account minimum: No minimum deposit required
  • Fees: $0 commission or contract fees for online stock, ETF, or options trades; $8 to $45 for wire transfers; additional fees may apply
  • Assets for Trading: Stocks, ETFs, options, and cryptocurrencies
  • Types of Accounts: brokerage and IRA 
  • More information: There are many promotions providing free stocks when you first sign in. There are also referral programs, charity, news and more

Pros – there are no commissions, you can interact with the other users easily, you can trade with paper

Cons – you have limitation on the assets you can use as well as on customer service

SoFi: Best for Learning About Trading

SoFi stands for Social Finance and it offers loans, banking, and investments. It is suitable for the ones who are currently educating themselves on stock trading. There are commission-free trades and fractional shares. There are many articles provided so that you can learn about the market. There is also a huge variety of stocks and funds to choose from. Each stock page doesn’t have that much information in it, not in this way it is actually easier and clear for the beginners.  

Key Features

  • App name: SoFi Invest Money & Buy Crypto
  • Account minimum: $1 minimum deposit required
  • Fees: No fees for online stock or ETF trades; 1.25% markup on crypto transactions; expense ratios vary on SoFi-branded ETFs; additional fees may apply
  • Assets for Trading: Stocks, ETFs, and cryptocurrencies, fractional shares
  • Types of Accounts: self-directed and managed portfolios, retirement and cryptocurrency
  • More information: it offers loan products as well as accounts for managing cash, the design and structure is straightforward and easy to use, there are many good educational resources. 
  • Pros – cheap, easy to use for trades (either full or fractional), there are events for members

Cons –  you have limitations on the assets you can trade, there aren’t a lot of different accounts to choose from.