For beginning stock traders, finding a trading platform that is both easy to use and well-designed to give you the power you need to trade stocks independently doesn’t come easy.
There are thousands of mobile trading apps that offer varying types and levels of support including stock market research and analysis, customization abilities, educational material, and so on. Many beginning traders find it overwhelming to choose the best trading app due to the nature of the business and the large number of apps available.
In the preparation of this write-up, we did extensive research on the most commonly used stock and forex trading apps. Our analysis of the characteristics of these apps as well as user reviews enabled us to list the 6 best apps for stock trading newbies. It is hoped that you will find a suitable app that can help you kick-start your wealth building journey at the comfort of your smartphone, tablet, or PC.
Stock Market Simulator
Many people, even those with knowledge of finance, find it challenging to get into the business of buying and selling shares. It is widely assumed that becoming a successful investor requires one to follow the market consistently and use extreme caution when trading stocks. While this is true, actual trading isn’t as complicated as it sounds. You should give yourself a chance to experience the business using a simulator.
Stock Market Simulator app enables you to try trading with virtual money before you commit your hard-earned cash into actual stock trading. You are provided with an initial virtual capital that you use to play with a simulated version of the real stock market that is updated in real time.
The advantage of using a stock simulator is that you get a chance to learn how the market works without taking on any risk. Although the simulator shouldn’t be used as a decision-making aid for actual stock investing and forex trading, it ideally helps you to learn and develop trading skills that with time can make you a super-successful investor.
Acorns trading app was designed on the basic premise of saving the small daily purchase changes to build wealth. Take a moment to think of what you do with the minor changes that result from your day-to-day purchases. Rarely do you keep them?
With Acorns, however, you not only keep those few coins but also stack them in a very intuitive way. The small changes are prudently invested in the stock market to grow into a significant amount of wealth.
How Acorns works
You link your Acorns trading mobile app to your bank account through your credit/debit card. The app automatically makes small savings out of your daily purchases. When the savings reach $5, the app commits this amount into a portfolio that you have chosen previously.
The best thing about this stock trading app for beginners is that you are not required to raise any minimum capital. Also, the automatic saving and quick deposit options make your investing tasks hassle-free.
How would you like investing to be a family activity? Stockpile is among the simplest-to-use stock trading apps. The stock trading platform is free to download and is associated with low trading fees. It allows you to buy fractions of shares so that you can invest in high-valued stocks without having to pay hundreds or thousands of dollars per share. The peculiar aspect of Stockpile is the ability it gives you to gift shares of stocks (in the form of stock gift cards). This is where it proves to be the best stock trading app for families. Moreover, it gives you an opportunity to teach your kids about money and investing in the stock market.
Stash has increasingly gained popularity among stock trading newbies worldwide because of the trading flexibility it offers.
If you are looking for a way to kick start your trading career, you just need a few minutes to download the Stash app and create an account. You can create a standard account, retirement account, or both at the same time. Account registration is free. Link your account to your bank account and start building your stock portfolio.
Unique features of Stash include:
- Stash Coach
- Smart-Save (that makes automatic savings off your daily purchases)
- Real Estate Investment Trusts (REITs): You can invest your small savings in real estate
- Stash custodian accounts: for individuals under the age of 18 years who want to start
- Investing in stocks
Beginning investors and especially young traders find Robinhood the most suitable stock trading app for various reasons. The platform was launched in 2014 with unique features such as zero commission fees for trades and utilization of geolocation for stock suggestions. The platform is designed with a social approach as well, in that users can share stock and forex trading trends and insights.
Robinhood’s easy-to-use interface and a quick sign-up process may make it sound like it’s exclusively made for beginners. However, experienced traders also find it highly useful. Once you gain extensive trading skills and feel that you need a more advanced platform, you can sign up for Robinhood Gold. This advanced version unlocks premium features such as faster deposits and withdrawals, a line of credit, and extended trading hours.
Basic TD Ameritrade
TD Ameritrade is a leading brokerage firm. It offers a number of stock and forex trading mobile apps. Users can choose whichever app meets their needs.
The basic TD Ameritrade Mobile app is designed mainly for beginners and passive investors who need access to stock market research and advice as well as a customizable dashboard for easy stock trade decision-making. This app gives you the power you need to start building your wealth through buying and selling shares from the tip of your finger. The trading app is available for Windows, Android, and iOS phones.
2019 could be your year to start your journey to financial freedom. Stock and forex trading have been proven to be among the most reliable ways of building long-term wealth. The above stock trading apps will provide you with a solid and extensive introduction to the stock market and the business of buying and selling shares. It is advisable that you start with stock market simulators then graduate to investing with real money to avoid high risks and losses.