Investing online has never been easier thanks to the availability of mobile trading apps. Whether you're a seasoned trader or a beginner, these apps, equipped with robust Robo-advisors and online stock brokers, allow you to conveniently trade on your computer or mobile device. The challenge, however, lies in choosing the best app from the multitude of options.
To simplify your journey into online trading, we've handpicked the finest options currently available. These apps offer a comprehensive suite of tools and features to help you achieve your investment goals while effectively managing your portfolio.
If you're considering venturing into online trading, these are the top mobile trading apps of 2023 that deserve your attention:
- eToro
- AvaTrade
- IQ Option
- tastyworks
- Ally Invest
- Trading 212
- Acorns
- TD Ameritrade
- Fidelity
- Webull
- Robinhood
- e*Trade
- Merrill Edge
These selections are based on factors such as ease of use, valuable features, trading efficiency, and management tools. Whether you're new to the world of online trading or a seasoned pro, any of these options can help you navigate the prosperous realm of financial markets.
eToro - Your Premier Social Trading and Investment App
eToro has earned its reputation as the forefront social trading and investment application, and it's no surprise why. With a plethora of appealing features, eToro has captured the hearts of many users.
This platform enables you to trade a diverse range of assets, and the best part? Users enjoy the advantage of 0% commission on stocks and competitive trading fees. In addition, eToro provides complimentary insurance and boasts top-notch fund protection measures.
One of eToro's standout qualities is its exceptional social trading functionality. Within the app, you have the unique opportunity to replicate the strategies of accomplished investors, making it an ideal choice for those who seek to learn from the best in the field.
| PROS | CONS |
|---|---|
| Boasts a vast and active trading community. | Customer support could benefit from improvement. |
| A versatile multi-asset platform. | Certain fees within the platform are relatively high. |
| Zero commission fees on stock trading with competitive rates. | |
| Empowers users to mirror the strategies of top-performing traders. | |
| Provides a diverse and user-friendly investment environment. |
CFDs are complex
instruments and come with a high risk of losing money rapidly due to
leverage. 68% of retail investor accounts lose money when
trading CFDs with this provider. You should consider
whether you understand how CFDs work, and whether you can afford to take the
high risk of losing your money. Your capital is at risk. Other fees apply.
For more information, visit etoro.com/trading/fees.
eToro USA LLC does
not offer CFDs, only real Crypto assets available.
AvaTrade - A Top Choice Thanks to Its Appealing Bonus Structure
AvaTrade stands out as a premier option, primarily attributed to its enticing bonus scheme. The more you invest, the larger your trading bonus becomes.
This application provides an extensive array of financial instruments and a wealth of valuable trader insights. Whether it's forex, CFDs, cryptocurrencies, or trading across diverse platforms, AvaTrade offers a comprehensive trading experience.
| PROS | CONS |
|---|---|
| Lucrative bonus options for increased investments. | High fees for account inactivity. |
| Various trading platforms available. | Limited offerings, including only CFDs, forex, and cryptocurrencies. |
| Access to a wealth of helpful insights and tools. | |
| Excellent live customer support. | |
| Easy account opening and start trading. |
IQ Option - A Premier Choice for Trading Forex, Stocks, Cryptocurrency, ETFs, and Digital Options
IQ Option emerges as an exceptional choice for individuals seeking to engage in forex, stocks, cryptocurrency, ETFs, and digital options trading.
Getting started with IQ Option is a breeze, offering a seamless entry into a vast global network of traders. The platform provides multiple options for depositing and withdrawing funds. Notably, the minimum deposit requirement on IQ Option is a mere $10, making it accessible to a wide range of traders.
| PROS | CONS |
|---|---|
| Exclusive digital options trading product. | Trading competitions limited to non-EU traders. |
| Large and diverse user base. | |
| Regulated by CySec for enhanced security. | |
| Relatively low minimum deposit requirement. |
tastyworks - Pioneering Trading Software for All Levels of Investors
tastyworks presents a cutting-edge trading software solution suitable for both beginners and seasoned investors alike.
Here, you have the opportunity to follow the strategies of successful traders for inspiration, all while benefiting from competitive rates and commissions. Furthermore, tastyworks boasts a wide array of special offers and unique products to enhance your trading experience.
| PROS | CONS |
|---|---|
| Low trading fees. | Limited product selection. |
| Access to valuable trading information. | Some limitations in deposit and withdrawal options. /td> |
| Abundance of useful research tools. | |
| Easy and straightforward account setup. |
Ally Invest - Simplifying Automated Investing
Ally simplifies the world of automated investing, offering a hassle-free experience. With Ally Invest's self-directed trading, you can partake in commission-free trading.
Beyond trading, this platform provides automated managed portfolios. Moreover, Ally extends its services to encompass a diverse range of financial offerings, including home loans, personal loans, checking and savings accounts, auto loans, and an array of savings tools.
| PROS | CONS |
|---|---|
| No monthly fees. | Tends to have a banking focus rather than a dedicated trading app. |
| Offers excellent savings tools. | |
| Functions as a versatile online bank. |
Trading 212 - Ideal for Novice Investors with a User-Friendly Virtual Trading Mode
Trading 212 is exceptionally beginner-friendly, offering an effortless virtual trading mode for practice. Starting your investment journey with Trading 212 is a breeze, requiring just $1, making it highly accessible for new investors.
Here, you can engage in trading global stocks and ETFs without incurring any commissions, fees, or foreign exchange charges. Additionally, Trading 212 provides access to robust data and investment tools, including the convenient AutoInvest feature.
| PROS | CONS |
|---|---|
| Low trading fees. | Limited trading options available. /td> |
| Quick and easy account opening. | |
| User-friendly for beginner traders. |
Acorns - Your Micro-Investing and Robo-Investing Solution
Acorns is your go-to platform for micro-investing and robo-investing, offering a comprehensive toolkit that encompasses retirement planning, investment checking, and more.
With user-friendliness at its core, Acorns provides expertly crafted smart portfolios tailored to your specific requirements. The platform is designed to simplify your financial journey. Additionally, Acorns boasts cost-effective monthly fees and insightful savings tools to help you reach your financial goals.
| PROS | CONS |
|---|---|
| Affordable monthly fees starting at $1. | Limited account options available. |
| Automated spare change investment. | |
| Abundant savings tools and money-saving tips. | |
| Access to expert-designed portfolios. |
TD Ameritrade
TD Ameritrade is a multifaceted online trading platform renowned for its suitability in long-term investing and retirement planning.
Within this platform, you can engage in a wide array of trading options, including common stocks, preferred stocks, futures contracts, exchange-traded funds, forex, options, cryptocurrency, mutual funds, fixed income investments, margin lending, and cash management services.
| PROS | CONS |
|---|---|
| Commission-free stock, ETF, and options trades | Trading is only available on the US markets |
| Great customer support | Most accounts are limited to US residents |
| No minimum deposit |
Fidelity
Fidelity is a global financial services corporation renowned for its extensive trading and brokerage offerings, providing the flexibility to trade from virtually any location and at any time.
Within the platform, you have the opportunity to invest in a diverse range of assets, including stocks, options, ETFs, mutual funds, and more. Fidelity offers commission-free trades, supports fractional share trading, and leverages smart trading technology to empower users in making informed and strategic decisions.
| PROS | CONS |
|---|---|
| Low commissions and fees | Not the easiest trading platform to navigate |
| Offers fractional share trading | Better suited for more experienced traders |
| Useful decision-making technology for easier trading | |
| Broad choice of investments available |
Webull
Webull is a financial services company with a mobile-first approach, providing commission-free trading opportunities for stocks, ETFs, and options.
With Webull, users can enjoy a customizable platform that facilitates full extended-hours trading. Additionally, Webull offers both individual brokerage accounts for managing assets and IRA accounts tailored for retirement savings.
| PROS | CONS |
|---|---|
| Free stock, ETF, and options trading | Limited trading portfolio |
| The app offers excellent, professional trading platforms | Customer support and resources available may be lacking |
| Easy and quick to open an account |
SoFi
SoFi, a mobile-centric personal finance company, provides an extensive array of financial services. When it comes to investing, SoFi stands out as an excellent app, offering complimentary stocks and ETFs. The account setup process is entirely digital, and they provide responsive customer support.
| PROS | CONS |
|---|---|
| Access to financial advisors at no cost. | Lack of tax-loss harvesting. |
| Robust automated investment options | Limited suitability for non-US investors. |
| A diverse selection of low-cost investment opportunities. | |
| Automatic portfolio rebalancing. | |
| No management fees. |
RobinHood
Robinhood is a stock trading and investment application that operates without charging commissions, providing a robust set of tools to assist you in making informed financial choices. It facilitates trading in stocks, funds, options, gold, cash management, and cryptocurrencies.
This app boasts user-friendly navigation and is particularly appealing to novices since it has no minimum account requirements. Additionally, Robinhood offers a debit card, granting you fee-free access to your funds at their ATMs.
| PROS | CONS |
|---|---|
| Accessibility and simplicity in investing. | The trading platform is straightforward, which may limit advanced features. |
| The app provides high-yield savings options. | |
| No minimum account requirements. | |
| Absence of monthly fees. |
e*Trade
Te*Trade stands out as an excellent choice for beginners due to its user-friendly tools and valuable guidance resources. This platform allows trading in a variety of assets, including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed-income investments. Additionally, e*Trade provides top-notch research tools and an exceptionally intuitive mobile platform.
| PROS | CONS |
|---|---|
| Commission-free trading for stocks and ETFs. | Limited to trading within the US markets. |
| Competitive low fees for other types of trading. | Sole reliance on bank transfers for transactions. |
| A diverse range of investment options | |
| Abundant trading resources and valuable guidance. |
Merrill Edge
Merrill Edge, a versatile trading platform, empowers investors to either self-direct their investments or seek guidance from financial advisors.
The platform offers a variety of investment account options designed to cater to a wide range of financial objectives. It provides robust research features and the advantage of commission-free trades. Furthermore, if you're a Bank of America customer, you can seamlessly integrate your accounts for added convenience.
| PROS | CONS |
|---|---|
| Competitive trading fees | High commissions apply to mutual funds. |
| A broad spectrum of trading options. | Elevated margin rates. |
| Excellent portfolio analysis tools. | Short-term redemption fees for mutual funds sold within 90 days. |
| High-quality support systems |
What Are Trading Apps?
Trading apps serve as user-friendly platforms for online trading, offering real-time market data for various assets like stocks, commodities, forex, cryptocurrencies, and more.
In addition to real-time data, these apps come equipped with a multitude of useful features for traders. Users can monitor market trends, follow fellow investors, participate in investment communities, access customer support, and more.
These apps enable you to engage in a wide range of investment and trading activities directly from your mobile device. All financial transactions are conveniently conducted within the app, and it provides comprehensive investment data and pricing information.
How to Choose the Right One?
Fees & Commissions
Understand the app's fee and commission structure, as it can significantly impact your overall returns. Some apps offer $0 fees but may have higher commissions, while others have different fee structures. Choose one that aligns with your investment strategy.
Regulation
Always opt for a broker regulated by a reputable authority. Fully regulated brokers are known for their transparency, efficiency, and security.
Investment Options (Assets)
Consider the range of investment opportunities the app offers, including stocks, forex, cryptocurrencies, mutual funds, and more. Ensure the app aligns with your investment preferences.
Order Execution
Efficient order execution is crucial. Choose an app known for its speed and reliability in executing trades.
Demo Accounts (Paper Trading)
Some apps offer demo features, allowing you to practice trading with virtual money based on real market prices. It's a risk-free way for new users to get familiar with the platform.
Usability
The platform should be clear, user-friendly, and easy to navigate, given the complexity of online trading. Effective usability enhances the overall trading experience.
Features
Look for features such as watch lists, alerts, notifications, charting tools, and more. These features help you stay updated and make informed investment decisions.
Security
Given that you entrust your money to the app, security is paramount. Ensure the app provides a high level of security and trust, understanding that all investments carry inherent risks.
Account Minimums
Evaluate whether the app has account minimums, as this can vary. Your choice should align with your investment budget.
Customer Service
Quality customer service, available 24/7, is crucial for trading platforms. Reliable support can make a significant difference, especially for frequent transactions.
Education
For beginners, access to educational resources and data is vital. Some apps provide valuable resources to help you make informed investment decisions.
Research
Assess whether the app offers research tools for analyzing stocks and other investment assets. Robust qualitative research can aid in making sound investment choices.
Trading Tools
Look for trading tools that provide signals, market patterns, and trend insights. Some platforms offer automated trading or the ability to mimic successful traders' actions.
Types of Orders
Different types of orders (market orders, limit orders, stop-loss orders, stop-limit orders) are available in stock trading. Choose an app that offers the order types you need for your strategy.
How To Use a Trading App?
Trading apps provide a platform for real-time trading, allowing you to buy, sell, and manage your portfolio directly within the app.
How Much Money Do I Need To Get Started?
The initial investment required varies by app. Some apps have account minimums, while others allow you to start with as little as $1.
What are Brokerage Accounts?
Brokerage accounts, also known as securities accounts, are common investment accounts where you can buy and sell securities such as bonds, stocks, or mutual funds. These accounts hold your assets and facilitate transactions through a broker or bank.
