Looking for the best stock trading app for beginners in 2018? Here are our top picks based off aggregated user reviews from the Apple App Store and Google Play Store.
Best Stock Trading App for Beginners
|
Stock Broker |
App Store Rating |
Stock Trade Fee |
|---|---|---|
|
5/5 |
||
|
5/5 |
||
|
4.5/5 |
||
|
4/5 |
||
|
3/5 |
Is a Mobile Trading App Connected to an Online Broker?
Simply put, yes. In 2018, every online broker has their own mobile trading app. Although there are a few standalone broker-neutral mobile trading apps made by trading technology companies, they muust be paid for and connected to via an API, which is difficult and expensive.
A lot of traders associate a given mobile trading app with a broker, like Robinhood, for example. In this case, Robinhood is the name for both a licensed online stock broker as well as a mobile application. We have written a comprehensive review of why Robinhood is dangerous and should not be used.
In order to use a mobile trading application, you need to open up a brokerage account with the broker that makes the app. It’s possible to download the application from the App Store or Google Play Store, but you won’t be able to log in.
For 2018, we have found that Ally Invest offers the best combination of mobile trading technology and pricing. At $3.95 per trade with 24/7 customer service and a mobile app that offers trading, research, and full online banking, it’s really hard to go wrong.
Bottom Line
TD Ameritrade, with their millions of clients and high trade fees, is able to deliver one of the best mobile trading apps in the world. Their main trading app, thinkorswim, is used by hundreds of thousands of traders every day to trade stocks, options, futures, and even forex.
TD Ameritrade offers new clients a valuable signup bonus: Free Trades for 60 days plus up to $600 cash
See the full TD Ameritrade review.
Bottom Line
If you already use Ally as an online bank, you’ll appreciate the simplicity and integration of trading with Ally Invest’s mobile app. Placing advanced stock orders, trading options, and doing market research are all possible inside of the same app that processes mobile check deposits.
Ally also has very valuable promotions for new traders: Up to $3,500 cash bonus + commission free trades for new accounts
See the full Ally Invest review.
Bottom Line
TradeStation underwent a massive rebranding effort in 2017. They changed their logo, pricing, and overall motto. TradeStation now caters to everyone, not just professional traders, and their mobile trading app is on point.
TradeStation doesn’t currently have any promotions for new clients: 🙁
See the full TradeStation review.
Bottom Line
One of the newer online brokerages on the block, tastyworks has an excellent mobile trading app for new and experienced traders.
If you deposit $2,000, you can get capped options trading commissions at $10 per leg: New! Commissions on equity options trades capped at $10 per leg!
See the full tastyworks review.
Bottom Line
As the expression goes, you get what you pay for with Fristrade. The online discount broker offers extremely cheap online trades. Their mobile trading app doesn’t come anywhere near the quality of TD Ameritrade or Ally Invest.
For new clients, Firstrade offers a decent promo: Get up to $300 Cash Rewards + 500 Free Trades
What Makes a Good Stock Trading App?
Above all else, a good stock trading app for beginners has to work, and it has to work every-time. It needs to be reliable. If the market starts panicking, and you need to close out your positions, there’s nothing more frustrating than an app that crashes or doesn’t load.
This is why we are hesitant to give the thinkorswim mobile trading app by TD Ameritrade a perfect 5 star rating. In the App Store, it gets flawless ratings. However, we have noticed significant issues with thinkorswim during peak market hours. When the market opens at 9:30 AM EST, sometimes we can’t login due to server issues.
This is probably because literally millions of people use the mobile trading app all at once, and TD Ameritrade’s servers get overwhelmed. Nevertheless, it is still a solid app for trading.
Do I need to Use a Mobile Trading App?
Over the past 5 years, TD Ameritrade reported mobile trading is up 344%.
Although you don’t have to place trades via a mobile application, technology has come a long way in recent years. Mobile trading is easier than it ever has been. If you’re constantly on the go, working a 9-to-5 job, or traveling, checking your investments, making new ones, and managing your portfolio is essential.
Having access to a reliable mobile trading app is, in our opinion, totally necessary to successfully invest in 2018.
Cool Trading Resources for New Traders
Often times, getting started with trading and investing is the hardest part. These are a few helpful resources to help you learn the ropes.
12 options trading strategies for beginners
Is it Safe to Use a Mobile Trading App?
For the most part, yes, they’re just as safe as trading on a computer. Of course, as with any brokerage account, there is the possibility of loss dude to changes in market conditions.
If an investment doesn’t work out, you could lose your money. But everyone knows this. Is it possible for anyone to steal your money? Not really.
All of the brokers listed on this page offer FDIC and/or SIPC insurance up to $250,000. If your brokerage fails, or if there is a massive cyber attack and your account value is wiped out (which has never happened in history) the US government will reimburse your losses.
