Beginners might have a lot of doubts to trade stock or investing. Nevertheless, these apps for trading stock will help them to start trading stock and investing better.
Apps for Trading Stock and Investing for Beginners
1. Robinhood
The first stock trading app for beginners must be Robinhood. This app is well-known for its free trades not only on ETFs but also on cryptocurrency and options. Account minimums are not needed if you want to trade with this app. If you sign up for the service, you will also get a free stock. Other good things about this app are that it comes with an intuitive interface and it can also be accessed with desktop or mobile devices.
However, this app only has limited offerings of investment. The technical analysis tools offered by this app are kept minimal, as well. If you are looking for a stock trading app with Robo-advisor functionality, this app might not be the best option for you.
2. Webull
Another app option for the trading stock you can consider is Webull. You will love this app because it offers free trading for options, crypto, and equity. It is also supported by advanced reporting and in-depth analysis for a better trading result. Yes, the technical analysis tools are powerful enough for helping you make better trading. Beginning and intermediate users can access this app and utilize its benefits. Unfortunately, you should not expect Robo-advisor functionality from this app.
Read also: 6 Best Free Trading Stock Apps In 2022
3. Public.com
Next, there is also Public.com which will allow you to trade thousands of ETFs and stocks with no commission. The trading through this app is available as fractional shares. This app also uses a social feed. In this circumstance, members are allowed to share the reason why they believe or do not believe in a certain company. They can also post their comments on other people's trades. Some stocks and ETFs are curated and they can feel free to invest in those stocks and ETFs. This can be a great choice if you want to aggregate your investments by values or interest areas. Another great thing about this app is that there is no payment for order flow.
However, this app might not be the best trading app for cryptocurrency for you if you are looking for a trading app with unlimited investment options. It does not come with investment tools or research, as well.
4. SoFi Invest
Just like other best stock trading apps for beginners, SoFi Invest is another app with no trading commissions or fees. You do not need account minimums to trade, as well. You can also invest in Stock Bits with fractional shares with this app. You can feel free to trade chosen cryptos. This app has automated investing options for a hands-off approach although you can also use DIY investing options with this app.
The drawback of this app is that it does not have Robo-advisor functionality with social responsibility. It does not come with a tax-loss harvesting feature, as well.
5. Betterment
Betterment app might come with 0.25% assets under a management fee and give you little control over the investment choices, but it also comes with other great features. With this app, you can be a better investor since it will be your tools, inspiration, and support for trading. When you want to trade, you can start with a minimum of $10. You can also feel free to automate investing and diversification for optimizing your investment portfolio with the top-rated mobile app. Your risk tolerance can also be customized along with your investment goals. The guidance can always be accessed anytime you want to do customization. Talking about reliability, this app is used by almost 750,000 customers.
6. Acorns
The next option of apps for trading stock that can be a great choice for beginners is Acorns. Acorns Personal comes with a $3 fee per month, while Acorns Family comes with a $5 fee per month. You can get an investment account not only for yourself but also for your family in under five minutes. More importantly, you can also get information about retirement, checking, and how to earn more money with this app. You can even grow your knowledge when using this app.
This app is popular because you can invest spare change automatically this app through Round-ups. The younger generation can start investing as soon as possible with this all-in-one financial app. Nevertheless, the fixed fees might be too high for small balances. There is no option for self-directed investing, as well.
Read also: The Best Stock Trading Apps for Beginners and How to Find Them
7. M1 Finance
Last but not least, beginners will find great help from M1 Finance's Smart Money Management. You can feel free to choose and control the way you want to invest, borrow, and even spend your money. High-yield checking is available along with low rates for borrowing. Of course, no trading commissions are taken by this app. Generous cash back can be found with the Owner's Rewards Card. Unfortunately, the trading windows are limited and you have to spend much more money for the M1 Plus service tier. Yet, it is still included in the best apps for trading stock for beginners.