When it comes to trading stocks – there are two types of people. One of them loves to invest their assets in steady-growing companies and watch them rise and value over the course of several years while others appreciate taking a quicker route and enjoy active stock trading. Whatever the case may be, with all the technological advancements it’s not surprising that many trading apps have found their way into the phones of aspiring traders. Today we’re going to talk about some of the most popular apps for first-time investors and how they can help them achieve their goals. Let’s get started.
TD Ameritrade is arguably one of the most popular apps among both experienced and first-time investors. It’s a well-rounded app that offers something for every trader. The reason it is so popular for beginners is the fact that it allows anyone to deal with their investments from any place and any time. Once you gain some experience under the belt, the app can be ‘upgraded’ to a more advanced version (thinkorswim version) for a more advanced experience.
With a TD Ameritrade brokerage account, you gain access to the app and your journey as a trader can start. It has no minimum account balance requirements and you get to trade completely commission-free in both online stocks and ETFs.
It’s not only stocks and ETFs that are tradable assets with this app – you can deal with options, mutual funds and bonds as well – but for those, there are certain fees in place.
Another thing that makes this one suitable for newcomers is the fact that you can learn so much by using it. There are a number of different quizzes and videos within the app that can help you get better, learn more and track your progress. On top of all that, there are hundreds of online seminars and a lot of educational content accessible via the app – all of which are extremely valuable to first-time traders if they wish to master their craft.
Another widely popular and highly-regarded mobile application for both beginners and experienced investors and traders is Fidelity. It’s a great fit for those keener on long-term investments, rather than short-term or day trading. Once again, you are able to trade in stocks and ETFs free of charge and as for the rest of the investment options (mutual funds for example), there is a set fee – much like with the TD Ameritrade.
What makes this one so suitable for beginners is that it doesn’t have a lot of advanced features or charts, which makes it less overwhelming for newcomers who don’t need or want to deal with things they don’t understand at the point they are. It’s very easy to use, which is also why many beginners gravitate towards it and that easy-to-use experience also translates to the desktop version.
When it comes to research and education – it doesn’t get much better than this. Research within this app is as extensive as it gets. That can be a little bit overwhelming in some cases, but you’re not bombarded with information – it’s just there to be accessed if you want to. Now, as far as the education aspect of the app goes – Fidelity’s Learning Centre takes all the educational data and puts it into one place. You can find anything from beginner classes to webinars in there. Everything’s sorted through categories for easier use and navigation, which is something every first-timer would greatly appreciate.
According to loved.com, Robinhood is one of the most desired apps for first-time traders and investors. What makes this one so appealing and suitable for up-and-coming investors is the fact that the whole thing is oriented towards them. Once again, you’re met with $0 fees for stock and ETF trades – but as you can tell by now, that is pretty much an industry standard at this point.
Robinhood has to be the easiest app to use there is – in the world of stock trading, of course. The whole point of this one is to introduce you to the world of trading with its simple and straightforward design. However, once you learn how to operate in this world – there’s nothing much left for you to do but to move on from it.
The whole point of Robinhood is to make things as basic and simple for beginners and once you’re done with ‘training’, the lack of trading platforms, tools, and research tools make this one an entry-level option – which is not necessarily a bad thing, it’s just that you’ll have to move on once you’re ready for something more advanced.
One of the pioneers of the online brokerage, E*TRADE, is proud to have two brilliant mobile apps for both first-timers and experienced traders. It is the number one mobile options trading app on the market and even though options aren’t, in fact, stocks – it’s still a part of the investment and trading world.
The Power E*TRADE platform is the reason why this one is so popular with beginners. It’s easy to use and navigate and it has all the necessary tools for those without experience. Another area in which E*TRADE shies is the research part of the app. You have the access to a plethora of information, without it being overwhelming – which is extremely important for those who are still learning.
As far as educating newcomers goes – it could be better. It’s not that there’s no educational content accessible within the app, quite the opposite, there’s more information than you could possibly fathom. Everything’s covered – from stock trading to mutual and retirement funds. It’s the fact that it’s all in one place that makes the whole experience not as pleasant as it should be. It’s kind of hard combing through it all – especially if you’re new to it. However, you can get a grip on it after a while.
There you have it. Those were our top 4 picks for the best, beginner-oriented apps. One thing to remember though is – everyone has different goals in their mind and not everyone wants the same thing, so, it might be better to try several, if not all of these at first. That way, you can be sure you’ve made the right choice.