Best Trading Apps for US Traders

Fee-free apps, pioneered by Robinhood, have gained traction over the last few years and arguably made trading more accessible. But while they remove commissions, which traditionally cost the most, they charge for their services through other means, lowering the quality of order execution, which is reflected in higher buy and lower sell prices.

Here’s a collection of trading Best Trading Platforms that received good ratings from Mac and iPhone users.

Here’s a selection of trading apps suitable for PC and Android users.

Stock and share trading is among the most basic forms of investing and a beginner trader’s common starting point. Shares are units of stocks, and both denote equity ownership of a publicly traded company. When looking for a stock trading app as a beginner, you should prioritize a straightforward UI, low commissions, and minimum deposit.

An options contract allows buying or selling an underlying asset at a specific date and designated price, whereas binary options refer to making a prediction regarding the value of the asset after a period of time. Options trading requires solid strategy building, and for beginner traders, an intuitive app with loads of educational materials is crucial.

Another good one to look out for is fractional shares. To put it simply, they are portions of stocks and ETFs that represent a small amount of an overall share.

This is a great option for those who can’t afford a full share of the stock, or those wanting to invest a set amount of money in a stock or ETF every month. Fractional shares are a relatively new concept—so not all stock apps will support this feature. The best that do are features below.

Rather than taking over the world, these robots are actually here to help you. If you’re new to trading, robo-advisors help you manage your money and build your portfolio. They’ll make sure everything is aligned with your needs as they assess your financial preferences.

Robo-advisors help you achieve your investment goals and manage your money—but if you’re not quite ready to let the bots take over, you can still get advice from a human financial advisor for more tricky cases.

Penny stock trading involves buying and selling stocks of a small company trading for less than USD 5 per share. The Penny stock market is often fairly volatile; therefore it requires solid research and analytical tools to make informed decisions.

Day trading involves buying and selling assets in the span of a day with the hopes of turning a profit by taking advantage of small price fluctuations. It requires constant monitoring and extensive research and comparison trading tools, and for beginners, an uncluttered and intuitive app, along with an appetite for risk. We have prepared a list of the best day trading apps of 2023.

Cryptocurrency trading involves buying and selling digital assets like coins to turn a profit. Cryptocurrencies are notorious for being highly volatile assets and therefore considered a high-risk venture. Best crypto exchanges for beginners would have a UI that mimics that of a traditional broker for familiarity, along with an extensive library of resources to make informed decisions.

In a forex market, you can exchange different currencies and make money by taking advantage of rises and falls in value. It requires quite a lot of time and strong market acumen, and apps that feature live news feeds on market updates and analysis come in handy.

You can trade commodities like gold or natural gas through instruments like options or futures contracts, and diversify your portfolio. Investors turn to commodity trading when stock markets are volatile but note that commodity values depend on many factors that are impossible to predict, such as epidemics, weather conditions, or disasters. Apps with extensive resources on market analysis along with straightforward pricing are suitable for commodity trading.

Swing trading involves placing trades that can last from a couple of days to couple of months and turning a profit by anticipating the price difference. Apps with strong strategy-building capabilities are more suitable for swing traders.

Live trading simply refers to online trading that eliminates the need for a broker to place the orders. In order to compensate for the lack of professional input while executing orders, apps with intuitive design and educational materials come in handy for traders with little experience.

For a paper trading account, the app simulates the market conditions for traders to learn trading and apps alike without jeopardizing any capital. It’s crucial for beginner traders, and also traders with experience that is opting for a new service.

Planning for the future—something we all should do, but many of us don’t. Well, here’s your chance. Many stock apps allow you to open an IRA account so that you can save money for retirement on a tax-deferred basis or with tax-free growth.

These tax benefits let you make the most out of your savings, as you can potentially see more growth than a traditional taxable account. Of course, contributing towards a 401(k) is also advisable if that’s available to you. Below are some of the top trading apps that offer IRAs.

Who doesn’t like to learn? Ok, let me rephrase that—

Who wouldn’t like to learn how to make money?

Knowledge is power—and power is money. Brokers get this. That’s why so many apps have a bunch of educational features to give you the tools to make smart investment and trading decisions.

If you really want to nerd out, many apps also include market analysis features, stock research, and real-time data. Just pay attention to any sneaky extra fees—some apps charge extra or ask you to set up a paid account or subscription. Some of the top apps with learning resources are given below.

Before diving in, take the time to investigate which app is the best choice for you. Take a look at what features and tools they offer—and how this could benefit you.

Don’t be afraid to play the field, and try a few different apps. If the first one doesn’t work for you, there are plenty more fish in the sea.

Nobody learns to run before they can walk—and the same applies here. When it comes to stock trading, the stakes can be high—so take your time to learn the basics before taking the plunge.

Many online resources, courses, podcasts, and videos can help you learn and evaluate the stock market. If you know any seasoned stock traders, feel free to (respectfully) probe them to learn some first-hand tips.

Many stock apps also have educational resources (like stock charts and research) for you to keep up-to-date with all the latest findings.

You go to the gym to get fit and take a food masterclass to impress your dinner date. Defining your goals keeps you motivated and gives you something to aim for. The same goes for stock trading.

Before starting out, you should ask yourself why you want to buy and sell stocks and what price ranges you’re interested in. Are you planning on making short-term or long-term investments?

Focusing on your financial goals helps you find a stock trading app with features that perfectly match your needs and preferences. Earning some extra cash on the right app could pay for a second dinner date, after all.

You’ve done your research, established your goals, and now you’re eager to get in on the action. But hold your horses. First, you need to decide on your investment strategy.

Do you want to have more control by selecting your individual stocks yourself? Would you prefer a robo-advisor to help manage your portfolio? (Or keep it traditional by working with a financial advisor to get some first-hand advice?)

It’s also worth outlining how much you plan to invest. Remember, stocks can be volatile—so don’t go investing all your money at once. It’s way too risky. Instead, make sure you have enough money set aside for emergencies, savings, and your overpriced Starbucks addiction.

When money is on the line, you better choose wisely. When exploring options, go for the more stable stocks from businesses you’re familiar with and understand.

The S&P, a stock market index, has recorded the most volatile year since 2009. High-volatility stocks fluctuate more than your mood during puberty—and like pre-teens, they’re pretty unpredictable—so it’s best to stay clear if you’re a beginner.

Once you start investing, keep hold of long-term investments—that’ll give you the best chance of getting the most stable and profitable returns.