Best Personal Finance Apps of 2020: Trading
Commission-free and mobile investing and trading apps are all the rage, with major apps such as Robinhood claiming that they have around $1,000 to $5,000 in average assets per account.
If you’re interested in putting your extra cash to work for you and increasing your personal finance status without having to become a professional day trader, these kinds of apps might be the perfect fit for you.
Online brokers continue to adapt to a mobile-first method of investing, allowing everyday people the chance to earn easy money via trading apps that work to suit individual needs and financial goals. Different apps come with different tools, meaning that what’s right for a friend might not be right for you. So, here’s what to know about the best personal finance trading apps of 2020 and how to choose the right one for you.
Best Personal Finance Trading Apps in 2020
You can ask any trading guru about their recommendations for best trading apps and they’ll all most likely list off TD Ameritrade in their top three. It’s a great app for beginners and those with a bit more experience, offering an all-around great experience that comes with a $0 account minimum on top of no commission fees on top of trades you make. While customers often complain about the high margin interest rates, the analytics tools they provide you with along with the ability to choose whether you’re interested in active or passive trading really set this app apart from the rest.
Fidelity serves over 30 million customers interested in optimizing their retirement options while also enjoying $0 stock trades that are backed by industry-leading research. Stockbrokers.com ranked this app as the No. 1 best trading app for 2020, noting that it was the most consistent in terms of support and ease-of-use while providing numerous options for different kinds of investments, ranging from stocks, ETFs, and mutual funds to even those who have an open IRA account. As well, those interested in active trading can use the desktop platform to access more in-depth features.
Interested in options trading? Definitely check out tastyworks. The app is built and centered around offering services to those using options strategies more than anything else. It’s important to note, however, that the app, so to speak, is designed to be used more on the desktop platform than the mobile app. Drag and drop options plus capped fees and advanced trading options make this one of the best apps for serious traders who don’t need to rely on other educational resources and assistance that other apps on this list might offer.
Geared towards active traders, Interactive Brokers is one of the most comprehensive trading apps on this list. The app works similarly to the desktop version, ensuring that even if you’re interested in pocket trading, you’ll get nearly all of the full features you might if you used the full desktop platform. Expect to enjoy over 50 data columns and access to institutional quality research to power your trading decisions. Similar to tastyworks, it’s a great option for traders who are a bit more advanced and don’t require as many educational resources to inform their choices and get started.
As mentioned, Robinhood is one of the most popular trading apps that currently exist, boasting over 10 million users as of 2020. We’d rank it as one of the best commission-free trading apps, perfect for people who don’t want to pay to use basic features. However, because it’s free, you’re also not getting much in terms of features, which means that, while it’s simple and easy to use, you don’t have a lot of choice in terms of investment types; you can’t invest in mutual funds, bonds, or retirement accounts. However, you do have access to various types of cryptocurrencies, if that’s something you’re interested in.
Trading stocks from your phone is easy when you have E*Trade, which we’d rank as one of the easiest trading apps to use regardless of your knowledge in trading. It’s the oldest online trading platform out there, so they’ve had time to perfect the user experience and add in features that make daily trading on your phone easy to do. There are no commissions for stocks and ETFs plus you can access tools that will help you assess potential risks for certain stocks you’re considering investing in. Sure, it might not integrate with your bank, but when it’s this easy to use, it’s a small price to pay for the other features you get.
Earning Extra Money for Trading
If you’re interested in trading it’s likely because you’re interested in growing your wealth. And, there are quite a few ways to do that. Trading, investing, budgeting, etc. are all great ways to grow your wealth over time. But, you can also sign up for a debit card that will help you meet your savings goals, too.
The Cheese Debit Card comes with zero banking fees, savings bonuses, and cashback, and it’s FDIC-insured. You can save without doing really anything, and that’s the kind of change you need right now to help you earn cash easily that you can turn around and use for trading. Click here to join our waiting list and begin your journey towards earning extra money.
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