Pros and Cons of Top 10 best online trading apps

Investing is probably the best way to make money no matter who you are and what you are doing. By understanding the market, taking several risks and being smart in deciding, you might double or triple your fortune just after a few months. However, it is quite challenging to get into this new area since there are too many tools and techniques that need to be acquired.
A solution to this problem is the development of online trading apps that allow you to trade from your own mobile devices. Also, they help investors improve their skills, gain new insight without risking a penny. Below are top 10 best online trading apps that you should consider to make more profits.

1. Acorns

Users number: More than 2 million
Release date: August 14, 2014
Rating score: 4.7 – iOS, 4.3 – Android

Fees: For the first $5000 in your account, Acorns will charge $1 each month. The fee will be 0.25% when your account reaches $5000. Especially if you are a college student, the app is completely free.

Acorns are the piggy bank app of this century as it is a good place to save and invest your spare change.
What makes Acorns special is that when you link this app to your card, it would add the extra change of your previous purchase to a piggy bank. If you purchase a hamburger for $1.8, for instance, this app will round up to $2 and put the extra $0.2 into your investment account.
Once your account accumulates up to $5, Acorns will invest it automatically. Based on your basic background such as income, age, location, it will suggest one out of 5 investment portfolios available.

– No fee for college students
– Require no deposit money
– Very simple to use
– Provide educational content
– Painless method to save

– Only provide individual taxable account
– Small portfolio
– Quite high annual fees
– Possible principal loss
– Just for “increasing” your savings

2. Robinhood

Users number: Nearly 3 million
Release date: March 18, 2015
Rating score: 4.8 – iOS, 4.6 – Android

Fees: There is no fee or minimum deposit money to trade Robinhood. It is completely free.

No wonder why nearly 3 million people have used the Robinhood app to sell and buy stocks since it offers completely free trades.
Back to March 2015, Robinhood was released with the idea of free trading when most brokers charge at least $8 to buy or sell a stock like Google, Adobe, or Microsoft. The app quickly becomes one of the most popular trading apps today with a wide variety of portfolios, including ETFs, stocks, and crypto recently.
The main feature of Robinhood focuses on adding stocks to your watchlist and tracking them without any fees or commissions.

– Free to trade
– User-friendly interface
– Require no deposit money
– Notification of latest market news
– Options trading

– No bonds or mutual funds
– Do not offer a web interface
– Limited function for advanced trading
– No retirement account
– Possibly delayed system

3. Betterment

Users number: Approximately 168,000
Release date: 2008
Rating score: 3.7 – iOS, 4.4 – Android

Fees: Depending on the amount of money that you invest, Betterment charges from 0.15 to 0.35% per year. This app requires no deposit money to start using.

If you think that investing is too time-consuming and challenging, then Betterment would be a great app for you. Since its release in 2008, the company has applied really complex algorithms to find out the cheapest and best portfolios for their clients.
All that you need is $1 at the beginning and answering a couple of question. After that, the app will perform all the work by investing and tracking your money. Compared to traditional advisors who offer the same service with 1% annual fee, the Betterment app only charges from 0.15 to 0.35%, depending on the amount of money.

– Simple way to invest
– Low annual fees compared to traditional service
– Suitable for beginners
– Tax-deferred portfolio
– Calculator for retirement plan

– No commodities or REITs
– No allocation of assets with external accounts
– Not ideal for higher-net-worth investors
– No direct-indexing tool
– Potential issues with the safety net goals

4. Wealthfront

Users number: Nearly 80,000
Release date: 2011
Rating score: 4.9 – iOS, 4.3 – Android

Fees: The app is completely free to use if your account has under $10,000. Once you reach this threshold, the annual fee is 0.25%. Also, it requires an initial deposit amount of $500.

Wealthfront is a cheap, simple, and profitable method to invest your money.
To begin with, you just need $500 and answer a few questions on its site. After that, Wealthfront will invest your money automatically into 1 out of 20 available portfolios which fit well with your risk taste and style. There will be no fees or commissions until your account reaches $10,000. You don’t need to do anything except for checking your account on this app daily.

– Provide two-factor authentication
– Free until accounts reach $10,000
– Tax-loss harvesting
– Offer direct indexing tool
– Risk Parity

– No fractional share
– Portfolio reviews are not comprehensive
– Small fees for accounts above $10,000
– Quite hard to use the interface
– Small portfolio

5. Openfolio

Users number: Nearly 70,000
Release date: 2014
Rating score: 4.3 – iOS

Fees: There are no subscription or maintenance fees. Openfolio is compleltely free to use.

Released in 2014, Openfolio is a great app that enables its clients to make a yearly, monthly, weekly or daily comparison in their performance with these of nearly 70,000 other users in this platform. With a simple touch, you can easily see their asset allocation and returns to make a better investment plan on your own.
It is completely free to use Openfolio app, You just need to connect your retirement and brokerage accounts and then this app will assess the performance and offer the right advice.

– Peer performance comparison
– Free to use
– Safe brokerage information
– Hugh investment information
– Easy to use

– Only available in iOS
– Read-only connection
– Must share your asset allocation and returns
– Peer pressure
– Interface is not user-friendly

6. StockTwits

Users number: 1.5 million
Release date: 2009
Rating score: 4.8 – iOS, 4.5 – Android

Fees: StockTwits is a completely free app to sign up and trade. Also, you will not need any initial deposit money to start with this app.

With nearly 1.5 million accounts, StocksTwits is a perfect place to keep updated with the latest news on the market, including, bond, stock, future, gold, and currency.
Similar to Twitter, a user can post a tweeting to share with other people their thought about a bond or indicate if he or she is bearish or bullish. The app is completely free to use. And the creator of this app even organizes an annual conference to give their users an opportunity to meet up and connect in the real life.

– Updated market news
– Insightful market sentiment function
– Well-organized platform
– Easy to use
– Good data aggregation

– Potential fake news
– Noisy streaming
– No credibility for measuring users
– No difference from Twitter
– Take time to get accustomed

7. Thinkorswim

Users number: About 400,000 users per week
Release date: 2009
Rating score: 4.7 – iOS, 4.0 – Android

Fees: You can use the app free in the first 60 days. After that, the fee will be $6.95 per trade and $0.75 per contract. There is no initial deposit money to start trading.

The Thinkorswim app is a creation of TD Ameritrade – one of the largest and most prestigious brokerage companies in the US.
What makes Tthinkorswim app different from other products is that it contains nearly all helpful information for trading. Not only is it a platform to sell and buy bonds or stocks, this is also the place where you can track equities based on important factors. In addition, the app offers many latest news, reports, and trends in the current market.

– Many commission-free ETFs
– User-friendly interface
– Updated information on the market
– All-in-one trading solution
– Free to use

– Trading fee with ETFs
– High commissions
– Not suitable for beginners
– High margin rates than usual
– Take time to get used

8. Stash

Users number: Nearly 1.6 million
Release date: October 2015
Rating score: 4.7 – iOS, 4.2 – Android

Fees: Stash is free for use in the first month. After this period, the fee is $1 per month if your account is under $5000 and 0.25% per year if your account is above $5000

Are you a new investor but looking for a platform to make your own decision better? Then here is Stash. This simple-to-use app enables its users to invest with only $5 on any portfolios that you want. During this process, you will have access to much helpful education information to help improve your investment knowledge.
Last but not least, Stash is not only an investment and trading platform but also offers helpful tips and articles to help you keep updated with the latest news on the market, thereby making a better investing decision.

– Many investment options
– Provide educational information
– Low fees for large users
– Low deposit money
– Suitable for beginners

– Delayed performance
– So website interface
– Expensive for small users
– High ETF expenses
– Subscription fees

9. Stockpile

Users number: Approximately 45,000
Release date: October 2015
Rating score: 4.7 – iOS, 3.9 – Android

Fees: Compared to other apps, Stockpile has a very low fee structure for trading: it only costs $0.99 per trade, $2.99 for the first gift card, and $0.99 for the additional stock.

Just like other online trading apps, Stockpile enables its users to buy and sell stocks. However, this app also allows us to purchase fractional shares or stocks with an extremely low price – 99 cents. This means that you will not need to have up to $1000 to own a share of some blue chip company like Facebook, Microsoft, or Google.
Stockpile is a great app for families since you can buy stocks and give them as presents to your children or other family members. This is a good way to teach them how to invest smartly at the young age.

– Low fees for trading
– Allow for fractional shares
– No minimum deposit
– No annual fee
– Easy to use

– Only available for US residents
– No real-time trades
– Limited selection of investment
– Only custodial and individual accounts
– Not ideal for professional investors

10. E-Trade

Users number: Nearly 1.2 million
Release date: 2009
Rating score: 4.6 – iOS, 3.9 – Android

Fees: The minimum account should be $500. If your account has more than $10,000, you can use the app free for the first 60 days. Otherwise, the fee is $6.95 per trade.

Originated from Silicon Valley, E-Trade is one of the pioneers in online investing by providing trading service via Compuserve and America Online. In 2009, the company launched its own mobile trading app with many advanced features to help their users get high profits.
Available for both Android and iOS, you can easily update the latest trends on the market as well as the PL of your current portfolio. What’s more, the app comes with a very user-friendly interface and low pricing structures.

– User-friendly interface
– Low deposit money
– Suitable for different levels of investors
– Well-organized platform
– Updated knowledge

– Quite high trading fees
– Only for active investors
– No website interface
– Limited investment selection
– Take time to get used

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