As we move towards a new global crisis, stock markets have seen an unprecedented change, impacting all investors. In spite of that, over the past few years, the impact of online apps has brought a new advantage to the world of Stock Trading. Some investors are happy putting their money into a safe fund and letting it grow for the long term, while others are more ambitious and interested in taking a hands-on approach in managing their money with active stock trading. If you’re buying or selling once in a while, or want to enter this world more actively, there are some things you should know first.
Due to market volatility and the changes in the online stock trading industry, online brokers have improved their mobile apps. Features like an efficient automacy and capacity to trade, by the minute, sharing watch lists and alerts, as well as tools such as stock screeners, or the ability to depose checks into your account, are immensely important when choosing the best stock app for your unique needs. Remember that it also largely depends on your experience and trading goals.
After reviewing fees and tradable assets, we rounded up the best stock trading apps for Androids. But first, there is some basic knowledge you need to know.
Stock Market Basics
The Stock Market is unpredictable, mainly due to the fact that stocks are listed on a specific exchange, which brings buyers and sellers together and acts as a market for the shares of those stocks – that can be a bit of a chaos for the untrained eye. The exchange tracks the supply and demand — and directly related, the price. Nowadays, individual traders are represented by brokers, especially online brokers. You deliver them your trade and they take care of the exchange, on your behalf.
The instability of the Stock Market is also due to its ups and downs – market index. Market index tracks the performance of a group of stock, like technology or retail companies, for example. Investors use this index to benchmark the performance of their own trading decisions but, if you’re an investor who’s looking for a bit more action, it all comes to the main part of Stock Trading: Buying and selling stocks frequently in an attempt to predict and time the market. The main goal is to buy stocks at a low price and capitalize on short-term market events to sell them for a high profit.
Best Stock Trading Apps For Androids
The best online investing apps offer a consistent experience between desktop and mobile platforms. We gathered some of the best ones for Androids, be for beginners or advanced investors. This is just a quick rundown on their ups and downs so, if you want a more detailed guide on which Stock Trading App for Android is the best one for you, click here.
- TD Ameritrade: Best Stock Trading App
- Fidelity: Best for Beginners
- Tastyworks: Best for Options Trading
- Interactive Brokers: Best for Active Traders
Available for Desktop and Androids, the TD Ameritrade Mobile App is geared towards basic investing with an excellent account summary, price alerts, and a wealth of news and research. The workflow between options, stocks, and investments is intuitive and dynamic, making it a more than acceptable option for the full desktop trading. Here are some of its best features:
- Provides investors with the choice between an investment-focused app and a trading-focused app.
- Customers have a simple one-page experience where they can quickly check in on the markets and their accounts.
- Gives watchlists and customizations sync across all TD Ameritrade platforms, including both mobile apps.
- All available asset classes can be traded on mobile.
The downside is that the features available in the app differ by design, meaning hybrid investors (swing traders, for example) may find themselves having to switch between the two to get access to the tools and analysis they need.
This is the app for beginner investors and anyone with a focus on long-term or retirement investments. Provides a full-service, with a wide range of account and investment types supported, like supports brokerage, retirement, or education accounts. With $0 stock and ETF trades, you get a lot of services at a low cost. The best part? No minimum deposit required! These are some advantages:
- Investment and trading features meet the needs of most traders.
- Support for a wide range of account types.
- Extensive research and education resources.
The only main downside that usually gets under most trading experts’ skin is the lack of charting options.
If your focus is mainly just on Stock Trading, Tastyworks might be the best option for you. Not only are Stock and ETF trades fee-free, but options on them only cost $1 per contract with a $10 maximum. The mobile app is best for traders with some options experience, as there are many features that can distract and overwhelm beginners. These are some of its best aspects:
- Advanced and capped fee options for trade and trading features.
- Follow community members for sharing ideas.
- Many account types supported.
The downsides are the fact that it’s not the cheapest per-contract fee, as well as having limited education resources, compared to major brokers.
When it comes to active trading, this app has nearly all the functionalities of the firm’s web-based platform. Traders have the possibility to assess the market and open new positions on the go, as opposed to simply monitoring existing trades. The mobile app also has great research, excellent charts, and a wide selection of indicators. The most notable upsides include:
- The capability of mimicking the website experience with full order ability, while having extremely active scanners and alerts.
- Intuitive trading workflow, combined with the ability to set order presets for faster entry.
- Charts come with a bunch of useful indicators for quick trading decisions.
The downside is that the data streams in real-time across only one platform at a time, even though only traders who have a multi-device approach to their workflow are affected by this limitation. We also noted the lack of drawing tools in the mobile app.
It’s important to study your stock background and plan your investments before picking a brokerage or a stock trading app. Before you go on and choose one of these four apps, we recommend analyzing the fees, tradable assets, available account types, and their overall dynamic – make sure they’re easy to navigate through! Lastly, don’t forget to manage your investments on the go, to trade stocks anywhere with an internet or cellular data connection, and to never lose track of your portfolio or investment values. Thanks for reading and go make some money!