5 apps that should be on every trader's phone
Whether you're a financial newbie or a seasoned trader, smartphones have revolutionized the way we think about trading stocks and securities. Looking to get into the trading game? Be sure to check out these five apps that should be in any trader's daily arsenal.
Robinhood - Free Trading for All
Robinhood is a mobile app available on iOS and Android that brings fee-free trading to the masses. The fixed commission rate offered by other brokerages like ScottTrade and MerrillEdge left a gap for everyday people who want to dabble in trading, but don't want to commit to a fee-ridden brokerage. Robinhood makes its money by offering a premium subscription plan to serious traders who want to open margin accounts and have extended trading hours. It's perfect for novice and seasoned traders alike.
Acorns - Hands-Off Spare Change Investment
Traders who are looking for a way to dabble in the market without having to play a hands-on role should consider an investment platform like Acorns. It ties directly into your bank account and rounds off everyday purchases by making small withdrawals from your account. These withdrawals are placed in a managed ETF fund that you can access at any time and continues to rise or fall alongside market performance.
Ally Invest - Best Day-Trading Platform
Ally has turned online banking on its head by offering some of the most competitive interest rates in the industry, and now the bank is looking to do the same for trading and investing. Out of all the major firms, Ally Invest offers the cheapest commission rate at $4.95 per trade + $0.65 per contract. They also offer up to $100 cash bonus for qualifying deposits, making them a stellar option for those looking to ride the daily swings of the market.
MetaTrader 4 - Best Forex and CFD Trading Platform
To find an efficient and low-cost online CFD trading platform, look no further than MetaTrader 4. MetaTrader 4 has become the market standard for Forex and CFD trading, with hundreds of brokers relying on the software worldwide. MT4 has an extremely user-friendly interface and supports all major world languages. Its charting capabilities are second to no other software on the market, so it's no surprise that Forex traders count MetaTrader 4 among the tools in their arsenal.
Stockpile - Get Kids Interested in Trading
There are hundreds of trading platforms available online for new and seasoned investors alike, but very few of them are aimed at teaching kids the basics of trading. Stockpile is different in that you can buy fractional shares of a stock for as low as $0.99 per trade. This fractional trading allows investors to nab a piece of high-performing stocks like Apple, Facebook, or Google without having to invest enough to buy an entire share. It's also a great way to teach your kids about trading since you can buy stock and then gift it to someone on your Stockpile family account. Rewarding children with shares of stock that grows with market performance is one of the best ways to teach them about the stock market. Giving them a fractional share of a high-profile stock produces a vested interest in that company and helps showcase how market performance can affect the overall value of their holdings. Stockpile helps turn investing into a family activity that can be enjoyed by everyone.