Today technology has spread in every major sector, and due to this the stock trading market has grown very rapidly.Nowadays, it is the era of mobile apps, you can trade directly from the app only.
According to Global Market Insight, the market size of the Stock Trading and Investing app is 24.1 billion and its size will increase by more than 19% in the year 2023 to 2032, which shows how much people use the app all over the world. That's why I thought that a list should be given to the investors from where they can know which application is best for stock trading.
Top Investment Apps for 2024
1. Robinhood: Best for Commission-Free Trading
Robinhood is a USA based trading and investment app and it has good popularity in the USA. It's the commission-free application and highly secured platform therefore their user base is increasing significantly. According to GLOBE Newswire's research, The Robinhood app had 24.0 million customers at the end of April, which shows how reliable the app is.
Key Features:
- Zero Commission Fees: No fees for trading stocks, ETFs, and options.
- User-Friendly Interface: Simple and intuitive design.
- Fractional Shares: Invest in expensive stocks with as little as $1.
- Cash Management: Earn interest on uninvested cash with a high-yield savings feature.
- Cryptocurrency Trading: Trade Bitcoin, Ethereum, and other cryptocurrencies.
Pros:
- No trading fees.
- Easy to use for beginners.
- Access to various investment types, including cryptocurrencies.
Cons:
- Limited research and educational resources.
- Customer support can be slow.
Data & Facts:
- As of 2023, Robinhood has over 31 million users.
- The average age of Robinhood users is 31, indicating its popularity among younger investors.
2. Fidelity Investments: Best for Comprehensive Investment Services
Fidelity Investments is renowned for its comprehensive range of investment services, robust research tools, and excellent customer service. It caters to both beginners and advanced investors with a variety of account options and investment products.
Key Features:
- Wide Range of Investments: Access to stocks, bonds, mutual funds, ETFs, and more.
- Research Tools: Extensive market research and analysis tools.
- Low Fees: No account fees or minimums for retail brokerage accounts.
- Educational Resources: Rich educational content and webinars.
- Mobile App: Full-featured app for managing investments on the go.
Pros:
- Extensive investment options.
- Robust research and educational tools.
- Reliable customer service.
Cons:
- The interface can be overwhelming for beginners.
- Some advanced tools may have a learning curve.
Data & Facts:
- Fidelity manages over $10.4 trillion in customer assets.
- The firm has been ranked as one of the best online brokers for 2023 by Barron's.
3. E*TRADE: Best for Trading Tools and Resources
E*TRADE is a pioneer in online trading and continues to be a favorite among active traders due to its powerful trading tools and extensive educational resources. It offers a comprehensive platform suitable for all levels of investors.
Key Features:
- Powerful Trading Platforms: ETRADE Web, Power ETRADE, and E*TRADE Pro.
- Wide Range of Investments: Stocks, options, futures, mutual funds, ETFs, and bonds.
- Research and Education: Rich in educational resources and market analysis tools.
- Mobile App: Highly rated app for trading and account management.
- Commission-Free Trades: $0 commission on online stock, ETF, and options trades.
Pros:
- Advanced trading tools and platforms.
- Extensive educational resources.
- Commission-free trades.
Cons:
- High fees for managed accounts.
- Some platforms may be complex for beginners.
Data & Facts:
- E*TRADE has over 5.3 million brokerage accounts.
- It was acquired by Morgan Stanley in 2020, enhancing its service offerings.
4. Charles Schwab: Best for Customer Service and Full-Service Experience
Charles Schwab is a well-established brokerage firm known for its excellent customer service and full-service investment offerings. It provides a wide range of investment products, low fees, and robust research tools.
Key Features:
- Extensive Investment Options: Stocks, bonds, mutual funds, ETFs, options, futures, and more.
- Customer Service: 24/7 customer support and numerous physical branch locations.
- Research and Tools: Comprehensive research tools and market insights.
- No Minimums: No account minimums and $0 commissions on online stock and ETF trades.
- Robo-Advisor: Schwab Intelligent Portfolios for automated investing.
Pros:
- Excellent customer service.
- Wide range of investment options.
- Comprehensive research tools.
Cons:
- Advanced tools can be overwhelming for beginners.
- Higher fees for some managed account services.
Data & Facts:
- Charles Schwab manages over $8 trillion in client assets.
- The firm acquired TD Ameritrade in 2020, further expanding its client base and resources.
5. Wealthfront: Best for Robo-Advising
Wealthfront is a leading robo-advisor offering automated investment management and financial planning services. It's ideal for those who prefer a hands-off approach to investing, with low fees and sophisticated financial planning tools.
Key Features:
- Automated Investing: Uses algorithms to build and manage diversified portfolios.
- Financial Planning: Comprehensive planning tools for retirement, home buying, and more.
- Tax-Loss Harvesting: Minimizes taxes on investment gains.
- Low Fees: 0.25% annual management fee.
- Cash Account: High-interest cash account option.
Pros:
- Automated, hands-off investing.
- Low management fees.
- Advanced financial planning tools.
Cons:
- Limited investment customization.
- No direct human advisor access.
Data & Facts:
- Wealthfront manages over $27 billion in assets.
- Known for its user-friendly interface and strong financial planning capabilities.
6. Acorns: Best for Beginners and Micro-Investing
Acorns is designed for beginner investors and those interested in micro-investing. It simplifies investing by rounding up everyday purchases and investing the spare change, making it easy for anyone to start building a portfolio.
Key Features:
- Round-Ups: Invest spare change from everyday purchases.
- Automatic Recurring Investments: Set up regular investments to grow your portfolio.
- Educational Content: Provides educational resources to help beginners learn about investing.
- Found Money: Earn bonus investments when shopping with partner brands.
- Low Fees: Monthly subscription plans starting at $1.
Pros:
- Ideal for beginners and micro-investing.
- Easy-to-use interface.
- Encourages regular saving and investing.
Cons:
- Limited investment options.
- Monthly fees can be high for small balances.
Data & Facts:
- Acorns has over 10 million users.
- The platform has helped users invest over $2 billion in spare change.
7. TD Ameritrade: Best for Comprehensive Trading and Education
TD Ameritrade is a top choice for investors seeking a comprehensive trading platform and extensive educational resources. It offers a range of investment options, powerful trading tools, and excellent customer support.
Key Features:
- Wide Range of Investments: Stocks, options, futures, forex, mutual funds, ETFs, and bonds.
- Trading Platforms: thinkorswim, Web Platform, and Mobile App.
- Educational Resources: Extensive library of educational videos, articles, and webinars.
- No Commission Fees: $0 commission on online stock, ETF, and options trades.
- 24/7 Customer Support: Access to customer service any time.
Pros:
- Comprehensive trading tools and platforms.
- Extensive educational resources.
- No commission fees on trades.
Cons:
- Platforms can be complex for beginners.
- Higher fees for certain managed account services.
Data & Facts:
- TD Ameritrade has over 11 million funded client accounts.
- Known for its thinkorswim platform, one of the most powerful trading tools available.
Conclusion
Investing in 2024 is more accessible than ever, thanks to the plethora of investment apps available. Whether you're a beginner looking to dip your toes into the investment world or an experienced trader seeking advanced tools and features, there's an app tailored to your needs.
- Robinhood is perfect for those seeking commission-free trading and a simple interface.
- Fidelity Investments offers comprehensive services and robust research tools for all types of investors.
- E*TRADE stands out with its powerful trading tools and educational resources.
- Charles Schwab provides excellent customer service and a full-service experience.
- Wealthfront is the go-to for automated investing with sophisticated planning tools.
- Acorns simplifies micro-investing, making it ideal for beginners.
- TD Ameritrade excels with its extensive trading platforms and educational resources.
By understanding the key features, pros, cons, and data about these top investment apps, you can choose the one that best aligns with your investment goals and preferences. Whether you prioritize low fees, advanced tools, or automated services, there's an app designed to help you succeed in your investment journey in 2024.