If you are trying to make your trading easier and on the go, it might be a good idea to sign up for a day trading app. But, as the market gets bigger, it could get harder to get all the information and compare the available options.
To help you out, we have made a list of the five best mobile trading platforms, in order to help you choose which would be the best day trading app for your needs, standards and experience.
We invite you to read more about Webull, Robinhood, SoFi, Ally, and TD Ameritrade trading apps and get wise enough to choose the best app for day trading right now.
What is the Best Day Trading App in 2020?
The best day trading app depends on what you are looking for. There are many important characteristics that will make traders decide over one app or the other.
According to our investigation on 5 of these day trading apps, TD Ameritrade should come in first place because of the amount of alternatives it has for trader’s different goals.
Second place would be a tie between Webull and Robinhood. These apps work on both android and iOS, but only Robinhood can also be used on Apple Watch.
Remember that identifying the best mobile platform for your needs could be the difference between having an average experience or taking control of a trading application that could enhance your investing performance.
How to Know What is the Best Trading App Right Now
The market is fast moving and constantly changing, so an important app characteristic for traders that want to buy and sell everyday might be one that guarantees a live market rate.
There are many other features you should be watching out for. Some of these are assets available for trading such as forex, commodities, crypto coins, currencies, ETFs and others.
1. Trade Your Assets on Webull
Webull is a financial service for traders that offers not only an online platform, but an app that works for iOs and android. It offers 2 free stocks valued up to $1650 after funding your account with an initial deposit of $100 or more.
How to Invest with Webull
At the bottom of the app there will be a circular button in the middle with the Webull logo. If you click on that it will take you to your account.
App Features
Some of the features available on Webull include voice commands such as “buy”, “sell” or “search”. They also have paper trading to simulate you are trading on the live market.
Minimum deposit
There are no minimum deposits which might be a plus for new traders who are beginning to experience the trading world.
Fees
There are no fees. This might be positive for any user that has this app.
Tradable assets
Webull has few tradable assets. It offers ETFs, stocks, cryptocurrencies and options.
Account types
This day trader app offers different account types such as an Individual Retirement Account (known as IRA) that includes certain tax benefits. Webull also has a general account called an Individual Brokerage Account.
Good for: Beginners, advanced, experts
The Webull app is good for beginners that want to gain experience using the paper trading feature. Traders with experience should not have any problems using the app.
Pros and Cons
Pros:
- Buy and sell stocks with zero commission
- Full extended-hours trading
Cons:
- The number of tradable assets available
- Customer service
2. Robinhood: The Millennial’s Day Trading App
Robinhood is a trading brokerage that allows users to invest and trade. It offers real-time quote data. As one of the best day trade apps, it can be downloaded on both Android and iOS, being available for the Apple Watch as well. New users can get a free share.
App Features
One of the interesting app features that might intrigue you is Cash Management. It allows you to spend your money with a company debit card or sit your funds in a brokerage account where it will earn interest.
Minimum deposit
There are no minimum deposits on this trading app.
Fees
There are no trading fees or commissions on the Robinhood day trade app. However, there are miscellaneous fees, such as international wire or domestic wire fee.
Tradable assets
Robinhood trading app supports ETFs, stocks, funds, gold, options and cryptocurrencies such as Bitcoin, Ethereum and Dogecoin.
Account types
There are three different account types available. When you sign up it will automatically be the standard or instant account. There is also the gold account which allows higher trades. The third account is the Robinhood cash.
Good for: Beginners, advanced, experts
Robinhood is inviting for beginners because it has no commission or minimum deposit fees. It has no mutual funds or bonds on the app which might be a downside for experienced traders.
How to Invest with Robinhood
When you open your app you will immediately see an investing button, stocks that you own, and your watchlist. Underneath the search button you’ll see “top movers” which are stocks suggested to you by the app.
Pros and Cons
Pros:
- Different account types for client’s various needs
- Crypto trading
Cons:
- Customer support is only via email
- Mutual funds and bonds are not supported on the trading app
3. SoFi: Your Gateway to Crypto
Social Finance, Inc., best known as SoFi is an online finance company that allows their users to invest and learn, making it a good stock trading training app. It is also a banking and a lending company that refinances and restructures debts.
App Features
Minimum deposit
Once you create your account you must add a minimum deposit of $1.
Fees
It is commission-free for ETF or stock trading, and charges no account fees. For any markup on cryptocurrency transactions, it will have a 1.25% fee.
Tradable assets
The tradable assets for this app include fractional shares, stocks, trades, and cryptos such as Bitcoin, Litecoin and Ethereum.
Account types
It has accounts for cryptocurrency users. You may also open an IRA. SoFi Money is both a savings and checking account while SoFi Invest is for stocks and ETFs.
Good for: Beginners, advanced, experts
SoFi has a beginners guide on their website and a tab on the app called SoFi Invest with learning articles for any new traders in the financial industry.
How to Invest with SoFi
When you login to your investing account you will see your money, an invest button, and holdings (stocks and ETFs). Under “Accounts” you will have all your account types available.
Pros and Cons
Pros:
- No foreign transaction fees
- Accounts types
Cons:
- Few available assets
4. Ally Investing, Banking and Loans in One App
Ally is an app that offers banking, loans and investments on the same app, which is intuitive for all traders. It is a good free day trading app with top quality commission-free ETFs and a dedicated day trading app for Forex.
App Features
Ally has no complex features, but it offers self directed trading and a managed portfolio.
Minimum deposit
Ally asks for no minimum deposits.
Fees
There are no fees on stock or ETF trade, nor is there an options base fee. There is a $0.05 fee on options per contract, a $9.95 mutual fund trade fee, and a $20.00 fee for broker-assisted trades.
Tradable assets
This top day trading app has a number of tradable assets: stocks, mutual funds, bonds, ETFs, options (equity and index), forex, and others.
Account types
Ally has checkings, savings and investing accounts.
Good for: Beginners, advanced, experts
This stock broker app is good for beginners since it has educational material, and for experienced traders because it offers good charting tools.
How to Invest with Ally
If you go to the “Invest” section on Ally you will see several investment choices.
Pros and Cons
Pros:
- Universal account access
- Intuitive app
Cons:
- Watch lists are not live, they refresh every five seconds
- No after hour trades available
5. TD Ameritrade: One of the Best Day Trading Apps
TD Ameritrade is a brokerage app that offers custodial services and investment advisors. They have two different applications for beginner and experienced traders.
App Features
An important feature for traders is letting the user customize their position and watchlist screen the best way possible.
Minimum deposit
This app requires no minimum deposit.
Fees
For ETFs and online stocks there are no fees. For broker-assisted trades there is a $25.00 fee. For ETFs, options and stocks there is a $5.00 commission for interactive voice response on trades.
Tradable assets
TD Ameritrade has a number of tradable assets. Some of them are stocks, options, mutual funds, futures, ETFs, margin trading, cryptocurrency trading and IPOs.
Account types
It has a standard, retirement, educational and specialty account.
Good for: Beginners, advanced, experts
The TD Ameritrade mobile app is good for beginners. There is a second app called “thinkorswim” that is thought for experienced traders.
How to Invest with TD Ameritrade
On entering the app you will see three different pages you can decide on at the bottom. You may choose watchlists, positions, or orders to buy or sell your stock.
Pros and Cons
Pros:
- Educational videos.
- Real-time quotes.
Cons:
- Higher commissions than most.
Day Trading Apps Comparison Table
There are several day trading applications available to help novice and experienced investors alike. By researching the different applications that are available, and the benefits of each, it will help you make sound investment decisions. Different applications will offer different investment opportunities, you just need to try a variety of them and find out which one(s) will work best for you.
The True Trader strategy will help you day trade the right way, no matter which application or platform you use. Sign up today and get access to our exclusive approach to day trading.
