Best Free Stock Trading Apps
Looking for the best stock trading apps for free? Elevate your investment game with these top choices.
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| © CreditDonkey |
Sign Up and Get $5
- Sign up, add at least $5 to your account and get a $5 bonus.
- Invest with fractional shares
- Get portfolio recommendations
M1 Investment Account - Up to $500 Bonus
Open a new M1 investment account. Deposit $10,000 or more into the account within 14 calendar days of account opening. Promotional credit will depend on the deposited value made into the account.
| Deposited Value | Promotional Credit |
|---|---|
| $10,000 - $29,999.99 | $75 |
| $30,000 - $49,999.99 | $150 |
| $50,000 - $99,999.99 | $250 |
| $100,000+ | $500 |
This offer is only for customers who have never registered for an M1 user account.
There's never been a better time to invest.
Not only can you trade for free, you also have access to high-quality research, advanced tools and even perks like free stocks.
But which free stock trading app is right for you?
In this guide, find out which free stock trading apps are worth checking out, their pros and cons, and how safe they are.
- Robinhood: best for beginners
- Webull: best for active traders
- Public: best social investing community
- TD Ameritrade: best platform and tools
- M1 Finance: best hybrid DIY & robo investing
- SoFi Invest: best fee-free automated investing
- E*TRADE: best investment selections
- Fidelity: best customer satisfaction
- Charles Schwab: solid all-around investing app
- Vanguard: best for retirement
Best Stock Trading Apps
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| © CreditDonkey |
Here are the best free investing apps for different types of investors, whether you're a beginner, hands-off investor, or need something more robust.
| App | Best for | Perks |
|---|---|---|
| Robinhood | Beginner traders | Offers fractional shares |
| Webull | Active traders | Fractional shares, Extended trading hours |
| Public | Social investing | 'Themed' investments |
| TD Ameritrade | Advanced research and tools | Trade $100K in practice account |
| M1 Finance | Hybrid DIY/robo investing | Go fully DIY or automated |
| SoFi Invest | Automated investing | Fractional shares, auto-rebalancing |
| E*TRADE | Wide investment selection | Pre-built portfolios made by experts |
| Fidelity | High customer satisfaction | High-quality research, real-time quotes |
| Charles Schwab | All-in-one platform | Free access to financial specialists |
| Vanguard | Retirement planning | Roths, IRAs, and more |
Robinhood: Best for Beginners
Robinhood was the first app to offer completely commission-free investing. It offers free stock, ETF, options, and cryptocurrency trades.
The Robinhood app is also pretty bare-bones. It makes a good choice for beginners who don't want to get overwhelmed by a ton of features.
Why choose Robinhood?
Here's what you get with Robinhood:
- Fractional shares trading - With fractional shares, you can just buy a piece of the company's stock instead of the whole thing. You can start trading on Robinhood with just $1.
- Direct cryptocurrency trading - You can trade 7 crypto coins directly on your Robinhood trade account. They're all commission-free trades, so you don't have to worry about paying expensive fees when you invest.
- Educational resources - If you're new to investing, you can learn more about stock trading through "Robinhood Learn," their online resource center.[1]
- Cash management account - You can also store any uninvested amount in a separate bank account (complete with a debit card). Your funds can also earn high returns from fluctuating interest rates.
However, Robinhood only offers taxable and retirement accounts. It doesn't support college and education savings plans.
Robinhood Pros and Cons
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Robinhood is good for beginners because trades are free and there is no minimum requirement. The app is also simple to use.
They offer first trade recommendations but you won't receive any investment advice if you have already invested in your recommended portfolio. You still need to do some research to select your investments.
If you're a more experienced trader who wants more advanced research, the next app may be a better fit for you.
Webull: Best for Active Traders
Just established in 2017, Webull is already one of the most popular trading apps and Robinhood's biggest competitor. You can trade stocks, ETFs, options, and cryptos commission-free.
Why choose Webull?
Webull has several features that sets it apart:
- No minimum deposit requirement - At Webull, you can create an account and start trading, even if you just have a few dollars as capital.
- Fractional shares trading - The app also allows you to buy stock in smaller pieces. This is perfect if you want to start off small.
There's a $5 minimum requirement for fractional shares. You must also buy at least 1/100,000 share per order.
- Access to extended and pre-market trading hours - Unlike other online brokers, you can keep your trades active even during non-regular trading hours on Webull. This is convenient if you have an irregular schedule.
- Advanced trading tools - Experienced traders can benefit from the app's many advanced trading tools like charts, indicators, and customization options.
Compared to Robinhood, Webull offers more advanced research and technical analysis. Webull is a good choice for both more serious investors and beginners who want a platform they can grow with.
Webull Pros and Cons
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Free trading apps can save you a lot of money. But they may not be truly free. Stick around to the end for hidden costs to watch out for.
Public: Best Social Investing Community
Public is a newer app that combines investing with a social community where you can share insights and learn from others.
It offers stocks, ETFs, and cryptos with no trading fees.
If you're not sure what to invest in, you can search Public's themes. Themes include Women in Charge, Growing Diversity, Green Power, and tons more. This lets you easily invest in companies and causes that you care about.
Why choose Public
Some features that make it special include:
- Social trading features - On Public, you can follow other traders and view their latest activities on your news feed. You can also view their investment portfolios and interact with them. There's even a "tip" feature you can use to show appreciation for high-quality posts.
- Cryptocurrency trading - Like Robinhood, Public offers crypto trading as part of their brokerage services. They carry 25 different coins, including Bitcoin, Litecoin, and Ethereum.
Public doesn't have a built-in crypto wallet on their platform. This can give you less control over your crypto investments.
- No Payment for Order Flow (PFOF) - The app doesn't charge payments for order flows. So you don't have to worry about expensive indirect costs.
- Fractional shares investing - You can buy stocks with just $1 on Public's platform.
Public Pros and Cons
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TD Ameritrade: Best Platform and Tools
TD Ameritrade is known for having the gold standard in trading platforms. More serious investors will appreciate the excellent research and advanced tools on the thinkorswim mobile app. All users can access this app for free.
TD Ameritrade: Commission-Free Trading - Online Stock, ETF and Option Trades
Applies to U.S. exchange-listed stocks, ETFs, and options. A $0.65 per contract fee applies for options trades, with no exercise or assignment fees.
Why choose TD Ameritrade
It's considered one of the best stock trading apps because of these features:
- Extensive investment selection - They offer many different assets as investments. So you're not limited to buying and selling stocks. You can also trade other assets like exchange-traded funds (ETFs), mutual funds, futures, and even forex.
- Different advanced trading tools - This free stock trading app has plenty of trading tools, like technical charts and indicators, to help investors improve their trading strategies. They even have an online simulator called (paperMoney®) that you can use to practice your trades before carrying them out on the market.
- Educational resources - TD Ameritrade also has an extensive library of financial research, which were compiled by reputable third-party sources.
- High-quality customer support - This platform boasts some of the best customer services among online brokers. You can easily chat and share your screen with their trade specialists for quicker resolutions to your concerns.
Beginners also have the option of using the more basic TD Ameritrade Mobile app, which doesn't include futures and forex.
TD Ameritrade Pros and Cons
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Does managing your own portfolio sound like too much work? This next app is perfect for hands-off investors who still want a say.
M1 Finance: Best Hybrid DIY & Robo Investing
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| CREDIT: M1 |
M1 Finance has a unique hybrid approach. You select your investments and M1 Finance will take care of the trading and portfolio management for you. This is great for those who want to choose their investments, but don't want the hassle of managing.
You can select your stocks and ETFs for fully customized portfolios. Alternatively, you can choose one of many pre-made portfolios and make adjustments.
M1 Investment Account - Up to $500 Bonus
Open a new M1 investment account. Deposit $10,000 or more into the account within 14 calendar days of account opening. Promotional credit will depend on the deposited value made into the account.
| Deposited Value | Promotional Credit |
|---|---|
| $10,000 - $29,999.99 | $75 |
| $30,000 - $49,999.99 | $150 |
| $50,000 - $99,999.99 | $250 |
| $100,000+ | $500 |
This offer is only for customers who have never registered for an M1 user account.
Why choose M1 Finance
Aside from managing your investment portfolio, the M1 app also has the following features:
- Automatic rebalancing - This app uses an algorithm to detect and automatically put your deposits into underweight assets. It also uses the same algorithm to sell overweight assets. This keeps your allocations on track to ensure you meet your investment goals.
- Automated investment schedules - You can also set up rules for transfers using their Smart Transfer feature. Their system carries out these rules to automatically place money in your investments.
- Tax efficiency - M1 Finance has a tax-efficient strategy built into all their taxable investments. You can enjoy more of your money, thanks to the reduced taxes when you withdraw.
- Fractional shares trading - The app also allows you to buy stocks with just $1 dollar. You can start trading even without a large initial capital.
M1 Finance Pros and Cons
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If you rather not have the responsibility of choosing your investments at all, the next app may be perfect for you.
SoFi Invest: Best Fee-Free Automated Investing
Yes, SoFi (the student loan company) also offers a great investing platform. SoFi Invest offers both DIY investing and automated investing.
Their automated investing service is entirely fee-free. Most robo-advisors charge a management fee, which can add up as your portfolio grows. SoFi's free service lets you keep more of your profits.
Active Investing with SoFi
Why choose SoFi Invest
Here's what else you get with SoFi Invest:
- Support from certified financial advisors - SoFi Invest connects you with certified financial experts who can give you valuable investment advice. They can also help you define your goals and set up the best portfolio for your needs.
- Wide selection of low-cost investments - This online broker offers multiple types of investments that can fit most budgets. This makes creating a diversified investment portfolio more accessible to interested traders.
- Automatic rebalancing - SoFi also keeps your goals on track by automatically reallocating your funds when your investments go off-course by 5% or more.
- Investing in fractional shares - You can start trading stocks with just $5 as capital.
SoFi Invest Pros and Cons
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E*TRADE: Best Investment Selections
E*TRADE was one of the first online trading brokers publicly available. Today, the broker offers 2 mobile apps for Apple and Android devices.
The E*TRADE Mobile App is ideal for beginners and casual traders to trade stocks, ETFs, and options commission-free. The Power E*TRADE app allows for more complex options and futures trading.[7]
A unique offering is the pre-built portfolios designed by E*TRADE financial advisors. These are made up of leading mutual funds or ETFs, giving you a fast, simple way to diversify.[8]
If you trade during E*TRADE's pre- or post-market hours, there is a fee of $0.005 per share. There's also a $6.95 per trade for penny stocks.[9]
Why choose E*TRADE
Some highlights of the E*TRADE app are:
- Pre-built investment portfolios - You can start a well-rounded investment portfolio using their pre-built options (Core Portfolios) or their automatic portfolio builder.
- Broad selection of tradable securities - E*TRADE allows you to buy stocks, exchange-traded funds (ETFs), bonds, options, and many more. Their selection allows you to easily diversify your investment portfolio.
- Multiple trading tools - It has plenty of helpful online tools that can cater to different trading styles. These can help you carry out effective investment strategies, regardless of your experience level.
- Educational resources - Their online library of resources and learning materials can help you hone your trading strategies to generate the best possible outcomes.
E*TRADE Pros and Cons
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Fidelity: Best Customer Satisfaction
Fidelity's mobile app not only makes it easy to trade from anywhere, it's also one of the most highly rated investing apps for both iOS and Android. If you want a high-quality, free trading experience, Fidelity is the one to try out.
Fidelity offers commission-free trading options for stocks, options, and ETFs. The Fidelity app also recently released the ability to trade fractional shares, making it more accessible to beginners.[10]
Why choose Fidelity
Some of Fidelity's top features include:
- Access to real-time market data - The app has several ways to track real-time market data. You can use the information to adjust your trades before executing them. Which can minimize your losses.
- Investment calculators and analysis tools - Fidelity has several tools that can help you spot your strategies' weak points and adjust them accordingly. You can also use their online calculators to determine favorable probabilities for your options trades.
- Educational resources - Besides the tools, they also have a vast library of online resources. Beginner and experienced traders alike can benefit from the available information.
- Access to international markets - Fidelity is one of the few online brokers that allows access to their brokerage services in international markets. The app supports trading stocks in 16 different currencies and 25 overseas markets.
Fidelity Pros and Cons
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Charles Schwab: Versatile Investing App
With Charles Schwab, you pay $0 commission on stocks, options, and ETFs. It also offers plenty of $0 transaction mutual funds.
Charles Schwab claims that it offers more commission-free ETFs than most other brokers. However, it requires a $1,000 minimum for some account types, which may not make it feasible for beginners.
Schwab also offers managed portfolios for no advisory fee - something that other robo-advisors don't. This will save you a lot of money if you choose to go the automated route. The minimum for this option is $5,000.[12]
Why choose Charles Schwab
On the Charles Schwab app, you get these features:
- Centralized account management - Their online platform allows you to manage your bank and trade accounts with just one app.
- Real-time market updates - Schwab integrates live updates from different sources like CNBC into the app. With these, you can monitor the stock market's current performance in real-time.
- Customizations - They make managing your trade account easier by offering plenty of customization options. Some examples include custom watch lists and charts.
- Fractional shares trading - You can trade stocks in fragments using their Stock Slices™ feature. With as little as $5, you can buy stocks from any S&P 500 company.
Charles Schwab Pros and Cons
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Vanguard: Best for Retirement
Vanguard is best known for its mutual funds. You can trade stocks, options, ETFs, and thousands of Vanguard and some non-Vanguard mutual funds for free.
Vanguard also offers both Roth and Traditional IRAs, giving you way more options than your standard employer's 401(k). By trading commission-free, you'll maximize your retirement dollars.
It also requires no minimum to open an account, which makes it accessible to people who don't have a lot of investing money when they are starting out.
Why choose Vanguard
On the Vanguard app, you can enjoy these features:
- Retirement planning tools - The app has several retirement planning tools and calculators that can give you a clearer idea of your investments' long-term performance.
- Automated portfolio analysis - Vanguard has a tool that automatically analyzes your investment portfolio. Its data can help you minimize losses and maximize gains by giving you a complete picture of your assets' performance.
- Real-time monitoring - Their mobile app also allows real-time monitoring of your account balances and assets' performance while you're on the go. You can keep yourself updated whenever and wherever you are.
- Financial advisory services - Vanguard has 2 types of financial advisory services. With a digital investment advisor, you just have to set up custom goals and the program will handle the rest. But if you prefer investment advice from financial experts, you can get it if you choose their personal advisory services.
Vanguard Pros and Cons
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Other Good Investing Apps for Beginners
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The apps we listed above are all free to use and have no stock trading fees. But there are other apps worth considering even if they're not free, especially for beginners.
If you don't feel confident investing on your own or don't have the time/interest to manage your own portfolio, you may find that the small fee is worth it.
Acorns: Best Spare Change Investing App
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| CREDIT: ACORNS |
Acorns is the original spare change robo-investment app. You link your debit and credit cards and Acorns will automatically round up and invest the change from your purchases. This lets you invest money without thinking.
Of course, you also have the freedom to deposit money whenever you want or set up a recurring deposit schedule. There are no minimums.
Acorns is a robo-advisor. It will create a portfolio for you based on your age, investment goals, and risk tolerance. It takes care of the trading and managing for you.
$20 Investment Bonus
- Open an Acorns account (new users only)
- Set up the Recurring Investments feature
- Have your first investment be made successfully via the Recurring Investments feature
Why choose Acorns
Some of its features include:
- Automated investments - The app rounds up all purchase to the nearest dollar and invests any excess into your portfolio. You just need to link a bank or savings account to start.
- Automatic rebalancing - Acorns takes away the hassles of maintaining your allocations by automatically rebalancing your investments for you.
- Cashback feature - They also have a program called "Found Money," which automatically invests any cashback you earn from shopping with partner merchants into your trade account.
- Fractional shares investing - You can invest in fractional shares as reinvested dividends or new purchases. You can buy stock for as low as $1.
Cost:[16]
- $3/mo for Acorns Personal (includes personal taxable account, IRA, and checking account)
- $5/mo for Acorns Personal Plus (includes everything in Personal, emergency fund, and 25% match on rewards)
- $9/mo Acorns Premium (includes everything in Personal Plus, investment accounts for kids, 50% match on rewards, custom portfolio, Trust & Will, $10K Life Insurance, and free GoHenry account)
Stash: Best for Learning About Investing
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| CREDIT: STASH |
Stash fills that gap for beginners who want to choose their own investments, but with a little bit of guidance.
Stash starts by asking some questions about your goals, risk tolerance, and interests. Based on that, it will recommend investments. It helps you build a personalized portfolio from scratch, but you still have full control over your stock decisions.
It offers access to thousands of US stocks and ETFs with no trading fees. You can start investing with $5.
Sign Up and Get $5
- Sign up, add at least $5 to your account and get a $5 bonus.
- Invest with fractional shares
- Get portfolio recommendations
Why choose Stash
The app has the following features:
- Auto-recurring investments - You can automate recurring investments through their Set Schedule feature. Alternatively, you can use their "Round Ups" feature to build your savings account. This automatically rounds up your purchases and invests the remaining amount into your portfolio.
- Built-in bank account - Aside from a trade account, you also get access to a Stash bank account that's complete with a debit card (Stock-Back® Card).[17] You can earn stocks through your purchases with this feature.
- Custodial accounts - Stash enables you to invest in your children's and grandchildren's futures with custodial trade accounts. These also come with a Stash bank account that they can access when they're older.
- Low-cost fractional shares trading - This online broker has made trading stocks more accessible by lowering the minimum purchase order to just 1 cent.
Cost: [18]
- $3/month
- $9/month to add investment accounts for your kids
Pros & Cons of Free Trading Apps
Pros:
- No commissions means that you don't lose earnings to trading fees.
- Trade anywhere on the go.
- A lot of them support fractional shares so you don't need to have money for a full share.
- Accessible to beginners.
Cons:
- Limited investment offerings for some apps.
- Some basic free trading apps may not have enough research and analysis to make informed decisions
- No trading fees may encourage inexperienced investors to get carried away.
Are Free Trading Apps Safe?
Trading apps are safe as long as the brokerage is a member of the SIPC and registered with the SEC.
The Securities Investor Protection Corporation insures your investments up to $500,000 per account type, should the brokerage fail. The SEC is a government agency that regulates the U.S. stock market and protects investors from misconduct.
In addition, most brokerages are members of FINRA. This is a regulatory authority that makes sure the broker-dealer is operating fairly and honestly. By visiting BrokerCheck, investors can conduct research on the professional backgrounds of brokers, brokerages, investment adviser firms, and advisers.[19]
In addition to these regulatory measures, ensure the brokerage has security measures such as 256-bit AES encryption.
FAQ
How do commission-free stock apps make money?
Commission-free trading apps usually make money through premium memberships, margin lending, broker-assisted trades, and short selling fees. For example, Robinhood has an optional margin trading account for $5/month.
Is commission-free trading good?
The good thing about commission-free trading is that you won't lose any profits to trading fees. This makes investing more accessible to smaller investors. However, free trades may also encourage rash decisions and too frequent trading.
Can you withdraw free stocks from Robinhood?
You can sell the free referral stock from Robinhood three trading days after you receive it. But you cannot withdraw the cash value for 30 calendar days. After 30 days, there are no more restrictions.
For example, let's say you get $10 worth of free referral stock. This means $10 of your withdrawable cash balance cannot be accessed for 30 days. If you sell the free stock, then you'll have an additional $10 to withdraw.
What Experts Say
CreditDonkey assembled a panel of industry experts to answer readers' most pressing questions.
Here's what they said:
What to Watch Out for with Free Stock Trading Apps
While the word "free" is enticing, there may be hidden fees, or the app may not offer the services you need. Always do your due diligence and make sure it makes sense for your situation.
Here are some fees to be aware of:
- ETF fees: ETFs have a management fee called an expense ratio. It can be as low as 0.02% to as high as over 1.5%. For example, if you choose an ETF with an expense ratio of 0.5%, this means a $1,000 investment would cost $5.
- Mutual fund fees: Similarly, mutual funds also have an operating fee. They tend to be more expensive, around 0.5% - 2.0%. Some mutual funds also charge a fee when you buy or sell shares.
- Premium features: Some free trading apps make money by charging for premium features. For example, Robinhood has a premium Robinhood Gold account that allows for margin trading. Webull charges for advanced market quotes.
- Account transfer fee: If you no longer want to use a certain brokerage and want to transfer your assets to another one, there may be a transfer fee. It's usually $50 - $100.
- Margin loans: Margin trading means borrowing money to purchase stocks. You'll have to pay back what you borrowed plus interest.
Bottom Line
Think about what you want out of your stock trading app. Are you looking for a company where you can bank and invest, all in one? Are you an active trader who needs advanced tools?
Knowing what you need will save you the headache of switching accounts in the long run. Make sure to figure out your individual needs before opening an account, since it is your money on the line in the end.
Sign Up and Get $5
- Sign up, add at least $5 to your account and get a $5 bonus.
- Invest with fractional shares
- Get portfolio recommendations
Deposit $100 and Get $10 from eToro USA LLC
- Sign up for an eToro account
- Deposit $100
References
- ^ Robinhood. Learn, Retrieved: 9/29/23
- ^ Webull. Do you support dividend reinvestment (DRIP)?, Retrieved: 9/29/2023
- ^ TD Ameritrade Pricing, Retrieved: 9/29/2023
- ^ OCC. Characteristics and Risks of Standardized Options, Retrieved: 9/29/2023
- ^ M1 Finance Miscellaneous Fees, Retrieved: 9/29/2023
- ^ SoFi Invest Crypto, Retrieved: 9/29/2023
- ^ E*TRADE. Mobile Platforms, Retrieved: 9/29/2023
- ^ E*TRADE. Prebuilt Portfolios, Retrieved: 9/29/2023
- ^ E*TRADE Pricing and Rates, Retrieved: 9/29/2023
- ^ Fidelity. Fractional shares, Retrieved: 9/29/2023
- ^ Fidelity Pricing, Retrieved: 9/29/2023
- ^ Charles Schwab. Investment Advice Options, Retrieved 9/29/2023
- ^ Charles Schwab Pricing, Retrieved: 9/29/2023
- ^ Vanguard Annual Account Service Fees, Retrieved: 9/29/2023
- ^ Vanguard. Costs, fees & minimums, Retrieved: 9/29/2023
- ^ Acorns Pricing, Retrieved: 9/29/2023
- ^ Stash. Stock-Back Card, Retrieved: 9/29/23
- ^ Stash Pricing, Retrieved: 9/29/2023
- ^ FINRA. BrokerCheck, Retrieved: 9/29/2023
Write to Kim P at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures. Investment advisory services offered by Stash Investments LLC, an SEC-registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.
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