Over the past decade, stock trading apps have evolved from simple watchlists into fully-featured, standalone platforms. Today, the focus is on balancing ease of use with advanced features that cater to both beginner and experienced investors.

To determine the best app for stock trading, we compared 17 brokers’ apps side by side. Our testing highlighted key differences in user experience and features, including ease of use and the variety of trading tools available. For example, Merrill Edge’s app displays stock data differently than Interactive Brokers, which provides three distinct apps for users to choose from.

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Trading apps enable you to buy, hold, or sell securities such as stocks, bonds, ETFs, and more directly from your mobile device. Most trading platforms now offer mobile applications that not only allow for placing trades but also provide real-time quotes, multi-indicator charts, and other analytical tools to help traders manage their portfolios more effectively.

There are various apps available to suit different needs and budgets. Some apps are tailored for high-volume trading, options trading, low-cost trades, or advanced traders, offering features that cater to specific trading preferences and strategies.

The integration of various investment activities into a single, user-friendly mobile app has revolutionized investing for everyday people. While this offers numerous advantages, it’s important to also consider the potential disadvantages.

Pros

• No need for intermediaries like online brokers to place trades.
• Easy access to comprehensive portfolio monitoring in one place.
• Analytical tools can aid in better decision-making.

Cons

• Constant and easy access can result to overinvesting
• The absence of human interaction could lead to more mistakes.
• Increased vulnerability to cyberattacks.

Tips and tricks can be useful, but here are some actionable steps you can take if you’re ready to start exploring the world of stock trading.

Research Your Options

Before getting started, it’s important to research which app suits your needs best. Examine the features and tools each app provides and consider how they align with your goals. Don’t hesitate to explore multiple options—if the first app isn’t the right fit, there are plenty of others to choose from.

Get a Grasp of the Basics

Just like you don’t learn to run before walking, the same principle applies to stock trading. The stakes are high, so it’s important to start by mastering the basics before diving in. There are plenty of online resources, courses, podcasts, and videos available to help you understand and assess the stock market. If you know any experienced traders, don’t hesitate to ask them for advice and insights. Many stock trading apps also offer educational tools, such as stock charts and research materials, to keep you informed on the latest developments.

Set Your Goals

Just like you go to the gym to get fit or take a food masterclass to impress a date, defining your goals is crucial to staying motivated and giving you something to work towards. The same applies to stock trading.

Before you begin, ask yourself why you want to trade stocks and what price ranges interest you. Are you looking for short-term gains, or are you planning on long-term investments? Clarifying your financial goals will help you choose a stock trading app with the right features to meet your needs. After all, making the right trades might just help fund your next dinner date.

Decide on an Investment Strategy

You’ve done your research, set your goals, and now you’re excited to dive in. But before you get started, take a moment to think about your investment strategy. Do you want to pick individual stocks yourself for more control, or would you prefer a robo-advisor to manage your portfolio? Alternatively, you could stick with a traditional route and consult a financial advisor for expert guidance.

It’s also important to decide how much you plan to invest. Stocks can be volatile, so don’t risk all your money in one go. Ensure you have enough set aside for emergencies, savings, and, of course, your daily Starbucks habit.

Choose Stocks Wisely

When money is at stake, making the right choice is crucial. As you explore your options, stick to more stable stocks from companies you’re familiar with and understand. For instance, The S&P index, has experienced its most volatile year since 2009. High-volatility stocks can swing unpredictably, much like the mood swings of a teenager, so it’s wise to avoid them if you’re just starting out. Once you’ve made your investments, focus on holding long-term positions—that’s typically the best way to secure steady and profitable returns.

Trading apps have different minimum deposit requirements, which vary depending on the platform you choose. It benefits trading apps to set minimum deposit amounts, as they encourage users to trade continuously, regardless of experience. However, some brokerages do not impose any deposit minimums.

While starting with smaller amounts can be ideal for first-time traders and to learn the basics, these smaller investments typically won’t generate significant returns. Additionally, you may deplete your account quickly after just a few trades.

Can You Begin with $100?

Yes, you can start with $100, but your options will be limited. Opening an account is usually straightforward, as many brokers don’t require an initial deposit. To make your $100 stretch further, choose trading apps that don’t charge high commissions or subscription fees.

With only $100, buying full shares may not be feasible, but you can still invest in fractional shares, ETFs, or large index funds. However, keep in mind that not all brokers offer these options, so it’s important to do your research beforehand to ensure the platform supports them.

Are Trading Apps Secure?

FINRA regulates online brokerage apps and handles fraud-related issues, while SIPC insures client funds up to $500,000 if the company becomes insolvent. In addition to compliance with regulatory bodies, the safest trading apps also implement robust security measures, such as 2-Factor Authentication, to protect against cyberattacks.