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Contents
How to Find the Best Trading Platform
What are the best trading platforms available for traders in 2020?
First, understand what the ranking criteria are, then view the list of best platforms to gain insight into their characteristics and what app each one uses.
- Criteria for Best Trading Platform:
No, two trading platforms are exactly alike.
In a way, that’s good because it means each trader can find one that matches their skill level and personal preferences.
But you have to be careful to note the types of securities a platform lets you trade, how much money you will need to place in your account at the beginning, what the overall fees are for general trading activity, and how easy the platform is to use.
This question about ease-of-use is particularly important when evaluating the platform’s app.
Finding the best app to trade stocks means studying each platform and learning its unique points.
Here’s a quick review of the criteria for finding the best platform and the best app to buy stocks:
- What you can trade: Can you trade equity shares as well as options, commodities, bonds, crypto-currency, and ETFs?
- Minimum starting balances: Do you need to place any money into your account to begin, and if so, how much?
- Fees: What are the ongoing trading fees per transaction, per month, and annually?
- Ease-of-use: Is it simple or not to navigate on the platform and to use the app?
Is There a “Best Trading Platform?
For traders of all levels, here are the five best platforms with a short description of each one and the app each uses:
- Fidelity Investments: No opening minimum, no ongoing stock trading fees, and you can trade stocks, mutual funds, options, and fractional shares. Ease-of-use for both app and platform is excellent, but don’t expect advanced trading functionality. The app is called “Fidelity Investments.”
- TD Ameritrade: No minimum to open, no ongoing stock trading fees, and you can trade stocks, options, ETFs, bonds, and mutual funds. Ease-of-use is top-level, with their own apps for beginners and more advanced users, called “TD Ameritrade Mobile” and “thinksorswim.”
- SoFi: There is a $1 minimum to open, no stock trading fees, and you can trade stocks, crypto, ETFs, and fractional shares. Relatively easy-to-use platform and app. Their app is called “SoFi Invest Money.”
- Webull: No opening minimum, no trading fees, and you can trade stocks, cryptos, options, and ETFs. Their platform is easy enough to use but the offer very limited customer service. However, their app is excellent. It’s called “Webull: Stocks, Options & ETFs.”
- Ally: No minimums, no fees for stock trades, you can trade stocks, ETFs, mutual funds, bonds, and options. User-friendly platform and simple, agile “Ally” app.
Best Trading Platform for Beginners
Ally is the best trading platform for beginners.
There are lots of choices out there for people new to stock trading.
The question is this: Is there a best trading platform for new investors?
Of the five candidates listed above, Ally stands out for beginning traders both for its overall platform ease-of-use and its fully functional, user-friendly app, called “Ally.”
Beginning traders get a lot with Ally, including no account minimums, no fees, and a wide range of things to trade.
Plus they get a simple, intuitive platform and excellent app.
Does that mean the Ally app is the best app to buy stocks?
Not necessarily.
It means, for our purposes, that it’s the best for new users.
To decide on the best app to buy stocks, we need to review each platform’s apps and see which one does the job best, not just for newcomers, but for investors of all abilities.
Verdict: The #1 Best App to Buy Stocks
The Fidelity Investments app is the best app to buy stocks, overall.
Ranking Criteria for Best App to Buy Stocks:
Putting aside the question of new traders, and of platforms in general, what is the single best app to buy stocks, and/or the best app to trade stocks?
Criteria:
Criteria to evaluate the best app to buy stocks includes:
- ease-of-use,
- adaptability for beginners and more advanced traders,
- clear charting,
- And access to research and news.
Taking these factors into consideration, the Fidelity Investments app is clearly the best app to buy stocks. Why?
The app, “Fidelity Investments,” allows super-easy order placement, account access, checking balances, charting progress of every trade, a user-friendly screen with plenty of functionality, charts that make sense, excellent access to in-depth research and current news stories, as well as added functions for traders who are past the beginning phase.
Resources for More Information
To find out more about the best app to buy stocks and the best trading platform for beginners, see the detailed data at each of the above-mentioned trading platforms.
https://www.fidelity.com/
https://www.ally.com/
https://www.tdameritrade.com/home.page
https://www.webull.com/
https://www.sofi.com/