Of course, to do so you, you will need the best free penny stocks trading apps to work on. After all, in such a situation, the success of your trades can largely depend on the technology that you are relying upon.
The popularity of mobile trading means that there are more apps than ever to choose from. Everybody tries to make money with trading and become a millionaire. Nevertheless, not all of these apps are equally up to scratch. To discover which ones you should actually be using, check out the information below:
What Does ‘Free’ Mean?
As you will have noticed, this article deals with free trading apps. However, you will find that each app uses the term ‘free’ in a different matter. Here is a closer look at the distinction:
- Free Trading Apps Without Fees: these apps are free to download and use. As such, they have no additional fees attached to them, even when you are trading. One of the downsides to these apps, though, is that they may be limited in the services that they offer traders.
- Free Trading Apps With Fees: then, there are the apps that are free to download but do have other charges tacked on. These will charge you fees or commissions when you begin to place trades or utilize other services on the app. While there are extra costs involved with such apps, there are more benefits as well. For instance, you get access to a greater number of features.
Now, let’s move onto what the best apps for each of these options are…
Free Penny Stock Trading Apps That Have No Fees
Let’s first begin with the trading app that is completely free to download and trade with:
Robinhood Trading App
Are you a beginner trader or want to limit how much money you spend on trades? If so, then the Robinhood trading app is for you. As you can imagine, the biggest advantage of this app is that there are absolutely no fees involved. So, even when you place trades using the app, you will not be charged any commission. This is particularly useful when trading penny stocks where each of the share values is so low.
At the same time, you should know that this app only works with the major exchanges in the industry. Due to this, you will not have access to over-the-counter or Pink Sheets stocks. So, your options for investment can be a bit limited at times.
Free Penny Stock Trading Apps That Have Fees
The list is here is a little more extensive. It must be stressed, though, that you will always need to double check the precise fees and commissions associated with any service on these apps.
Here is a list of apps that have fees but are free to download:
1. Charles Schwab
Just because Charles Schwab isn’t free doesn’t mean that it isn’t affordable to trade with. See, this app charges just a $4.95 flat commission when you buy or sell stock. To sweeten the deal, there is no account minimum which means that even beginner traders can use this app.
In case you are wondering just what it is that you get for this fee, the answer is quite a lot. For one thing, you will be provided with access to the Over-the-Counter Bulletin Board. You may also be able to see certain Pink Sheet stocks as well.
The broker also boasts an excellent and reliable app that makes it quite easy for you to make trades with. Not to mention, their top-notch customer service means that you will be able to easily speak to a professional, should something go wrong.
2. TD Ameritrade
Now, as far as brokers go, TD Ameritrade isn’t the cheapest one around. This is largely due to the fact that it tacks on a $6.95 commission fees to any trades that you make. Fortunately, there is no minimum deposit required to get started. Nevertheless, if you try to sell your shares before the 30 days requirement, you may have to pay a penalty.
When you consider all of these points, you may be at a loss as to why TD Ameritrade is a good option. Well, if you are an experienced trader, then this app-based platform is going to blow you away. It provides you with all of the information that you need with a click of a button. You are even given the opportunity to construct your own indicators.
Free Penny Stock Trading Apps with Account Minimum Requirements
There is another tier when it comes to free apps with additional charges. There are some broker apps that require to have minimum account balances or deposits when trading. This is in addition to some other fees and commissions.
Here is a list of apps that have minimum requirements (free download):
TradeStation charges a $5 flat fee for each of the trades that you make. Depending on the services that you wish to access, there may be other charges levied against you as well. Last but not least, you are also expected to maintain an account minimum of $500.
Despite these numbers, there are many advantages to this app. It is certainly well-designed, simple to use, and efficient. Therefore, you will find it quite useful when making a trade. At the same time, there are also a few opportunities for you to bring down the overall cost of the trade. The per-share pricing and unbundled pricing options mean that both low-volume and high-volume traders can find a way to keep costs a great deal lower.
2. Interactive Brokers
Interactive Brokers offers a rather mixed bag when it comes to the trading app. On the one hand, the app functions extremely well and is known for its excellent trade execution. Furthermore, there will be quite a few trading options available to you. There is also the fact that you will be charged just a commission of 0.5 cents per share, with a $1 minimum per order.
There is a catch, though, with the minimum account. To get started, you will need to deposit at least $10,000 in your trading account. Afterward, if you don’t have a balance of around $100,000 you will be charged a monthly commission minimum of $10.
If you want to trade via your desktop or even smartphone, there are a lot of options for you to select from. With the information provided here, you will now be able to select an app that is perfectly tailored to your trading budget as well as your overall requirements.