It's easier than ever to buy and sell stocks, options, and other investments on the go. Most major online brokers have mobile apps, and some even design their apps to be the primary way to access and manage your account.
With that in mind, read on for our top free stock trading apps for 2024, what you should know about each one, and some of the important things to keep in mind while you're deciding which is best for you.
2 Featured Picks From Our Best Free Stock Trading Apps
We've highlighted a short list of free stock trading apps below, in case you're short on time:
- Great brokerage for both active traders and long-term investors: E*TRADE
- Exceptional brokerage for keeping all your financial accounts in one place: SoFi Active Investing
Our 8 Best Free Trading Apps
Broker/Advisor | Best For | Commissions | Next Steps | |
---|---|---|---|---|
E*TRADE Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: Mobile trading platform | Commission: Commission-free; other fees apply | Open Account for E*TRADE |
SoFi Active Investing Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: Diverse investing needs | Commission: $0 for stocks, $0 for options contracts | Open Account for SoFi Active Investing |
Robinhood Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: No-frills stock and options trading | Commission: $0 for stocks, ETFs, options, and cryptocurrencies | Open Account for Robinhood |
Webull Rating image, 4.0 out of 5 stars. 4.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.0 out of 5 stars. 4.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: User-friendly trading platform | Commission: $0 per trade | Open Account for Webull |
Fidelity Rating image, 5.0 out of 5 stars. 5.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 5.0 out of 5 stars. 5.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: Full-featured broker | Commission: $0 commission for online U.S. stock and ETF trades. No fees to buy fractional shares. | Read Review |
Merrill Edge® Self-Directed Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: Diversified investing needs | Commission: $0 for online stock and ETF trades | Read Review |
Ally Invest Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: Investing and banking in one | Commission: $0 stock and ETF trades | Read Review |
Charles Schwab Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Best For: Full-featured broker | Commission: $0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares. | Read Review |
A note from our Head of Product Ratings, Robin Hartill, CFP®
When we researched online brokers to create this list of brokerages, some of the things we looked for were low costs, a variety of account types, and great customer service ratings. Everyone's investing journey is different, but I've found these three factors are important for anyone to have a great investing experience.
How do I choose a free stock trading app
There are are a few things we like to look for when comparing free stock trading apps:
- Diverse investment options: Some free investment apps only invest in ETFs. Others offer an array of options, including stocks, bonds, options, and mutual funds.
- Affordable account minimum: Certain free investment apps let you open an account with as little as $1, while some require an initial deposit of $500 or $1,000.
- Educational resources: It's nice if the app offers resources like third-party research and stock analysis to help you learn to be a better investor.
- User-friendly platform: Online and app-based products should be reliable and easy to use! Check reviews for an app before you sign up to make sure users are happy with their experience.
Open Account for E*TRADE
OnE*TRADE'sSecure Website.
Compare the best free stock trading apps for July 2024
Show The List [+]Hide The List [-]
- Mobile trading platform:E*TRADE
- Diverse investing needs:SoFi Active Investing
- No-frills stock and options trading:Robinhood
- User-friendly trading platform:Webull
- Full-featured broker:Fidelity
- Diversified investing needs:Merrill Edge® Self-Directed
- Investing and banking in one:Ally Invest
- Full-featured broker:Charles Schwab
Ratings Methodology
Our Rating:
Rating image, 4.5 out of 5 stars.
4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
E*TRADE sports two of the best stock trading apps: one that shines for its ease-of-use, and one tailored to advanced active traders.
Read Full Review
Fees:
Commission-free; other fees apply
Account Minimum:
$0
Special OfferOpen a new eligible E*TRADE brokerage account, fund your account within 60 days of opening, and earn a cash bonus of up to $1,000, depending on the size of your deposit. Offer good for one use per customer, on a single account.
Open and fund and get up to $1,000
Open Account for E*TRADE
OnE*TRADE'sSecure Website.
2024 Award Winner
Our Rating:
Rating image, 4.5 out of 5 stars.
4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
SoFi Invest delivers for investors a full-service financial institution in an app, in addition to a great trading platform and experience.
Read Full Review
Fees:
$0 for stocks, $0 for options contracts
Account Minimum:
$0
Special OfferFor new accounts: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%.
Get up to $1,000 in stock when you fund a new Active Invest account.
Open Account for SoFi Active Investing
OnSoFi Active Investing'sSecure Website.
Our Rating:
Rating image, 4.5 out of 5 stars.
4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Robinhood offers a user-friendly mobile trading app that allows trading in stocks, options, and cryptocurrencies.
Read Full Review
Fees:
$0 for stocks, ETFs, options, and cryptocurrencies
Account Minimum:
$0
Special OfferEarn a 1% bonus with no cap when you transfer your brokerage account to Robinhood, now through June 28, 2024. Terms apply.
Earn an uncapped bonus
Open Account for Robinhood
OnRobinhood'sSecure Website.
Our Rating:
Rating image, 4.0 out of 5 stars.
4.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Webull offers a user-friendly stock investing platform with more features than some of its app-based rivals.
Read Full Review
Fees:
$0 per trade
Account Minimum:
$0
Open Account for Webull
OnWebull'sSecure Website.
2024 Award Winner
Our Rating:
Rating image, 5.0 out of 5 stars.
5.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Fidelity is one of the largest and one of the most well-rounded brokerages available in the US today. Importantly, Fidelity offers $0 commissions for online stock and ETF trades, plus one of the best online trading apps that's good for both beginners and seasoned investors.
Fees:
$0 commission for online U.S. stock and ETF trades. No fees to buy fractional shares.
Account Minimum:
$0, ($1 minimum per fractional share transaction)
Read Review
Our Rating:
Rating image, 4.5 out of 5 stars.
4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Merrill Edge® Self-Directed is a great option to consider not only for users of Bank of America (which it is a part of), but also those who are looking to invest and bank under one roof and with a highly capable app.
Fees:
$0 for online stock and ETF trades
Account Minimum:
$0
Read Review
2024 Award Winner
Our Rating:
Rating image, 4.5 out of 5 stars.
4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Ally's stock app offers an easy-to-use trading platform and commission-free ETFs.
Fees:
$0 stock and ETF trades
Account Minimum:
$0
Read Review
2024 Award Winner
Our Rating:
Rating image, 4.5 out of 5 stars.
4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
A full-featured broker with an excellent mobile trading app to complement its desktop platform.
Fees:
$0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.
Account Minimum:
$0, ($5 minimum per fractional share transaction)
Read Review
Editor's Note: TD Ameritrade is transitioning to Charles Schwab
TD Ameritrade has been acquired by Charles Schwab, and the company expects all accounts to be transitioned by the end of 2024. We've removed TD Ameritrade from our best-of lists to align with this development. Here at The Ascent, you can trust that we're constantly evaluating our top broker picks to bring you current recommendations.
Reviews of the best free stock trading apps
Fidelity
Best free stock trading app for investors who: Want a top-rated app from a full-featured brokerage.
Fidelity offers one of the highest-rated free stock trading apps among the full-featured online brokers. It has few account fees, the ability to trade on 25 different international stock markets, fractional share investing, and more. Its app offers live streaming quotes, charting tools, and additional features.
Why investors might love Fidelity's free app
- Fractional share investing: Fidelity allows investors to buy and sell fractional shares. Being able to buy fractional shares for free can be a great way for beginners to start investing without a ton of capital.
- International trading: There are only a few free trading apps that allow customers to trade on international stock exchanges, but Fidelity is one of them, with 25 different international stock markets on its platform.
- Account types: As a full-featured brokerage, Fidelity offers a variety of account types that can be opened for free through its app, including individual, joint, retirement, custodial, and trust accounts.
Why some investors might not choose Fidelity's free app
- Options commissions: Some other free trading apps have eliminated option trading commissions, but Fidelity still charges $0.65 per contract.
- Margin rates: While margin investing isn't right for everyone, Fidelity's margin interest rates are above the industry average. Many free trading apps offer significantly lower margin rates.
First-hand review from one of our employees, who uses Fidelity personally:
"The 'Transact' page on the Fidelity app could not be better designed. From that single page, you can do everything from deposit checks and make trades to chat with customer service. It's such a clean and user-friendly site that beginners would not immediately feel lost."
-Dana George, Writer here at The Ascent, a Motley Fool Service
Read our full review of Fidelity.
Robinhood
Best free stock trading app for investors who: Want an easy-to-use and free platform to buy and sell stocks.
Robinhood was a pioneer in the free trading app industry, and still shines today. It remains one of the only places to trade not only stocks, but options and cryptocurrencies, with no commissions, and fractional share trading is offered on the platform. It also offers a $5 per month Robinhood Gold subscription product that unlocks some great features, including a high APY on uninvested cash and preferable margin rates.
Why investors might love Robinhood's free trading app
- Free features: Commission-free stock, option, and cryptocurrency trading, a rare trio among free trading apps.
- Simple: Extremely easy-to-use free trading app.
- Retirement: Not only does Robinhood offer IRAs, but it offers unique features such as a 1% match on contributions (more for Robinhood Gold members).
Why some investors might not choose Robinhood's free trading app
- Bare bones: Few advanced trading tools, compared with some competing free trading apps.
- Free membership limited: No access to stock research reports without Robinhood Gold membership, which comes with a $5 monthly fee.
First-hand review from one of our employees, who uses Robinhood personally:
"My favorite Robinhood feature is access to all your notifications in one place. These include buy/sell requests, buy/sell completions, shareholder updates, and Robinhood app updates. Less fun, it also includes things like margin call warnings. Robinhood feels video-gamey in a good way."
-Cole Tretheway, Writer here at The Ascent, a Motley Fool Service
Read our full review of Robinhood.
SoFi Active Investing
Best free stock trading app for investors who: Want an easy-to-use free trading app to buy and sell stocks and options.
SoFi's free app provides many different banking products and services, and that includes a brokerage platform where users can buy and sell stocks and options with no commissions. It offers some unique perks, especially among free trading apps, such as access to new IPOs, commission-free options trading, and more. However, it is light on advanced trading tools, so it might not be as appealing to active or more experienced investors.
Why investors might love SoFi's free trading app
- Low-cost: No trading commissions (including options) or account minimums
- Fractional share trading: Buy and sell fractional shares when you can't afford (or simply don't want) to purchase whole shares.
- Access to new IPOs: Get the option to scoop up brand new stocks as they hit the market. Few free trading apps offer IPO access to investors without large accounts.
Why some investors might not choose SoFi's free trading app
- Not for active trading: Trading platform is designed for ease of use, as are most free trading apps.
- Few investing resources: Such as stock research access, which some competitors offer for free.
First-hand review from one of our employees, who uses SoFi Active Investing personally:
"The SoFi Active Investing app is fairly easy to use, especially compared to some other apps I've used. It wasn't hard to figure out where to go to buy stock and see my portfolio. And I liked the free stock I got for opening an account; it was from a fairly well-known company that I was curious about anyway. (Some apps give you stock you've never heard of or would never buy.)"
-Brittney Myers, Writer here at The Ascent, a Motley Fool Service
Read our full review of SoFi Active Investing.
E*TRADE
Best free stock trading app for investors who: Want a full-featured experience with powerful trading tools in a free trading app.
E*TRADE was one of the pioneers of online stock trading, and while it is best known for its desktop and web-based platform, it also offers one of the best trading apps among the full-featured brokers. It offers excellent research and screening tools, as well as a top-rated advanced trading platform (Power E*TRADE) that is available as a separate app and is free to use for E*TRADE customers.
Why investors might love E*TRADE's free trading app
- Trading platforms: E*TRADE has not only one, but two, excellent free mobile trading platforms. Its main app is great for most investors, but there's also the free Power E*TRADE app that has an excellent advanced trading platform.
- Lots of accounts available: You can open up most account types through E*TRADE, including individual and joint brokerage accounts, traditional, Roth, SEP, SIMPLE IRAs, and many others.
- Investment choices: Many other free trading apps don't allow for mutual fund or bond trading, but E*TRADE does.
Why some investors might not choose E*TRADE's free trading app
- Not the simplest: The E*TRADE app is highly rated and full of valuable tools and features, but it isn't the easiest free trading app to use. If you want an app that makes it as simple as possible to start buying and selling stocks, you might want to look at some of the other free trading apps on this list.
- Options commissions: Many other free trading apps have eliminated options trading fees, but E*TRADE still charges $0.65 per contract.
First-hand review from one of our employees, who uses E*TRADE personally:
"I love the 'Add to Watchlist' feature on individual stocks within the E*TRADE app. And while I like that they include news, earnings, and jobs reports, it's more info than I, as a pretty passive trader, usually need."
-Alexi Ueltzen, Outreach Specialist here at The Ascent, a Motley Fool Service
Read our full review of E*TRADE.
Webull
Best free stock trading app for investors who: Want to actively trade stocks and options.
Webull is designed to be the best free app-based platform for active and experienced stock traders, and it does a good job of it. It offers some advanced trading tools that other free mobile-first platforms don't, and it is one of the few platforms where you can trade options completely free with no per-contract fees. It offers IRA investing for retirement, and has a few cryptocurrencies available for trading on the platform as well.
Why investors might love Webull
- No commissions: Webull offers $0 commission trading, even on options, where it doesn't charge a per-contract fee.
- IRA investing available: Unlike some of the free app-based investment platforms, Webull offers traditional and Roth IRAs.
- Cryptocurrencies: Webull offers Bitcoin, Bitcoin Cash, Ethereum, Litecoin, as well as several others through its Webull Pay App.
Why some investors might not choose Webull
- Built for active traders: Webull might not be the best bet for people who simply want a free trading app to occasionally buy and sell stocks, and don't need features like advanced charting tools.
- Education: Webull has a lack of educational resources, which are offered by other free trading accounts. This could make it less than ideal for newer investors.
- Investment choices: Webull's free trading app doesn't offer mutual funds, bonds, or CDs.
RELATED: See The Ascent's Webull vs. E*Trade review
First-hand review from one of our employees, who uses Webull personally:
"I've had my Webull trading account for three years and primarily did my trading using my mobile device. I love that the app allows you to check your individual account's risk level based on your investments. However, I felt it wasn't as user friendly when I first started trading and took some adjusting. Other trading platforms have offered walkthroughs of their platforms which made a difference for me."
- Sharice Wells, Editor here at The Motley Fool
Read our full review of Webull.
Merrill Edge® Self-Directed
Best free stock trading app for investors who: Want a full-featured platform with an app-based feel.
Merrill Edge® Self-Directed is one of our top free stock trading apps for a few reasons, and that's especially true if you're already a Bank of America customer (Merrill Edge's parent company). The platform offers stocks, ETFs, options, mutual funds, bonds, and CDs, and a wide variety of account types are available.
Why investors might love Merrill Edge® Self-Directed
- Account types: You can open up most major investment account types to buy stocks with Merrill Edge® Self-Directed's free trading app, including individual brokerage accounts, IRAs, SEP and SIMPLE IRAs, custodial accounts, small business accounts, and more.
- Preferred rewards: Bank of America's Preferred Rewards loyalty program is the gold standard in banking relationship programs, and Merrill Edge accounts can help you qualify for certain benefits.
- Debit card access to money: Merrill Edge® Self-Directed customers can get a debit card to access their money for free at any Bank of America ATM.
Why some investors might not choose Merrill Edge® Self-Directed
- Options commissions: Many other mobile-first free trading apps have eliminated options trading fees, but Merrill Edge® Self-Directed still charges $0.65 per contract.
- Margin rates: While margin investing isn't right for everyone, Merrill Edge® Self-Directed has margin interest rates that are toward the high end of the spectrum among the free trading apps on our radar.
First-hand review from one of our employees, who uses Merrill Edge® Self-Directed personally:
"As a long-term investor I don't want a lot of noise in my investing app. I want the important information and I want to be able to find what I want to find when I want to find it. I don't want to be enticed to trade and I don't want to see a barrage of short-term results in my face. The Merrill Edge® Self-Directed app fits all of this. I invest to get results - I get my entertainment elsewhere. I also like that the app ties in well to the rest of the Bank of America ecosystem, so I can navigate between my investing and other accounts."
–Matt Koppenheffer, General Manager here at The Ascent, a Motley Fool Service
Read our full review of Merrill Edge® Self-Directed.
Ally Invest
Best free stock trading app for investors who: Want a mobile-first experience with more investment choices.
Ally Invest is one of our top free trading app choices for a few reasons. It not only offers commission-free stock trades, but offers mutual fund investing through its app, and with no commissions whatsoever. Ally Invest also offers a top-rated robo-advisor platform through its app, which can be a great choice for investors who want to automate some or all of their investments.
Why investors might love Ally Invest
- Margin rates: While investing on margin isn't always a good idea, Ally Invest offers some of the lowest margin interest rates on our radar among free trading apps.
- Stock research: Ally Invest doesn't have many active trading tools, but it does offer access to in-depth stock research reports, which many free trading apps don't have.
- All-in-one app: Ally Invest's free app offers all of its investment and banking services in the same place, which could make it a great choice for stock traders who like keeping their finances in one place.
Why some investors might not choose Ally Invest
- Some commissions: Ally Invest might not be a great choice for frequent options traders, as it still charges a $0.50 per-contract fee for options trades. Some of the free trading apps on this list have eliminated options fees.
- Trading tools: If you're an active trader and want to use advanced charting tools or a high-powered trading platform, you might want to look at other free trading apps.
First-hand review from one of our employees, who uses Ally Invest personally:
"I've used Ally Invest for 5 years, and the interface is easy to use, with helpful shortcuts to tasks and customizable dashboards. One of the features I like the most is the research section with a Screener that includes Analyst Top Stocks, Market Movers, Value Stocks, and Money Makers. I also like that you can find ETFs by Morningstar Rating, Price, Asset Class, and more."
-Ally Wines, Head of Prospect Marketing here at The Motley Fool
Read our full review of Ally Invest.
Charles Schwab
Best free stock trading app for investors who: Want a full-featured brokerage experience on the go.
Charles Schwab is one of the largest and most well-known brokers in the world. While its free trading app isn't quite as easy to use as some of the mobile-first trading platforms, it makes up for this in features. Charles Schwab offers a ton of investment options, such as mutual funds, bonds, futures, and more. It also offers virtually every type of account you might need, and has a top-rated robo-advisor.
Why investors might love Charles Schwab's free trading app
- Investment choices: Charles Schwab's platform offers stocks, ETFs, bonds, options, mutual funds, foreign exchange, futures, and CDs for investors, all in one free trading app.
- Account types: In addition to standard brokerage accounts and traditional and Roth IRAs, Schwab offers SEP and SIMPLE IRAs, Solo 401(k)s, college savings accounts, custodial accounts, and several other types.
- Global markets: Charles Schwab is one of the few free trading apps that allows customers to trade stocks on foreign markets, with more than 30 global markets currently available.
Why some investors might not choose Charles Schwab's free trading app
- Not easy to use: To be sure, Charles Schwab has an extremely functional free trading app, and we wouldn't exactly call it difficult to use. But it isn't nearly as user-friendly as some of the mobile-first free trading apps on this list.
- Some commissions: While basic stock trades are free, Charles Schwab charges a per-contract fee on options trading, as well as commissions on mutual funds that aren't on its OneSource list.
First-hand review from one of our employees, who uses Charles Schwab personally:
"I've used Charles Schwab for about 2 years now, and it's just a solid broker in every way. The app itself can be a bit clunky at times, but they've improved it a ton in the last 2 years I've been using it, and I love that I can quickly see how all my accounts are doing in one place. I would recommend it to beginner investors who need educational resources and customer support -- I've used both a lot and have had great experiences."
-Brooklyn Welch, Content Strategist here at The Ascent, a Motley Fool Service
Read our full review of Charles Schwab.
How to open an account with a free stock trading app
The exact process of opening an account through a free stock trading app depends on the specific app. But the general process is as follows:
- Fill out the new account application: This is usually a simple form that includes information about you and the type of account you want to open (individual, joint, retirement, etc.). In most cases, the application takes just a few minutes.
- Make a deposit: The easiest way to deposit money into a stock trading app is to link a checking or savings account and make a deposit electronically. Alternatively, you could potentially mail a check or wire money.
- Start trading: That's it! Once your deposit has been posted to your new account, you're ready to start trading stocks.
Should I choose a robo-advisor or self-directed investment app?
Many free stock trading apps offer both self-directed investing (where you choose your own stocks) and automated investing, where the app automatically allocates your money into an appropriate investing portfolio. In some cases, you can do both on the same platform.
The right choice for you depends on your investment goals and risk tolerance, as well as the amount of time you want to spend researching investments and monitoring your portfolio. If you don't have the time, knowledge, and desire to research stocks, there's nothing wrong with automating the process.
What investments can I buy in a free stock trading app?
Aside from the obvious (stocks), there are other investments you may be able to buy in a free stock trading app. Depending on the app, these can include mutual funds, ETFs, futures, cryptocurrencies, and more. Some stock trading apps also offer banking products like high-yield savings accounts, CDs, and checking accounts.
Some free stock trading apps also offer automated investing (robo-advisor) services in addition to the ability to buy and sell individual investments.
How much money do I need to start trading in a free stock trading app?
This depends on the particular app and its policies. Most of the free trading apps we like don't have any minimums to start trading, although you might need a certain amount -- such as $5 -- before it is practical to make an investment.
However, some stock trading apps have minimums. If an app has a minimum, it is typically in the $100 to $1,000 range, although higher minimums are possible, especially among automated investing (robo-advisor) apps.
Are free stock trading apps safe?
Free stock trading apps are safe in the sense that your investments are generally protected by SIPC insurance in the event that the app or brokerage fails. And many have protections against unauthorized trading activity, so you're protected if your account gets hacked.
However, it's important to realize that the investments you choose in a free stock trading app can be volatile. Depending on what you invest in, and how the overall economy and stock market performs, it's possible to lose money. For this reason, it's important not to invest any money in stocks that you'll need in the next few years, and not to invest any money at all in speculative investments that you can't afford to lose.
What is a free stock trading app?
A stock trading app allows you to buy and sell stocks and other investments from your mobile device. Stock trading apps might offer self-directed trading (where you choose your own stocks), they might offer automated investing services, or both. Free stock trading apps come in many different varieties, so it's important to do some research to see which is the best fit for you.
Article sources
- https://www.ally.com/invest/commissions-and-fees/
- https://www.webullpay.com/trade
- https://www.webull.com/help/faq/10855-Why-did-Webull-move-crypto-trading-to-a-separate-Webull-Pay-App
- https://www.webull.com/futures
- https://www.robinhood.com/us/en/invest/
- https://www.sofi.com/invest/active/
- https://us.etrade.com/trade
- https://www.merrilledge.com/
- https://www.schwab.com/invest-with-us/self-directed-investing
Our brokerage rating methodology
At The Motley Fool Ascent, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and user experience; however, we also take into account features like research, education, tax-loss harvesting, and customer service. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.
FAQs
When choosing between free online trading apps, you should find one with a wide range of investment products, investment research, and educational tools. You should also look for a free trading app that has a trading platform that best suits your trading style.
All the free stock apps on this list are pretty easy to use -- that's one of our top criteria for selecting it as one of the best trading apps on the market. However, our two top picks for the easiest free stock apps to use are Fidelity and Robinhood. Fidelity has a user-friendly mobile experience with access to many investment options, as well as $0 commissions for stock and ETF trading. Robinhood also has an excellent mobile experience, with an interface designed specifically for mobile use, and has eliminated fees on all of the investments it offers, even options and cryptocurrencies.
Brokerages we evaluated for consideration on this page: Acorns, Ally Invest, Axos Self-Directed Trading, Betterment, Cash App Investing, Charles Schwab, Delphia, Domain Money, Ellevest, Empower, eToro Brokerage, E*TRADE Core Portfolios, E*TRADE, Fidelity, Fidelity Cash Management, Fidelity Go®, Firstrade, FOREX.com, Interactive Brokers, J.P. Morgan Self-Directed Investing, M1 Finance, Magnifi, Marcus Invest, Merrill Edge® Self-Directed, Moomoo, NinjaTrader, Personal Capital, Plynk, Prosperi Academy, Public, Robinhood, Rocket Dollar, Schwab Intelligent Portfolios, SoFi Active Investing, SoFi Automated Investing, Stash, Stockpile, Tastytrade, Titan, Tornado App, TradeStation, Tradier, Vanguard, Vanguard Digital Advisor®, Wealthfront, Webull, Zacks Trade.