Americans are taking advantage of the capitalist economy into their hands, and many look for ways to get smart money. No, Americans are not lazy; they are smart, and that is why many of them look for trading and investment opportunities that allow them to make side hustle. One of the most convenient ways to make extra money (which can be several thousands of dollars) is by trading online, via their mobile applications, while going about other daily business activities. In 2020, more people incline to get more funds by using their phones, iPads, and laptops to make money online. Having interviewed various Americans and surveyed the digital market place, Learn Bonds came up with a list of the most used trading apps among the best trading apps for 2020.
1. eToro
eToro is crowned the best overall trading app of the year. The platform gives CFDs on communities, ETFs, stocks, cryptocurrencies, and other types of trading, including direct stock, right within a single app. It was founded in 2006 and recognized as the first online broker to allow copy-trading, where you can copy/follow the same pattern of trading done by a professional, a trading robot, or someone else. The minimum deposit required to make trading of any kind is $50. For Americans, however, eToro only allows for cryptocurrency trading. However, with the opportunity to invest, do social trading, and real trading, even if it is to copy-trade, there is enough to make profitable trade rounds for Americans.
2. StashApp
Launched in 2015, the Stash Investment app is target towards new and intermediate investors. It offers both banking and investment services in one app. The app presents tips, news, and guides on how to make smart investments. The app provides subscription services for users, and the plans are very cheap. The subscription rate is arguably the lowest that can be found from any trading app using the investment model. The lowest being $1, the medium is $3, and the premium, $9.
3. TD Ameritrade
This app is reckoned as America's best stock trading app. Developed by a notable brokerage firm in America, the app allows Americans to trade and invest in the stock market by using mobile apps. The app is simple to understand, and it also offers beginners and passive investors a variety of options they can choose from. With a unique user interface, TD Ameritrade allows individuals to trade in their most convenient form as it will enable them to customize dashboard and screen, transfer funds, customize alerts, and get useful investment trips. Albeit, advanced investors can get the most benefit out of the app. Moreover, the app allows users also to trade ETF, multi-leg options, and forex. The margins are a bit higher when compared to other platforms. With two apps, it may also be challenging to locate specific functions from either of the apps.
4. Robinhood
The Robinhood app is a catch for those who want to be the real deal in investment. It is a free stock trading app with 0% fees. That is, stock trading is made without charges or commissions, ETFs and cryptocurrency. The app delivers an impressive interface for its users as it offers candlestick charts and indicators to measure the relative strength of trades. While it is free and a person can trade with a 0% fee, there is a Gold account, premium, that gives access to Level 2 market data with impressive margins. The platform allows people to render loans with a percent ranging from 5 - 7.6%, depending on the duration and amount. Although there is an international stock trade cost of $35-50 per transaction, there is no commission required for deposits, withdrawal, or even inactivity.
5. M1 Finance
Rated, 3.7 stars, M1 finance offers a straightforward approach to investment by allowing its users to make automated trading. Interested investors and traders would choose from the existing portfolio. The provided packages begin from $10 and get higher from there. With various studies, research, and analyses, the robo-trader is efficient and intelligent to make profitable trades. And even at that, traders who use the platform can decide how high or low they want to go. It may be comforting to know that M1 Spend is an FDIC -insured checking account, and it takes idle cash to higher earning investment portfolio. The existing portfolios (which a trader can modify), are designed by professional investors with unique investment styles in diverse sectors. There are no commission charges; however, there is an inactivity charge of $20 if the account is left dormant after 180 days.
