Top 3 Free stock trading apps available on the market today

Throughout its existence, the financial market has gone through many different evolutions and progress points. Nowadays, it is much more accessible and convenient for people to join trading, and this is all thanks to Forex and the progress that it has shown over the years. A huge part of this said progress and increased accessibility is based on the fact that there are now so many new tools and features that you can use to your advantage.

One great example of this is the various trading apps that we can use to conduct financial trading on the Forex market. Many of these apps have become so sophisticated, easy-to-use and useful nowadays, that they have completely changed the trading experience for many people, and have let them reach way more success. Of course, knowing how to use such applications is very important if you’re looking to maximize your potential as a trader.

However, what’s also important is to make sure that you know which of these apps are right for you in the first place. The thing is, in this day and age, there are so many of these different applications around, that it becomes increasingly more difficult to choose the right one for you, especially if you’re a beginner without much experience. This is exactly why we wrote this guide, which will aim to list some of the best stock trading applications available on the market. Here, you will be able to find which one will serve your needs the best, and you will be able to enrich your trading experience and bring it to a whole new level!

Robinhood

There is probably no other more appropriate platform to start off this guide with than Robinhood. Robinhood is a US-based company that is headquartered in California. It has a user base of over 10 million, which is astonishingly high, and despite this, is steadily growing, and is projected to grow way more.

Since its launch from back in 2013, Robinhood has, without a doubt, changed the financial trading game forever. You see, int he past, getting started with Forex trading was quite an ordeal. You needed to open your trading account and pay thousands of dollars, you needed to have a dedicated broker whom you had to call for opening trades and many other tedious things that just made it all a much worse experience.

However, this all changed back in 2013 when Robinhood was launched. Robinhood was the very first 100% commission-free trading platform, and as such, it completely turned the trading world on its head. On top of being commission-free, they also had no minimum account balance requirements, and this kind of combination was something that couldn’t even be imagined at the time. Thanks to these massive innovations and pure benefits, Robinhood started to become extremely popular, and fast forward to today, it is still the most popular platform online.

Since its beginning, and still, to this day, Robinhood’s mission was to make trading accessible for everyone, regardless of their capital, trading experience, or available tools at hand. Without a doubt, Robinhood has been doing an amazing job at this, which we can see and verify on a daily basis.

The platform is very straightforward and easy to use and can serve as a great starting point for anyone who doesn’t have any experience. With that being said, we would like to underline the fact that it is by no means limiting. Though simplicity is undeniable, it doesn’t come at the expense of functionality.

Who is Robinhood for?

Robinhood is, as is generally accepted, the best beginner platform online. Though it was the very first of its type, and as such, has been around for the longest time, it is still considered to be best-geared for the beginners. Indeed, when you look at its features and compare them to some of the other platforms, it becomes easy to understand why.

Is it your first time getting into the world of financial trading? Then the simplicity and convenience of Robinhood may be perfect for you. Here, you can learn the basics without having to apply too much pressure, and enjoy the supportive environment that this platform offers. The added benefit is that there are no minimum capital requirements, so you are the boss, and can choose exactly how much you want to start or continue with.

On the other hand, if you are quite an experienced veteran in the world of financial trading, and have already gotten a chance to try out some other platforms, then Robinhood may not be the best choice for you. Don’t get us wrong – it’s still a great platform, and almost no matter what kind of goals, needs, and requirements you may have, it can, and will, still be able to help you achieve them. But, at the same time, it may be a better route to go for more “advanced” apps – for the lack of better word – as you may actually be able to gain more benefit from going with apps like these.

What is the summary of Robinhood’s main advantages and disadvantages?

Here’s what we believe to be Robinhood’s main pros and cons which define it as a platform:

Pros

• There are no minimum account requirements, with the exception of $2,000 for margin accounts;
• Robinhood offers great commission-free trading for ETFs, stocks, cryptocurrencies, and options;
• One of the most easy-to-use platforms around, and regarded as the best for the beginners;

Cons

Webull

Webull is one of the most popular apps on the market right now. It is regarded as one of the platforms that have a potential to become the “next big thing” on today’s market, with the sole reason being its amazing set of functions and features, all the while remaining easy and accessible enough for it to be usable for traders of all levels and experience. While it is not as popular as the likes of Robinhood, it is definitely getting there, with the popularity only increasing on a daily basis.

As mentioned, Robinhood was one of the biggest pioneers on the market, mainly due to the fact that they were the first ones to offer commission-free trading, which was copied by many of the other apps as well. While Robinhood was the first one to do so, many believe that they are not the best ones to do so. Nowadays, although Robinhood is still the “king”, what you will find is that some people prefer Webull to it for some specific reasons. One of those reasons is the sophistication and abundance of features that it offers.

Who is Webull for?

It is commonly believed, that Webull is more “advanced” than Robinhood. This was definitely deliberate, as the creators of Webull saw the need for something more advanced and sophisticated, as compared to Webull at least. This is why many of the intermediate traders are now in strong favor of Webull, as it allows them to utilize their skills and knowledge to a much greater extent.

Considering the above, it would be reasonable to say, that Webull would be best suited for the more intermediate traders. By intermediate, we would mean the traders that have already got their feet wet with other platforms, already have a basic idea of how these apps work and have “out-grown” some of the more simple alternatives such as Robinhood. For such people, the added functionality and extra features may actually hold a lot of value, and bring a lot of benefits to them. If you have ever felt a bit limited with your current software and believe that something more powerful, or perhaps capable, could bring you more benefit, then we would whole-heartedly recommend giving Webull a try!

What is the summary of Webull’s main advantages and disadvantages?

Here’s what we believe to be Webull’s main pros and cons which define it as a platform:

Pros

• A great selection of order types, ranging from basic ones to the advanced ones that are exclusive to the platform
• There are no commissions or fees for the platform, even for shot-selling
• It offers 24/7 support via online chat
• It offers a decent trading simulator, which can help you get familiar with the platform, and learn how it works

Cons

• Webull offers no dividend reinvestments and fractional shares
• While the US data is free, you will have to pay additional money for the global market data
• Webull offers no pre-built portfolios
• A common complaint is that Webull is too overwhelming for the beginners (Which arguably isn’t a disadvantage, but rather a characteristic)

Webull – The bottom line

Overall, we believe that Webull is an excellent platform that has a lot of value to offer, whether that be for the investors that prefer to use technical analysis or fundamental analysis. It is a platform that can really cater to all kinds of traders, no matter their reading style and preferences. The only factor to consider here is the experience of the trader, as it’s generally accepted that the additional features and functionality of this platform is a bit overwhelming for the beginners.

However, the above should not be looked at as an issue, but rather as a simple by-product of the added sophistication that this platform offers. For the right trader who has the necessary technical skills and knowledge to utilize it, this is not an issue at all. As such, this is a matter of perspective, depending on what particular knowledge and abilities a trader possesses. At the end of the day, you have to remember, that this sophisticated and multi-functional app that offers you so much value is 100% free, and has a huge set of features that you can’t get with many other platforms.

Last but not least, Webull offers you a great deal of safety and security by protecting your data through various best practices of security, such as high-level encryption and many different unique features such as the Apex Clearing, which can essentially be viewed as an insurance policy for yourself.

With all of these benefits considered, it is easy to see why Webull is considered to be the very best platform for stock trading for many people, primarily among the intermediate traders. If you have gotten the chance to try out a few of the other beginner-friendly platforms and are now looking for something more serious, then see what all the hype is about, and let Webull take your trading to new heights.

Revolut

Out of all the platforms mentioned here, Revolut is probably the most interesting one. By interesting, we don’t necessarily mean that it’s the best one, as that will depend on your specific goals and requirements. However, it definitely is the most interesting one. Revolut is a sort of an all-in-one solution, that aims to unify a lot of different financial and money management capabilities into one single app solution.

The list of services that it offers ranges from money transfer options to destinations like different banks and all the way to stock trading. This is a great convenience, as it allows one to conveniently manage their money when stock trading. At one second, you can open and close positions, and in the next minute, you are essentially allowed to use that money any second you want. This is a great benefit, as it gives you a ton of flexibility, in contrast to many other apps, where you sometimes have to wait more than a day to gain access to your money.

Who is Revolut for?

When it comes to the usability of this platform, it does quite well. Revolut is known as an app that is exceptionally well-designed and user-friendly, while simultaneously managing to remain quite versatile and advanced feature-wise. Although it does not excel at one particular thing, this kind of versatility and diversity is what attracts many of the users to Revolut. In general, many of the intermediate traders – the likes of which have been trading for a while, but still are not considered to be experts just yet – really do like Revolut for the reasons just mentioned.

While there are specific apps that are best for the beginners – such as Robinhood – and the others are best for more experienced people – such as Webull – Revolut does not fall into either of these categories. Instead, Revolut can be most useful for a specific type of person. You see, Revolut isn’t actually a designated stock trading app. Rather, it is regarded as an online bank of sorts, considering the wide array of functionality that it offers. Are you the kind of person that favors convenience over other things? Would the said convenience of having everything in the same spot be something that can be a game-changer for you? Then Revolut might just be the perfect application for you.

Additionally, if you are the kind of person that takes their safety and security seriously, then you will be delighted to learn, that Revolut has a very serious stance and approach on this matter. For instance, your funds are guaranteed safety thanks to the FDIC insurance, which covers you for a total of up to $250,000. Additionally, in case your card is stolen or somehow lost, then you can instantly block it from the application.

\Additionally, you have some nice degree of control over what functionality is actually available for your card, meaning you can control whether it can be used in an ATM if the no-contact payments are on, and much more. These are some great set of features for those who are obsessed – in a good way – with safety, as they are in charge of exactly how much control they want to exert over it. Combine all of this with the fact that Revolut has some strict location-specific safety policies that make it very hard for your card to be used from other locations than that of yours, and you have a nice solid platform that can fully guarantee your safety.

What is the summary of Webull’s main advantages and disadvantages?

Here’s what we believe to be Webull’s main pros and cons which define it as a platform:

Pros

• A very dedicated and available customer service. Unlike many other platforms, you can easily reach the support team via a call or online chat 24/7;
• A decent selection of currencies to trade on;
• Great cryptocurrency trading opportunities;
• As an online bank, Revolut doesn’t check your credit history.

Cons

• There is a fee for foreign exchange transfers in case you exceed the $6,500 limit, which comes with the standard account plan. In case of doing so, you will have to pay a 0.5% fee;
• There’s an additional markup fee on the weekends during the closure of the markets for foreign transactions. Thai Baht specifically will get a 1% markup at all times, even with the open markets;
• Revolut is a very US-centric app, which has been a common complaint from many of its users. This also means that some features are missing, due to the US-specific laws and regulations;
• Revolut has a strict approach towards anti-money-laundering practices, and as such, they may require that you present the proof of funds, namely where these funds came from, and what is their source. This means that you may have to come up with documents such as bank statements, salary records, and more. In case failing to do so, Revolut may deactivate your account entirely.

Revolut – the bottom line

Revolut, as mentioned, is quite a well-rounded platform. Considering that they identify as an online bank in the first place, this is of course to be expected. The very diverse and multi-faceted service that they provide can prove to be very useful to many sorts of traders. Although for the beginners, something like Robinhood is recommended the mosts, and for the experienced traders something like Webull is considered more appropriate, Revolut can, in a way, be seen as something that is in the middle.

Of course, all of this is not to say that Revolut doesn’t have some flaws. As you may have seen, the list of cons above is reasonably big, and considering your specific needs and requirements, can be something that may need you to think for a bit before deciding to go for it. One thing is for certain, though – Revolut is definitely up there with the great popular platforms like Robinhood, and this is due to the great service that they offer. A staple of their service is their undeniable diversity and versatility, which is a breath of fresh air when you consider how many products there are on the market, all of which offer almost the same, non-unique service. All in all, we believe that Revolut is a great service that can really have something for everyone. We would recommend that you give it a try – who knows, maybe the extra set of features and convenient options may actually make it all an easier and more enjoyable experience for you.