To help you make the most out of penny stock trading, Money Morning is bringing you our best penny stock trading apps of 2019. Plus, we'll help you find the right one for you.
While you can find penny stocks traded on the NYSE and Nasdaq, over 10,000 trade on the OTC Markets Group. But, not every penny stock trading app lets you trade them.
Each penny stock app offers their own fees and brokerage charges on penny stocks too. And fees could completely wipe out your profits.
Luckily for you, we made a checklist on what to keep an eye on with penny stock apps. We've even brought you the three best penny stock apps of 2019.
When it comes to selecting penny stock apps, you should look for these four things:
While you can use this checklist to find the best penny stock apps, Money Morning has already found a few for you.
You can check out our best penny stock trading apps of 2019, below.
Robinhood Financial LLC is a great penny stock trading app thanks to no minimum deposits and free trades.
It's a mobile trading app for Android and iOS devices. And it's easy to deposit money and begin investing right on your smartphone. This is especially great for younger, tech-savvy investors.
And these investors are part of Robinhood's target demographic. It has the basic information you need to start without the in-depth tools of other apps.
Plus, its simple charts and news surrounding penny stocks make investing effortless.
If you want more services from Robinhood, it has a $10-a-month subscription service. With this, you can transfer $1,000 to your account with no waiting period.
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Robinhood is a simple penny stock trading app, but it's important to note that you can only trade from major exchanges. This means no OTC penny stocks or pink sheets. It's a small price to pay for one of the easiest to use apps and fee-free trades.
TD Ameritrade Holding Corp. (NASDAQ: AMTD) is next on our penny stock trading app list. It's a traditional brokerage that's been in business for 40 years.
You can use its traditional website, plus it has a mobile monitoring app and mobile trading app. Both of these are on Android and iOS.
Its two trading apps have visual monitoring tools and charts. But they also have video news feeds on information involving penny stocks.
With TD Ameritrade, there is a $6.95 flat fee per trade. Yet, there are no data fees, platform fees, or other hidden fees. Beyond that, there is no required account balance to begin trading.
TD Ameritrade balances its flat fee by offering 24/7 trading hours and support. And thanks to penny stocks' volatile nature, this is a very important feature. When it comes to trading penny stocks, time is of the essence.
And you can trade on the OTC as well as major exchanges through TD Ameritrade, giving you access to the full universe of penny stocks.
Penny stock traders using TD Ameritrade have plenty of educational resources as well. This helps novice traders learn and get started. But it also has all the bells and whistles experienced traders need as well.
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Our top penny stock trading app is Fidelity National Financial Inc. (NYSE: FNF). Fidelity is a brokerage with over 73 years of experience. It's the most in-depth and customizable penny stock trading app around.
You can download Fidelity's mobile app on Android, iOS, and Amazon devices. This penny stock app is best for advanced traders that make at least 36 trades every year.
Yet, it's also friendly for novices as well. It's a detailed app that's easy to use. Plus, it has educational information, market updates, and research tips. It also teaches you how to trade and how to use its tools.
Fidelity has 24/7 customer support as well. You already know that every minute counts with penny stocks, so the quicker you can get advice, the better off you'll be.
Fidelity has seminars and webinars across the United States. These events help you understand the latest market trends, research, and technology. And that's a great way to stay ahead of the game on penny stocks.
Like Robinhood and TD Ameritrade, there's no minimum deposit needed when trading with Fidelity.
These three penny stock apps all bring their unique touch on trading. So, when it comes down to it, the best one for you will depend on what you want to trade.
Luckily, whichever penny stock app you decide on, they're all excellent. In fact, if you're looking for the best penny stocks of 2019, Money Morning can help you with that, too.
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